InTest Corporation

What they do

InTest designs and manufactures test and process technology products through six businesses — EMS, Acculogic, Alfamation, InTest Thermal Solutions, Ambrell and Videology — organized into three reportable segments: Electronic Test, Environmental Technologies and Process Technologies. Manufacturing occurs in the U.S., Canada and Italy, with limited manufacturing started in Malaysia in Q4 2025; marketing and support run from facilities in the U.S., Canada, Italy, Germany, Singapore, Malaysia and the U.K. At December 31, 2025 the company had 407 employees (385 full-time), 214 domestic and 193 outside the U.S. It sells worldwide, with 2025 annual revenue of $113.8 million.

Revenue drivers

• Electronic Test — Largest segment by Q2 2026 revenue at $21.4 million, up 55.9% year-over-year, reflecting semiconductor and automotive electronics test demand.
• Process Technologies — Q2 2026 revenue of $8.1 million, up 12.6% year-over-year; includes thermal and induction process solutions such as the Ambrell and InTest Thermal businesses.
• Environmental Technologies — Q2 2026 revenue of $5.8 million, down 19.3% year-over-year and the smallest of the three segments.
• Auto/EV market — Largest end market in Q2 2026 at $13.4 million, or 38.1% of revenue, up 129.3% year-over-year on rising electronic content in vehicles.

Recent performance

Second quarter 2026 revenue was $35.3 million, up 25.5% year-over-year, with Auto/EV at $13.4 million (38.1% of revenue) and Semi at $9.1 million. Gross margin was 40.5%, down from 42.6% a year earlier, while operating income was $363 thousand versus a $927 thousand operating loss in the prior-year quarter. Net earnings were $474 thousand, or $0.04 per diluted share, compared with a net loss of $503 thousand, or $(0.04) per share, a year earlier; adjusted EBITDA was $2.2 million, up 73.7%. Backlog was $45.4 million, up 19.8% year-over-year, and the company previously announced a revision to Q1 2026 inventory, cost of revenue, gross profit, gross margin, income tax expense, net earnings and EPS. Full-year 2025 revenue was $113.8 million with a net loss of $2.5 million, versus 2024 revenue of $130.7 million and net income of $2.9 million.

Strategy

InTest's stated plan, branded VISION 2030, focuses on global and market expansion, innovation and differentiation, expanded service and support, and talent and culture, supplemented by acquisitions and partnerships. The company targets having 25% of total revenue come from products launched within the prior five years by the end of fiscal 2030, and cites opportunities in electronification, power management and increasingly complex semiconductor end products. It is expanding its international footprint, including Malaysia operations launched at the end of 2023 as a shared service location and limited manufacturing begun there in Q4 2025. The 2024 acquisition of Alfamation S.p.A. expanded automotive test capabilities and added consumer electronics exposure.

Risks

• Acquisition execution — Growth depends partly on acquiring complementary businesses, and the 10-K warns the company may not identify suitable targets, may lack cash or capital, may be outbid, or may fail to close or integrate deals successfully.
• End-market concentration and cyclicality — Results swing with end markets: 2025 revenue fell to $113.8 million and produced a $2.5 million net loss after 2024 revenue of $130.7 million and $2.9 million of net income.
• Margin pressure — Gross margin declined to 40.5% in Q2 2026 from 42.6% a year earlier, with operating margin at only 1.0%.
• Financial reporting restatement — The company revised previously reported Q1 2026 inventory, cost of revenue, gross profit, gross margin, income tax expense, net earnings and EPS.

Outlook

Management reiterated a full-year 2026 revenue outlook of $135 million to $140 million. CEO Rich Rogoff said leading indicators point to a strengthening second half, citing semiconductor orders up approximately 56% sequentially and approximately 64% year-over-year — the strongest Semi order intake in six quarters — expanding Defense/Aerospace opportunities tied to higher U.S. Department of Defense spending, and healthy Auto/EV activity. The company entered the third quarter with $45.4 million of backlog, up 19.8% year-over-year.