Slide 1: First Quarter 2025 Financial Results Conference Call
First Quarter 2025 Nick Grant, President and CEO Financial Results Conference Call Duncan Gilmour, CFO and Treasurer May 2, 2025 | NYSE American: INTT | 1
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: Maintaining Strong Market Position Against Uncertain Macro Backdrop
Maintaining Strong Market Position Against Uncertain Macro Backdrop 5-POINT Strengthened balance sheet OPERATING SYSTEM • Generated $5.5M in cash from operations • Reduced debt by $3.2M since Dec 31, 2024 Global & Innovation & Market Differentiation Expansion Record customer opportunity funnel • Ord
Slide 5: Tariffs Manageable; Addressing Risks
Tariffs Manageable; Addressing Risks Evaluation of Current Tariff Environment Using 2024 Data Limited material costs exposure • ~3% of materials sourced from China to U.S. Impact of Tariffs on Impact of Tariffs on Sales • 73% sourced from U.S./USMCA/in-country Material Costs ($ million) ($ millions)
Slide 6: Orders and Backlog
Orders and Backlog (1) ($ in millions) ORDERS Years Quarters • Q1 orders up 11.2% y/y • Strength in industrial, safety/security and life $129.6 $116.6 $30.7 sciences $107.7 $110.3 $25.3 • Auto/EV benefitted from Alfamation with $22.8 $3.0 million of orders • Sequentially, orders down 17.3% • Macro u
Slide 7: Revenue
Revenue ($ in millions) Years Quarters • Q1 2025 revenue down $3.2 million y/y • Semi down $6.0 million $130.7 $36.6 $127.5 $116.8 $123.3 $29.8 • $1.2 million decline in industrial sales $26.6 • Auto/EV up $2.0 million • Life sciences up $1.0 million • Other markets up $1.3 million 2022 2023 2024 TT
Slide 8: Gross Profit and Margin
Gross Profit and Margin ($ 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 $57.0 $55.4 $53.4 $53.4 $14.5 $13.1 • Unfavorable mix also impacted gross margin $11.1 • Sequential margin expansion related to the negati
Slide 9: Operating Expenses
Operating Expenses ($ 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 Years Quarters • $1.3 million in incremental operating expenses related to Alfamation $53.4 •
Slide 10: Earnings (Loss) and Adjusted EBITDA
Earnings (Loss) and Adjusted EBITDA (1) ($ 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) $(2.33) Q1 24 Q4 24 Q1 2
Slide 11: Capital Structure and Cash Flow
Capital Structure and Cash Flow ($ in millions) Year Capitalization Cash Flow Three Months Ended Ended 3/31/25 3/31/24 3/31/25 3/31/24 12/31/24 Net cash provided by Cash and cash equivalents $ 22.0 $ 27.3 $ 5.5 $ 2.1 $ 3.8 operating activities Total debt $ 11.8 $ 20.4 Capital expenditures (0.2) (0.3
Slide 12: 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 Global & Innovation & • Excludes ~$0.2 million in Videology and other restructuri
Slide 13: Maintaining Strong Market Position
Maintaining Strong Market Position Long-term outlook is robust • Development projects continue; InTest remains provider of choice for technology solutions • Well-positioned with product leadership and geographic reach to capture demand when market rebounds • Prioritizing operational excellence to de
Slide 14: Conference Call Playback Upcoming Event
Conference Call Playback • Replay Number: (412) 317-6671 passcode: 13752647 • Telephone replay available through Friday, May 16, 2025 • Webcast / Presentation / Replay available at www.intest.com/investor-relations • Transcript, when available, at www.intest.com/investor-relations Upcoming Event • J
Slide 15: inTEST Corporation Supplemental Information
inTEST Corporation Q1 2025 Financial Results Conference Call Supplemental Information May 2, 2025 | NYSE American: INTT | 15
Slide 16: Reconciliation of Net Earnings to Adjusted Net Earnings
Reconciliation of Net Earnings to Adjusted Net Earnings (Non-GAAP) and Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share (Non-GAAP) ($ 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 17: Reconciliation of Net Earnings to Adjusted Net Earnings
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 18: Reconciliation of Net Earnings and Net Margin to Adjusted EBITDA
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 19: Reconciliation of Net Earnings and Net Margin to Adjusted EBITDA
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 20: 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 21: 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