InTest Corporation reported a decline in financial performance for the third quarter and the first nine months of 2025, as reflected in its latest 10-Q filing. For the three months ended September 30, 2025, the company generated revenue of $26.2 million, a decrease of 13.3% from $30.3 million in the same period last year. The nine-month revenue also fell to $81 million from $94.1 million, marking a 13.9% decline. The company's net loss for the third quarter was $938,000, compared to a profit of $495,000 in the prior year, while the nine-month net loss reached $3.8 million, down from a profit of $1.4 million.
The decline in revenue was primarily attributed to decreased sales in the Semiconductor (Semi), Auto/Electric Vehicle (EV), and Defense/Aerospace markets. Specifically, revenue from the Semi market dropped to $9.8 million from $11.4 million year-over-year, while Auto/EV revenue fell to $5 million from $6.3 million. Despite these declines, the Environmental Technologies segment saw an increase in revenue, rising to $7.5 million from $6.7 million, indicating some resilience in that area.
InTest has also made strategic moves, including the acquisition of Alfamation S.p.A. in March 2024, which has expanded its product offerings and market reach, particularly in the Auto/EV and Life Sciences sectors. The acquisition has contributed to the company's goodwill, which increased to $32.3 million as of September 30, 2025, up from $30.7 million at the end of 2024. The company is focusing on diversifying its market presence to mitigate the cyclical nature of the Semi market, which has historically been its largest segment.
Operationally, InTest reported a backlog of unfilled orders amounting to $49.3 million, an increase from $45.5 million a year earlier, suggesting potential for future revenue growth. The company has also seen an increase in orders, particularly in the Auto/EV and Industrial markets, which rose significantly compared to the previous year. However, the overall market conditions remain challenging, with ongoing supply chain constraints and geopolitical factors impacting operations.
Looking ahead, InTest's management remains cautious but optimistic, emphasizing the importance of executing its growth strategy while navigating the current market volatility. The company plans to continue leveraging its cash reserves and available credit facilities to support operations and potential acquisitions, while also focusing on cost management and operational efficiencies to improve profitability in the coming quarters.
About INTEST CORP
inTEST Corporation is a global provider of engineered test and process technology solutions for markets including semiconductors, industrial, automotive, life sciences, defense, aerospace, and security. Its core segments—Electronic Test, Environmental Technologies, and Process Technologies—offer products such as test equipment, thermal chambers, induction heating systems, and imaging solutions. The company focuses on innovation, customer support, and strategic acquisitions to deliver high-quality, cost-effective solutions that enhance manufacturing efficiency and testing accuracy.
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