InTest Reports Strong Second Quarter 2026 Revenue of $35.3 Million, EPS of $0.04, and Adjusted EPS (Non-GAAP) of $0.09

August 10, 2026 at 6:15 AM EDT
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  • Second quarter revenue up 25.5% year-over-year, driven largely by strength in the Auto/EV market
  • Backlog1 of $45.4 million increased 19.8% year-over-year
  • Net earnings of $0.5 million, up 194.2% year-over-year, Adjusted EBITDA (Non-GAAP)2 of $2.2 million, up 73.7% year-over-year
  • Revising first quarter ending inventory, cost of revenue, gross profit, gross margin, income tax expense, net earnings and EPS as previously announced
  • Reiterates full-year 2026 Revenue Outlook of $135 million to $140 million

MT. LAUREL, N.J.--(BUSINESS WIRE)--Aug. 10, 2026-- 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 second quarter of 2026 ended June 30, 2026.

“We delivered second-quarter revenue of $35.3 million, up 25.5% year-over-year, our third consecutive quarter of sequential growth and our second straight quarter of year-over-year growth above 25%,” stated Rich Rogoff, President and CEO. “Strong Auto/EV project delivery and the diversification we have built across our end markets powered the result, with non-semiconductor markets contributing approximately 74% of revenue that drove an approximate 74% increase in Adjusted EBITDA2 year-over-year. This is the diversified growth profile we are building for InTest.

“Our leading indicators point to a strengthening second half,” continued Mr. Rogoff. “Semiconductor orders were the standout and have increased approximately 56% sequentially and approximately 64% year-over-year, making the second quarter our strongest Semi order intake in six quarters as the demand we have been building into our funnel has started to convert into orders. With backlog of $45.4 million, up 19.8% year-over-year, expanding Defense/Aerospace opportunities tied to higher U.S. Department of Defense spending, and healthy Auto/EV activity supported by rising electronic content, we entered the third quarter with momentum across our divisions.”

Second Quarter 2026 Review (see revenue by market and by segments in accompanying tables)

 

Three Months Ended

($ in thousands except percentages and per share data)

June 30,

 

June 30,

 

Change

 

March 31,

 

Change

 

2026

 

 

 

2025

 

 

$

 

%

 

2026†

 

$

 

%

Revenue

$

35,313

 

 

$

28,130

 

 

$

7,183

 

25.5

%

 

$

33,886

 

 

$

1,427

 

 

4.2

%

Gross profit

$

14,298

 

 

$

11,973

 

 

$

2,325

 

19.4

%

 

$

14,658

 

 

$

(360

)

 

(2.5

%)

Gross margin

 

40.5

%

 

 

42.6

%

 

 

 

 

 

 

43.3

%

 

 

 

 

Operating expenses (including intangible amortization & restructuring)

$

13,935

 

 

$

12,900

 

 

$

1,035

 

8.0

%

 

$

14,454

 

 

$

(519

)

 

(3.6

%)

Operating income (loss)

$

363

 

 

$

(927

)

 

$

1,290

 

139.2

%

 

$

204

 

 

$

159

 

 

77.9

%

Operating margin

 

1.0

%

 

 

(3.3

%)

 

 

 

 

 

 

0.6

%

 

 

 

 

Net earnings (loss)

$

474

 

 

$

(503

)

 

$

977

 

194.2

%

 

$

183

 

 

$

291

 

 

159.0

%

Net margin

 

1.3

%

 

 

(1.8

%)

 

 

 

 

 

 

0.5

%

 

 

 

 

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

$

0.04

 

 

$

(0.04

)

 

$

0.08

 

200.0

%

 

$

0.01

 

 

$

0.03

 

 

300.0

%

Adjusted net earnings (Non-GAAP)2

$

1,091

 

 

$

417

 

 

$

674

 

161.6

%

 

$

1,412

 

 

$

(321

)

 

(22.7

%)

Adjusted EPS (Non-GAAP)2

$

0.09

 

 

$

0.03

 

 

$

0.06

 

200.0

%

 

$

0.11

 

 

$

(0.02

)

 

(18.2

%)

Adjusted EBITDA (Non-GAAP)2

$

2,192

 

 

$

1,262

 

 

$

930

 

73.7

%

 

$

2,415

 

 

$

(223

)

 

(9.2

%)

Adjusted EBITDA margin (Non-GAAP)2

 

6.2

%

 

 

4.5

%

 

 

 

 

 

 

7.1

%

 

 

 

 

† March 31, 2026 as revised

Revenue for the second quarter increased $1.4 million over the first quarter of 2026, reflecting higher Auto/EV and Industrial revenue, partially offset by lower Defense/Aerospace, Life Sciences and Semi revenue. Compared to the prior-year period, second quarter revenue increased $7.2 million with growth primarily in Auto/EV, partially offset by decreases primarily in Semi.

Gross margin declined by 280 basis points sequentially to 40.5%, reflecting a shift in product mix toward higher-volume, lower-margin Auto/EV revenue. Compared to the prior-year period, gross margin declined 210 basis points reflecting the same shift in mix toward lower-margin Auto/EV revenue.

Operating expenses decreased $0.5 million sequentially due primarily to $0.7 million in non-recurring restructuring costs associated with our CEO transition in the first quarter of 2026 but increased $1.0 million year-over-year, due primarily to higher selling, general and administrative and engineering expense due primarily to higher payroll, payroll related costs and commissions.

Net earnings for the second quarter were $0.5 million, or $0.04 per diluted share. Adjusted net earnings (Non-GAAP)2 were $1.1 million, or $0.09 adjusted EPS (Non-GAAP)2.

Balance Sheet and Cash Flow Review

Cash and cash equivalents at the end of the second quarter of 2026 totaled $22.1 million, up $6.4 million from the end of the first quarter. During the quarter, we reduced our term debt by $1.0 million from March 31, 2026, and provided $6.3 million from operating activities to invest in working capital. Capital expenditures were $0.4 million in the second quarter of 2026.

At June 30, 2026, 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 May 4, 2026, we amended the facility, effective as of April 30, 2026, to extend our ability to draw on the Term Note through August 28, 2026. At June 30, 2026, we were in compliance with all of the covenants included in the Loan Agreement.

Second Quarter 2026 Orders1 and Backlog1 (see Orders by Market in accompanying tables)

 

Three Months Ended

 

June 30,

 

June 30,

 

Change

 

March 31,

 

Change

($ in thousands except percentages)

 

2026

 

 

2025

 

$

 

%

 

 

2026

 

$

 

%

Orders

$

28,871

 

$

27,759

 

$

1,112

 

4.0

%

 

$

31,785

 

$

(2,914

)

 

(9.2

%)

Backlog (at quarter end)

$

45,373

 

$

37,861

 

$

7,512

 

19.8

%

 

$

51,815

 

$

(6,442

)

 

(12.4

%)

Second quarter orders of $28.9 million decreased sequentially with lower Auto/EV and Defense/Aerospace orders partially offset primarily by increases in Semi and Other. The year-over-year increase of $1.1 million reflects strength primarily in Semi and Defense/Aerospace partially offset primarily by the decline in Auto/EV and Life Sciences.

Backlog at June 30, 2026, was $45.4 million, a decrease of 12.4% from March 31, 2026, but an increase of 19.8% compared to June 30, 2025. Approximately 45% of the backlog is expected to ship beyond the third quarter of 2026.

Third Quarter 2026 and Raised Full Year 2026 Outlook

Mr. Rogoff concluded, “We are reiterating the full-year 2026 guidance we updated on July 31, which raised our revenue outlook to approximately 21% growth at the midpoint over 2025's $113.8 million, and modestly reduced our gross margin expectation. This outlook reflects diversified demand supported by our backlog, along with improving order flow and product mix in the second half. Above all, our goal is to convert the commercial momentum we are seeing into steadier Adjusted EBITDA2 growth as we gain operating leverage and continue to scale the business. This is where our focus rests for the balance of the year."

For the third quarter of 2026, InTest projects revenue to be $33.0 million to $35.0 million, with gross margin of approximately 44%, and operating expenses of $13.8 million to $14.2 million. Amortization expense is expected to be $0.5 million.

Reflecting its recently revised full-year 2026 financial guidance, the Company expects revenue of $135.0 million to $140.0 million; gross margin of approximately 43%; operating expenses of $55.0 million to $57.0 million; amortization expense of $2.6 million; interest expense of $0.3 million; an effective tax rate of approximately 18%; and capital expenditures estimated at 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 https://www.intest.com/investor-relations.

A telephonic replay will be available from 12:30 p.m. ET on the day of the call through Monday, August 24, 2026. To listen to the archived call, dial (844) 512-2921 or (412) 317-6671 and enter replay pin number 113760855. The webcast replay can be accessed via the investor relations section of https://www.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. 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:

─ Adjusted net earnings (loss) is derived by adding acquired intangible amortization, restructuring costs, and the tax effect of the adjusting items, to net earnings (loss).

─ Adjusted earnings (loss) per diluted share is derived by dividing adjusted net earnings (loss) by diluted weighted average shares outstanding.

─ Adjusted EBITDA is derived by adding acquired intangible amortization, restructuring costs, net interest expense, income tax expense, depreciation, and stock-based compensation expense to net earnings.

─ Adjusted EBITDA margin is derived by dividing adjusted EBITDA by revenue.

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, and restructuring costs 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, 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,” “goal,” “guidance,” “may,” “outlook,” “will,” “plan,” “potential,” “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 impact of a material weakness in the Company’s internal controls over financial reporting; 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, 2025, 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

 

Six Months Ended

 

June 30,

 

June 30,

(In thousands, except share and per share data)

 

2026

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

Revenue

$

35,313

 

 

$

28,130

 

 

$

69,199

 

 

$

54,767

 

Cost of revenue

 

21,015

 

 

 

16,157

 

 

 

40,243

 

 

 

31,738

 

Gross profit

 

14,298

 

 

 

11,973

 

 

 

28,956

 

 

 

23,029

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Selling expense

 

4,497

 

 

 

3,829

 

 

 

8,717

 

 

 

8,376

 

Engineering and product development expense

 

2,501

 

 

 

2,245

 

 

 

5,089

 

 

 

4,693

 

General and administrative expense

 

6,208

 

 

 

5,760

 

 

 

12,332

 

 

 

11,576

 

Amortization of acquired intangible assets

 

699

 

 

 

850

 

 

 

1,477

 

 

 

1,663

 

Restructuring costs

 

30

 

 

 

216

 

 

 

774

 

 

 

529

 

Total operating expenses

 

13,935

 

 

 

12,900

 

 

 

28,389

 

 

 

26,837

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

363

 

 

 

(927

)

 

 

567

 

 

 

(3,808

)

Interest expense

 

(63

)

 

 

(119

)

 

 

(143

)

 

 

(271

)

Other (expense) income

 

(51

)

 

 

463

 

 

 

52

 

 

 

707

 

 

 

 

 

 

 

 

 

Earnings (loss) before income tax benefit

 

249

 

 

 

(583

)

 

 

476

 

 

 

(3,372

)

Income tax benefit

 

(225

)

 

 

(80

)

 

 

(181

)

 

 

(540

)

 

 

 

 

 

 

 

 

Net earnings (loss)

$

474

 

 

$

(503

)

 

$

657

 

 

$

(2,832

)

 

 

 

 

 

 

 

 

Earnings (loss) per common share:

 

 

 

 

 

 

 

Basic

$

0.04

 

 

$

(0.04

)

 

$

0.05

 

 

$

(0.23

)

Diluted

$

0.04

 

 

$

(0.04

)

 

$

0.05

 

 

$

(0.23

)

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

12,314,633

 

 

 

12,215,258

 

 

 

12,284,334

 

 

 

12,197,338

 

Diluted

 

12,582,221

 

 

 

12,215,258

 

 

 

12,501,783

 

 

 

12,197,338

 

 

InTest Corporation

Consolidated Balance Sheets

 

 

June 30,
2026

 

December 31,
2025

(In thousands, except share and per share data)

(Unaudited)

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

22,102

 

 

$

14,216

 

Restricted cash

 

—

 

 

 

3,842

 

Trade accounts receivable, net of allowance for credit losses of $338 and $375, respectively

 

26,860

 

 

 

25,891

 

Inventories

 

27,923

 

 

 

31,580

 

Prepaid expenses and other current assets

 

3,010

 

 

 

3,109

 

Total current assets

 

79,895

 

 

 

78,638

 

Property and equipment, net of accumulated depreciation of $10,577 and $10,083, respectively

 

4,913

 

 

 

4,778

 

Right-of-use assets, net

 

8,153

 

 

 

9,098

 

Goodwill

 

31,965

 

 

 

32,359

 

Intangible assets, net

 

22,983

 

 

 

24,876

 

Deferred tax assets

 

746

 

 

 

775

 

Other assets

 

450

 

 

 

789

 

Total assets

$

149,105

 

 

$

151,313

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt

$

5,348

 

 

$

6,062

 

Current portion of operating lease liabilities

 

2,135

 

 

 

2,098

 

Accounts payable

 

7,972

 

 

 

11,205

 

Customer deposits and deferred revenue

 

5,455

 

 

 

6,388

 

Domestic and foreign income taxes payable

 

39

 

 

 

—

 

Accrued expenses and other current liabilities

 

11,178

 

 

 

10,002

 

Total current liabilities

 

32,127

 

 

 

35,755

 

Operating lease liabilities, net of current portion

 

6,408

 

 

 

7,402

 

Long-term debt, net of current portion

 

895

 

 

 

1,406

 

Contingent consideration, net of current portion

 

—

 

 

 

356

 

Deferred revenue, net of current portion

 

422

 

 

 

1,055

 

Other liabilities

 

1,556

 

 

 

1,716

 

Total liabilities

 

41,408

 

 

 

47,690

 

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; 12,912,071 and 12,570,865 shares issued, respectively; 12,825,786 and 12,488,788 shares outstanding, respectively

 

129

 

 

 

125

 

Additional paid-in capital

 

64,028

 

 

 

59,436

 

Retained earnings

 

43,217

 

 

 

42,560

 

Accumulated other comprehensive earnings

 

1,345

 

 

 

2,461

 

Treasury stock, at cost; 86,285 and 82,077 shares, respectively

 

(1,022

)

 

 

(959

)

Total stockholders’ equity

 

107,697

 

 

 

103,623

 

Total liabilities and stockholders’ equity

$

149,105

 

 

$

151,313

 

 

InTest Corporation

Consolidated Statements of Cash Flows

(Unaudited)

 

 

Six Months Ended June 30,

(In thousands)

 

2026

 

 

 

2025

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net earnings (loss)

$

657

 

 

$

(2,832

)

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

 

 

 

Depreciation and amortization

 

3,262

 

 

 

3,306

 

Provision for excess and obsolete inventory

 

373

 

 

 

304

 

Amortization of deferred compensation related to stock-based awards

 

1,134

 

 

 

858

 

Deferred income tax expense

 

57

 

 

 

205

 

Other non-cash reconciling items

 

94

 

 

 

(383

)

Changes in assets and liabilities:

 

 

 

Trade accounts receivable

 

(1,347

)

 

 

6,865

 

Inventories

 

2,937

 

 

 

203

 

Prepaid expenses and other current assets

 

516

 

 

 

(438

)

Other assets

 

(314

)

 

 

(36

)

Operating lease liabilities

 

(1,086

)

 

 

(966

)

Accounts payable

 

(3,294

)

 

 

(898

)

Customer deposits and deferred revenue

 

(828

)

 

 

272

 

Domestic and foreign income taxes payable

 

162

 

 

 

(883

)

Deferred revenue, net of current portion

 

(633

)

 

 

(65

)

Accrued expenses and other liabilities

 

1,314

 

 

 

(665

)

Net cash provided by operating activities

 

3,004

 

 

 

4,847

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

Purchases of property and equipment

 

(1,049

)

 

 

(691

)

Net cash used in investing activities

 

(1,049

)

 

 

(691

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

Short-term borrowings, net of repayments

 

947

 

 

 

(3,613

)

Repayments of long-term debt

 

(2,050

)

 

 

(2,050

)

Proceeds from stock options exercised

 

3,413

 

 

 

18

 

Proceeds from shares sold under Employee Stock Purchase Plan

 

66

 

 

 

60

 

Settlement of employee tax liabilities in connection with treasury stock transactions

 

(88

)

 

 

(17

)

Net cash provided by (used in) financing activities

 

2,288

 

 

 

(5,602

)

Effects of exchange rates on cash

 

(199

)

 

 

864

 

Net cash provided by (used in) all activities

 

4,044

 

 

 

(582

)

Cash, cash equivalents and restricted cash at beginning of period

 

18,058

 

 

 

19,830

 

Cash and cash equivalents at end of period

$

22,102

 

 

$

19,248

 

 

 

 

 

Cash (receipts) payments for:

 

 

 

Domestic and foreign income taxes, net of receipts

$

(550

)

 

$

145

 

Interest

 

153

 

 

 

266

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES

 

 

 

Issuance of unvested shares of restricted stock awards

 

1,775

 

 

 

1,039

 

Forfeiture of shares of unvested restricted stock awards

 

(1,473

)

 

 

(557

)

 

InTest Corporation

Revenue by Market

(Unaudited)

 

($ in thousands)

Three Months Ended

 

June 30,

 

June 30,

 

Change

 

March 31,

 

Change

 

2026

 

 

2025

 

 

$

 

%

 

2026

 

 

$

 

%

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semi

$

9,058

 

25.7

%

 

$

10,192

 

36.2

%

 

$

(1,134

)

 

(11.1

%)

 

$

10,507

 

31.0

%

 

$

(1,449

)

 

(13.8

%)

Auto/EV

 

13,440

 

38.1

%

 

 

5,862

 

20.8

%

 

 

7,578

 

 

129.3

%

 

 

7,487

 

22.1

%

 

 

5,953

 

 

79.5

%

Defense/Aerospace

 

3,765

 

10.7

%

 

 

3,578

 

12.7

%

 

 

187

 

 

5.2

%

 

 

5,822

 

17.2

%

 

 

(2,057

)

 

(35.3

%)

Industrial

 

4,356

 

12.3

%

 

 

3,786

 

13.5

%

 

 

570

 

 

15.1

%

 

 

3,242

 

9.6

%

 

 

1,114

 

 

34.4

%

Life Sciences

 

2,002

 

5.7

%

 

 

1,386

 

4.9

%

 

 

616

 

 

44.4

%

 

 

3,572

 

10.5

%

 

 

(1,570

)

 

(44.0

%)

Safety/Security

 

770

 

2.2

%

 

 

898

 

3.2

%

 

 

(128

)

 

(14.3

%)

 

 

1,112

 

3.3

%

 

 

(342

)

 

(30.8

%)

Other

 

1,922

 

5.4

%

 

 

2,428

 

8.6

%

 

 

(506

)

 

(20.8

%)

 

 

2,144

 

6.3

%

 

 

(222

)

 

(10.4

%)

 

$

35,313

 

100.0

%

 

$

28,130

 

100.0

%

 

$

7,183

 

 

25.5

%

 

$

33,886

 

100.0

%

 

$

1,427

 

 

4.2

%

 

* Components may not add up to total due to rounding

 

Orders by Market

(Unaudited)

 

($ in thousands)

Three Months Ended

 

June 30,

 

June 30,

 

Change

 

March 31,

 

Change

 

2026

 

 

2025

 

 

$

 

%

 

2026

 

 

$

 

%

Orders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semi

$

11,955

 

41.4

%

 

$

7,292

 

26.3

%

 

$

4,663

 

 

63.9

%

 

$

7,677

 

24.2

%

 

$

4,278

 

 

55.7

%

Auto/EV

 

3,549

 

12.3

%

 

 

7,066

 

25.5

%

 

 

(3,517

)

 

(49.8

%)

 

 

10,744

 

33.8

%

 

 

(7,195

)

 

(67.0

%)

Defense/Aerospace

 

4,237

 

14.7

%

 

 

2,499

 

9.0

%

 

 

1,738

 

 

69.5

%

 

 

5,918

 

18.6

%

 

 

(1,681

)

 

(28.4

%)

Industrial

 

4,630

 

16.0

%

 

 

4,680

 

16.9

%

 

 

(50

)

 

(1.1

%)

 

 

4,123

 

13.0

%

 

 

507

 

 

12.3

%

Life Sciences

 

1,512

 

5.2

%

 

 

2,863

 

10.3

%

 

 

(1,351

)

 

(47.2

%)

 

 

1,587

 

5.0

%

 

 

(75

)

 

(4.7

%)

Safety/Security

 

333

 

1.2

%

 

 

1,173

 

4.2

%

 

 

(840

)

 

(71.6

%)

 

 

260

 

0.8

%

 

 

73

 

 

28.1

%

Other

 

2,655

 

9.2

%

 

 

2,186

 

7.9

%

 

 

469

 

 

21.5

%

 

 

1,476

 

4.6

%

 

 

1,179

 

 

79.9

%

 

$

28,871

 

100.0

%

 

$

27,759

 

100.0

%

 

$

1,112

 

 

4.0

%

 

$

31,785

 

100.0

%

 

$

(2,914

)

 

(9.2

%)

 

* Components may not add up to total due to rounding

 

InTest Corporation

Segment Data

(Unaudited)

 

 

Three Months Ended June 30, 2026

($ in thousands)

Electronic Test

 

Environmental
Technologies

 

Process
Technologies

 

Corporate &
Other

 

Consolidated

Revenue

$

21,404

 

$

5,819

 

 

$

8,090

 

$

—

 

 

$

35,313

 

Cost of revenue

 

12,469

 

 

4,054

 

 

 

4,492

 

 

—

 

 

 

21,015

 

Other divisional costs

 

5,154

 

 

2,333

 

 

 

3,217

 

 

—

 

 

 

10,704

 

Division operating income (loss)

 

3,781

 

 

(568

)

 

 

381

 

 

—

 

 

 

3,594

 

Acquired intangible amortization

 

 

 

 

 

 

 

699

 

 

 

699

 

Restructuring costs

 

 

 

 

 

 

 

30

 

 

 

30

 

Corporate expenses

 

 

 

 

 

 

 

2,502

 

 

 

2,502

 

Operating income (loss)

 

3,781

 

 

(568

)

 

 

381

 

 

(3,231

)

 

 

363

 

Interest expense

 

 

 

 

 

 

 

(63

)

 

 

(63

)

Other income

 

 

 

 

 

 

 

(51

)

 

 

(51

)

Earnings (loss) before income tax expense

$

3,781

 

$

(568

)

 

$

381

 

$

(3,345

)

 

$

249

 

 

Three Months Ended June 30, 2025

($ in thousands)

Electronic Test

 

Environmental
Technologies

 

Process
Technologies

 

Corporate &
Other

 

Consolidated

Revenue

$

13,733

 

$

7,215

 

$

7,182

 

$

—

 

 

$

28,130

 

Cost of revenue

 

7,418

 

 

4,534

 

 

4,205

 

 

—

 

 

 

16,157

 

Other divisional costs

 

4,755

 

 

2,070

 

 

2,578

 

 

—

 

 

 

9,403

 

Division operating income

 

1,560

 

 

611

 

 

399

 

 

—

 

 

 

2,570

 

Acquired intangible amortization

 

 

 

 

 

 

 

850

 

 

 

850

 

Restructuring costs

 

 

 

 

 

 

 

216

 

 

 

216

 

Corporate expenses

 

 

 

 

 

 

 

2,431

 

 

 

2,431

 

Operating (loss) income

 

1,560

 

 

611

 

 

399

 

 

(3,497

)

 

 

(927

)

Interest expense

 

 

 

 

 

 

 

(119

)

 

 

(119

)

Other income

 

 

 

 

 

 

 

463

 

 

 

463

 

(Loss) earnings before income tax expense

$

1,560

 

$

611

 

$

399

 

$

(3,153

)

 

$

(583

)

 

Six Months Ended June 30, 2026

(in thousands)

Electronic
Test

 

Environmental
Technologies

 

Process
Technologies

 

Corporate &
Other

 

Consolidated

Revenue

$

38,745

 

$

14,170

 

$

16,284

 

$

—

 

 

$

69,199

 

Cost of revenue

 

22,142

 

 

8,921

 

 

9,180

 

 

—

 

 

 

40,243

 

Other divisional costs

 

10,775

 

 

4,598

 

 

6,030

 

 

—

 

 

 

21,403

 

Division operating income

 

5,828

 

 

651

 

 

1,074

 

 

—

 

 

 

7,553

 

Acquired intangible amortization

 

 

 

 

 

 

 

1,477

 

 

 

1,477

 

Restructuring costs

 

 

 

 

 

 

 

774

 

 

 

774

 

Corporate expenses

 

 

 

 

 

 

 

4,735

 

 

 

4,735

 

Operating income (loss)

 

5,828

 

 

651

 

 

1,074

 

 

(6,986

)

 

 

567

 

Interest expense

 

 

 

 

 

 

 

(143

)

 

 

(143

)

Other income

 

 

 

 

 

 

 

52

 

 

 

52

 

Earnings (loss) before income tax expense

$

5,828

 

$

651

 

$

1,074

 

$

(7,077

)

 

$

476

 

 

Six Months Ended June 30, 2025

(in thousands)

Electronic
Test

 

Environmental
Technologies

 

Process
Technologies

 

Corporate &
Other

 

Consolidated

Revenue

$

26,992

 

$

13,483

 

$

14,292

 

$

—

 

 

$

54,767

 

Cost of revenue

 

14,731

 

 

8,697

 

 

8,310

 

 

—

 

 

 

31,738

 

Other divisional costs

 

10,020

 

 

4,430

 

 

5,376

 

 

—

 

 

 

19,826

 

Division operating income

 

2,241

 

 

356

 

 

606

 

 

—

 

 

 

3,203

 

Acquired intangible amortization

 

 

 

 

 

 

 

1,663

 

 

 

1,663

 

Restructuring costs

 

 

 

 

 

 

 

529

 

 

 

529

 

Corporate expenses

 

 

 

 

 

 

 

4,819

 

 

 

4,819

 

Operating (loss) income

 

2,241

 

 

356

 

 

606

 

 

(7,011

)

 

 

(3,808

)

Interest expense

 

 

 

 

 

 

 

(271

)

 

 

(271

)

Other income

 

 

 

 

 

 

 

707

 

 

 

707

 

(Loss) earnings before income tax (benefit) expense

$

2,241

 

$

356

 

$

606

 

$

(6,575

)

 

$

(3,372

)

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

 

June 30,

 

June 30,

 

March 31,

(in thousands except per share amounts)

 

2026

 

 

 

2025

 

 

2026†

Net earnings (loss)

$

474

 

 

$

(503

)

 

$

183

 

Acquired intangible amortization

 

699

 

 

 

850

 

 

 

778

 

Restructuring costs

 

30

 

 

 

216

 

 

 

744

 

Tax effect of adjusting items

 

(112

)

 

 

(146

)

 

 

(293

)

Adjusted net earnings (loss) (Non-GAAP)

$

1,091

 

 

$

417

 

 

$

1,412

 

Diluted weighted average shares outstanding

 

12,582

 

 

 

12,246

 

 

 

12,421

 

Adjusted net earnings (loss) per diluted share:

 

 

 

 

 

Net earnings (loss)

$

0.04

 

 

$

(0.04

)

 

$

0.01

 

Acquired intangible amortization

 

0.06

 

 

 

0.07

 

 

 

0.06

 

Restructuring costs

 

—

 

 

 

0.02

 

 

 

0.06

 

Tax effect of adjusting items

 

(0.01

)

 

 

(0.01

)

 

 

(0.02

)

Adjusted EPS (Non-GAAP)

$

0.09

 

 

$

0.03

 

 

$

0.11

 

 

* Components may not add up to total due to rounding

† March 31, 2026 as revised

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

 

Three Months Ended

 

June 30,

 

June 30,

 

March 31,

(in thousands except percentage data)

 

2026

 

 

 

2025

 

 

2026†

Net earnings (loss)

$

474

 

 

$

(503

)

 

$

183

 

Acquired intangible amortization

 

699

 

 

 

850

 

 

 

778

 

Net interest (income) expense

 

(15

)

 

 

30

 

 

 

—

 

Income tax (benefit) expense

 

(225

)

 

 

(80

)

 

 

44

 

Depreciation

 

386

 

 

 

314

 

 

 

375

 

Restructuring costs

 

30

 

 

 

216

 

 

 

744

 

Stock-based compensation

 

843

 

 

 

435

 

 

 

291

 

Adjusted EBITDA (Non-GAAP)

$

2,192

 

 

$

1,262

 

 

$

2,415

 

Revenue

$

35,313

 

 

$

28,130

 

 

$

33,886

 

Net margin

 

1.3

%

 

 

(1.8

%)

 

 

0.5

%

Adjusted EBITDA margin (Non-GAAP)

 

6.2

%

 

 

4.5

%

 

 

7.1

%

 

† March 31, 2026 as revised

__________________________

1 Orders and Backlog are key performance metrics. See “Key Performance Indicators” below for important disclosures regarding InTest’s use of these metrics.

2 Adjusted net earnings (loss), adjusted EPS, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP financial measures. Further information can be found under “Non-GAAP Financial Measures.” See also the reconciliations of GAAP financial measures to non-GAAP financial measures that accompany this press release.

 

InTest Corporation
Duncan Gilmour
Chief Financial Officer and Treasurer
Tel: (856) 505-8999

Investors:
Jody Burfening / Sanjay M. Hurry
Alliance Advisors IR
INTTIR@allianceadvisors.com
Tel: (212) 838-3777

Source: InTest Corporation