Intest Corporation · AMEX:INTT
Intest — Northland Growth Conference 2025
34 slides from Intest's conference presentation, Jun 25, 2025
Slide 1: InTest Corporation Northland Growth Conference
InTest Corporation Northland Growth Conference June 25, 2025 Nick Grant, President and CEO Duncan Gilmour, CFO and Treasurer NYSE American: INTT | NYSE American: INTT |
Slide 2: Forward-looking Statements and Key Performance Metrics
Forward-looking Statements and Key Performance Metrics Forward-Looking Statements risks and uncertainties include, but are not limited to, raise capital to finance potential acquisitions or for This presentation includes forward-looking statements any mentioned in this presentation as well as the wo
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: Unlocking the Potential
Unlocking the Potential INTEST REVENUE BY DIVISION Vision 29% Electronic Test To be the partner of choice for 2024 49% innovative test and process $130.7 M Environmental Technologies technology solutions globally Process 22% Technologies Mission Market Capitalization $86 million Leverage our deep in
Slide 5: Laid the Foundation for Transforming InTest
Laid the Foundation for Transforming InTest 5-POINT Drove culture change and built the team OPERATING SYSTEM Drove geographic and market expansion Global & Innovation & Market Differentiation Expansion Drove innovation and differentiation Strategic Acquisitions & Service & Partnerships Support Expan
Slide 6: Structured Business Around Three Technology Divisions
Structured Business Around Three Technology Divisions ELECTRONIC TEST ENVIRONMENTAL TECHNOLOGIES PROCESS TECHNOLOGIES • Automating back-end semi test • Thermal test systems and • Flexible induction heating solutions with manipulators, docking manufacturing process solutions for wide range of applica
Slide 7: Electronic Test Division The InTest Advantage
Electronic Test Division The InTest Advantage Highly-Engineered • Engineering expertise combined with Automated Test Solutions strong customer partnerships ADVANCED AUTOMATED TESTING • Multi-test functionality across products and solutions • Docking solutions • Manipulators • Setting the standard fo
Slide 8: Environmental Technologies Division The InTest Advantage
Environmental Technologies The InTest Advantage Division A global leader in precision • Broadest range of temperature temperature control solutions testing solutions PRECISION TEMPERATURE-CONTROL • Superior product performance AND TESTING providing accurate temperature • Integrated circuits control
Slide 9: Process Technologies Division The InTest Advantage
Process Technologies Division The InTest Advantage • Engineering expertise, robust and Technical expertise and customized precise heating solutions and solutions for wide variety of THE LAB to prove the process applications across multiple markets • Board level image capture and edge AI technology e
Slide 10: Driving Continuous Improvement
Driving Continuous Improvement Increase speed of talent development and acquisition Drive Operational Excellence BUILDING ON Improve commercial excellence and market ACCOMPLISHMENTS intelligence Accelerate new product development and AND LESSONS time-to-market LEARNED Institute additional metrics to
Slide 11: Focusing on Target Markets with Attractive Growth
Focusing on Target Markets with Attractive Growth Life Safety/ Division Semi Auto/EV Def/Aero Industrial Sciences Security Electronic Test Environmental Technologies Process Technologies Estimated Avg. 2%-3% / 6%-8% 5%-7% 3%-6% 6%-9% 8%-10% Market Growth* 15%-20% • Estimated ~$2B serviceable address
Slide 12: Mega Trends Provide Growth Tailwinds
Mega Trends Provide Growth Tailwinds Technology advancements create need for innovative test and process solutions ELECTRONIFICATION POWER MANAGEMENT COMPLEXITY/CRITICALITY • Advanced Driver- • SiC and GaN devices • Advanced packaging Assistance Systems (ADAS) • Electric infrastructure • Chip comple
Slide 13: Leveraging Global Manufacturing Footprint
Leveraging Global Manufacturing Footprint Manufacturing Expanding in Malaysia – New Locations (2024) “in-the-region, for-the- region strategy” Canada Capitalizing on larger (Acculogic) New York (Ambrell) presence in Europe New Jersey Massachusetts (Corporate HQ & Italy InTest EMS) InTest Thermal/Vid
Slide 14: Capturing the Momentum: 5-Point Strategy now Operating System
Capturing the Momentum: 5-Point Strategy now Operating System Creating Greater Value for our Stakeholders NEXT LEVEL STRATEGY VISION 2030: ADVANCING GROWTH STRATEGY • Drive innovation and acquisitions to create even greater scale • Strive toward Operational Excellence 5-POINT STRATEGY: LAID THE FOUN
Slide 15: New Products Key to Accelerating Revenue Growth
New Products Key to Accelerating Revenue Growth Delivering innovation and solving customers’ complex problems ENVIRONMENTAL PROCESS ELECTRONIC TECHNOLOGIES TECHNOLOGIES TEST BENCHTOP THERMOSTREAM EKOHEAT COMPACT FLEXMEDIA FAMILY NYSE American: INTT | 15
Slide 16: Strategic Acquisitions Remain a Critical Element of VISION 2030
Strategic Acquisitions Remain a Critical $20 million to $40 million in size Element of VISION 2030 Growth Strategy Roll-up or service revenue enhancing SCALE THE DIVISIONS: Geographic expansion Targeting $50 million to $60 million of total acquired revenue Deepen reach in target markets Well defined
Slide 17: Creating a Culture of Operational Excellence
Creating a Culture of Operational Excellence Employ Lean Six Sigma Discipline Data Driven Analysis • Improve processes • Eliminate waste • Enhance performance Define, Measure, Analyze, Improve, Control Objectives: • Enhance efficiencies • Promote continuous improvement • Reduce operational costs • D
Slide 18: Financial Overview
Financial Overview NYSE American: INTT | 18
Slide 19: Orders and Backlog
Orders and Backlog(1) ($ in millions) ORDERS Q1 orders up 11.2% y/y Years Quarters • Strength in industrial, safety/security and life sciences $129.6 $116.6 $107.7 $30.7 • Auto/EV benefitted from Alfamation with $110.3 $3.0 million of orders $25.3 $22.8 Sequentially, orders down 17.3% • Macro uncert
Slide 20: Revenue
Revenue ($ in millions) Years Quarters Q1 2025 revenue down $3.2 million y/y • Semi down $6.0 million $130.7 $36.6 $123.3 $127.5 • $1.2 million decline in industrial sales $116.8 $29.8 $26.6 • Auto/EV up $2.0 million • Life sciences up $1.0 million • Other markets up $1.3 million $1.5 million of rev
Slide 21: Gross Profit and Margin
Gross Profit and Margin ($ in millions) Years Quarters Q1 gross margin of 41.5% contracted 230 bps y/y • Due to under absorption of fixed costs on lower volume • Unfavorable mix also impacted gross margin $57.0 $55.4 $14.5 $53.4 $53.4 Sequential margin expansion related to the $13.1 negative impact
Slide 22: Operating Expenses
Operating Expenses ($ in millions) Operating expenses as a % of sales Q1 2025 operating expenses $1.3 million higher y/y 36.6% 37.7% 39.8% 39.1% 42.2% 34.0% 52.3% • Includes $0.3 million in restructuring • $1.3 million in incremental operating expenses Years Quarters related to Alfamation • Partiall
Slide 23: Earnings (Loss) and Adjusted EBITDA
Earnings (Loss) and Adjusted EBITDA(1) ($ in millions, except per share data) Net Earnings (Loss) and Adjusted EBITDA/ (1) (1) EPS and Adjusted EPS Adjusted EBITDA Margin Quarters Quarters $0.23 $4.4 $0.10 $0.12 $1.8 $0.05 $1.50 $0.62 6.1% 12.1% -3.3% $(0.11) ($0.9) $(0.19) $(2.33) Q1 24 Q4 24 Q1 25
Slide 24: Capital Structure and Cash Flow
Capital Structure and Cash Flow ($ in millions) Year Cash Flow Three Months Ended Ended Paid down $3.2 million in debt 3/31/25 3/31/24 12/31/24 during Q1 2025 Net cash provided by $ 5.5 $ 2.1 $ 3.8 operating activities (GAAP) Capital expenditures (0.2) (0.3) (1.3) 1 Free cash flow (FCF) $ 5.3 $ 1.7
Slide 25: Capital Allocation Priorities
Capital Allocation Priorities Disciplined Approach To Capital Allocation, Flex with Market Conditions ORGANIC MANAGE R E T U RETURN RN GROWTH LEVERAGE MM&&AA OF OF C A P ICAPITAL TAL Invest in engineering, sales & marketing Innovate with new products and capabilities Maintain financial flexibility I
Slide 26: Focusing Guidance on Second Quarter
Focusing Guidance on Second Quarter 5-POINT Second Quarter 2025 Guidance OPERATING SYSTEM • Revenue expected to be $27 million to $29 million • Gross margin ~42% • Operating expenses of $13.0 million to $13.5 million • Excludes ~$0.2 million in Videology and other restructuring expenses Global & Inn
Slide 27: InTest Corporation Northland Growth Conference
InTest Corporation Northland Growth Conference June 25, 2025 Nick Grant, President and CEO Duncan Gilmour, CFO and Treasurer NYSE American: INTT | NYSE American: INTT |
Slide 28: Supplemental Information
Supplemental Information NYSE American: INTT | 28
Slide 29: Reconciliation of Net Earnings to Adjusted Net Earnings and EPS
Reconciliation of Net Earnings to Adjusted Net Earnings (Non-GAAP) and Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share (Non-GAAP) ($ in thousands, except per share amounts) Three Months Ended 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Net earnings (loss) $ 662 $ 230 $ 495 $
Slide 30: Reconciliation of Net Earnings to Adjusted Net Earnings and EPS
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, TTM Q1 2022 2023 2024 2025 Net earnings (loss) $ 8,461 $ 9,342 $ 2,891 $ (100) Acqui
Slide 31: Reconciliation of Net Earnings 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 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Net earnings (loss) $ 662 $ 230 $ 495 $ 1,504 $ (2,329) Acquired intangible amortization 595 897 94
Slide 32: Reconciliation of Net Earnings 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, TTM Ended 2022 2023 2024 3/31/2025 Net earnings (loss) $ 8,461 $ 9,342 $ 2,891 $ (100) Acquired intangible amortization 2,694 2,095 2,545 2,763
Slide 33: Segment Reporting (Quarterly)
Segment Reporting (Quarterly) ($ in thousands) Three Months Ended 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Electronic Test $ 11,116 $ 16,159 $ 15,481 $ 21,122 $ 13,259 Environmental Technologies 6,828 8,273 6,734 7,063 6,268 Process Technologies 11,880 9,559 8,057 8,418 7,110 Total Revenue
Slide 34: Segment Reporting (12 Months)
Segment Reporting (12 Months) ($ in thousands) Years Ended TTM 12/31/2023 12/31/2024 3/31/2025 Electronic Test $ 41,016 $ 63,878 $ 66,021 Environmental Technologies 30,801 28,898 28,338 Process Technologies 51,485 37,914 33,144 Total Revenue $ 123,302 $ 130,690 $ 127,503 % of % of % of divisional di