EX-99.1 2 intt-20251105xexx991.htm EX-99.1 Document
Exhibit 99.1

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NEWS RELEASE
804 EAST GATE DRIVE, SUITE 200, MOUNT LAUREL, NJ 08054
FOR IMMEDIATE RELEASE
InTest Reports Third Quarter 2025 Results
Orders Surge 34.2% Year-over-Year to $37.6 Million on Strong Demand
•Revenue for the quarter was $26.2 million, a 13.3% decrease year-over-year due to late-quarter shipment delays that have since been fulfilled
•Orders1 for the quarter improved 34.2%, or $9.6 million, year-over-year, reflecting strength in auto/EV, industrial, defense/aerospace and life sciences; sequentially orders grew $9.9 million as demand increased in auto/EV, defense/aerospace and semi
•Backlog1 increased $11.4 million to $49.3 million, a 30.1% increase from June 30, 2025
•Strong cash generation and balance sheet: generated $3.5 million in cash from operations in third quarter. Reduced total debt by $6.2 million from December 31, 2024 and by $1.2 million from June 30, 2025
•Operating loss for the quarter was $1.2 million and net loss was $0.9 million or $(0.08) per diluted share; Adjusted EPS2 was $(0.02) per diluted share, Adjusted EBITDA2 was $0.4 million
•Continuing to hold strong market position and expanding customer base until market headwinds subside while managing costs

MT. LAUREL, NJ – November 5, 2025 -- 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”), automotive/EV, defense/aerospace, industrial, life sciences, and safety/security, today announced financial results for the third quarter of 2025 ended September 30, 2025.
Nick Grant, President and CEO, commented, “Against a backdrop of ongoing global economic uncertainty, orders1 for the third quarter surged to $37.6 million, our highest level since Q2 2022. This order strength is a testament to the continued success of our end market diversification strategy, higher demand from automotive customers associated with 2027 model year programs and increased defense/aerospace spending. We continue to gain traction with our newly introduced products and our expanding customer base. Nevertheless, some customers in certain end markets remain cautious to commit to capital projects. Overall, our funnel remains strong and in the third quarter we further strengthened our readiness for a market recovery and opportunities to scale the business as we continue to execute toward our Vision 2030 goals.”
Mr Grant continued, “Reported revenue for the quarter came in below guidance primarily due to technical challenges associated with a few systems reflecting a combination of new capabilities, new customers, and new markets. These challenges have since been resolved and the shipments have been fulfilled. Operating expenses were lower than forecasted, reflecting rigorous spending discipline, and we continued to generate strong operating cash flow.”
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 (loss) earnings, 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.
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InTest Reports Third Quarter 2025
Page 2 of 12
November 5, 2025

Third Quarter 2025 Review (see revenue by market and by segments in accompanying tables)
Three Months Ended
($ in thousands except percentages and per share data)ChangeChange
September 30,September 30,June 30,
20252024$%2025$%
Revenue$26,236 $30,272 $(4,036)(13.3)%$28,130 $(1,894)(6.7)%
Gross profit$10,992 $14,012 $(3,020)(21.6)%$11,973 $(981)(8.2)%
Gross margin 41.9%46.3%42.6%
Operating expenses (including intangible amortization & restructuring)
$12,185 $13,525 $(1,340)(9.9)%$12,900 $(715)(5.5)%
Operating (loss) income$(1,193)$487 $(1,680)(345.0)%$(927)$(266)(28.7)%
Operating margin (4.5%)1.6%(3.3%)
Net (loss) earnings$(938)$495 $(1,433)(289.5)%$(503)$(435)(86.5)%
Net margin(3.6%)1.6%(1.8%)
(Loss) earnings per diluted share (“EPS”)
$(0.08)$0.04 $(0.12)(300.0)%$(0.04)$(0.04)(100.0)%
Adjusted net (loss) earnings (Non-GAAP)2
$(198)$1,311 $(1,509)(115.1)%$398 $(596)(149.7)%
Adjusted EPS (Non-GAAP)2
$(0.02)$0.11 $(0.13)(118.2)%$0.03 $(0.05)(166.7)%
Adjusted EBITDA (Non-GAAP)2
$383 $2,441 $(2,058)(84.3)%$1,262 $(879)(69.7)%
Adjusted EBITDA margin (Non-GAAP)2
1.5%8.1%4.5%
Sequentially, revenue for the third quarter was down $1.9 million over the second quarter as sales in defense/aerospace declined $1.3 million, auto/EV declined $0.9 million, and semi decreased $0.4 million. This decline more than offset the combined growth of $0.7 million across life sciences, safety/security and other markets.
Compared with the prior-year period, third quarter revenue was down $4.0 million, driven primarily by the delayed shipments. Within the end markets, we saw a $1.6 million decline in semi, a $1.3 million decline in auto/EV sales, a $1.2 million decline in other markets, and a $0.9 million decline in defense/aerospace. This contraction was partially mitigated by increases of $0.6 million in life sciences and $0.3 million in safety/security.
Sequentially, gross margin decreased 70 basis points to 41.9% driven by lower volume. The 440-basis point decrease compared with the prior-year period, reflects the combination of lower volume and unfavorable product mix.
Sequentially, operating expenses decreased $0.7 million due to ongoing cost reduction efforts. Operating expenses decreased $1.3 million from the prior-year period primarily as a result of cost reduction efforts.
Net loss for the third quarter was $0.9 million, or $(0.08) per diluted share. Adjusted net loss (Non-GAAP)2 was $0.2 million, or $(0.02) adjusted EPS (Non-GAAP)2.
Balance Sheet and Cash Flow Review
Cash, cash equivalents and restricted cash at the end of the third quarter of 2025 were $21.1 million, up $1.8 million from the end of the second quarter. During the quarter, the Company reduced total debt by $1.2 million from June 30, 2025 to $8.9 million and generated $3.5 million from operations. Capital expenditures were $0.4 million in the third quarter of 2025.

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InTest Reports Third Quarter 2025
Page 3 of 12
November 5, 2025
At September 30, 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 September 30, 2025, there was $4.9 million U.S. based debt outstanding.
Third Quarter 2025 Orders1 and Backlog1 (see orders by market in accompanying tables)
Three Months Ended
ChangeChange
September 30,September 30,June 30,
($ in thousands except percentages)20252024$%2025$%
Orders$37,642 $28,054 $9,588 34.2 %$27,759 $9,883 35.6 %
Backlog (at quarter end)
$49,267 $45,454 $3,813 8.4 %$37,861 $11,406 30.1 %
Third quarter orders of $37.6 million grew $9.6 million, or 34.2%, versus the prior-year period, and $9.9 million, or 35.6%, compared with the second quarter of 2025. The year-over-year increase reflects strength in auto/EV, industrial, defense/aerospace and life sciences while orders slowed in safety/security and other markets.
Sequentially, the 35.6% increase in orders was primarily driven by strong demand in auto/EV, defense/aerospace and other markets. These increases outpaced the declines in life sciences and safety/security.
Backlog at September 30, 2025, was $49.3 million, substantially above the June 30, 2025 level. Approximately 55.0% of the backlog is expected to ship beyond the fourth quarter of 2025.
Focusing Outlook on Forward Quarter
Mr. Grant concluded, “We were encouraged to see some pockets of customers moving forward with capital projects during the third quarter, particularly in the auto/EV and defense/aerospace end markets, which resulted in a backlog that increased $11.4 million over the second quarter and a funnel that remained strong. The work we have done to diversify the company into these non-semi markets is paying off. At the same time, many of our customers continue to hold back on capital investments in the face of ongoing trade and economic uncertainties, and we still do not have visibility into the timing of an overall market recovery.”
Based on the shipments which slipped from the third quarter to the fourth quarter and the backlog at quarter end, we expect fourth quarter 2025 revenue to be $30 million to $32 million, with gross margin of approximately 43% and operating expenses of $12.3 million to $12.7 million, which excludes approximately $0.2 million in Videology and other restructuring expenses.
The foregoing guidance is based on management’s current views with respect to operating and market conditions and customers’ forecasts. It also assumes macroeconomic conditions remain unchanged through the fourth quarter. 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 (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 Wednesday, November 19, 2025. To listen to the archived call, dial (412) 317-6671 and enter replay pin number 13756099. 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
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InTest Reports Third Quarter 2025
Page 4 of 12
November 5, 2025
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 (loss) earnings, adjusted (loss) earnings per diluted share (“adjusted EPS”), adjusted EBITDA, and adjusted EBITDA margin.
The Company defines these non-GAAP measures as follows:
─Adjusted net (loss) earnings is derived by adding acquired intangible amortization, acquired inventory step-up expense, restructuring costs, and the tax effect of the adjusting items, to net earnings.
─Adjusted (loss) earnings per diluted share is derived by dividing adjusted net (loss) earnings by diluted weighted average shares outstanding.
─Adjusted EBITDA is derived by adding acquired intangible amortization, acquired inventory step-up expense, 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 (loss) earnings and adjusted (loss) earnings 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 (loss) earnings and (loss) earnings per diluted share (“EPS”) to adjusted net (loss) earnings and adjusted earnings per diluted share (“adjusted EPS”) and from net (loss) earnings 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.
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InTest Reports Third Quarter 2025
Page 5 of 12
November 5, 2025
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,” “opportunities,” “will,” “plan,” “forecasts,” “strategy,” “target,” 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 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. 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.
Contacts:
InTest CorporationInvestors:
Duncan GilmourJody Burfening / Alex Villalta
Chief Financial Officer and TreasurerAlliance Advisors IR
Tel: (856) 505-8999avillalta@allianceadvisors.com
Tel: (212) 838-3777

– FINANCIAL TABLES FOLLOW –
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InTest Reports Third Quarter 2025
Page 6 of 12
November 5, 2025
InTest Corporation
Consolidated Statements of Operations
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands, except share and per share data)2025202420252024
Revenue$26,236 $30,272 $81,003 $94,087 
Cost of revenue15,244 16,260 46,982 53,202 
Gross profit10,992 14,012 34,021 40,885 
Operating expenses:
Selling expense3,765 4,281 12,141 12,976 
Engineering and product development expense2,335 2,182 7,028 6,382 
General and administrative expense5,128 6,118 16,704 17,776 
Amortization of acquired intangible assets841 944 2,504 2,436 
Restructuring costs116 — 645 — 
Total operating expenses12,185 13,525 39,022 39,570 
Operating (loss) income(1,193)487 (5,001)1,315 
Interest expense(95)(219)(366)(612)
Other income61 301 768 949 
(Loss) earnings before income tax (benefit) expense(1,227)569 (4,599)1,652 
Income tax (benefit) expense(289)74 (829)265 
Net (loss) earnings$(938)$495 $(3,770)$1,387 
(Loss) earnings per common share:
Basic$(0.08)$0.04 $(0.31)$0.11 
Diluted$(0.08)$0.04 $(0.31)$0.11 
Weighted average common shares outstanding:
Basic12,208,58612,189,76112,201,08712,150,240
Diluted12,208,58612,251,71212,201,08712,246,763
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InTest Reports Third Quarter 2025
Page 7 of 12
November 5, 2025
InTest Corporation
Consolidated Balance Sheets
September 30,
2025		December 31,
2024
(In thousands, except share and per share data)(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$16,230 $19,830 
Restricted cash4,867 — 
Trade accounts receivable, net of allowance for credit losses of $395 and $423, respectively
20,893 29,495 
Inventories28,001 26,837 
Prepaid expenses and other current assets5,101 2,650 
Total current assets75,092 78,812 
Property and equipment, net of accumulated depreciation of $9,762 and $8,830, respectively
4,722 4,457 
Right-of-use assets, net9,646 10,767 
Goodwill32,314 30,744 
Intangible assets, net25,670 26,376 
Deferred tax assets— 67 
Other assets833 1,065 
Total assets$148,277 $152,288 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt$6,533 $7,494 
Current portion of operating lease liabilities2,064 1,989 
Accounts payable7,448 7,991 
Customer deposits and deferred revenue6,559 4,989 
Accrued expenses and other current liabilities9,845 9,485 
Total current liabilities32,449 31,948 
Operating lease liabilities, net of current portion7,902 9,021 
Long-term debt, net of current portion2,336 7,538 
Contingent consideration, net of current portion431 825 
Deferred revenue, net of current portion1,106 1,432 
Deferred tax liabilities436 — 
Other liabilities1,747 1,734 
Total liabilities46,407 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; 12,564,225 and 12,457,658 shares issued, respectively; 12,482,148 and 12,378,276 shares outstanding, respectively
125 124 
Additional paid-in capital58,994 57,658 
Retained earnings41,317 45,087 
Accumulated other comprehensive earnings (loss)2,393 (2,137)
Treasury stock, at cost; 82,077 and 79,382 shares, respectively
(959)(942)
Total stockholders’ equity101,870 99,790 
Total liabilities and stockholders’ equity$148,277 $152,288 
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InTest Reports Third Quarter 2025
Page 8 of 12
November 5, 2025
InTest Corporation
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
(In thousands)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) earnings$(3,770)$1,387 
Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operating activities:
Depreciation and amortization5,009 4,469 
Provision for excess and obsolete inventory583 509 
Amortization of deferred compensation related to stock-based awards1,212 1,450 
Deferred income tax expense546 140 
Other non-cash reconciling items(400)114 
Changes in assets and liabilities:
Trade accounts receivable9,393 (3,694)
Inventories(515)(129)
Prepaid expenses and other current assets(405)569 
Other assets(177)(27)
Operating lease liabilities(1,536)(1,173)
Accounts payable(510)(1,029)
Customer deposits and deferred revenue1,206 468 
Domestic and foreign income taxes payable(1,579)(817)
Deferred revenue, net of current portion(326)(123)
Accrued expenses and other liabilities(394)(880)
Net cash provided by operating activities8,337 1,234 
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of business, net of cash acquired— (18,727)
Purchases of property and equipment(1,098)(1,161)
Net cash used in investing activities(1,098)(19,888)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchases of common stock— (1,042)
Repayments of short-term borrowings, net of proceeds(3,852)(1,856)
Repayments of long-term debt(3,075)(5,475)
Proceeds from stock options exercised18 145 
Proceeds from shares sold under Employee Stock Purchase Plan90 111 
Settlement of employee tax liabilities in connection with treasury stock transaction(17)(41)
Net cash used in by financing activities(6,836)(8,158)
Effects of exchange rates on cash864 (476)
Net cash provided by (used in) all activities1,267 (27,288)
Cash, cash equivalents and restricted cash at beginning of period19,830 45,260 
Cash, cash equivalents and restricted cash at end of period$21,097 $17,972 
Cash and cash equivalents$16,230 $17,972 
Restricted cash4,867 — 
Total cash, cash equivalents and restricted cash at end of period$21,097 $17,972 
Cash payments for:
Domestic and foreign income taxes, net of receipts$98 $1,147 
Interest368 634 
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Equity issued in conjunction with acquisition of business$— $2,086 
Issuance of unvested shares of restricted stock awards1,039 1,580 
Forfeiture of shares of unvested restricted stock awards(557)(200)
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InTest Reports Third Quarter 2025
Page 9 of 12
November 5, 2025
InTest Corporation
Revenue by Market
(Unaudited)
($ in thousands)Three Months Ended
ChangeChange
September 30,September 30,June 30,
20252024$%2025$%
Revenue
Semi$9,842 37.5 %$11,410 37.7 %$(1,568)(13.7)%$10,192 36.2 %$(350)(3.4)%
Auto/EV4,964 18.9 %6,250 20.6 %(1,286)(20.6)%5,862 20.8 %(898)(15.3)%
Defense/Aerospace2,313 8.8 %3,239 10.7 %(926)(28.6)%3,578 12.7 %(1,265)(35.4)%
Industrial3,658 13.9 %3,534 11.7 %124 3.5 %3,786 13.5 %(128)(3.4)%
Life Sciences1,930 7.4 %1,322 4.4 %608 46.0 %1,386 4.9 %544 39.2 %
Safety/Security927 3.5 %666 2.2 %261 39.2 %898 3.2 %29 3.2 %
Other2,602 9.9 %3,851 12.7 %(1,249)(32.4)%2,428 8.6 %174 7.2 %
$26,236 100.0 %$30,272 100.0 %$(4,036)(13.3)%$28,130 100.0 %$(1,894)(6.7)%
* Components may not add up to total due to rounding

Orders by Market
(Unaudited)
($ in thousands)Three Months Ended
ChangeChange
September 30,September 30,June 30,
20252024$%2025$%
Orders
Semi$8,031 21.3 %$7,648 27.2 %$383 5.0 %$7,292 26.3 %$739 10.1 %
Auto/EV14,580 38.7 %7,141 25.5 %7,439 104.2 %7,066 25.5 %7,514 106.3 %
Defense/Aerospace6,403 17.0 %4,470 15.9 %1,933 43.2 %2,499 9.0 %3,904 156.2 %
Industrial4,670 12.4 %2,237 8.0 %2,433 108.8 %4,680 16.9 %(10)(0.2)%
Life Sciences1,450 3.9 %534 1.9 %916 171.5 %2,863 10.3 %(1,413)(49.4)%
Safety/Security267 0.7 %1,062 3.8 %(795)(74.9)%1,173 4.2 %(906)(77.2)%
Other2,241 6.0 %4,962 17.7 %(2,721)(54.8)%2,186 7.9 %55 2.5 %
$37,642 100.0 %$28,054 100.0 %$9,588 34.2 %$27,759 100.0 %$9,883 35.6 %
* Components may not add up to total due to rounding
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InTest Reports Third Quarter 2025
Page 10 of 12
November 5, 2025
InTest Corporation
Segment Data
(Unaudited)
Three Months Ended September 30, 2025
($ in thousands)Electronic TestEnvironmental TechnologiesProcess
Technologies		Corporate &
Other		Consolidated
Revenue$12,099 $7,490 $6,647 $— $26,236 
Cost of revenue6,498 4,566 4,180 — 15,244 
Other divisional costs4,455 2,144 2,565 — 9,164 
Division operating income (loss)1,146 780 (98)— 1,828 
Acquired intangible amortization841 841 
Restructuring costs116 116 
Corporate expenses2,064 2,064 
Operating (loss) income1,146 780 (98)(3,021)(1,193)
Interest expense(95)(95)
Other income61 61 
(Loss) earnings before income tax expense$1,146 $780 $(98)$(3,055)$(1,227)



Three Months Ended September 30, 2024
($ in thousands)Electronic TestEnvironmental TechnologiesProcess
Technologies		Corporate &
Other		Consolidated
Revenue$15,481 $6,734 $8,057 $— $30,272 
Cost of revenue7,861 4,035 4,364 — 16,260 
Other divisional costs5,309 2,273 2,623 — 10,205 
Division operating income2,311 426 1,070 — 3,807 
Acquired intangible amortization944 944 
Corporate expenses2,376 2,376 
Operating income (loss)2,311 426 1,070 (3,320)487 
Interest expense(219)(219)
Other income301 301 
Earnings (loss) before income tax expense$2,311 $426 $1,070 $(3,238)$569 


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InTest Reports Third Quarter 2025
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November 5, 2025
InTest Corporation
Segment Data
(Unaudited)
Nine Months Ended September 30, 2025
($ in thousands)Electronic TestEnvironmental TechnologiesProcess
Technologies		Corporate &
Other		Consolidated
Revenue$39,091 $20,973 $20,939 $— $81,003 
Cost of revenue21,229 13,263 12,490 — 46,982 
Other divisional costs14,475 6,574 7,941 — 28,990 
Division operating income3,387 1,136 508 — 5,031 
Acquired intangible amortization2,504 2,504 
Restructuring costs645 645 
Corporate expenses6,883 6,883 
Operating (loss) income3,387 1,136 508 (10,032)(5,001)
Interest expense(366)(366)
Other income768 768 
(Loss) earnings before income tax expense$3,387 $1,136 $508 $(9,630)$(4,599)



Nine Months Ended September 30, 2024
($ in thousands)Electronic TestEnvironmental TechnologiesProcess
Technologies		Corporate &
Other		Consolidated
Revenue$42,756 $21,835 $29,496 $— $94,087 
Cost of revenue22,869 13,584 16,749 — 53,202 
Other divisional costs14,020 6,817 8,746 — 29,583 
Division operating income5,867 1,434 4,001 — 11,302 
Acquired intangible amortization2,436 2,436 
Corporate expenses7,551 7,551 
Operating income (loss)5,867 1,434 4,001 (9,987)1,315 
Interest expense(612)(612)
Other income949 949 
Earnings (loss) before income tax expense$5,867 $1,434 $4,001 $(9,650)$1,652 

-MORE-
InTest Reports Third Quarter 2025
Page 12 of 12
November 5, 2025
InTest Corporation
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Reconciliation of Net (Loss) Earnings to Adjusted Net (Loss) Earnings (Non-GAAP) and (Loss) Earnings Per Diluted Share to Adjusted EPS (Non-GAAP):
Three Months Ended
September 30,September 30,June 30,
(in thousands except per share amounts)202520242025
Net (loss) earnings $(938)$495 $(503)
Acquired intangible amortization841 944 850 
Restructuring costs116 — 216 
Tax effect of adjusting items(217)(128)(165)
Adjusted net (loss) earnings (Non-GAAP) $(198)$1,311 $398 
Diluted weighted average shares outstanding12,20912,25212,246
(Loss) earnings per diluted share:
Net (loss) earnings$(0.08)$0.04 $(0.04)
Acquired intangible amortization0.07 0.08 0.07 
Restructuring costs0.01 — 0.02 
Tax effect of adjusting items(0.02)(0.01)(0.01)
Adjusted EPS (Non-GAAP) *$(0.02)$0.11 $0.03 
* Components may not add up to total due to rounding
Reconciliation of Net (Loss) Earnings and Net Margin to Adjusted EBITDA (Non-GAAP) and Adjusted EBITDA Margin (Non-GAAP):
Three Months Ended
September 30,September 30,June 30,
(in thousands except percentage data)202520242025
Net (loss) earnings$(938)$495 $(503)
Acquired intangible amortization841 944 850 
Net interest expense(18)36 30 
Income tax (benefit) expense(289)74 (80)
Depreciation317 355 314 
Restructuring costs116 — 216 
Stock-based compensation354 537 435 
Adjusted EBITDA (Non-GAAP) $383 $2,441 $1,262 
Revenue$26,236 $30,272 $28,130 
Net margin(3.6%)1.6%(1.8%)
Adjusted EBITDA margin (Non-GAAP)1.5%8.1%4.5%
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