InTest : 2026 Q1 Presentation

Published: 2026-05-05 08:31:08 ET INTT

Published on 05/05/2026 at 08:31 am EDT

May 5, 2026

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, adjusted EBITDA margin, and free cash flow. 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 ("adjusted EPS") 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.

Free Cash Flow is derived by subtracting capital expenditures from net cash provided by or used in operating activities.

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 believes that free cash flow provides meaningful information for evaluating our overall financial performance for comparative periods as it facilitates an assessment of funds available to satisfy current and future obligations and fund acquisitions.

The non-GAAP financial measures presented in this presentation 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 presentation may differ from and may not be comparable to similarly titled measures used by other companies.

NYSE American: INTT | 3

Richard "Rich" Rogoff

President & Chief Executive Officer | Board of Directors

D E E P OP E R ATIONAL E XP E R I E NCE 3 0 + Y E AR S OF P R IOR E XP E R I E NCE

Independent Consultant to InTest

President & CEO | Board Member - March 31, 2026

Division President, Environmental Technologies - June 2025

Member, Operating Efficiency Committee; committee chartered to drive divisional growth and operational improvement

Vice President, Corporate Development - October 2021 - June 2025

Spearheaded enterprise-wide M&A activity, including acquisitions of Acculogic, Videology, and Alfamation

Concurrent Interim Roles:

Interim Division President, President, Process Technologies - Mid 2023

Interim Division President, Environmental Technologies - Early 2023

Advised multiple clients on M&A and corporate strategy, including InTest, prior to joining full-time

Onto Innovation, Inc. (a leader in process control for the semiconductor industry)

VP & Business Unit Manager, Lithography Systems; later VP Strategic Initiatives & Integration Management Office, overseeing the company's newly formed M&A integration function

ASML Holding NV (ASML)

Multiple senior leadership roles including VP Business Development & Business Unit Manager, Optics and VP European Sales & Worldwide Account Support at the global semiconductor equipment leader

NYSE American: INTT | 4

Broad-based Top-line Growth

Q1 revenue increased 27% Y/Y

Non-semi end markets accounted for 69% of total revenue, increases driven by Defense/Aerospace, Life Sciences and Auto/EV

Significant Gross Margin Expansion Y/Y

400-basis point increase, primarily due to higher volume

Profitability Inflection Y/Y

Swing to $1.0 million in GAAP operating income from a $2.9 million operating loss in Q1 25, reflecting volume leverage and product mix

Adjusted EBITDA2 expanded to $3.2 million, or a 9.3% Adjusted EBITDA margin2, representing 1,260 basis point improvement in Adjusted EBITDA margin2 Y/Y

Diversified Orders1 and Healthy Backlog1

Orders up 25% Y/Y, reflecting deepening penetration of higher-margin end markets

Backlog of $51.8 million, up 36% Y/Y

Orders and Backlog are key performance metrics. Further information can be found under "Key Performance Metrics."

Adjusted Net Earnings (Loss), Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow 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 within the "Supplemental Information" that accompanies this presentation.

Orders(1) and Backlog(1)

($ in millions)

Orders

Q/Q Q1 declined 15%

Reflects declines in Life Sciences and Semi, partially offset by continued strength in Auto/ EV, Defense/Aerospace, and Industrial

Y/Y Q1 increased 25%

Driven primarily by growth in Auto/EV, Defense/Aerospace, and Life Sciences, partially offset by declines in Safety/Security,

$116.6

$107.7

$128.2

$134.7

$25.3

Orders

Years

Quarters

$37.5

$31.8

Other, and Semi

Backlog

2023 2024 2025 TTM Q1

Q1 25 Q4 25 Q1 26

Q/Q Q1 declined 4%

Backlog of $51.8 million remained near record levels following an elevated Q4 25; approximately 50% to be delivered beyond Q2

Y/Y Q1 increased 36%

Driven primarily by Auto/EV and Defense/ Aerospace partially offset by drawdowns in Other and Life Sciences

Orders and Backlog are key performance metrics. Further information can be found under "Key Performance Metrics."

Backlog

$49.3 $53.9 $51.8

$38.2 $37.9

3/31/25 6/30/25 9/30/25 12/31/25 3/31/26

Revenue

($ in millions)

69% of Q1 26 revenue from non-Semi markets

Years

Q/Q Q1 increased 3%

Driven by Semi back-end shipments from backlog and strengthening Auto/EV demand, partially offset by lower Industrial following an unusually strong Q4

Y/Y Q1 increased 27%

Reflects continued, gradual recovery of capital spending

Driven by Defense/Aerospace, Life Sciences, strengthening Auto/EV demand, and increased Semi shipments

$113.8

$121.1

$123.3

$130.7

Quarters

2023 2024 2025 TTM Q1

10%

32%

15%

FY25

13%

20%

$26.6

$32.8

$33.9

31%

15%

TTM Q1

14%

20%

Q1 25 Q4 25 Q1 26

Semi

Auto/EV

Defense/Aerospace

Industrial

Life Sciences

Safety/Security

Other

Years

Quarters

46.2%

$57.0 $55.4

42.4%

$48.9

$53.3

45.4%

45.5%

43.0%

44.0%

$14.9 $15.4

$11.1

41.5%

2023 2024 2025 TTM Q1

Q1 25 Q4 25 Q1 26

Gross Profit and Margin

($ in millions)

Q/Q Q1 increased 10 bps

Reflected higher volume and a favorable product mix

Y/Y increased 400 bps

Driven by higher volume, a favorable product mix and the continued benefit of manufacturing efficiency initiatives

Operating expenses as a % of sales

37.7%

39.8%

46.3%

43.9%

52.3%

41.5%

42.7%

Years

Quarters

$46.5

$52.0

$52.6

$53.2

$13.9

$13.6

$14.5

$2.5

$0.9

$1.3

$0.8

$0.3

$0.8

$0.2

$4.2

$2.6

$6.1

$0.8

$0.7

$2.1

$19.2

$7.6

$17.6

$4.5

$2.4

$5.8

$4.6

$2.4

$5.5

$23.6

$8.5

$17.4

$3.3

$22.2

$9.4

$16.8

$3.3

$22.5

$9.6

$16.5

2023 2024 2025 TTM Q1

Q1 25 Q4 25 Q1 26

NOTE: Components may not add up to totals due to rounding.

Operating Expenses

($ in millions)

Increase in Q1 26 for Q/Q and Y/Y primarily reflect $0.7 million in non-recurring CEO transition costs

Q/Q Q1 increased $0.8 million

Y/Y Q1 increased $0.5 million

($ in millions, except margin percentages)

Net Earnings (Loss) Adjusted EBITDA(2)

Quarters Quarters

$5.0

$2.5

$(2.5)

3.8%

2.3%

10%

(8.7%)

(10%)

$5.0

$2.5

$(2.5)

9.7% 9.3%

(3.3%)

10%

(10%)

Q1 25 Q4 25 Q1 26 Q1 25 Q4 25 Q1 26

$(2.3)

$1.2

$0.8

$(0.9)

$3.2

Years Years

$20.0

$15.0

$10.0

$5.0

$(5.0)

7.6%

2023 2024 2025 TTM Q1 26

15%

2.2%

0.5%

(2.2%)

10%

(5%)

$20.0

$15.0

$10.0

$5.0

$(5.0)

12.8%

8.3%

6.6%

3.5%

2023 2024 2025 TTM Q1 26

15%

10%

(5%)

$9.3

$2.9

$(2.5)

$0.6

$15.8

$10.8 $4.0 $8.0

Earnings (Loss) Per Share Adjusted Earnings (Loss) Per Share(2)

Quarters Quarters

$0.20

$0.10

$(0.10)

$(0.20)

Q1 25 Q4 25 Q1 26

$0.20

$0.10

$(0.19)

$0.06

$0.10

$(0.10)

$(0.20)

$0.16 $0.16

(0.11)

Q1 25 Q4 25 Q1 26

Years Years

$1.25

$1.00

$0.75

$0.50

$0.25

$(0.25)

$0.79

2023 2024 2025 TTM Q1 26

$1.25

$1.00

$0.24

$(0.21)

$0.05

$0.75

$0.50

$0.25

$(0.25)

$0.94

$0.51

$0.34

$0.06

2023 2024 2025 TTM Q1 26

Reduced term debt by $1.0 million during Q1 26

Cash Flow ($ in millions)

Three Months Ended

3/31/26

12/31/25

Net cash used in operating activities

$(3.3)

$(1.0)

Capital expenditures

(0.6)

(0.5)

Free cash flow(2), (3)

$(4.0)

$(1.6)

(Non-GAAP)

Capitalization ($ in millions)

3/31/26

12/31/25

Cash, cash equivalents and restricted cash

Total debt Shareholders' equity Total capitalization

$15.7

$18.1

$8.5

$7.5

$104.5

$103.6

$113.0

$111.1

Approximately $56 million in liquidity at 3/31/26

Includes $15.7 million in cash, cash equivalents and restricted cash

$40 million borrowing capacity (extended through August 28, 2026)

Leverage ratio was 1.1x (debt/TTM Adj. EBITDA(2))

Figures may not sum precisely to the totals due to rounding conventions.

Q2 2026 Guidance

Revenue: $32 million to $34 million

Gross margin: approximately 45%

Operating expenses: $13.8 million to $14.2 million

Amortization expense : $0.7 million

Full Year 2026 Guidance

Revenue: $130 million to $135 million

Gross margin: approximately 45%

Operating expenses: $55 million to $57 million

Amortization expense: $2.6 million

Interest expense: $0.3 million

Effective tax rate: approximately 18%

Capital expenditures: 1% - 2% of revenue

Outlook excludes any potential acquisitions and restructuring costs

†Guidance provided as of May 5, 2026. 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 end of the year and does not take into account any extraordinary non-operating expenses that may occur from time to time. 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" on slide 2.

Customer Expansion: converting backlog into sustainable revenue growth

Deepen account penetration by leading with new, engineered products and solutions and accelerating cross-business product development across the platform

Expand new customer programs

Operating Leverage and Adjusted EBITDA Expansion

Advance factory and supply-chain efficiency initiatives to remove friction, lift throughput, and unlock platform synergies

Apply cost discipline to convert top-line growth into durable margin improvement, advancing profitable-scale objective

Disciplined Capital Deployment

Invest in organic product development and global customer expansion to reach the right markets and customers

Use balance sheet strength to pursue selective M&A with clear synergies and manageable integration risk

Replay Number: (844) 512-2921 or (412) 317-6671 passcode: 13759517

Telephone replay available through Tuesday, May 19, 2026

Webcast / Presentation / Replay available at https://www.intest.com/investor-relations

Transcript, when available, at https://www.intest.com/investor-relations

May 20-21, 2026 Sidoti & Company Micro-Cap Conference (virtual)

June 23, 2026 Northland Capital Markets Growth Conference (virtual)

August 26-27, 2026 17th Annual Midwest IDEAS Conference (Chicago)

September 10, 2026 10th Annual Lake Street Best Ideas Growth Conference (NYC)

Supplemental Information

Q1 2026 Financial Results Conference Call

May 5, 2026

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

Three Months Ended

($ in thousands, except per share amounts)

3/31/25

6/30/25

9/30/25

12/31/25

3/31/26

Net earnings (loss) $ (2,329) $

(503) $

(938) $

1,243 $

789

Acquired intangible amortization 813

850

841

842

778

Restructuring costs 313

216

116

205

744

Tax effect of adjusting items (186)

(165)

(217)

(337)

(293)

Adjusted net earnings (loss)(2) (Non-GAAP) $ (1,389) $

398 $

(198) $

1,953 $

2,018

Diluted weighted average shares outstanding 12,179

12,246

12,209

12,277

12,421

Net earnings per diluted share:

Net earnings (loss) $ (0.19) $

(0.04) $

(0.08) $

0.10 $

0.06

Acquired intangible amortization 0.07

0.07

0.06

Restructuring costs 0.03

0.02

0.01

0.02

0.06

Tax effect of adjusting items (0.02)

(0.01)

(0.02)

(0.03)

(0.02)

Adjusted net earnings (loss) per diluted share(2)(3) (Non-GAAP) $ (0.11) $

0.03 $

(0.02) $

0.16 $

0.16

Figures may not sum precisely to the totals due to rounding conventions.

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

Years Ended December 31,

($ in thousands, except per share amounts)

2023

2024

2025

TTM Q1 26

Net earnings (loss)

$ 9,342 $

2,891 $

(2,527) $

591

Acquired intangible amortization

2,095

2,545

3,346

3,311

Restructuring costs

850

1,281

Acquired inventory step-up

1,570

Tax effect of adjusting items

(324)

(792)

(905)

(1,012)

Adjusted net earnings(2) (Non-GAAP)

$ 11,113 $

6,214 $

764 $

4,171

Diluted weighted average shares outstanding

11,780

12,239

12,256

12,288

Net earnings per diluted share:

Net earnings (loss)

$ 0.79 $

0.24 $

(0.21) $

0.05

Acquired intangible amortization

0.18

0.21

0.27

Restructuring costs

0.07

0.10

Acquired inventory step-up

0.13

Tax effect of adjusting items

(0.03)

(0.07)

(0.08)

Adjusted net earnings per diluted share(2) (Non-GAAP)

$ 0.94 $

0.51 $

0.06 $

0.34

(2) Adjusted Net Earnings (Loss), Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow 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 within the "Supplemental Information" that accompanies this presentation.

Reconciliation of Net Earnings (Loss) and Net Margin to

Adjusted EBITDA (Non-GAAP) and Adjusted EBITDA Margin (Non-GAAP)

Three Months Ended

($ in thousands, except percentages) 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26

Net earnings (loss)

$ (2,329)

$ (503)

$ (938)

$ 1,243

$ 789

Acquired intangible amortization

813

850

841

842

778

Net interest expense (income)

(18)

(8)

Income tax expense (benefit)

(460)

(80)

(289)

134

188

Depreciation

316

314

317

378

375

Restructuring costs

313

216

116

205

744

Non-cash stock-based compensation 423 435 354 398 291

Adjusted EBITDA(2) (Non-GAAP) $ (887) $ 1,262 $ 383 $ 3,192 $ 3,165

Revenue

$ 26,637

$ 28,130

$ 26,236

$ 32,822

$ 33,886

Net margin

(8.7%)

(1.8%)

(3.6%)

3.8%

2.3%

Adjusted EBITDA margin(2) (Non-GAAP)

(3.3%)

4.5%

1.5%

9.7%

9.3%

Reconciliation of Net Earnings and Net Margin to

Adjusted EBITDA (Non-GAAP) and Adjusted EBITDA Margin (Non-GAAP)

Years Ended December 31,

($ in thousands, except percentages)

2023

2024

2025

TTM Q1 26

Net earnings (loss)

$ 9,342

$ 2,891

$ (2,527)

$ 591

Acquired intangible amortization

2,095

2,545

3,346

3,311

Acquired inventory step-up

1,570

Net interest expense (income)

(404)

(7)

Income tax expense (benefit)

1,706

563

(695)

(47)

Depreciation

1,021

1,399

1,325

1,384

Restructuring costs

850

1,281

Non-cash stock-based compensation 2,047 1,857 1,610 1,478

Adjusted EBITDA(2) (Non-GAAP) $ 15,807 $ 10,818 $ 3,950 $ 8,002

Revenue

$123,302

$130,690

$113,825

$121,074

Net margin

7.6%

2.2%

(2.2%)

0.5%

Adjusted EBITDA margin(2) (Non-GAAP)

12.8%

8.3%

3.5%

6.6%

Disclaimer

inTest Corporation published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 12:30 UTC.