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inTEST Corporation (INTT) is a global supplier of innovative test and process technology solutions used in manufacturing and testing across various industries. The company designs, manufactures, and markets products that serve the semiconductor, automotive, defense/aerospace, industrial, life sciences, and security markets. INTT operates through three main segments, offering a diverse range of products including semiconductor test equipment, thermal test systems, and induction heating solutions.
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Electronic Test - Provides semiconductor test equipment, flying probe testers, and in-circuit testers. Also includes the operations of Alfamation S.p.A., which enhances capabilities in automated test equipment and serves industries such as automotive, defense/aerospace, industrial, and life sciences.
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Process Technologies - Offers induction heating and video imaging products for wafer production in the semiconductor market and other industries, including automotive, defense/aerospace, industrial, life sciences, and security.
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Environmental Technologies - Delivers thermal test, process, and storage products to end users and OEMs in the semiconductor market and other industries such as automotive, defense/aerospace, industrial, and life sciences.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Richard N. Grant, Jr. ExecutiveBoard | President, Chief Executive Officer, and Director | None | Richard N. Grant, Jr. is the President, CEO, and Director of inTEST Corporation. Specific achievements and external roles are not detailed in the documents. | View Report → |
Duncan Gilmour Executive | Chief Financial Officer, Treasurer, and Secretary | None | Duncan Gilmour joined inTEST in June 2021. He has a background in finance leadership roles at ABB, Inc., Tyco International, and Coopers & Lybrand. | |
Joseph McManus Executive | Division President, Electronic Test | None | Joseph McManus joined inTEST in February 2021 and was promoted to Division President, Electronic Test in January 2022. | |
Michael Goodrich Executive | Division President, Process Technologies | None | Michael Goodrich was appointed Division President, Process Technologies in January 2024. He has extensive experience in operations and strategic management. | |
Michael Tanniru Executive | Division President, Environmental Technologies | None | Michael Tanniru joined inTEST in May 2023. He has a background in operations management and growth in environmental technologies. | |
Gerald J. Maginnis Board | Director | Member of the Board of Directors at Cohen & Steers Mutual Fund Complex, Advisory Board of the Raj and Kamla Gupta Governance Institute at Drexel University, Executive in Residence at Rowan University | Gerald J. Maginnis has been a director since June 2020. He has extensive experience in audit and accounting, serving as Chairperson of the Audit Committee. | |
Jeffrey A. Beck Board | Director | Executive Chairman of Tekscan Corporation | Jeffrey A. Beck has been a director since June 2019. He is the Executive Chairman of Tekscan Corporation and has experience in leadership roles in robotics and manufacturing. | |
Joseph W. Dews IV Board | Chairperson of the Board | Managing Director at Craig-Hallum Capital Group | Joseph W. Dews IV has been a director since April 2014 and Chairperson of the Board since June 2019. He is a Managing Director at Craig-Hallum Capital Group. | |
Steven J. Abrams, Esq. Board | Director | Partner and Global Co-Head of Life Sciences and Healthcare at Hogan Lovells US LLP | Steven J. Abrams, Esq. has been a director since January 2013. He is a partner at Hogan Lovells US LLP and has extensive experience in corporate securities and life sciences. |
- With the front-end semiconductor market currently paused and customers pushing out shipments, how do you plan to mitigate the impact on your revenues until additional deliveries are expected in the second half of 2025?
- Given that headcount in your base businesses has been reduced by 10% since the beginning of 2024, can you elaborate on how these reductions will affect your operational capabilities and whether these cost savings are sustainable as demand picks up?
- Your gross margin improved to 46.3% in Q3, driven by favorable product mix and cost actions, but with operating expenses up due to the inclusion of Alfamation, how confident are you in maintaining these margins amid potential shifts in product mix and market demand?
- Alfamation's orders are described as "lumpy" due to the timing of large multisystem projects; how do you plan to manage this volatility, and what strategies are in place to smooth out revenue fluctuations from this segment?
- Considering the front-end semi market's need to improve efficiencies and adapt to changes in EV demand, what specific initiatives are you undertaking to capitalize on the evolving gallium nitride opportunity and position yourself competitively in this space?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Major Customer #1 | Primarily purchases solutions from the company’s Electronic Test offering | Electronic Test | Contributed 13% of consolidated revenue in 2024 and 13% in 2023 |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Alfamation S.p.A. | 2024 | inTEST Corporation acquired Alfamation S.p.A. for a total purchase price of EUR 20 million (combining cash, stock, and working capital adjustments), assuming debt of approximately EUR 10.3 million and signing a six-year lease for new facilities. This strategic move enhances inTEST’s presence in the automotive/EV, life sciences, and consumer electronics markets while extending its geographic reach in Europe. |
Acculogic Inc. | 2021 | inTEST Corporation completed the acquisition of Acculogic Inc. for approximately USD $9 million in cash, funded through its credit facility, which aligns with its 5-Point Growth Strategy to expand global reach and product offerings. Acculogic’s expertise in robotics-based test equipment, including its patented Flying Scorpion system, is expected to complement inTEST’s portfolio and deliver incremental earnings. |
Videology Imaging Solutions Inc. | 2021 | inTEST Corporation acquired Videology Imaging Solutions Inc. for an approximate cash payment of $12 million (net of liabilities) with an escrow component of $1.2 million, integrating the operation into its Thermal segment. The acquisition expands inTEST’s process technology offerings in diverse markets, including medical and industrial applications, while being financed through a delayed draw term note with a fixed interest rate. |
Z-Sciences Corp. (now North Sciences) | 2021 | inTEST Corporation acquired Z-Sciences Corp. for approximately $500,000 in cash, with an additional $200,000 escrow for indemnification, as part of its strategy to enter the fast-growing life sciences cold chain market. The acquisition, set to leverage inTEST’s engineering and manufacturing capabilities, will see the integration of innovative ultra-cold storage solutions into the Thermal segment, positioning the company in a $200 million addressable market. |
Recent press releases and 8-K filings for INTT.
- Q1 revenue reached $26.6M with a 41.5% gross margin, despite macroeconomic uncertainty and engineering delays that deferred approximately $1.5M in shipments
- The quarter recorded an operating loss of $2.9M and a net loss of $2.3M, with operating expenses rising by $1.3M y/y due to restructuring and incremental costs from Alfamation
- For Q2 2025, management projects $27–29M in revenue with an expected 42% gross margin, supported by strategic diversification and planned manufacturing expansion in Malaysia
- Q1 orders increased by 11.2% y/y to $25.3M, driven by gains in industrial, safety/security, and life sciences
- Generated $5.5M from operations, reduced debt by $3.2M, and maintained approximately $62M in liquidity
- Vision 2030 Strategy: Management detailed a comprehensive 5-point strategy to double the business from a conservative 2025 base of $130 million to approximately $260 million by 2030, fueled by both organic growth (7–9% CAGR) and M&A initiatives.
- Innovation and New Product Focus: The company aims to increase the proportion of revenue from new products from around 13% in 2023 to 25% by 2030 by investing in R&D and launching innovative products such as the benchtop ThermoStream and the EKOHEAT compact.
- Operational Excellence and Financial Discipline: Emphasis was placed on driving margin expansion through improved operational efficiency, stringent cost controls, and robust working capital management, supported by strong cash generation and a disciplined balance sheet.
- Global Footprint Expansion: Leveraging its global manufacturing and service presence—with key sites in North America, Europe (via the Alfamation acquisition), and Southeast Asia—the company is well positioned to meet diverse market demands in sectors like defense, automotive, and industrial applications.
- Investor Day 2025 showcased progress on the Vision 2030 initiative and the 5‐Point Strategy, with management discussing strategic progress in culture, talent development, and international market expansion.
- The presentation detailed record revenue growth over three consecutive years with revenue guidance targeting $125–$135 million in 2025 and a 2030 goal of $235–$285 million.
- Leaders outlined operational improvements, non‐GAAP financial measures, and an acquisition strategy designed to drive sustainable, profitable growth and boost new product contributions to 25% of total sales by 2030.
- InTest Corporation (INTT) filed an 8-K announcing its Vision 2030 strategy, outlining a plan for profitable growth over the next five years.
- The strategy targets a 2030 revenue range of $235 million to $285 million based on 7%-9% organic growth and significant contributions from acquisitions (about $50 million to $60 million acquired revenue plus additional growth from future deals).
- The filing includes exhibits (EX-99.1 and EX-99.2) detailing the strategy presentation, along with updates on progress from the company’s earlier 5-Point Strategy.