Nov 6, 2026, 7:20 AM ETTechnology

InTest Corporation — Third Quarter 2026 Earnings Summary

INTTINTEST CORP

Financial Performance

Revenue reached $35.1 million, a 34% year-over-year increase and essentially flat sequentially (down 0.7%).
Net earnings were $1.9 million ($0.15 per diluted share), compared to a net loss of $0.9 million ($0.08 per diluted share) in the prior-year period.
Adjusted EPS (Non-GAAP) was $0.18, compared to $(0.02) in the prior year; Adjusted EBITDA (Non-GAAP) was $4.4 million, up from $0.4 million.
Gross margin improved to 47.7% from 41.9% year-over-year and 40.5% sequentially, driven by a shift toward higher-margin Semi revenue.
Operating expenses increased 14.8% year-over-year to $14.0 million, primarily due to higher payroll, commissions, and engineering expenses.
Cash and cash equivalents totaled $20.9 million at quarter-end, down $1.2 million from the prior quarter.
Term debt was reduced by $1.0 million during the quarter; capital expenditures were $0.4 million.
The company had $30.0 million available under its delayed draw term loan facility and no borrowings on the $10.0 million revolving credit facility.

For the fourth quarter of 2026, revenue is projected to be $34.0 million to $36.0 million.
Q4 2026 gross margin is expected to be approximately 45%, with operating expenses between $14.2 million and $14.7 million.
Amortization expense for Q4 2026 is expected to be $0.5 million.
Management expects third-quarter semiconductor order intake to convert to revenue in the first half of 2027.
The company is conducting an operational review focused on cost structure and overhead to enhance profitability.

Total orders reached a record $49.4 million, up 31% year-over-year and 71% sequentially.
Semi orders were $25.1 million (51% of total orders), more than doubling sequentially and tripling year-over-year, led by record back-end orders for power, analog, and mixed-signal devices.
Auto/EV orders more than doubled sequentially to $9.4 million, though revenue in this segment declined $6.8 million sequentially to $6.7 million.
Defense/Aerospace orders rose 43% sequentially to $6.1 million, and revenue in this segment increased 219% year-over-year to $7.4 million.
Industrial revenue increased 40% year-over-year to $5.1 million.
Life Sciences revenue declined 39% year-over-year to $1.2 million, and Life Sciences orders declined 51% year-over-year.
Backlog increased 21% year-over-year to $59.7 million, with approximately 60% expected to ship beyond Q4 2026.

Demand for back-end semiconductor testing is increasing as customers add capacity for advanced processors and electronics.
Electronification and the complexity of advanced processors are driving interest in high-powered chillers and advanced test products.
The company serves key markets including Semiconductor, Auto/EV, Defense/Aerospace, Industrial, Life Sciences, and Safety/Security.
Lead times for test equipment have lengthened, prompting customers to place orders earlier.

Forward-looking statements are subject to risks including material weaknesses in internal controls, ability to execute the VISION 2030 Strategy, and integration of acquisitions.
Potential challenges include supply chain constraints, converting backlog to sales, and timely shipping.
Risks include inflation, changes in market cycles for semiconductors, fluctuating foreign currency exchange rates, and changes in customer capital expenditure rates.
Access to capital and the ability to borrow funds for acquisitions or working capital remain a factor.

CEO Richard Rogoff stated the quarter demonstrated the earnings power of the business model when demand, mix, and execution align.
Management highlighted that new products are capturing a meaningful portion of new orders and that secular trends are enlarging all served markets.
The tone is confident regarding momentum heading into 2027, with a focus on turning demand into sustained, profitable growth.
Management noted that the operational review began earlier in the year to focus on cost structure and overhead.

The delayed draw term loan facility was amended on August 14, 2026, to extend the ability to draw through August 28, 2028.
The company remains in compliance with all covenants included in the Loan Agreement.
A conference call and webcast were hosted on November 6, 2026, at 8:30 a.m. ET to discuss results and strategy.
The company's growth strategy leverages engineering expertise to grow organically and through acquisitions for innovative technologies and geographic reach.