InTest Reports Q4 2025 EPS of $0.10 with Revenue of $32.8 Million Amidst Improving Momentum

MT. LAUREL, N.J.--( BUSINESS WIRE)--InTest Corporation (NYSE American: INTT), a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets which include semiconductor (“Semi”), Auto/EV, Defense/Aerospace, Industrial, Life Sciences, and Safety/Security, today announced financial results for the fourth quarter of 2025 ended December 31, 2025.

“Orders remained strong at $37.5 million for the fourth quarter as Auto/EV customers moved forward with new model year programs coupled with the success we are seeing with the diversification in Life Sciences. We continue to see improved customer spending sentiment across our increasingly diversified markets. As a result, our 2025 year-end backlog was a healthy $53.9 million, an increase of 36% from December 31, 2024,” said Nick Grant, President and CEO.

“Revenue exceeded our guidance range and rebounded in the fourth quarter, reflecting the gradual recovery in customer capital spending we saw taking shape in the middle of the year, particularly in the Industrial and Defense/Aerospace end markets. We also benefited from the continued growing acceptance of new products and approximately $2 million in shipments which slipped out of the third quarter. Gross margin reached 45.4%, driven by manufacturing efficiency initiatives undertaken over the course of 2025 and a lift from sales of new products at Alfamation and Acculogic. Notably, we achieved this quarter’s gross margin level despite the sluggishness of our historically significant Semi business,” added Mr. Grant.

“Operationally, we continued to execute on our Vision 2030 Strategy that centers on driving long-term value through innovation, customer diversity and a broader global presence. We believe the success of our market diversification strategy, which has delivered approximately 20% compound average growth rate over the last five years, and our growing momentum with new products position InTest for sustainable profitable growth across multiple end markets.”

Fourth Quarter 2025 Review (see revenue by market and by segments in accompanying tables)

Three Months Ended

($ in thousands except percentages and per share data)

December 31,

Change

September 30,

Change

2025

2024

2025

Revenue

32,822

36,603

(3,781

)

(10.3

26,236

6,586

25.1

Gross profit

14,899

14,539

360

2.5

10,992

3,907

35.5

Gross margin

45.4

39.7

41.9

Operating expenses (including intangible amortization & restructuring)

13,623

12,460

1,163

9.3

12,185

1,438

11.8

Operating income (loss)

1,276

2,079

(803

)

(38.6

(1,193

)

2,469

207.0

Operating margin

3.9

5.7

(4.5

Net earnings (loss)

1,243

1,504

(261

)

(17.4

(938

)

2,181

232.5

Net margin

3.8

4.1

(3.6

Earnings (loss) per diluted share (“EPS”)

0.10

0.12

(0.02

)

(16.7

(0.08

)

0.18

225.0

Adjusted net earnings (loss) (Non-GAAP) 2

1,953

2,782

(829

)

(29.8

(198

)

2,151

1,086.4

Adjusted EPS (Non-GAAP) 2

0.16

0.23

(0.07

)

(30.4

(0.02

)

0.18

900.0

Adjusted EBITDA (Non-GAAP) 2

3,192

4,412

(1,220

)

(27.7

383

2,809

733.4

Adjusted EBITDA margin (Non-GAAP) 2

9.7

12.1

1.5

Revenue for the fourth quarter increased $6.6 million over the third quarter, driven by a gradually improving customer capital spending environment across most end-markets and approximately $2.0 million in shipments which slipped out of the third quarter. The net increase was due primarily to gains in Industrial, Defense/Aerospace and Life Sciences offset by continued weakness in Semi.

Compared with the prior-year period, fourth quarter revenue declined $3.8 million. The main drivers were decreases in Semi and Auto/EV sales that were partially mitigated by increases in Industrial and Life Sciences.

Sequentially, gross margin expanded by 350 basis points to 45.4%, driven by volume and favorable contributions from new Alfamation products. The 570-basis point increase compared with the prior-year reflects the negative 430 basis point impact from the acquisition inventory step-up in the prior year period, along with a favorable product mix from Alfamation and the benefits of cost-reduction actions taken throughout the year to improve manufacturing efficiencies.

Sequentially, operating expenses increased $1.4 million primarily due to higher sales commissions and marketing activity. Operating expenses increased $1.2 million from the prior-year period primarily from the impact of the $0.8 million amortization credit related to the finalization of acquisition accounting recognized in the prior year period, along with $0.2 million of current period restructuring costs.

Net income for the fourth quarter was $1.2 million, or $0.10 per diluted share. Adjusted net income (Non-GAAP) 2 was $2.0 million, or $0.16 adjusted EPS (Non-GAAP) 2.

Fiscal 2025 Review (see revenue by market and by segments in accompanying tables)

Year Ended

($ in thousands except percentages and per share data)

December 31,

Change

2025

2024

Revenue

113,825

130,690

(16,865

)

(12.9

Gross profit

48,920

55,424

(6,504

)

(11.7

Gross margin

43.0

42.4

Operating expenses (including intangible amortization & restructuring)

52,645

52,030

615

1.2

Operating (loss) income

(3,725

)

3,394

(7,119

)

(209.8

Operating margin

(3.3

2.6

Net (loss) earnings

(2,527

)

2,891

(5,418

)

(187.4

Net margin

(2.2

2.2

(Loss) earnings per diluted share (“EPS”)

(0.21

)

0.24

(0.45

)

(187.5

Adjusted net earnings (loss) (Non-GAAP) 2

764

6,214

(5,450

)

(87.7

Adjusted EPS (Non-GAAP) 2

0.06

0.51

(0.45

)

(88.2

Adjusted EBITDA (Non-GAAP) 2

3,950

10,818

(6,868

)

(63.5

Adjusted EBITDA margin (Non-GAAP) 2

3.5

8.3

Compared with the prior year, 2025 revenue declined $16.9 million as a result of global economic and tariff uncertainties contributing to customer hesitancy in committing to capital projects against a backdrop of a prolonged analog/mixed-signal semiconductor market weakness. Decreases in Semi and Auto/EV revenue were offset partially by increases in Industrial and Life Sciences.

Full year 2025 gross margin increased 60 basis points to 43.0%. The full year 2024 gross margin included the negative 120 basis point impact from the acquisition inventory step-up as reported in the prior year period. Excluding the inventory step-up, gross margin decreased 60 basis points driven by lower volume.

Operating expenses increased $0.6 million from 2024 due to the full-year impact of Alfamation, and increases in restructuring and amortization of intangible assets that were offset partially by decreases from cost actions taken throughout the year.

Net loss for 2025 was $2.5 million, or $(0.21) per diluted share. Adjusted net income (Non-GAAP) 2 was $0.8 million, or $0.06 adjusted EPS (Non-GAAP) 2.

Balance Sheet and Cash Flow Review

Cash, cash equivalents and restricted cash at the end of the fourth quarter of 2025 was $18.1 million, down $3.0 million from the end of the third quarter. During the quarter, the Company reduced total debt by $1.4 million from September 30, 2025, to $7.5 million and used $1.0 million in operations. During 2025, we reduced total debt by $7.6 million and generated $7.3 million cash from operations. Capital expenditures were $0.5 million in the fourth quarter of 2025.

At December 31, 2025, the Company had $30.0 million available under its delayed draw term loan facility and no borrowings under the $10.0 million revolving credit facility. On August 5, 2025, the Company entered into a covenant waiver agreement with its U.S.-based lender through the first quarter of 2026 in exchange for pledging cash equal to U.S. debt outstanding. At December 31, 2025, there was $3.8 million U.S.-based debt outstanding.

Fourth Quarter 2025 Orders 1 and Backlog 1 (see orders by market in accompanying tables)

Three Months Ended

December 31,

Change

September 30,

Change

($ in thousands except percentages)

2025

2024

2025

Orders

37,471

30,669

6,802

22.2

37,642

(171

)

(0.5

Backlog (at quarter end)

53,916

39,520

14,396

36.4

49,267

4,649

9.4

Fourth quarter orders of $37.5 million were essentially flat sequentially and increased $6.8 million, or 22.2%, versus the prior-year period. Sequentially, lower Auto/EV, Industrial and Defense/Aerospace orders were offset by increases in Life Sciences and Semi. The year-over-year increase reflects strength in Auto/EV, Life Sciences, Defense/Aerospace and Safety/Security partially offset by the decline in Semi.

Backlog at December 31, 2025, was $53.9 million, an increase of 9.4% from the September 30, 2025, level, and increased 36.4% compared to December 31, 2024. Approximately 60% of the backlog is expected to ship beyond the first quarter of 2026.

Focusing Outlook on Forward Quarter and Fiscal 2026

Mr. Grant concluded, “For 2026, we project year-over-year growth supported by a healthy backlog, recovering customer capital spending trends, and contributions from our growing portfolio of highly valued engineered solutions. From discussions with customers, we anticipate a modest pick-up in demand from Semi customers in the second half of the year. Combined with a leaner cost structure, we believe InTest is well-positioned to sustain profitability throughout the year as we continue to execute our VISION 2030 Strategy of increased diversification as we scale the business.”

For Q1 26, InTest projects revenue to be $31 million to $33 million, with gross margin of approximately 44%, and operating expenses of $13.3 million to $13.7 million, reflecting typically higher levels in the first quarter. Amortization expense is expected to be $0.8 million.

For full year 2026, InTest expects revenue to be between $125 million to $130 million, with gross margin of approximately 45%, and operating expenses of $53 million to $55 million. Amortization expense is expected to be $2.6 million and interest expense of $0.3 million. The effective tax rate for the year is expected to be approximately 18%. Capital expenditures are estimated to be approximately 1% to 2% of revenue.

The foregoing guidance is based on management’s current views with respect to operating and market conditions and customers’ forecasts. Actual results may differ materially from what is provided here today as a result of, among other things, the factors described under “Forward-Looking Statements” below.

Conference Call and Webcast

The Company will host a conference call and webcast today at 8:30 a.m. ET. During the conference call, management will review the financial and operating results and discuss InTest’s corporate strategy and outlook. A question-and-answer session will follow. To listen to the live call, dial (877) 407-0792 or (201) 689-8263. In addition, the webcast and slide presentation may be found at intest.com/investor-relations.

A telephonic replay will be available from 12:30 p.m. ET on the day of the call through Friday, March 13, 2026. To listen to the archived call, dial (844) 512-2921 or (412) 317-6671 and enter replay pin number 13758476. The webcast replay can be accessed via the investor relations section of intest.com, where a transcript will also be posted once available.

About InTest Corporation

InTest Corporation is a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets including both the front-end and back-end of the semiconductor manufacturing industry (“Semi”), Automotive/EV, Defense/Aerospace, Industrial, Life Sciences and Safety/Security. Backed by decades of engineering expertise and a culture of operational excellence, InTest solves difficult thermal, mechanical, and electronic challenges for customers worldwide while generating strong cash flow and profits. InTest’s growth strategy leverages these strengths to grow organically and with acquisitions through the addition of innovative technologies, deeper and broader geographic reach, customer penetration and market expansion. For more information, visit https://www.intest.com/.

Non-GAAP Financial Measures

In addition to disclosing results that are determined in accordance with generally accepted accounting practices in the United States (“GAAP”), we also disclose non-GAAP financial measures. These non-GAAP financial measures consist of adjusted net earnings (loss), adjusted earnings (loss) per diluted share (“adjusted EPS”), adjusted EBITDA, and adjusted EBITDA margin.

The Company defines these non-GAAP measures as follows:

These results are provided as a complement to the results provided in accordance with GAAP. Adjusted net earnings (loss) and adjusted earnings (loss) per diluted share (“adjusted EPS”) are non-GAAP financial measures presented to provide investors with meaningful, supplemental information regarding our baseline performance before acquired intangible amortization, restructuring costs and inventory step-up charges as management believes these expenses may not be indicative of our underlying operating performance. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures presented primarily as a measure of liquidity as they exclude non-cash charges for acquired intangible amortization, acquired inventory step-up, depreciation and stock-based compensation. In addition, adjusted EBITDA and adjusted EBITDA margin also exclude the impact of restructuring costs, interest income or expense and income tax expense or benefit, as management believes these expenses may not be indicative of our underlying operating performance.

Management’s Use of Non-GAAP Measures

The non-GAAP financial measures presented in this press release are used by management to make operational decisions, to forecast future operational results, and for comparison with our business plan, historical operating results and the operating results of our peers. Reconciliations from net earnings (loss) and earnings (loss) per diluted share (“EPS”) to adjusted net earnings (loss) and adjusted earnings (loss) per diluted share (“adjusted EPS”) and from net earnings (loss) and net margin to adjusted EBITDA and adjusted EBITDA margin, are contained in the tables below.

Management believes these Non-GAAP financial measures are important in evaluating our performance, results of operations, and financial position. We use non-GAAP financial measures to supplement our GAAP results to provide a more complete understanding of the factors and trends affecting our business. Non-GAAP measures as presented in this press release may differ from and may not be comparable to similarly titled measures used by other companies.

Key Performance Indicators

In addition to the foregoing non-GAAP measures, management uses orders and backlog as key performance metrics to analyze and measure the Company’s financial performance and results of operations. Management uses orders and backlog as measures of current and future business and financial performance, and these may not be comparable with measures provided by other companies. Orders represent written communications received from customers requesting the Company to provide products and/or services. Backlog is calculated based on firm purchase orders we receive for which revenue has not yet been recognized. Management believes tracking orders and backlog are useful as they are often leading indicators of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.

Given that each of orders and backlog are operational measures and that the Company’s methodology for calculating orders and backlog does not meet the definition of a non-GAAP measure, as that term is defined by the U.S. Securities and Exchange Commission, a quantitative reconciliation for each is not required or provided.

Forward-Looking Statements

This press release 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 financial results, such as statements of the Company’s plans, strategies and intentions, or our future performance or goals, that are based upon management’s current expectations. These forward-looking statements can often be identified by the use of forward-looking terminology such as “believe,” “continue,” “expects,” “guidance,” “may,” “outlook,” “will,” “plan,” “potential,” “forecasts,” “strategy,” “target,” “estimated,” or similar terminology. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well as the Company’s ability to execute on its VISION 2030 Strategy; realize the potential benefits of acquisitions and successfully integrate any acquired operations; grow the Company’s presence in its key target and international markets; manage supply chain challenges; convert backlog to sales and to ship product in a timely manner; the success of the Company’s strategy to diversify its markets; the impact of inflation on the Company’s business and financial condition; indications of a change in the market cycles in the semi market or other markets served; changes in business conditions and general economic conditions both domestically and globally including changes in U.S. and/or foreign trade policy, rising interest rates and fluctuation in foreign currency exchange rates; changes in the demand for semiconductors; access to capital and the ability to borrow funds or raise capital to finance potential acquisitions or for working capital; changes in the rates and timing of capital expenditures by the Company’s customers; and other risk factors set forth from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Reports on Form 10-Q. Any forward-looking statement made by the Company in this press release is based only on information currently available to management and speaks to circumstances only as of the date on which it is made. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

– FINANCIAL TABLES FOLLOW –

InTest Corporation

Consolidated Statements of Operations

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

(In thousands, except share and per share data)

2025

2024

2025

2024

Revenue

32,822

36,603

113,825

130,690

Cost of revenue

17,923

22,064

64,905

75,266

Gross profit

14,899

14,539

48,920

55,424

Operating expenses:

Selling expense

4,643

4,402

16,784

17,378

Engineering and product development expense

2,412

2,166

9,440

8,548

General and administrative expense

5,521

5,783

22,225

23,559

Amortization of acquired intangible assets

842

109

3,346

2,545

Restructuring costs

205

—

850

—

Total operating expenses

13,623

12,460

52,645

52,030

Operating income (loss)

1,276

2,079

(3,725

)

3,394

Interest expense

(84

)

(234

)

(450

)

(846

)

Other income (loss)

185

(43

)

953

906

Earnings (loss) before income tax expense (benefit)

1,377

1,802

(3,222

)

3,454

Income tax expense (benefit)

134

298

(695

)

563

Net earnings (loss)

1,243

1,504

(2,527

)

2,891

Earnings (loss) per common share:

Basic

0.10

0.12

(0.21

)

0.24

Diluted

0.10

0.12

(0.21

)

0.24

Weighted average common shares outstanding:

Basic

12,214,031

12,156,931

12,204,323

12,151,913

Diluted

12,277,491

12,216,344

12,204,323

12,239,158

InTest Corporation

Consolidated Balance Sheets

December 31,

2025

December 31,

2024

(In thousands, except share and per share data)

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

14,216

19,830

Restricted cash

3,842

—

Trade accounts receivable, net of allowance for credit losses of $375 and $423, respectively

25,891

29,495

Inventories

31,580

26,837

Prepaid expenses and other current assets

3,109

2,650

Total current assets

78,638

78,812

Property and equipment, net of accumulated depreciation of $10,083 and $8,830, respectively

4,778

4,457

Right-of-use assets, net

9,098

10,767

Goodwill

32,359

30,744

Intangible assets, net

24,876

26,376

Deferred tax assets

775

Other assets

789

1,065

Total assets

151,313

152,288

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Current portion of long-term debt

6,062

7,494

Current portion of operating lease liabilities

2,098

1,989

Accounts payable

11,205

7,991

Customer deposits and deferred revenue

6,388

4,989

Accrued expenses and other current liabilities

10,002

9,485

Total current liabilities

35,755

31,948

Operating lease liabilities, net of current portion

7,402

9,021

Long-term debt, net of current portion

1,406

7,538

Contingent consideration, net of current portion

356

825

Deferred revenue, net of current portion

1,055

1,432

Other liabilities

1,716

1,734

Total liabilities

47,690

52,498

Commitments and Contingencies

Stockholders’ equity:

Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding

—

Common stock, $0.01 par value; 20,000,000 shares authorized; 12,570,865 and 12,457,658 shares issued, respectively; 12,488,788 and 12,378,276 shares outstanding, respectively

125

124

Additional paid-in capital

59,436

57,658

Retained earnings

42,560

45,087

Accumulated other comprehensive earnings (loss)

2,461

(2,137

)

Treasury stock, at cost; 82,077 and 79,382 shares, respectively

(959

)

(942

)

Total stockholders’ equity

103,623

99,790

Total liabilities and stockholders’ equity

151,313

152,288

InTest Corporation

Consolidated Statements of Cash Flows

(Unaudited)

Twelve Months Ended December 31,

(In thousands)

2025

2024

CASH FLOWS FROM OPERATING ACTIVITIES

Net (loss) earnings

(2,527

)

2,891

Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:

Depreciation and amortization

6,796

5,392

Provision for excess and obsolete inventory

818

703

Amortization of deferred compensation related to stock-based awards

1,610

1,857

Deferred income tax expense

(1,032

)

(1,508

)

Other non-cash reconciling items

(344

)

295

Changes in assets and liabilities:

Trade accounts receivable

4,530

(5,505

)

Inventories

(4,167

)

4,903

Prepaid expenses and other current assets

331

903

Other assets

(197

)

(30

)

Operating lease liabilities

(2,077

)

(1,649

)

Accounts payable

3,154

(2,306

)

Customer deposits and deferred revenue

975

(1,389

)

Domestic and foreign income taxes payable

119

(1,369

)

Deferred revenue, net of current portion

(377

)

(16

)

Accrued expenses and other liabilities

(297

)

649

Net cash provided by operating activities

7,315

3,821

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of business, net of cash acquired

—

(18,727

)

Purchases of property and equipment

(1,632

)

(1,324

)

Net cash used in investing activities

(1,632

)

(20,051

)

CASH FLOWS FROM FINANCING ACTIVITIES

Repurchases of common stock

—

(1,042

)

Repayments of short-term borrowings, net of proceeds

(4,254

)

(152

)

Repayments of long-term debt

(4,100

)

(7,689

)

Proceeds from stock options exercised

145

Proceeds from shares sold under Employee Stock Purchase Plan

124

138

Settlement of employee tax liabilities in connection with treasury stock transaction

(17

)

(41

)

Net cash used in financing activities

(8,225

)

(8,641

)

Effects of exchange rates on cash

770

(559

)

Net cash used in all activities

(1,772

)

(25,430

)

Cash, cash equivalents and restricted cash at beginning of period

19,830

45,260

Cash, cash equivalents and restricted cash at end of period

18,058

19,830

Cash and cash equivalents

14,216

19,830

Restricted cash

3,842

—

Total cash, cash equivalents and restricted cash at end of period

18,058

19,830

Cash payments for:

Domestic and foreign income taxes, net of receipts

193

3,072

Interest

456

881

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES

Equity issued in conjunction with acquisition of business

—

2,086

Issuance of unvested shares of restricted stock awards

1,039

1,580

Forfeiture of shares of unvested restricted stock awards

(557

)

(200

)

InTest Corporation

Revenue by Market

(Unaudited)

($ in thousands)

Three Months Ended

December 31,

Change

September 30,

Change

2025

2024

2025

Revenue

Semi

6,941

21.1

12,207

33.3

(5,266

)

(43.1

9,842

37.5

(2,901

)

(29.5

Auto/EV

5,933

18.1

11,928

32.6

(5,995

)

(50.3

4,964

18.9

969

19.5

Defense/Aerospace

5,537

16.9

5,157

14.1

380

7.4

2,313

8.8

3,224

139.4

Industrial

6,937

21.1

2,246

6.1

4,691

208.9

3,658

13.9

3,279

89.6

Life Sciences

4,043

12.3

1,231

3.4

2,812

228.4

1,930

7.4

2,113

109.5

Safety/Security

503

1.5

947

2.6

(444

)

(46.9

927

3.5

(424

)

(45.7

Other

2,928

8.9

2,887

7.9

1.4

2,602

9.9

326

12.5

32,822

100.0

36,603

100.0

(3,781

)

(10.3

26,236

100.0

6,586

25.1

* Components may not add up to total due to rounding

($ in thousands)

Twelve Months Ended

December 31,

Change

2025

2024

Revenue

Semi

35,970

31.6

48,708

37.3

(12,738

)

(26.2

Auto/EV

22,718

20.0

32,871

25.2

(10,153

)

(30.9

Defense/Aerospace

14,256

12.5

15,317

11.7

(1,061

)

(6.9

Industrial

17,402

15.3

13,382

10.2

4,020

30.0

Life Sciences

9,047

7.9

5,400

4.1

3,647

67.5

Safety/Security

2,892

2.5

2,946

2.3

(54

)

(1.8

Other

11,540

10.1

12,066

9.2

(526

)

(4.4

113,825

100.0

130,690

100.0

(16,865

)

(12.9

* Components may not add up to total due to rounding

Orders by Market

(Unaudited)

($ in thousands)

Three Months Ended

December 31,

Change

September 30,

Change

2025

2024

2025

Orders

Semi

9,446

25.2

15,647

51.0

(6,201

)

(39.6

8,031

21.3

1,415

17.6

Auto/EV

9,857

26.3

3,487

11.4

6,370

182.7

14,580

38.7

(4,723

)

(32.4

Defense/Aerospace

5,232

14.0

3,896

12.7

1,336

34.3

6,403

17.0

(1,171

)

(18.3

Industrial

3,305

8.8

2,450

8.0

855

34.9

4,670

12.4

(1,365

)

(29.2

Life Sciences

5,379

14.4

2,346

7.6

3,033

129.3

1,450

3.9

3,929

271.0

Safety/Security

1,087

2.9

0.2

1,033

1,913.0

267

0.7

820

307.1

Other

3,165

8.4

2,789

9.1

376

13.5

2,241

6.0

924

41.2

37,471

100.0

30,669

100.0

6,802

22.2

37,642

100.0

(171

)

(0.5

* Components may not add up to total due to rounding

($ in thousands)

Twelve Months Ended

December 31,

Change

2025

2024

Orders

Semi

34,409

26.8

44,574

41.4

(10,165

)

(22.8

Auto/EV

36,564

28.5

19,390

18.0

17,174

88.6

Defense/Aerospace

16,217

12.6

13,715

12.7

2,502

18.2

Industrial

17,206

13.4

11,265

10.5

5,941

52.7

Life Sciences

10,924

8.5

4,603

4.3

6,321

137.3

Safety/Security

3,202

2.5

1,237

1.1

1,965

158.9

Other

9,699

7.6

12,920

12.0

(3,221

)

(24.9

128,221

100.0

107,704

100.0

20,517

19.0

* Components may not add up to total due to rounding

InTest Corporation

Segment Data

(Unaudited)

Three Months Ended December 31, 2025

($ in thousands)

Electronic Test

Environmental Technologies

Process

Technologies

Corporate &

Other

Consolidated

Revenue

17,103

8,321

7,398

—

32,822

Cost of revenue

8,537

5,041

4,345

—

17,923

Other divisional costs

4,983

2,461

3,130

—

10,574

Division operating income (loss)

3,583

819

(77

)

—

4,325

Acquired intangible amortization

842

Restructuring costs

205

Corporate expenses

2,002

Operating income (loss)

3,583

819

(77

)

(3,049

)

1,276

Interest expense

(84

)

(84

)

Other income

185

Earnings (loss) before income tax expense

3,583

819

(77

)

(2,948

)

1,377

Three Months Ended December 31, 2024

($ in thousands)

Electronic Test

Environmental Technologies

Process

Technologies

Corporate &

Other

Consolidated

Revenue

21,122

7,063

8,418

—

36,603

Cost of revenue

12,974

4,196

4,894

—

22,064

Other divisional costs

5,283

2,185

2,553

—

10,021

Division operating income

2,865

682

971

—

4,518

Acquired intangible amortization

109

Corporate expenses

2,330

Operating income (loss)

2,865

682

971

(2,439

)

2,079

Interest expense

(234

)

(234

)

Other expense

(43

)

(43

)

Earnings (loss) before income tax expense

2,865

682

971

(2,716

)

1,802

InTest Corporation

Segment Data

(Unaudited)

Twelve Months Ended December 31, 2025

($ in thousands)

Electronic Test

Environmental Technologies

Process

Technologies

Corporate &

Other

Consolidated

Revenue

56,194

29,294

28,337

—

113,825

Cost of revenue

29,766

18,304

16,835

—

64,905

Other divisional costs

19,458

9,035

11,071

—

39,564

Division operating income

6,970

1,955

431

—

9,356

Acquired intangible amortization

3,346

Restructuring costs

850

Corporate expenses

8,885

Operating (loss) income

6,970

1,955

431

(13,081

)

(3,725

)

Interest expense

(450

)

(450

)

Other income

953

(Loss) earnings before income tax expense

6,970

1,955

431

(12,578

)

(3,222

)

Twelve Months Ended December 31, 2024

($ in thousands)

Electronic Test

Environmental Technologies

Process

Technologies

Corporate &

Other

Consolidated

Revenue

63,878

28,898

37,914

—

130,690

Cost of revenue

35,843

17,780

21,643

—

75,266

Other divisional costs

19,303

9,002

11,299

—

39,604

Division operating income

8,732

2,116

4,972

—

15,820

Acquired intangible amortization

2,545

Corporate expenses

9,881

Operating income (loss)

8,732

2,116

4,972

(12,426

)

3,394

Interest expense

(846

)

(846

)

Other income

906

Earnings (loss) before income tax expense

8,732

2,116

4,972

(12,366

)

3,454

InTest Corporation

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

Reconciliation of Net Earnings (Loss) to Adjusted Net Earnings (Loss) (Non-GAAP) and Earnings (Loss) Per Diluted Share to Adjusted EPS (Non-GAAP):

Three Months Ended

December 31,

September 30,

(in thousands except per share amounts)

2025

2024

2025

Net earnings (loss)

1,243

1,504

(938

)

Acquired intangible amortization

842

109

841

Acquired inventory step-up

—

1,570

—

Restructuring costs

205

—

116

Tax effect of adjusting items

(337

)

(401

)

(217

)

Adjusted net earnings (loss) (Non-GAAP)

1,953

2,782

(198

)

Diluted weighted average shares outstanding

12,277

12,216

12,209

Earnings (loss) per diluted share:

Net earnings (loss)

0.10

0.12

(0.08

)

Acquired intangible amortization

0.07

0.01

0.07

Acquired inventory step-up

—

0.13

—

Restructuring costs

0.02

—

0.01

Tax effect of adjusting items

(0.03

)

(0.03

)

(0.02

)

Adjusted EPS (Non-GAAP) *

0.16

0.23

(0.02

)

* Components may not add up to total due to rounding

Twelve Months Ended

December 31,

(in thousands except per share amounts)

2025

2024

Net (loss) earnings

(2,527

)

2,891

Acquired intangible amortization

3,346

2,545

Acquired inventory step-up

—

1,570

Restructuring costs

850

—

Tax effect of adjusting items

(905

)

(792

)

Adjusted net earnings (Non-GAAP)

764

6,214

Diluted weighted average shares outstanding

12,256

12,239

(Loss) earnings per diluted share:

Net (loss) earnings

(0.21

)

0.24

Acquired intangible amortization

0.27

0.21

Acquired inventory step-up

—

0.13

Restructuring costs

0.07

—

Tax effect of adjusting items

(0.07

)

(0.07

)

Adjusted EPS (Non-GAAP) *

0.06

0.51

* Components may not add up to total due to rounding

Reconciliation of Net Earnings (Loss) and Net Margin to Adjusted EBITDA (Non-GAAP) and Adjusted EBITDA Margin (Non-GAAP):

Three Months Ended

December 31,

September 30,

(in thousands except percentage data)

2025

2024

2025

Net earnings (loss)

1,243

1,504

(938

)

Acquired intangible amortization

842

109

841

Acquired inventory step-up

—

1,570

—

Net interest (income) expense

)

109

(18

)

Income tax expense (benefit)

134

298

(289

)

Depreciation

378

415

317

Restructuring costs

205

—

116

Stock-based compensation

398

407

354

Adjusted EBITDA (Non-GAAP)

3,192

4,412

383

Revenue

32,822

36,603

26,236

Net margin

3.8

4.1

(3.6

Adjusted EBITDA margin (Non-GAAP)

9.7

12.1

1.5

Twelve Months Ended

December 31,

(in thousands except percentage data)

2025

2024

Net (loss) earnings

(2,527

)

2,891

Acquired intangible amortization

3,346

2,545

Acquired inventory step-up

—

1,570

Net interest expense (income)

)

Income tax (benefit) expense

(695

)

563

Depreciation

1,325

1,399

Restructuring costs

850

—

Stock-based compensation

1,610

1,857

Adjusted EBITDA (Non-GAAP)

3,950

10,818

Revenue

113,825

130,690

Net margin

(2.2

2.2

Adjusted EBITDA margin (Non-GAAP)

3.5

8.3