Slide 1: inTEST Corporation Q4 2024 Financial Results Conference Call
inTEST Corporation Q4 2024 Financial Results Conference Call Nick Grant, President and CEO Duncan Gilmour, CFO and Treasurer March 7, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation 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, suc
Slide 3: Non-GAAP Financial Measures
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, adjusted earn
Slide 4: Achieves Third Consecutive Year of Record Revenue
Achieves Third Consecutive Year of Record Revenue ➢ Validating effectiveness of growth strategy… 5-Point Strategy ▪ Achieved record $36.6 million in revenue in quarter and record $130.7 million for 2024 ▪ 6%, or $7.4 million, annual growth driven by Alfamation acquisition, Global & Innovation & defe
Slide 5: Orders and Backlog
Orders and Backlog(1) ($ in millions) ORDERS Years Quarters ➢ Q4 orders up 11.4% y/y ▪ Includes $1.2 million from Alfamation $129.6 $116.6 $30.7 ▪ Back-end demand drove a $2.4 million increase in $101.9 $107.7 $27.5 $28.1 semi, offsetting persistent weakness in front-end ▪ $1.7 million, or 91%, incr
Slide 6: Revenue
Revenue ($ in millions) Years Quarters ➢ Q4 2024 revenue, increased $8.7 million y/y $36.6 ▪ $8.5 million from Alfamation drove Auto/EV up $130.7 $116.8 $123.3 $7.9 million $30.3 $27.9 $84.9 ▪ $2.7 million increase in defense/aerospace sales ▪ Semi up $1.5 million as back-end improvement more than o
Slide 7: Gross Profit and Margin
Gross Profit and Margin ($ in millions) Years Quarters ➢ Q4 gross profit impacted by $1.6 million charge to cost of goods related to inventory step-up $53.4 $57.0 $55.4 $14.5 ➢ Q4 gross margin of 39.7% contracted $14.0 $12.4 660 bps compared with Q3 2024 $41.2 ▪ Q4 gross margin includes the negative
Slide 8: Operating Expenses
Operating Expenses Continuing to invest to support 5-Point Strategy for Growth ($ in millions) Operating expenses as a % of sales ➢ Q4 2024 operating expenses up $1.1 million versus Q4 2023 38.3% 36.6% 37.7% 39.8% 40.7% 44.7% 34.0% ▪ $1.5 million incremental operating expenses Years Quarters attribu
Slide 9: Earnings and Adjusted EBITDA
Earnings and Adjusted EBITDA(1) ($ in millions, except per share data) Net Earnings and Adjusted EBITDA/ (1) (1) EPS and Adjusted EPS Adjusted EBITDA Margin Quarters Quarters $0.23 $4.4 $0.16 $0.12 $0.12 $2.4 $2.4 $0.10 $1.5 $1.5 $0.04 $0.5 8.7% 8.1% 12.1% Q4 23 Q3 24 Q4 24 Q4 23 Q3 24 Q4 24 Years Y
Slide 10: Capital Structure and Cash Flow
Capital Structure and Cash Flow ($ in millions) Year Capitalization Cash Flow Three Months Ended Ended 12/31/24 12/31/23 12/31/24 12/31/23 12/31/24 Net cash provided by Cash and cash equivalents $ 19.8 $ 45.3 $ 2.6 $ 4.7 $ 3.8 operating activities Total debt $ 15.0 $ 12.0 Capital expenditures (0.2)
Slide 11: Outlook for 2025
Outlook for 2025 ➢ First Quarter 2025 Guidance 5-Point Strategy ▪ Revenue expected to be $27 million to $29 million ▪ Gross margin ~41% ▪ Operating expenses of $13.6 million to $14.0 million Global & Innovation & Market Differentiation • Excludes Videology restructuring costs of ~$0.2 million Expans
Slide 12: Cautious Outlook
Cautious Outlook Customers slowing investments due to unpredictable environment • Uncertainty regarding tariff situation • Pockets of improvements in some back-end semi applications for both Electronic Test and Environmental Technologies • While lumpy, increasing activity with defense/aerospace cust
Slide 13: Conference Call Playback Info / Upcoming Event
Conference Call Playback Info ➢ Replay Number: (412) 317-6671 passcode: 13751127 ➢ Telephone replay available through Friday, March 14, 2025 ➢ Webcast / Presentation / Replay available at www.intest.com/investor-relations ➢ Transcript, when available, at www.intest.com/investor-relations Upcoming Ev
Slide 14: Supplemental Information
inTEST Corporation Q4 2024 Financial Results Conference Call Supplemental Information March 7, 2025
Slide 15: Reconciliation of Net Earnings to Adjusted Net Earnings (Quarterly)
Reconciliation of Net Earnings to Adjusted Net Earnings (Non-GAAP) and Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share (Non-GAAP) ($ in thousands, except per share amounts) Three Months Ended 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Net earnings $ 1,455 $ 662 $ 230 $ 495
Slide 16: Reconciliation of Net Earnings to Adjusted Net Earnings (Annual)
Reconciliation of Net Earnings to Adjusted Net Earnings (Non-GAAP) and Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share (Non-GAAP) ($ in thousands, except per share amounts) Years Ended December 31, 2021 2022 2023 2024 Net earnings $ 7,283 $ 8,461 $ 9,342 $ 2,891 Acquired intangible
Slide 17: Reconciliation to Adjusted EBITDA (Quarterly)
Reconciliation of Net Earnings and Net Margin to Adjusted EBITDA (Non-GAAP) and Adjusted EBITDA Margin (Non-GAAP) ($ in thousands) Three Months Ended 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Net earnings $ 1,455 $ 662 $ 230 $ 495 $ 1,504 Acquired intangible amortization 513 595 897 944 10
Slide 18: Reconciliation to Adjusted EBITDA (Annual)
Reconciliation of Net Earnings and Net Margin to Adjusted EBITDA (Non-GAAP) and Adjusted EBITDA Margin (Non-GAAP) ($ in thousands) Years Ended December 31, 2021 2022 2023 2024 Net earnings $ 7,283 $ 8,461 $ 9,342 $ 2,891 Acquired intangible amortization 1,440 2,694 2,095 2,545 Acquired inventory ste
Slide 19: Segment Reporting (Quarterly)
Segment Reporting (Quarterly) ($ in thousands) Three Months Ended 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Electronic Test $ 8,105 $ 11,116 $ 16,159 $ 15,481 $ 21,122 Environmental Technologies 7,623 6,828 8,273 6,734 7,063 Process Technologies 12,156 11,880 9,559 8,057 8,418 Total Revenu
Slide 20: Segment Reporting (12-Months)
Segment Reporting (12-Months) ($ in thousands) Years Ended 12/31/2022 12/31/2023 12/31/2024 Electronic Test $ 40,219 $ 41,016 $ 63,878 Environmental Technologies 30,172 30,801 28,898 Process Technologies 46,437 51,485 37,914 Total Revenue $ 116,828 $ 123,302 $ 130,690 Electronic Test $ 9,931 $ 10,18