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Sep 30
inTEST Q3 2025 Earnings Report
inTEST reported its third quarter 2025 financial results, with a decrease in revenue but a significant surge in orders.
Key Takeaways
InTest experienced a challenging third quarter in 2025 with revenue declining by 13.3% year-over-year to $26.2 million, primarily due to late-quarter shipment delays. Despite the revenue dip, the company saw a strong rebound in demand, with orders surging 34.2% year-over-year to $37.6 million, reflecting strength in auto/EV, industrial, defense/aerospace, and life sciences markets. The company reported an operating loss of $1.2 million and a net loss of $0.9 million, or $(0.08) per diluted share, but maintained strong cash generation and reduced total debt.
Revenue for Q3 2025 decreased by 13.3% year-over-year to $26.2 million, mainly due to shipment delays that have since been resolved.
Orders surged by 34.2% year-over-year to $37.6 million, marking the highest level since Q2 2022, driven by strong demand in auto/EV, industrial, defense/aerospace, and life sciences.
The company reported an operating loss of $1.2 million and a net loss of $0.9 million, or $(0.08) per diluted share, with adjusted EPS at $(0.02).
Backlog increased by $11.4 million to $49.3 million, a 30.1% increase from the previous quarter, indicating future revenue potential.
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 fourth quarter 2025 revenue to be between $30 million and $32 million, with a gross margin of approximately 43% and operating expenses ranging from $12.3 million to $12.7 million, excluding restructuring expenses. This outlook is based on resolved third-quarter shipment delays and a strong backlog.
Positive Outlook
- Fourth quarter 2025 revenue is projected to increase to $30 million to $32 million, reflecting the fulfillment of delayed shipments.
- Gross margin is expected to improve to approximately 43% in Q4 2025.
- Backlog increased significantly, with approximately 55.0% expected to ship beyond Q4 2025, indicating future revenue.
- Continued success in end market diversification, particularly in auto/EV and defense/aerospace, is driving order strength.
- Rigorous spending discipline has led to lower operating expenses than forecasted.
Challenges Ahead
- Ongoing global economic uncertainty continues to make customers cautious about committing to capital projects.
- Visibility into the timing of an overall market recovery remains unclear.
- Some customers in certain end markets are still holding back on capital investments.
- The guidance assumes macroeconomic conditions remain unchanged, posing a risk if conditions worsen.
- Operating expenses for Q4 2025 will include approximately $0.2 million in restructuring expenses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income