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Sep 30, 2025
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.
Revenue by Segment
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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