InTest Corporation reported a total revenue of $113.8 million for the fiscal year ended December 31, 2025, a decrease of 12.9% compared to $130.7 million in 2024. The decline was primarily driven by significant reductions in revenue from the Semiconductor (Semi), Auto/Electric Vehicle (EV), and Defense/Aerospace markets, which collectively accounted for a substantial portion of the company's sales. Specifically, revenue from the Semi market fell by 26.2% to $36.0 million, while Auto/EV revenue decreased by 30.9% to $22.7 million. In contrast, the Industrial and Life Sciences segments experienced growth, with revenues increasing by 30.0% and 67.5%, respectively.
The company's gross profit for 2025 was $48.9 million, reflecting a gross margin of 43.0%, which is an increase from 42.4% in the previous year. This improvement was attributed to the full-year impact of the Alfamation acquisition, which had a negative effect on gross margin in 2024 due to inventory step-up costs. However, the overall decline in revenue led to a decrease in net earnings, resulting in a net loss for the year. In terms of operational metrics, InTest's backlog of unfilled orders rose to $53.9 million at year-end, up from $39.5 million in 2024, indicating a potential for future revenue growth as these orders are fulfilled.
Strategically, InTest has focused on expanding its market presence and product offerings. The acquisition of Alfamation S.p.A. in March 2024 for approximately $21.9 million has enhanced the company's capabilities in the Auto/EV and Life Sciences markets. The company has also initiated limited manufacturing operations in Malaysia, which began in the fourth quarter of 2025, as part of its strategy to enhance regional service and support. Additionally, InTest is pursuing a VISION 2030 strategy aimed at diversifying its business and increasing its global footprint, particularly in less cyclical markets.
Operationally, InTest employed approximately 407 individuals as of December 31, 2025, with a significant portion of its workforce based outside the U.S. The company continues to face challenges related to supply chain constraints and geopolitical tensions, which have impacted its ability to source materials and fulfill orders. Despite these challenges, InTest remains committed to driving innovation and operational excellence, with plans to invest in new product development and enhance its service offerings to better meet customer needs.
Looking ahead, InTest anticipates that the semiconductor market will continue to experience volatility, which may affect its financial performance. However, the company is optimistic about its growth prospects in the Auto/EV, Defense/Aerospace, and Industrial sectors, as it seeks to leverage its expanded product portfolio and geographic reach. The management's focus on strategic acquisitions and market diversification is expected to play a crucial role in mitigating the impacts of cyclical downturns in the semiconductor industry.
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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