InTest Corporation reported a decline in financial performance for the second quarter of 2025, with total revenue of $28.1 million, down 17.2% from $34.0 million in the same period last year. The company experienced a net loss of $503,000, compared to a net income of $230,000 in the prior year. For the first half of 2025, revenue totaled $54.8 million, a decrease of 14.2% from $63.8 million in the first half of 2024. The decline in revenue was attributed primarily to reduced demand in the auto/electric vehicle (EV) and life sciences markets, alongside a decrease in orders from the semiconductor sector.
The company's gross profit for the second quarter was $12.0 million, resulting in a gross margin of 42.6%, an improvement from 40.6% in the previous year. This increase was driven by a favorable product sales mix and cost reduction initiatives. However, operating expenses remained high, totaling $12.9 million for the quarter, leading to an operating loss of $927,000, compared to an operating income of $336,000 in the prior year. The company also incurred restructuring costs of $216,000 related to the consolidation of operations in the Netherlands and leadership transitions.
InTest's operational metrics showed a mixed performance. The backlog of unfilled orders decreased to $37.9 million as of June 30, 2025, down from $47.7 million a year earlier. Orders received during the second quarter totaled $27.8 million, reflecting a 6.0% increase compared to the same period in 2024, driven by strong demand in the auto/EV and life sciences markets. However, orders in the semiconductor sector declined significantly, indicating ongoing volatility in that market.
Strategically, InTest continues to focus on diversifying its market presence beyond the semiconductor sector, which has historically been its largest market. The company completed the acquisition of Alfamation S.p.A. in March 2024, enhancing its capabilities in the auto/EV and life sciences markets. The integration of Alfamation is expected to contribute positively to future revenue streams. Looking ahead, InTest anticipates that its cash and cash equivalents, combined with available credit facilities, will be sufficient to support its short-term working capital needs and strategic growth initiatives. However, the company remains cautious about potential impacts from global supply chain constraints and economic uncertainties.
About INTEST CORP
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