inTEST (US:INTT)2025-11-05 11:37Financial Performance - Revenue for the quarter was $26.2 million, reflecting a 13.3% decrease year-over-year due to late-quarter shipment delays [4]. - Revenue for Q3 2025 was $26,236, a decrease of 13.4% compared to $30,272 in Q3 2024 [33]. - Total revenue for the three months ended September 30, 2025, was $26,236,000, a decrease of 13.3% from $30,272,000 in the same period of 2024 [39]. - Revenue for the nine months ended September 30, 2025, was $81,003,000, a decrease of 13.9% compared to $94,087,000 for the same period in 2024 [45]. - The Auto/EV segment saw a revenue decline of 20.6% to $4,964,000 compared to $6,250,000 in the prior year [39]. - The Life Sciences segment experienced a significant revenue increase of 46.0% to $1,930,000 compared to $1,322,000 in the previous year [39]. Orders and Backlog - Orders for Q3 2025 surged to $37.6 million, a 34.2% increase year-over-year, driven by strong demand in automotive/EV, industrial, defense/aerospace, and life sciences [14]. - Backlog increased by $11.4 million to $49.3 million, a 30.1% increase from June 30, 2025 [4]. - Approximately 55.0% of the backlog is expected to ship beyond Q4 2025 [15]. - Orders in the Auto/EV market surged by 104.2% to $14,580,000 from $7,141,000 year-over-year, indicating strong demand [41]. Profitability and Loss - Operating loss for the quarter was $1.2 million, with a net loss of $0.9 million or $(0.08) per diluted share [4]. - Adjusted net loss for Q3 2025 was $(938), compared to net earnings of $495 in Q3 2024 [33]. - The company reported a consolidated operating loss of $1,193,000 for the three months ended September 30, 2025, compared to an operating income of $487,000 in the same period of 2024 [43]. - Consolidated operating loss for the nine months ended September 30, 2025, was $(5,001,000), compared to an operating income of $1,315,000 for the same period in 2024 [45]. - Adjusted net loss for the three months ended September 30, 2025, was $(198,000), compared to adjusted net earnings of $1,311,000 for the same period in 2024 [47]. Cash Flow and Assets - Cash generated from operations in Q3 was $3.5 million, with total debt reduced by $6.2 million from December 31, 2024 [4]. - Operating cash flow increased significantly to $8,337,000 from $1,234,000 year-over-year, indicating improved operational efficiency [37]. - Total current assets decreased to $75,092 in Q3 2025 from $78,812 in Q4 2024 [35]. - Cash and cash equivalents decreased to $16,230 in Q3 2025 from $19,830 in Q4 2024 [35]. - The company’s cash and cash equivalents at the end of the period increased to $16,230,000 from $17,972,000 year-over-year [37]. Future Outlook - The company expects Q4 2025 revenue to be between $30 million and $32 million, with a gross margin of approximately 43% [16]. - Operating expenses for Q4 2025 are projected to be between $12.3 million and $12.7 million, excluding restructuring expenses [16]. - Forward-looking statements indicate potential risks including supply chain challenges and market demand fluctuations [30]. Operational Metrics - Adjusted EBITDA for the quarter was $0.4 million, with an adjusted EPS of $(0.02) per diluted share [4]. - Adjusted EBITDA for the three months ended September 30, 2025, was $383,000, significantly lower than $2,441,000 for the same period in 2024 [47]. - The net margin for the three months ended September 30, 2025, was (3.6%), compared to a net margin of 1.6% for the same period in 2024 [47]. - Management emphasizes the importance of non-GAAP measures for evaluating performance and making operational decisions [25]. Restructuring and Expenses - The company incurred restructuring costs of $116,000 during the three months ended September 30, 2025 [43]. - The company incurred restructuring costs of $645,000 for the nine months ended September 30, 2025, compared to no restructuring costs reported for the same period in 2024 [45]. - Corporate expenses for the nine months ended September 30, 2025, totaled $6,883,000, an increase from $7,551,000 in the same period of 2024 [45].