Slide 1: 2025 Strategy Briefing: VISION 2030
2025 STRATEGY BRIEFING: VISION 2030 March 26, 2025 | New York Stock Exchange 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 integrate any acquired operations, grow the made. The Company undertakes no obligation to Company’s presence in its key target and update the information in this presentation to reflect This presentation includes forwa
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to disclosing results that are determined in (adjusted EPS) are non-GAAP financial measures intangible asset amortization and stock-based accordance with generally accepted accounting presented to provide investors with meaningful, compensation expense. These
Slide 4: INTT Executive Team
INTT Executive Team Nick Grant Mike Goodrich Joe McManus Michael Tanniru President Division President Division President Division President and CEO Process Technologies Electronic Test Environmental Tech. Duncan Gilmour Kelley Locke Rich Rogoff Ingrid Smith CFO and Vice President Vice President Vice
Slide 5: InTest Strategy Briefing Agenda
InTest Strategy 10:30 am Deborah Pawlowski • Welcome & Introduction Briefing Agenda 10:35 am • 5-Point Strategy Accomplishments Reviewing Progress and Nick Grant • Technology Platforms Defining Future Direction • New Product Development and Go To Market Strategy • Mergers & Acquisitions • The Goals
Slide 6: VISION 2030: Strategic Progress and Future Path
VISION 2030 Strategic Progress and Future Path Nick Grant President and CEO NYSE American: INTT | 6
Slide 7: Launched 5-Point Strategy
2021: Launched 5-Point Strategy 5-POINT STRATEGY Focused on Driving Growth T H R E E C O N S E C U T I V E YE A R S O F R E C O R D R E V E N U E Global & Innovation & Market Differentiation $130.7 Expansion $123.3 $116.8 $25.0 $17.7 Strategic $84.9 Service & Acquisitions $1.5 & Support Partnerships
Slide 8: Drove Culture Change and Built the Team
Drove Culture Change Drove accountability through performance management and Built the Team Aligned pay with performance 2/2021 Joe McManus Division President, Electronic Test Established Employee Stock Purchase Plan 6/2021 Duncan Gilmour Chief Financial Officer Initiated engagement surveys 10/2021
Slide 9: Drove Geographic and Market Expansion
Drove Geographic INTEST REVENUE BY MARKET and Market Expansion $84.9 M $130.7 M • Expanded and developed sales organization 1% 3% • Upgraded and grew sales channel partners; 1% 2% increased presence in key geographies 4% 9% 5% • Established account penetration programs 5% 38% • Reduced volatility th
Slide 10: Drove Innovation and Differentiation
Drove Innovation and Differentiation New product development (NPD) enabled deeper customer penetration Created innovation strategy: Examples of Innovation: Intelligent Test Cell and ✓ Established processes for NPD Power Cell ✓ Developed product roadmaps and implemented technology ✓ Increased share o
Slide 11: Expanded Service & Support
Expanded Service & Support Providing improved uptime and reduced cost of ownership of InTest products Developing More than SERVICE REVENUE $14.9 data driven doubled service software staffing solutions $11.8 $10.5 2.5x service Creating revenue growth smarter $7.1 in four years products $5.7 Expanded
Slide 12: Completed Strategic Acquisitions to Expand Technology Offerings
Completed Strategic Acquisitions to Expand Technology Offerings Advanced Test and Process Solutions ACCULOGIC VIDEOLOGY ALFAMATION • Acquired 12/2021 • Acquired 10/2021 • Acquired 3/2024 • Added electronic circuit • Added circuit board mounted • Added automated test and battery testing digital imagi
Slide 13: 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 14: Electronic Test: The InTest Advantage
Electronic Test 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 for Quality
Slide 15: Enabling Automated Test with Robotic Technologies
Enabling Automated Test with Robotic Technologies FLYING PROBE • Consolidates multiple in-circuit and functional tests into one AUTOMATED TEST SOLUTIONS integrated system (ATS) • Streamlines production processes reducing cycle times Advanced Robotic Technology and • Provides best-in-class test cover
Slide 16: Positioned to Win in Electronification Megatrend
Positioned to Win in Electronification Megatrend ALFAMATION • Automated testers for audio, video, haptic, power management TM HYPERION and in-vehicle networking (CCU) Leading Test Solutions for • Robust, scalable solutions with fully configurable test parameters and exceptional control and flexibili
Slide 17: Process Technologies: The InTest Advantage
Process Technologies The InTest Advantage Technical expertise and customized • Engineering expertise, robust and solutions for wide variety of precise heating solutions and applications across multiple markets THE LAB to prove the process PROCESS TECHNOLOGIES • Board level image capture and edge AI
Slide 18: Leading Heating Solutions for SiC and GaN
Leading Heating Solutions for SiC and GaN • Induction heating technology provides precise, controlled and consistent heat for crystal growth of boules/ingots and critical first layer wafer epitaxy • Strong market position with leading semiconductor manufacturers and OEMs • Increasing need for effici
Slide 19: Industrial Grade Cameras & Embedded Image Capture Systems
Industrial Grade Cameras & Embedded Image Capture Systems MARINE TRANSPORTATION HEALTHCARE SOLUTIONS SOLUTIONS SOLUTIONS SCAiLXTM first to market Customized system design Custom design options zoom block camera with improves safety through for fit and function of an Edge AI image effective station p
Slide 20: Environmental Technologies: The InTest Advantage
Environmental Technologies The InTest Advantage A global leader in precision temperature control solutions • Broadest range of temperature testing solutions PRECISION TEMPERATURE-CONTROL AND TESTING • Superior product performance providing accurate temperature • Integrated circuits control from -185
Slide 21: Production & Validation Testing
Production & Validation Testing Defense/Aero and Industrial Markets ELECTRONIC INTEST END PRODUCT COMPONENTS SOLUTIONS APPLICATION NYSE American: INTT | 21
Slide 22: Driving Continuous Improvement
Driving Continuous Improvement Increase speed of talent development and acquisition Drive Operational Excellence BUILDING ON Improve commercial excellence and market intelligence ACCOMPLISHMENTS AND LESSONS Institute additional metrics to measure progress LEARNED Accelerate new product development a
Slide 23: VISION 2030: Defining the Next Phase of InTest's Future
VISION 2030 Defining the Next Phase of InTest’s Future NYSE American: INTT | 23
Slide 24: Capturing the Momentum
Capturing the Momentum 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 FOUNDATION • Established business operating
Slide 25: Targeting New Heights
Targeting New Heights $10 to $20 million $235 to $285 million $50 to $60 million Subject to timing of acquisitions $50 to $70 million $125 to $135 million Organic growth implies 7% to 9% ~15% average annual growth CAGR 2025E Organic Growth Acquired Revenue Acquisition Growth 2030 Goal NYSE American:
Slide 26: 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 27: 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 28: 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 29: Organic Growth Thru Innovation
Organic Growth Thru Innovation Creating value with new product development MEASURING PROGRESS WITH VITALITY INDEX • Goal to achieve 25% of total sales from new products NEW PRODUCTS AS % OF SALES • Includes sales of market driven products launched in 25.0% prior 5 years • Excludes product revisions,
Slide 30: New Products Key to Driving Revenue Growth
New Products Key to Driving Revenue Growth Delivering innovation and solving customers’ complex problems ENVIRONMENTAL PROCESS ELECTRONIC TECHNOLOGIES TECHNOLOGIES TEST BENCHTOP THERMOSTREAM EKOHEAT COMPACT FLEXMEDIA FAMILY NYSE American: INTT | 30
Slide 31: Strategic Acquisitions Critical Element of VISION 2030 Growth
Strategic Acquisitions $20 million to $40 million in size Critical Element of VISION 2030 Growth Strategy Roll-up or service revenue enhancing SCALE THE DIVISIONS: Targeting $50 million to Geographic expansion $60 million of total acquired revenue Deepen reach in target markets Well defined and achi
Slide 32: 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 33: VISION 2030 Financial Strategy
VISION 2030 Financial Strategy Duncan Gilmour Chief Financial Officer NYSE American: INTT | 33
Slide 34: Financial Priorities | Focused on Value Creation
Financial Priorities | Focused on Value Creation Drive Profitable Growth & Generate Strong Cash Flow Manage organic Drive margin Improve working Deliver synergistic Opportunistically investments to expansion – capital velocity M&A that drives return capital to drive profitable price, cost and growth
Slide 35: Bridge to VISION 2030
Bridge to VISION 2030 $10 to $20 million $235 to $285 million $50 to $60 million Subject to timing of acquisitions $50 to $70 million $125 to $135 million Organic growth ~15% implies 7% to 9% average annual growth CAGR 2025E Organic Growth Acquired Revenue Acquisition Growth 2030 Goal NYSE American:
Slide 36: 2030 Financial Model Demonstrates Profit Potential
2030 Financial Model Demonstrates Profit Potential (at mid-point of revenue range) DIVISION OPERATING NET INCOME ADJUSTED EBITDA (1) INCOME (1) (2024 adjusted for $1.6 million in inventory step-up1) $52 $40 $25 $17.4 $10.8 $5.7 ($0.9) $1.3 $2.9 2020 2024 ( 1 ) 2030 Goal 2020 2024 2030 Goal 2020 2024
Slide 37: Strong Balance Sheet | Financial Flexibility
Strong Balance Sheet | Financial Flexibility ($ in millions) Cash Flow 2020 2024 Net cash provided by Ended 2024 with strong balance $3.2 $3.8 sheet and cash flow operating activities (GAAP) Capital expenditures $(0.7) $(1.3) 1 Leveraged balance sheet to finance Free cash flow (FCF) $2.5 $2.5 acquis
Slide 38: 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 39: Strategic Acquisitions Critical Element of VISION 2030 Growth
$20 million to $40 million in size Strategic Acquisitions Critical Element of Internal Rate of Return: VISION 2030 Growth ~15% based on risk profile Strategy 40%+ Gross Margin 10%+ Operating Income Margin ACQUISITION TARGETS’ FINANCIAL Operationally accretive in first year, excluding impact of purch
Slide 40: Reiterating Outlook for First Quarter & Full Year 2025
Reiterating Outlook for 5-POINT First Quarter & Full Year 2025 OPERATING SYSTEM FIRST QUARTER 2025 GUIDANCE • 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 – Excludes Videology restructuring c
Slide 41: VISION 2030: Defining the Next Phase of InTest's Future
VISION 2030 Defining the Next Phase of InTest’s Future NYSE American: INTT | 41
Slide 42: 5-Point Strategy Delivered Results
5-Point Strategy Delivered Results Established operating rhythm 5-POINT OPERATING SYSTEM T H R E E C O N S E C U T I V E YE A R S O F R E C O R D R E V E N U E Global & Innovation & Market Differentiation $130.7 Expansion $123.3 $116.8 $25.0 $17.7 Strategic $84.9 Service & Acquisitions $1.5 & Suppor
Slide 43: Building on Progress
Building on Progress 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 FOUNDATION • Established business operating r
Slide 44: Targeting New Heights
Targeting New Heights $235 to $285 million ~15% CAGR $125 to $135 million 2025E 2030 Goal NYSE American: INTT | 44
Slide 45: Q&A
Q&A InTest Corporation NYSE American: INTT | 45
Slide 46: 2025 Strategy Briefing: VISION 2030
2025 STRATEGY BRIEFING: VISION 2030 March 26, 2025 | New York Stock Exchange NYSE American: INTT | NYSE American: INTT |
Slide 47: Supplemental Information
Supplemental Information NYSE American: INTT | 47
Slide 48: Reconciliation of Operating Income to Adjusted Division Operating Income
Reconciliation of Operating Income to Adjusted Division Operating Income ($ in thousands, except percentages) Year Ended 12/31/2024 $ 63,878 Electronic Test Environmental Technologies 28,898 Process Technologies 37,914 Total Revenue $ 130,690 Electronic Test $ 8,732 Environmental Technologies 2,116
Slide 49: Reconciliation of Net Earnings to Adjusted EBITDA (Non-GAAP)
Reconciliation of Net Earnings to Adjusted EBITDA (Non-GAAP) ($ in thousands, except percentages) Years Ended December 31, 2020 2024 Net earnings $ (895) $ 2,891 Acquired intangible amortization 1,233 2,545 Acquired inventory step-up - 1,570 Net interest expense 33 (7) Income tax expense (336) 563 D
Slide 50: Richard N. Grant, Jr.
Richard N. Grant, Jr. President and Chief Executive Officer Richard N. Grant, Jr. was appointed as President and Chief Executive Officer of the Company and elected to serve as a director effective August 2020. Prior to joining InTest, Mr. Grant served as Senior Vice President Americas Region, for th
Slide 51: Duncan Gilmour
Duncan Gilmour Secretary, Treasurer and Chief Financial Officer Duncan Gilmour was appointed as Chief Financial Officer, Treasurer and Secretary effective June 2021. Prior to joining InTest, Mr. Gilmour served as Americas Region Controller of the Process Automation Measurement and Analytics Division
Slide 52: Michael Goodrich
Michael Goodrich Division President, Process Technologies Michael Goodrich joined InTest in January 2024 as President, Process Technologies Division. Prior to joining InTest, Mr. Goodrich was Vice President of Operations with Vixar Inc, a subsidiary of asm OSRAM. Previous to that he was President of
Slide 53: Joe McManus
Joe McManus Division President, Electronic Test Joseph McManus joined InTest in February 2021 as Vice President and General Manager of EMS. In January 2022, he was promoted to Division President, Electronic Test. Prior to joining InTest, Mr. McManus served as Vice President of Sales for CECO Environ
Slide 54: Michael Tanniru
Michael Tanniru Division President, Environmental Technologies Michael Tanniru joined InTest in May 2023 as Division President, Environmental Technologies. Prior to joining InTest, Mr. Tanniru served as General Manager for Cincinnati Test Systems, a manufacturer of instruments and turn-key machines
Slide 55: Kelley Locke
Kelley Locke Vice President, Information Technology & Cybersecurity Kelley Locke joined InTest in January 2025 as Corporate Vice President of Information Technology and Cybersecurity. Prior to joining InTest, Ms. Locke worked as the Director of Information Technology from July 2021 to December 2024
Slide 56: Richard Rogoff
Richard Rogoff Vice President Corporate Development Mr. Rogoff joined InTest in October 2021 as Vice President Corporate Development. Mr. Rogoff most recently had a consulting business advised many clients on their M&A and Strategy processes including work completed with InTest. Previously, he spent
Slide 57: Ingrid Smith
Ingrid Smith Vice President, Human Resources Ingrid Smith joined InTest in January 2025 as Vice President, Human Resources. Prior to joining InTest, Ms. Smith was Vice President and Head of Human Resources at Examity, an EdTech company providing automated and live proctoring services, from August 20