InTest Reports Strong Second Quarter 2026 Revenue of $35.3 Million, EPS of $0.04, and Adjusted EPS (Non-GAAP) of $0.09

MT. LAUREL, N.J.--( BUSINESS WIRE)--InTest Corporation (NYSE American: INTT), a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets which include semiconductor (“Semi”), Auto/EV, Defense/Aerospace, Industrial, Life Sciences, and Safety/Security, today announced financial results for the second quarter of 2026 ended June 30, 2026.

“We delivered second-quarter revenue of $35.3 million, up 25.5% year-over-year, our third consecutive quarter of sequential growth and our second straight quarter of year-over-year growth above 25%,” stated Rich Rogoff, President and CEO. “Strong Auto/EV project delivery and the diversification we have built across our end markets powered the result, with non-semiconductor markets contributing approximately 74% of revenue that drove an approximate 74% increase in Adjusted EBITDA 2 year-over-year. This is the diversified growth profile we are building for InTest.

“Our leading indicators point to a strengthening second half,” continued Mr. Rogoff. “Semiconductor orders were the standout and have increased approximately 56% sequentially and approximately 64% year-over-year, making the second quarter our strongest Semi order intake in six quarters as the demand we have been building into our funnel has started to convert into orders. With backlog of $45.4 million, up 19.8% year-over-year, expanding Defense/Aerospace opportunities tied to higher U.S. Department of Defense spending, and healthy Auto/EV activity supported by rising electronic content, we entered the third quarter with momentum across our divisions.”

Second Quarter 2026 Review (see revenue by market and by segments in accompanying tables)

Three Months Ended

($ in thousands except percentages and per share data)

June 30,

Change

March 31,

Change

2026

2025

2026 †

Revenue

35,313

28,130

7,183

25.5

33,886

1,427

4.2

Gross profit

14,298

11,973

2,325

19.4

14,658

(360

)

(2.5

Gross margin

40.5

42.6

43.3

Operating expenses (including intangible amortization & restructuring)

13,935

12,900

1,035

8.0

14,454

(519

)

(3.6

Operating income (loss)

363

(927

)

1,290

139.2

204

159

77.9

Operating margin

1.0

(3.3

0.6

Net earnings (loss)

474

(503

)

977

194.2

183

291

159.0

Net margin

1.3

(1.8

0.5

Earnings (loss) per diluted share (“EPS”)

0.04

(0.04

)

0.08

200.0

0.01

0.03

300.0

Adjusted net earnings (Non-GAAP) 2

1,091

417

674

161.6

1,412

(321

)

(22.7

Adjusted EPS (Non-GAAP) 2

0.09

0.03

0.06

200.0

0.11

(0.02

)

(18.2

Adjusted EBITDA (Non-GAAP) 2

2,192

1,262

930

73.7

2,415

(223

)

(9.2

Adjusted EBITDA margin (Non-GAAP) 2

6.2

4.5

7.1

† March 31, 2026 as revised

Revenue for the second quarter increased $1.4 million over the first quarter of 2026, reflecting higher Auto/EV and Industrial revenue, partially offset by lower Defense/Aerospace, Life Sciences and Semi revenue. Compared to the prior-year period, second quarter revenue increased $7.2 million with growth primarily in Auto/EV, partially offset by decreases primarily in Semi.

Gross margin declined by 280 basis points sequentially to 40.5%, reflecting a shift in product mix toward higher-volume, lower-margin Auto/EV revenue. Compared to the prior-year period, gross margin declined 210 basis points reflecting the same shift in mix toward lower-margin Auto/EV revenue.

Operating expenses decreased $0.5 million sequentially due primarily to $0.7 million in non-recurring restructuring costs associated with our CEO transition in the first quarter of 2026 but increased $1.0 million year-over-year, due primarily to higher selling, general and administrative and engineering expense due primarily to higher payroll, payroll related costs and commissions.

Net earnings for the second quarter were $0.5 million, or $0.04 per diluted share. Adjusted net earnings (Non-GAAP) 2 were $1.1 million, or $0.09 adjusted EPS (Non-GAAP) 2.

Balance Sheet and Cash Flow Review

Cash and cash equivalents at the end of the second quarter of 2026 totaled $22.1 million, up $6.4 million from the end of the first quarter. During the quarter, we reduced our term debt by $1.0 million from March 31, 2026, and provided $6.3 million from operating activities to invest in working capital. Capital expenditures were $0.4 million in the second quarter of 2026.

At June 30, 2026, the Company had $30.0 million available under its delayed draw term loan facility and no borrowings under the $10.0 million revolving credit facility. On May 4, 2026, we amended the facility, effective as of April 30, 2026, to extend our ability to draw on the Term Note through August 28, 2026. At June 30, 2026, we were in compliance with all of the covenants included in the Loan Agreement.

Second Quarter 2026 Orders 1 and Backlog 1 (see Orders by Market in accompanying tables)

Three Months Ended

June 30,

Change

March 31,

Change

($ in thousands except percentages)

2026

2025

2026

Orders

28,871

27,759

1,112

4.0

31,785

(2,914

)

(9.2

Backlog (at quarter end)

45,373

37,861

7,512

19.8

51,815

(6,442

)

(12.4

Second quarter orders of $28.9 million decreased sequentially with lower Auto/EV and Defense/Aerospace orders partially offset primarily by increases in Semi and Other. The year-over-year increase of $1.1 million reflects strength primarily in Semi and Defense/Aerospace partially offset primarily by the decline in Auto/EV and Life Sciences.

Backlog at June 30, 2026, was $45.4 million, a decrease of 12.4% from March 31, 2026, but an increase of 19.8% compared to June 30, 2025. Approximately 45% of the backlog is expected to ship beyond the third quarter of 2026.

Third Quarter 2026 and Raised Full Year 2026 Outlook

Mr. Rogoff concluded, “We are reiterating the full-year 2026 guidance we updated on July 31, which raised our revenue outlook to approximately 21% growth at the midpoint over 2025's $113.8 million, and modestly reduced our gross margin expectation. This outlook reflects diversified demand supported by our backlog, along with improving order flow and product mix in the second half. Above all, our goal is to convert the commercial momentum we are seeing into steadier Adjusted EBITDA 2 growth as we gain operating leverage and continue to scale the business. This is where our focus rests for the balance of the year."

For the third quarter of 2026, InTest projects revenue to be $33.0 million to $35.0 million, with gross margin of approximately 44%, and operating expenses of $13.8 million to $14.2 million. Amortization expense is expected to be $0.5 million.

Reflecting its recently revised full-year 2026 financial guidance, the Company expects revenue of $135.0 million to $140.0 million; gross margin of approximately 43%; operating expenses of $55.0 million to $57.0 million; amortization expense of $2.6 million; interest expense of $0.3 million; an effective tax rate of approximately 18%; and capital expenditures estimated at approximately 1% to 2% of revenue.

The foregoing guidance is based on management’s current views with respect to operating and market conditions and customers’ forecasts. Actual results may differ materially from what is provided here today as a result of, among other things, the factors described under “Forward-Looking Statements” below.

Conference Call and Webcast

The Company will host a conference call and webcast today at 8:30 a.m. ET. During the conference call, management will review the financial and operating results and discuss InTest’s corporate strategy and outlook. A question-and-answer session will follow. To listen to the live call, dial (877) 407-0792 or (201) 689-8263. In addition, the webcast and slide presentation may be found at https://www.intest.com/investor-relations.

A telephonic replay will be available from 12:30 p.m. ET on the day of the call through Monday, August 24, 2026. To listen to the archived call, dial (844) 512-2921 or (412) 317-6671 and enter replay pin number 113760855. The webcast replay can be accessed via the investor relations section of https://www.intest.com/, where a transcript will also be posted once available.

About InTest Corporation

InTest Corporation is a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets including both the front-end and back-end of the semiconductor manufacturing industry (“Semi”), Automotive/EV, Defense/Aerospace, Industrial, Life Sciences and Safety/Security. Backed by decades of engineering expertise and a culture of operational excellence, InTest solves difficult thermal, mechanical, and electronic challenges for customers worldwide. InTest’s growth strategy leverages these strengths to grow organically and with acquisitions through the addition of innovative technologies, deeper and broader geographic reach, customer penetration and market expansion. For more information, visit https://www.intest.com/.

Non-GAAP Financial Measures

In addition to disclosing results that are determined in accordance with generally accepted accounting practices in the United States (“GAAP”), we also disclose non-GAAP financial measures. These non-GAAP financial measures consist of adjusted net earnings (loss), adjusted earnings (loss) per diluted share (“adjusted EPS”), adjusted EBITDA, and adjusted EBITDA margin.

The Company defines these non-GAAP measures as follows:

─ Adjusted net earnings (loss) is derived by adding acquired intangible amortization, restructuring costs, and the tax effect of the adjusting items, to net earnings (loss).

─ Adjusted earnings (loss) per diluted share is derived by dividing adjusted net earnings (loss) by diluted weighted average shares outstanding.

─ Adjusted EBITDA is derived by adding acquired intangible amortization, restructuring costs, net interest expense, income tax expense, depreciation, and stock-based compensation expense to net earnings.

─ Adjusted EBITDA margin is derived by dividing adjusted EBITDA by revenue.

These results are provided as a complement to the results provided in accordance with GAAP. Adjusted net earnings (loss) and adjusted earnings (loss) per diluted share (“adjusted EPS”) are non-GAAP financial measures presented to provide investors with meaningful, supplemental information regarding our baseline performance before acquired intangible amortization, and restructuring costs as management believes these expenses may not be indicative of our underlying operating performance. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures presented primarily as a measure of liquidity as they exclude non-cash charges for acquired intangible amortization, depreciation and stock-based compensation. In addition, adjusted EBITDA and adjusted EBITDA margin also exclude the impact of restructuring costs, interest income or expense and income tax expense or benefit, as management believes these expenses may not be indicative of our underlying operating performance.

Management’s Use of Non-GAAP Measures

The non-GAAP financial measures presented in this press release are used by management to make operational decisions, to forecast future operational results, and for comparison with our business plan, historical operating results and the operating results of our peers. Reconciliations from net earnings (loss) and earnings (loss) per diluted share (“EPS”) to adjusted net earnings (loss) and adjusted earnings (loss) per diluted share (“adjusted EPS”) and from net earnings (loss) and net margin to adjusted EBITDA and adjusted EBITDA margin, are contained in the tables below.

Management believes these Non-GAAP financial measures are important in evaluating our performance, results of operations, and financial position. We use non-GAAP financial measures to supplement our GAAP results to provide a more complete understanding of the factors and trends affecting our business. Non-GAAP measures as presented in this press release may differ from and may not be comparable to similarly titled measures used by other companies.

Key Performance Indicators

In addition to the foregoing non-GAAP measures, management uses orders and backlog as key performance metrics to analyze and measure the Company’s financial performance and results of operations. Management uses orders and backlog as measures of current and future business and financial performance, and these may not be comparable with measures provided by other companies. Orders represent written communications received from customers requesting the Company to provide products and/or services. Backlog is calculated based on firm purchase orders we receive for which revenue has not yet been recognized. Management believes tracking orders and backlog are useful as they are often leading indicators of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.

Given that each of orders and backlog are operational measures and that the Company’s methodology for calculating orders and backlog does not meet the definition of a non-GAAP measure, as that term is defined by the U.S. Securities and Exchange Commission, a quantitative reconciliation for each is not required or provided.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events and financial results, such as statements of the Company’s plans, strategies and intentions, or our future performance or goals, that are based upon management’s current expectations. These forward-looking statements can often be identified by the use of forward-looking terminology such as “believe,” “continue,” “expects,” “goal,” “guidance,” “may,” “outlook,” “will,” “plan,” “potential,” “strategy,” “target,” “estimated,” or similar terminology. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well as the impact of a material weakness in the Company’s internal controls over financial reporting; the Company’s ability to execute on its VISION 2030 Strategy; realize the potential benefits of acquisitions and successfully integrate any acquired operations; grow the Company’s presence in its key target and international markets; manage supply chain challenges; convert backlog to sales and to ship product in a timely manner; the success of the Company’s strategy to diversify its markets; the impact of inflation on the Company’s business and financial condition; indications of a change in the market cycles in the semi market or other markets served; changes in business conditions and general economic conditions both domestically and globally including changes in U.S. and/or foreign trade policy, rising interest rates and fluctuation in foreign currency exchange rates; changes in the demand for semiconductors; access to capital and the ability to borrow funds or raise capital to finance potential acquisitions or for working capital; changes in the rates and timing of capital expenditures by the Company’s customers; and other risk factors set forth from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2025, and any subsequent Quarterly Reports on Form 10-Q. Any forward-looking statement made by the Company in this press release is based only on information currently available to management and speaks to circumstances only as of the date on which it is made. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

– FINANCIAL TABLES FOLLOW –

InTest Corporation

Consolidated Statements of Operations

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

(In thousands, except share and per share data)

2026

2025

2026

2025

Revenue

35,313

28,130

69,199

54,767

Cost of revenue

21,015

16,157

40,243

31,738

Gross profit

14,298

11,973

28,956

23,029

Operating expenses:

Selling expense

4,497

3,829

8,717

8,376

Engineering and product development expense

2,501

2,245

5,089

4,693

General and administrative expense

6,208

5,760

12,332

11,576

Amortization of acquired intangible assets

699

850

1,477

1,663

Restructuring costs

216

774

529

Total operating expenses

13,935

12,900

28,389

26,837

Operating income (loss)

363

(927

)

567

(3,808

)

Interest expense

(63

)

(119

)

(143

)

(271

)

Other (expense) income

(51

)

463

707

Earnings (loss) before income tax benefit

249

(583

)

476

(3,372

)

Income tax benefit

(225

)

(80

)

(181

)

(540

)

Net earnings (loss)

474

(503

)

657

(2,832

)

Earnings (loss) per common share:

Basic

0.04

(0.04

)

0.05

(0.23

)

Diluted

0.04

(0.04

)

0.05

(0.23

)

Weighted average common shares outstanding:

Basic

12,314,633

12,215,258

12,284,334

12,197,338

Diluted

12,582,221

12,215,258

12,501,783

12,197,338

InTest Corporation

Consolidated Balance Sheets

June 30,

2026

December 31,

2025

(In thousands, except share and per share data)

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

22,102

14,216

Restricted cash

—

3,842

Trade accounts receivable, net of allowance for credit losses of $338 and $375, respectively

26,860

25,891

Inventories

27,923

31,580

Prepaid expenses and other current assets

3,010

3,109

Total current assets

79,895

78,638

Property and equipment, net of accumulated depreciation of $10,577 and $10,083, respectively

4,913

4,778

Right-of-use assets, net

8,153

9,098

Goodwill

31,965

32,359

Intangible assets, net

22,983

24,876

Deferred tax assets

746

775

Other assets

450

789

Total assets

149,105

151,313

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Current portion of long-term debt

5,348

6,062

Current portion of operating lease liabilities

2,135

2,098

Accounts payable

7,972

11,205

Customer deposits and deferred revenue

5,455

6,388

Domestic and foreign income taxes payable

—

Accrued expenses and other current liabilities

11,178

10,002

Total current liabilities

32,127

35,755

Operating lease liabilities, net of current portion

6,408

7,402

Long-term debt, net of current portion

895

1,406

Contingent consideration, net of current portion

—

356

Deferred revenue, net of current portion

422

1,055

Other liabilities

1,556

1,716

Total liabilities

41,408

47,690

Commitments and Contingencies

Stockholders’ equity:

Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding

—

Common stock, $0.01 par value; 20,000,000 shares authorized; 12,912,071 and 12,570,865 shares issued, respectively; 12,825,786 and 12,488,788 shares outstanding, respectively

129

125

Additional paid-in capital

64,028

59,436

Retained earnings

43,217

42,560

Accumulated other comprehensive earnings

1,345

2,461

Treasury stock, at cost; 86,285 and 82,077 shares, respectively

(1,022

)

(959

)

Total stockholders’ equity

107,697

103,623

Total liabilities and stockholders’ equity

149,105

151,313

InTest Corporation

Consolidated Statements of Cash Flows

(Unaudited)

Six Months Ended June 30,

(In thousands)

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net earnings (loss)

657

(2,832

)

Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:

Depreciation and amortization

3,262

3,306

Provision for excess and obsolete inventory

373

304

Amortization of deferred compensation related to stock-based awards

1,134

858

Deferred income tax expense

205

Other non-cash reconciling items

(383

)

Changes in assets and liabilities:

Trade accounts receivable

(1,347

)

6,865

Inventories

2,937

203

Prepaid expenses and other current assets

516

(438

)

Other assets

(314

)

(36

)

Operating lease liabilities

(1,086

)

(966

)

Accounts payable

(3,294

)

(898

)

Customer deposits and deferred revenue

(828

)

272

Domestic and foreign income taxes payable

162

(883

)

Deferred revenue, net of current portion

(633

)

(65

)

Accrued expenses and other liabilities

1,314

(665

)

Net cash provided by operating activities

3,004

4,847

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of property and equipment

(1,049

)

(691

)

Net cash used in investing activities

(1,049

)

(691

)

CASH FLOWS FROM FINANCING ACTIVITIES

Short-term borrowings, net of repayments

947

(3,613

)

Repayments of long-term debt

(2,050

)

(2,050

)

Proceeds from stock options exercised

3,413

Proceeds from shares sold under Employee Stock Purchase Plan

Settlement of employee tax liabilities in connection with treasury stock transactions

(88

)

(17

)

Net cash provided by (used in) financing activities

2,288

(5,602

)

Effects of exchange rates on cash

(199

)

864

Net cash provided by (used in) all activities

4,044

(582

)

Cash, cash equivalents and restricted cash at beginning of period

18,058

19,830

Cash and cash equivalents at end of period

22,102

19,248

Cash (receipts) payments for:

Domestic and foreign income taxes, net of receipts

(550

)

145

Interest

153

266

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES

Issuance of unvested shares of restricted stock awards

1,775

1,039

Forfeiture of shares of unvested restricted stock awards

(1,473

)

(557

)

InTest Corporation

Revenue by Market

(Unaudited)

($ in thousands)

Three Months Ended

June 30,

Change

March 31,

Change

2026

2025

2026

Revenue

Semi

9,058

25.7

10,192

36.2

(1,134

)

(11.1

10,507

31.0

(1,449

)

(13.8

Auto/EV

13,440

38.1

5,862

20.8

7,578

129.3

7,487

22.1

5,953

79.5

Defense/Aerospace

3,765

10.7

3,578

12.7

187

5.2

5,822

17.2

(2,057

)

(35.3

Industrial

4,356

12.3

3,786

13.5

570

15.1

3,242

9.6

1,114

34.4

Life Sciences

2,002

5.7

1,386

4.9

616

44.4

3,572

10.5

(1,570

)

(44.0

Safety/Security

770

2.2

898

3.2

(128

)

(14.3

1,112

3.3

(342

)

(30.8

Other

1,922

5.4

2,428

8.6

(506

)

(20.8

2,144

6.3

(222

)

(10.4

35,313

100.0

28,130

100.0

7,183

25.5

33,886

100.0

1,427

4.2

* Components may not add up to total due to rounding

Orders by Market

(Unaudited)

($ in thousands)

Three Months Ended

June 30,

Change

March 31,

Change

2026

2025

2026

Orders

Semi

11,955

41.4

7,292

26.3

4,663

63.9

7,677

24.2

4,278

55.7

Auto/EV

3,549

12.3

7,066

25.5

(3,517

)

(49.8

10,744

33.8

(7,195

)

(67.0

Defense/Aerospace

4,237

14.7

2,499

9.0

1,738

69.5

5,918

18.6

(1,681

)

(28.4

Industrial

4,630

16.0

4,680

16.9

(50

)

(1.1

4,123

13.0

507

12.3

Life Sciences

1,512

5.2

2,863

10.3

(1,351

)

(47.2

1,587

5.0

(75

)

(4.7

Safety/Security

333

1.2

1,173

4.2

(840

)

(71.6

260

0.8

28.1

Other

2,655

9.2

2,186

7.9

469

21.5

1,476

4.6

1,179

79.9

28,871

100.0

27,759

100.0

1,112

4.0

31,785

100.0

(2,914

)

(9.2

* Components may not add up to total due to rounding

InTest Corporation

Segment Data

(Unaudited)

Three Months Ended June 30, 2026

($ in thousands)

Electronic Test

Environmental

Technologies

Process

Technologies

Corporate &

Other

Consolidated

Revenue

21,404

5,819

8,090

—

35,313

Cost of revenue

12,469

4,054

4,492

—

21,015

Other divisional costs

5,154

2,333

3,217

—

10,704

Division operating income (loss)

3,781

(568

)

381

—

3,594

Acquired intangible amortization

699

Restructuring costs

Corporate expenses

2,502

Operating income (loss)

3,781

(568

)

381

(3,231

)

363

Interest expense

(63

)

(63

)

Other income

(51

)

(51

)

Earnings (loss) before income tax expense

3,781

(568

)

381

(3,345

)

249

Three Months Ended June 30, 2025

($ in thousands)

Electronic Test

Environmental

Technologies

Process

Technologies

Corporate &

Other

Consolidated

Revenue

13,733

7,215

7,182

—

28,130

Cost of revenue

7,418

4,534

4,205

—

16,157

Other divisional costs

4,755

2,070

2,578

—

9,403

Division operating income

1,560

611

399

—

2,570

Acquired intangible amortization

850

Restructuring costs

216

Corporate expenses

2,431

Operating (loss) income

1,560

611

399

(3,497

)

(927

)

Interest expense

(119

)

(119

)

Other income

463

(Loss) earnings before income tax expense

1,560

611

399

(3,153

)

(583

)

Six Months Ended June 30, 2026

(in thousands)

Electronic

Test

Environmental

Technologies

Process

Technologies

Corporate &

Other

Consolidated

Revenue

38,745

14,170

16,284

—

69,199

Cost of revenue

22,142

8,921

9,180

—

40,243

Other divisional costs

10,775

4,598

6,030

—

21,403

Division operating income

5,828

651

1,074

—

7,553

Acquired intangible amortization

1,477

Restructuring costs

774

Corporate expenses

4,735

Operating income (loss)

5,828

651

1,074

(6,986

)

567

Interest expense

(143

)

(143

)

Other income

Earnings (loss) before income tax expense

5,828

651

1,074

(7,077

)

476

Six Months Ended June 30, 2025

(in thousands)

Electronic

Test

Environmental

Technologies

Process

Technologies

Corporate &

Other

Consolidated

Revenue

26,992

13,483

14,292

—

54,767

Cost of revenue

14,731

8,697

8,310

—

31,738

Other divisional costs

10,020

4,430

5,376

—

19,826

Division operating income

2,241

356

606

—

3,203

Acquired intangible amortization

1,663

Restructuring costs

529

Corporate expenses

4,819

Operating (loss) income

2,241

356

606

(7,011

)

(3,808

)

Interest expense

(271

)

(271

)

Other income

707

(Loss) earnings before income tax (benefit) expense

2,241

356

606

(6,575

)

(3,372

)

InTest Corporation

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

Reconciliation of Net Earnings (Loss) to Adjusted Net Earnings (Loss) (Non-GAAP) and Earnings (Loss) Per Diluted Share to Adjusted EPS (Non-GAAP):

Three Months Ended

June 30,

March 31,

(in thousands except per share amounts)

2026

2025

2026 †

Net earnings (loss)

474

(503

)

183

Acquired intangible amortization

699

850

778

Restructuring costs

216

744

Tax effect of adjusting items

(112

)

(146

)

(293

)

Adjusted net earnings (loss) (Non-GAAP)

1,091

417

1,412

Diluted weighted average shares outstanding

12,582

12,246

12,421

Adjusted net earnings (loss) per diluted share:

Net earnings (loss)

0.04

(0.04

)

0.01

Acquired intangible amortization

0.06

0.07

0.06

Restructuring costs

—

0.02

0.06

Tax effect of adjusting items

(0.01

)

(0.01

)

(0.02

)

Adjusted EPS (Non-GAAP)

0.09

0.03

0.11

* Components may not add up to total due to rounding

† March 31, 2026 as revised

Reconciliation of Net Earnings (Loss) and Net Margin to Adjusted EBITDA (Non-GAAP) and Adjusted EBITDA Margin (Non-GAAP):

Three Months Ended

June 30,

March 31,

(in thousands except percentage data)

2026

2025

2026 †

Net earnings (loss)

474

(503

)

183

Acquired intangible amortization

699

850

778

Net interest (income) expense

(15

)

—

Income tax (benefit) expense

(225

)

(80

)

Depreciation

386

314

375

Restructuring costs

216

744

Stock-based compensation

843

435

291

Adjusted EBITDA (Non-GAAP)

2,192

1,262

2,415

Revenue

35,313

28,130

33,886

Net margin

1.3

(1.8

0.5

Adjusted EBITDA margin (Non-GAAP)

6.2

4.5

7.1

† March 31, 2026 as revised

1 Orders and Backlog are key performance metrics. See “Key Performance Indicators” below for important disclosures regarding InTest’s use of these metrics.

2 Adjusted net earnings (loss), adjusted EPS, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP financial measures. Further information can be found under “Non-GAAP Financial Measures.” See also the reconciliations of GAAP financial measures to non-GAAP financial measures that accompany this press release.