InTest Corporation 17th Annual Southwest Ideas Conference November 19, 2025 Nick Grant, President and CEO Duncan Gilmour, CFO and Treasurer NYSE American: INTT | NYSE American: INTT | Forward-looking Statements and Key Performance Metrics Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events ...

Third Quarter 2025 Financial Results Conference Call November 5, 2025 Nick Grant, President and CEO Duncan Gilmour, CFO and Treasurer NYSE American: INTT | NYSE American: INTT | Forward-looking Statements and Key Performance Metrics Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events and f ...

Financial Performance - Orders increased by 6% year-over-year and 9.5% sequentially[13, 18] - Revenue decreased by $5.9 million year-over-year[25] - Revenue increased sequentially by $1.5 million[24] - Gross margin improved to 42.6%, a 200 bps increase year-over-year[30] - Reduced debt by $4.9 million during the first half of 2025, including $1.7 million in Q2[13, 50] Market Dynamics - Auto/EV sector orders increased by 39.6%, with Alfamation contributing $5.6 million[23] - Semiconductor sector orders decreased by $2.3 million and $3.7 million[23] - Industrial sales increased by 11%[29] Liquidity and Capital Structure - Cash and cash equivalents totaled $19.2 million as of June 30, 2025[49, 61] - Total debt was $10.1 million as of June 30, 2025[49] - Approximately $59 million in liquidity at June 30, 2025, including borrowing capacity[50] Future Outlook - Expects revenue to be $28 million to $30 million for Q3 2025[57] - Anticipates gross margin similar to Q2 2025[57] - Projects operating expenses of $12.6 million to $13.1 million for Q3 2025, excluding restructuring expenses[57]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $26.6 million, down $3.2 million compared to Q1 2024, primarily due to a $6 million reduction in semiconductor sales and a $1.2 million decline in the industrial market [20][21] - Gross profit for Q1 2025 was $11.1 million, a decrease of $2 million year-over-year, with a gross margin of 41.5%, tightening by 230 basis points compared to the prior year [21][24] - The net loss for the quarter was $2.3 million, or a loss of $0.19 per diluted share, with an adjusted net loss of $1.4 million [23][24] Business Line Data and Key Metrics Changes - Sales to the auto EV market increased by $2 million, life sciences by $1 million, and other markets by $1.3 million, partially offsetting declines in semiconductor and industrial sales [7][20] - Industrial orders grew 47% year-over-year to $4.6 million, driven by a significant order from a returning customer [15][16] - Semiconductor orders declined by $6 million, reflecting tempered demand in the electronic test division [16][20] Market Data and Key Metrics Changes - Backlog as of March 31 was $38.2 million, down $17.2 million from the prior year, with a sequential decrease of $1.3 million [19] - The opportunity funnel is at an all-time high, indicating strong future demand once market conditions stabilize [18][29] Company Strategy and Development Direction - The company is focusing on market diversification, innovation, and regional manufacturing to mitigate the impacts of tariff volatility and global trade uncertainties [10][28] - Plans to begin manufacturing in Malaysia in the second half of 2025 are on track, which is expected to enhance competitiveness and reduce costs [29][30] - The Vision 02/1930 growth strategy aims to increase the share of new products in total sales from 17% to 25% in the coming years [29][30] Management's Comments on Operating Environment and Future Outlook - Management noted that the current geopolitical tensions and trade policy volatility have created a challenging environment, impacting customer spending and order timing [28][30] - The company remains optimistic about long-term fundamentals and expects sequential improvement in revenue and profitability throughout the year, despite limited visibility in the short term [26][30] Other Important Information - The company generated $5.5 million in cash from operations during the quarter and reduced total debt by approximately $3.2 million [24] - Operating expenses for Q1 2025 were $13.9 million, up $1.3 million year-over-year, influenced by restructuring costs and increased expenses related to the Alphamation acquisition [21][22] Q&A Session Summary Question: When did visibility get cloudier for the second half? - Management noted that customer order slowdowns began mid-quarter, impacting guidance and leading to engineering challenges that delayed shipments [32][33] Question: What are the potential swing factors for revenue? - The semiconductor and auto markets are identified as the biggest potential swing factors, with a healthy pipeline of projects in both sectors [34][35] Question: What is the breakeven quarterly revenue level now? - The breakeven point is estimated to be around $30 million, with ongoing cost-cutting initiatives expected to bring this down slightly [36][37] Question: Can you quantify the customer pipeline? - While specific numbers were not provided, management indicated that the opportunity funnel is at a record high, reflecting robust quote activity and opportunities [49][50]