Slide 1: inTEST Corporation 2021 Q1 Financial Results
‘EUUBIT 993 inTEST Corporation (a Ae Innovative Test & Process Solutions 2021 Q1 Financial Results Conference Call Presentation May 7, 2021 Nick Grant Hugh Regan President and CEO Treasurer and CFO inTEST
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
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Slide 3: CEO Discussion
CEO Discussion ares President & CEO, Nick Grant InTEST delivered truly solid Q1'21 financial results Momentum cited on Q4 & YE 2020 call has continued unabated * Strong demand for our innovative test and process technology solutions across a diverse set of end applications Continue to make progress
Slide 4: Q1 2021 Bookings and Backlog
Q1 2021 Bookings and Backlog (Sinmitions) a” Bookings $252 2 ee $17.6 ae YoY ve 5138 $13.9 $14.4 nn Qa seta a2 tt Backlog re az20=S 20S kD
Slide 5: Q1 2021 Revenue
Q1 2021 Revenue (Sinmitions) 20 18 ay a Semi $19.6M ‘= Mutimarket Exceeded guidance range Driven by strength in Semi market As % of Q1'21 revenue: Semi 68% / Multimarket 32% Q1'21 Semi revenues increased 75% QoQ Q1'21 Multimarket revenues declined 14% QoQ = Reflects slowdown seen in Q4'20 Multimarke
Slide 6: Q1 2021 Net Income and EPS
Q1 2021 Net Income and EPS GAAP EPS Adjusted EPS (Non-GAAP) ie 534 “> ot = «s $0.02 $0.04 0.10 $0.05 $0.07 a cos 0 ma i sus ii a Li a, coe $0.04 ‘aa gutes -$0.01 sors -$0.11 EPS high-end of guidance range GAAP net earnings $2.2M Adjusted net earnings $2.5M EBITDA (Non-GAAP) $3.0M inTEST
Slide 7: EMS Products Segment
EMS Products Segment ‘+ EMS entered 2021 with expanded backlog & good momentum, = > Fegan natant ed ies | Sareea ye Soncraganeata etna SP <> es per teceyeirn morris Fists Sra adel ceogugearh + Q1EMS bookings of $10.5Mup 60% QoQ and 220% Yov. + Q1EMS revenues of $8.5M up 102% QoQ and 348% YoY. + Qt r
Slide 8: EMS Highlights
EMS Highlights = Continue to gain traction with our automated manipulator solutions and received orders for the first LS Series units outside of the US. = EMS was selected by an international IDM over an incumbentas their supplier of Interface solutions for bum in testing at the wafer level. * Histo
Slide 9: Thermal Segment
Thermal Segment Thermal accounts for all Multimarket revenue and some revenue from ‘Semiconductor front-end manufacturing and back-end test Continue to make inroads across multiple industries and verticals. Q1'21 bookings of $14.7M up 33% QoQ and 40% YoY. * Fueled by improving industrial markets and
Slide 10: Thermal Highlights
Thermal Highlights ‘+ Ambrellachieved highest bookings quarter in its 30-yearhistory. Beat prior record by 34%. ‘+ Demand {for Thermal related semi solutions (front end applications) very strong driver of Q1 Thermal growth. ‘+ Ambrell:3 of top 4 customers semirelated. 4th was medical customer with c
Slide 11: Investing for the Future: Geographic & Market Expansion
Investing for the Future: Geographic & Market Expansion Core Grom Strategies inTEST
Slide 12: Geographic Expansion Improves Presence in Global Served Markets
Geographic Expansion Improves Presence in Global Served Markets = In Qt groundwork laid to drive future growth in Latin America (inTEST has not historically had a presence) = Mexico provides significant expansion opportunity for our Thermal business with solid growth potential from a number of US ma
Slide 13: Market Expansion: New & Adjacent Markets Through Targeted Marketing & Product Development
Market Expansion: New & Adjacent Markets Through Targeted Marketing & Product Development Programs Emerging Markets: See as high potential growth opportunities for Thermal (not significant areas of business today) EV: Increased organic activities with new EV integrators on multiple applications and
Slide 14: CEO Concluding Comments
CEO Concluding Comments Pleased with progress around strategic investments being made in inTEST = Just getting started * Setting stage for long-term growth and diversification, in line with Strategic Plan inTEST team delivered a truly solid quarter Laser focused on capturing growth and driving inves
Slide 15: Financial Overview
Financial Overview Treasurer & CFO, Hugh Regan Returned to profitability in Q1'21 ‘Semi strength driving improved results EMS manufacturing consolidation complete resulting in $600k of expected savings annually
Slide 16: Operating Performance
Operating Performance 2021 2015 2016 2017 2018 2019 2020 (YTD) Gross Margin 48% 51% 52% 50% 48% 45% 49% SG&A 31%" 31%" 30% 9% 36H" 38%" 29% Eng. & Prod. 9 Devclopment 10% 9% 6% 6% 8% 9% ™% Operating < . 2b 2b . ¢ taaraia 7% 11% 16%" 15% 5%" (2)% 13% EBITDA a 9% 8% 1% 16% Sahin utr ied team). $7 a0)
Slide 17: Q1 2021 Financial Results
Q1 2021 Financial Results (Sinmilions except EPS) Orders Net Revenues sai $25.2 250 ae $17.6 - $13.8 $13.9 $14.4 [J e ai20 a220 0 a320 zo nat a120 | a220 032020 tat Adjusted Net EPS EBITDA $0.24 - ise $3.04, 7 $0.10 $0.05 $0.07 $0.91 ” $0.67 ao 2 ool E001 ee an ow om arm -$0.01 $0.93 sow $0.08
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights As of 3/31/2021 Cash and Cash Equivalents $10.2M Working Capital $21.3M Total Assets $67.1M Long-Term Debt $0 Shareholder Equity $47.8M inTEST
Slide 19: Q2 2021 Guidance
Q2 2021 Guidance Net Revenue $20.0M to $21.0M GAAP Net Earnings per diluted share $0.20 to $0.24 diluted EPS | Non-GAAP Adjusted Net Earnings per diluted share $0.23 to $0.27 diluted EPS Gross Margin 49% to 51% This outlook is based on the Company's cur customers’ forecasts, which are subject to cha
Slide 20: Q&A
inTEST Corporation Q&A
Slide 21: Thank You
inTEST Corporation Thank You inTEST
Slide 22: Reconciliations for Non-GAAP Measures
inTEST Corporation Reconciliations for Non-GAAP Measures inTEST
Slide 23: Reconciliations for Non-GAAP Measures
Reconciliations for Non-GAAP Measures (Dollars in thousands) |Reconciliation of Net Earnings (Loss) (GAAP) to EBITDA (Non-GAAP) ifoere Fed December ah 2015 | 2016 | 2017 | 2018 | 2019 | 2020 ‘Net earnings (loss)(GAAP) 1961 | 2658 | 975 | 3,037 | 2,322 | (995) Net interest (income) expense (27) (49)
Slide 24: Reconciliations for Non-GAAP Measures
Reconciliations for Non-GAAP Measures (Dollars in thousands) ‘Reconciliation of Net Earnings (Loss) (GAAP) to EBITDA (Non- Quarters Ended ] [cary waiz0 | 6n0m0 | 913020 | 1218120 | stmt | | Net earnings (loss) (GAAP) (1,143) 170 458 (380) 2212 Net interest (income) expense oO 25 4 4 oO |incometax ex
Slide 25: Reconciliations for Non-GAAP Measures
Reconciliations for Non-GAAP Measures (Dollars i thousands, except per share) [Reconcliaion of Net Earnings (Loss) (GAAP) to Adjusted Net Earnings (Non-GAAP) and Wel |Eamings (Loss) Per Diluted Share (GAAP) to Adjusted Net Earnings Per Diluted Share (Non Years Ended 2078 [Net earnings loss) (GAAP) 2
Slide 26: Reconciliations for Non-GAAP Measures
Reconciliations for Non-GAAP Measures (Dollars in thousands, except per share) [Reconeliaion of Net Earnings (Loss) (GAAP) to Adjusted Wet Earnings (Loss) (Non-GAAP) and NetEarings (Loss) Per Diluted ‘Share (GAAP) to Adjusted Net Earnings (Loss) Per Diluted Share Srowe/act laste . "3731/2020 6730120
Slide 27: Reconciliations for Non-GAAP Measures
Reconciliations for Non-GAAP Measures (Dollars in thousands, except per share) Reconclision of Wet Earnings (Lore) (GAAP) to NetEarnlngs Excluding Reviucturing and Other Perel apt eree rtreaer er (nea [eons ns Ratna snd Nene ras esc sea ——— Netearings (38) (GAAP) [ aaa (238) Cone RS Sd ir bona te =
Slide 28: Reconciliations for Non-GAAP Measures
Reconciliations for Non-GAAP Measures (Dollars in thousands, except per share) [Reconclision of Net Earnings (Loss) (GAAP) to Net Earrings (Loss) ‘Excluding Restructuring and Other Nor-Recurring Charges (Non- {GAAP) and Net Earnings (Loss) per dled share (GAAP) to Net other nonrecurring charges (Non