InTest Corporation reported a significant increase in financial performance for the first quarter of 2026, with total revenue reaching $33.9 million, a 27.2% increase from $26.6 million in the same period last year. The company achieved a gross profit of $15.4 million, up 39.4% from $11.1 million, resulting in a gross margin of 45.5%, compared to 41.5% in the prior year. This improvement was attributed to higher sales volumes, a favorable product mix, and enhanced manufacturing efficiencies. Net earnings for the quarter were $789,000, a notable recovery from a net loss of $2.3 million in the first quarter of 2025.
The company's revenue growth was driven by strong performance across its segments, particularly in Electronic Test, which saw a 30.8% increase in revenue to $17.3 million, and Environmental Technologies, which grew by 33.2% to $8.4 million. Process Technologies also contributed with a 15.2% increase to $8.2 million. The growth in these segments reflects InTest's strategic focus on diversifying its market presence beyond the semiconductor sector, with notable increases in the Auto/EV and Defense/Aerospace markets.
InTest's operational metrics showed a positive trend, with total orders for the first quarter amounting to $31.8 million, a 25.4% increase compared to $25.3 million in the prior year. The backlog of unfilled orders stood at $51.8 million, up from $38.2 million a year earlier, indicating strong demand for the company's products. The company also reported a slight increase in employee headcount, reflecting its ongoing investments in growth and operational capacity.
The filing also highlighted significant changes in the company's organizational structure, including the transition of leadership with the departure of CEO Richard N. Grant, Jr. This transition is expected to incur restructuring costs, which totaled $744,000 for the quarter. InTest is actively pursuing growth opportunities, including potential acquisitions, to enhance its product offerings and market reach. The company remains focused on maintaining compliance with its debt covenants while managing its cash flow effectively, with cash and cash equivalents totaling $12.9 million as of March 31, 2026.
Looking ahead, InTest Corporation anticipates continued growth driven by its strategic initiatives and market diversification efforts. The company is committed to navigating the challenges posed by global supply chain constraints and geopolitical factors while leveraging its strong market position to capitalize on emerging opportunities in the Auto/EV, Defense/Aerospace, and other targeted sectors.
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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