INTT · inTEST Corporation

inTEST Corporation's Q1 2026 results marked a strong start to the year, with revenue of $33.9 million surpassing prior guidance and growing 27.2% year-over-year, driven by broad-based strength across non-semiconductor markets like Defense/Aerospace, Life Sciences, and Auto/EV, which comprised 69% of revenue. Semiconductor shipments benefited from backlog conversion rather than new orders. Gross margin improved to 45.5%, up 400 basis points YoY, reflecting higher volumes, favorable product mix, and manufacturing efficiencies. Operating expenses rose modestly due to $0.7 million in restructuring costs tied to the CEO transition, yielding GAAP net income of $0.8 million ($0.06 EPS) and adjusted EBITDA of $3.2 million. Orders of $31.8 million grew 25.4% YoY but declined sequentially after record prior quarters, with backlog at $51.8 million providing visibility, 50% expected to ship beyond Q2.

Management, led by new President and CEO Rich Rogoff, raised FY2026 revenue guidance to $130-135 million, citing improving market conditions, non-semi demand trends, and semi back-end funnel recovery. Q2 outlook projects $32-34 million revenue at 45% gross margin. Balance sheet remains solid with $15.7 million in cash and $30 million available under the term facility, no revolver draws. Concurrently, the Seventh Amendment to the credit agreement with M&T Bank extends the term loan draw period to August 28, 2026, from April 30, and removes the dissolved inTEST Silicon Valley as guarantor, maintaining May 2, 2031 maturity. Covenant compliance was affirmed at quarter-end. These actions enhance liquidity flexibility amid growth execution, with focus on cross-business synergies, margin expansion, and disciplined capital deployment for organic innovation and M&A.