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Jun 30
inTEST Q2 2025 Earnings Report
inTEST reported improved orders and expanded gross margin for the second quarter of 2025.
Key Takeaways
InTest Corporation reported a sequential revenue increase of 6% to $28.1 million in Q2 2025, driven by growth in semi, industrial, defense/aerospace, and safety/security markets. The company significantly narrowed its operating loss to $0.9 million and net loss to $0.5 million, while gross margin expanded to 42.6%. Orders improved by 6% year-over-year and 9.5% sequentially, reflecting strength in auto/EV and life sciences.
Revenue increased 6% sequentially to $28.1 million, although it decreased 17.2% year-over-year.
Gross margin expanded to 42.6%, a 110 basis point sequential improvement and 200 basis point improvement year-over-year, driven by favorable product mix and cost reductions.
Operating loss narrowed significantly to $0.9 million from $2.9 million in the prior quarter, and net loss narrowed to $0.5 million from $2.3 million.
Orders grew 6% year-over-year to $27.8 million, reflecting strength in auto/EV and life sciences, and increased 9.5% sequentially.
inTEST
inTEST
inTEST Revenue by Segment
inTEST Revenue by Geographic Location
Revenue by Segment
Electronic Test Revenue
CapyFin.comEnvironmental Technologies Revenue
CapyFin.comProcess Technologies Revenue
CapyFin.comRevenue by Geographic Location
Semi Revenue
CapyFin.comAuto/EV Revenue
CapyFin.comDefense/Aerospace Revenue
CapyFin.comIndustrial Revenue
CapyFin.comLife Sciences Revenue
CapyFin.comSafety/Security Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
InTest expects to deliver quarter-over-quarter growth in 2025, albeit at a slower pace than initially anticipated, with third quarter 2025 revenue forecasted between $28 million and $30 million.
Positive Outlook
- Continued progress on VISION 2030 Growth Strategy by adding new customers and expanding market reach.
- Encouraging wins observed in auto/EV, life sciences, and defense/aerospace markets.
- Expected quarter-over-quarter growth in 2025.
- Third quarter 2025 gross margin is expected to be similar to the second quarter.
- Ongoing investment in new products to move up the value chain for customers and advance 'in-the-region for-the-region' manufacturing strategy.
Challenges Ahead
- Visibility remains limited amid persistently weak market conditions for capital investment.
- Most notably, the digital/analog semi industry remains slow.
- Growth pace for 2025 is anticipated to be slower than originally expected.
- Customers remain hesitant to commit to capital projects due to ongoing global economic and tariff uncertainties.
- Third quarter 2025 operating expenses are projected to be $12.6 million to $13.1 million, excluding approximately $0.1 million in restructuring expenses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income