Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

cbe938cc38dfd9a8c8e75c2fd442e3b4014d8965c922ce0da50fc341f6b2bc67

| **Program Details**       | **Program 1**       |
|---------------------------|---------------------|
| **Approval Date**         | November 17, 2023  **[0001437749-24-033626_intt20240930_10q.htm:58]**  |
| **End Date/Duration**     | November 17, 2024  **[0001437749-24-033626_intt20240930_10q.htm:58]**  |
| **Total additional amount** | **$10.0 million**  **[0001437749-24-033626_intt20240930_10q.htm:58]**  |
| **Remaining authorization amount** | **$8,961,150** as of September 30, 2024  **[0001437749-24-033626_intt20240930_10q.htm:58]**  |
| **Details**               | Repurchases through open market transactions, privately negotiated transactions, or otherwise, with a per-share price cap of **$9.00**. **141,117 shares** repurchased at a total cost of **$1,038,850**; all repurchased shares were retired.  **[0001437749-24-033626_intt20240930_10q.htm:58]**  |

1fe956522ea34dd736a68d2523f0f65be7b139b4c298b9017bdcfa4a6fdae737

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

United States

Foreign

Total Revenue

7eb7cd15717ee3742e675753239210ad5bd632321882dbc1fc4c16f0592343da

1. **Front-End Semiconductor Outlook**  
   **Q:** When is recovery expected in front-end semiconductors?  
   **A:** Management anticipates that additional deliveries in the front-end semiconductor market will be needed in the **second half of 2025**, based on customer feedback. This timeline comes from multiple customers working on next-generation solutions, but visibility remains limited and could change.  **[INTT_3405455_5]** 

2. **Gross Margin Sustainability**  
   **Q:** Are recent gross margin improvements permanent?  
   **A:** The strong gross margin was primarily driven by favorable product mix, particularly higher back-end semiconductor sales, but also benefited from cost initiatives, contributing roughly **1 percentage point**. While some cost savings are ongoing, the margin level may adjust with changes in demand and product mix.  **[INTT_3405455_6]** 

3. **Headcount Reductions and Cost Savings**  
   **Q:** How will headcount reductions impact financials?  
   **A:** Over the last nine months, the company has gradually reduced headcount in its base businesses by **10%**, aligning with softened demand. These actions have been yielding cost benefits that are starting to reflect in the financials, contributing to improved margins in Q3, and will continue going forward.  **[INTT_3405455_8]** **[INTT_3405455_9]** 

4. **Order Pushouts Impact**  
   **Q:** Are order pushouts broad-based or concentrated?  
   **A:** The company experienced approximately **$2 million** in shipment delays from Q3 to Q4 due to orders not reaching customers by quarter-end, arriving in early Q4 instead. While these are specific delays, there have also been broader pushouts in the front-end semiconductor space, with customers adjusting their shipment schedules.  **[INTT_3405455_4]** 

5. **Back-End Semiconductor Improvements**  
   **Q:** Is the back-end semiconductor market strengthening?  
   **A:** The back-end semiconductor business is showing gradual improvement, with increasing requests for quotes and a growing pipeline. While not a sharp upturn, there is a positive trend with upcoming capital expenditure projects expected to kick off soon, indicating better demand in this segment.  **[INTT_3405455_10]** 

6. **Alfamation's Growth Drivers**  
   **Q:** What drives growth for Alfamation?  
   **A:** Alfamation focuses on automotive testing solutions and is benefiting from shifts in the automotive industry, such as the move toward centralized computing systems in vehicles. This transition requires new testers and creates opportunities despite changes in vehicle models. The pipeline for Alfamation is strong, with significant testing opportunities arising from new technologies and features in cars.  **[INTT_3405455_10]** 

3a6125c724c20b3fabd013e0ff8c4034030b7347219ec60c93b57e0bba39ae78

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.

1. **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.  **[0001437749-24-033626_intt20240930_10q.htm:32]** **[0001437749-24-015682_intt20240331_10q.htm:32]** **[0001437749-24-033626_intt20240930_10q.htm:36]** **[0001437749-24-009623_intt20230930_10qa.htm:7]** 

2. **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.  **[0001437749-24-033626_intt20240930_10q.htm:32]** **[0001437749-24-015682_intt20240331_10q.htm:32]** **[0001437749-24-033626_intt20240930_10q.htm:36]** **[0001437749-24-009623_intt20230930_10qa.htm:7]** 

3. **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.  **[0001437749-24-033626_intt20240930_10q.htm:32]** **[0001437749-24-015682_intt20240331_10q.htm:32]** **[0001437749-24-033626_intt20240930_10q.htm:36]** **[0001437749-24-009623_intt20230930_10qa.htm:7]**

9b5412264ea883cd542d25fa4d99375e553a0900632a3298f77c1d22bc2ee2db

1. 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?  **[INTT_3405455_5]** **[INTT_3405455_4]** **[INTT_3405455_3]** 
2. 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?  **[INTT_3405455_7]** **[INTT_3405455_0]** **[INTT_3405455_8]** 
3. 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?  **[INTT_3405455_6]** **[INTT_3405455_1]** 
4. 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?  **[INTT_3405455_0]** **[INTT_3405455_10]** 
5. 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?  **[INTT_3405455_9]** **[INTT_3405455_3]** 

9897378890ad9450492a756b4be4dbd2325103a3aea970d5d7a1eb31f435afeb

### Guidance Provided by inTEST (INTT) in the Last Four Earnings Calls

---

#### **1. Q3 2024 Earnings Call**
- **Issued Period**: Q3 2024  
- **Guided Period**: FY 2024  
- **Guidance**:  
  - **Full-Year 2024 Revenue**: Expected to range between **$128 million to $131 million**.  **[INTT_3405455_1]**   
  - **Full-Year 2024 Gross Margin**: Expected to be approximately **42% to 43%**.  **[INTT_3405455_1]**   
  - **Full-Year 2024 Operating Expenses**: Approximately **$53 million**, including intangible asset amortization expense of **$3.3 million** (or **$2.7 million** on a tax-adjusted basis).  **[INTT_3405455_1]**   
  - **Full-Year 2024 Effective Tax Rate**: Approximately **17% to 19%**.  **[INTT_3405455_1]**   
  - **Q4 2024 Revenue**: Implied to range between **$34 million to $37 million**.  **[INTT_3405455_1]**   
  - **Q4 2024 Gross Margin**: Approximately **42%**.  **[INTT_3405455_1]**   
  - **Q4 2024 Operating Expenses**: Approximately **$13.5 million**, including total intangible asset amortization of **$900,000** (or **$700,000 after tax**, equivalent to about **$0.06 per share**).  **[INTT_3405455_1]**   
  - **Q4 2024 EPS**: Approximately **$0.08**.  **[INTT_3405455_1]**   
  - **Q4 2024 Adjusted EPS**: Approximately **$0.14**.  **[INTT_3405455_1]**   

---

#### **2. Q2 2024 Earnings Call**
- **Issued Period**: Q2 2024  
- **Guided Period**: Q3 2024 and FY 2024  
- **Guidance**:  
  - **Full-Year 2024 Revenue**: Expected to range between **$128 million and $133 million**.  **[INTT_3396185_3]**   
  - **Full-Year 2024 Gross Margin**: Approximately **42% to 43%**.  **[INTT_3396185_3]**   
  - **Full-Year 2024 Operating Expenses**: Approximately **$54 million**, including intangible asset amortization expense.  **[INTT_3396185_3]**   
  - **Full-Year 2024 Intangible Asset Amortization Expense**: Approximately **$3.3 million** or **$2.7 million on a tax-adjusted basis**.  **[INTT_3396185_3]**   
  - **Full-Year 2024 Effective Tax Rate**: Approximately **17% to 19%**.  **[INTT_3396185_3]**   
  - **Full-Year 2024 Capital Expenditures**: Expected to run between **1% to 2% of sales**.  **[INTT_3396185_3]**   
  - **Q3 2024 Revenue**: Expected to be **slightly lower than Q2 2024**.  **[INTT_3396185_3]**   
  - **Q3 2024 Gross Margin**: Expected to improve somewhat compared to Q2 2024.  **[INTT_3396185_3]**   
  - **Q3 2024 Operating Expenses**: Expected to be **similar to Q2 2024**, including amortization.  **[INTT_3396185_3]**   
  - **Q3 2024 Intangible Asset Amortization**: Approximately **$900,000** or **$700,000 after tax** (about **$0.06 per share**).  **[INTT_3396185_3]**   
  - **Q3 2024 EPS and Adjusted EPS**: Expected to be **similar to Q2 2024**.  **[INTT_3396185_3]**   

---

#### **3. Q1 2024 Earnings Call**
- **Issued Period**: Q1 2024  
- **Guided Period**: Q2 2024 and FY 2024  
- **Guidance**:  
  - **Q2 2024 Revenue**: Expected to be between **$34 million and $36 million**.  **[INTT_3386706_1]**   
  - **Q2 2024 Gross Margin**: Approximately **44% to 45%**.  **[INTT_3386706_1]**   
  - **Q2 2024 Operating Expenses**: Expected to be in the range of **$14.5 million to $15 million**.  **[INTT_3386706_1]**   
  - **Q2 2024 Tax-Adjusted Intangible Asset Amortization**: Approximately **$1.2 million**, or about **$0.10 per share**.  **[INTT_3386706_1]**   
  - **Q2 2024 EPS**: Expected to be between **breakeven to $0.06 per diluted share**.  **[INTT_3386706_2]**   
  - **Q2 2024 Adjusted EPS**: Expected to be approximately **$0.10 to $0.16 per diluted share**.  **[INTT_3386706_2]**   
  - **Full-Year 2024 Revenue**: Expected to range from **$140 million to $150 million**.  **[INTT_3386706_2]**   
  - **Full-Year 2024 Gross Margin**: Approximately **44% to 46%**.  **[INTT_3386706_2]**   
  - **Full-Year 2024 Operating Expenses**: Expected to be roughly **$56 million to $58 million**, including tax-adjusted intangible asset amortization expense of approximately **$4.1 million**.  **[INTT_3386706_2]**   
  - **Full-Year 2024 Effective Tax Rate**: Projected to be about **17% to 19%**.  **[INTT_3386706_2]**   
  - **Full-Year 2024 Capital Expenditures**: Expected to run between **1% to 2% of sales**.  **[INTT_3386706_2]**   

---

#### **4. Q4 2023 Earnings Call**
- **Issued Period**: Q4 2023  
- **Guided Period**: Q1 2024 and FY 2024  
- **Guidance**:  
  - **Q1 2024 Revenue**: Approximately **$29 million**.  **[INTT_3379348_4]**   
  - **Q1 2024 Gross Margin**: Approximately **45% to 46%**.  **[INTT_3379348_4]**   
  - **Q1 2024 Operating Expenses**: Approximately **$13 million**, including amortization and elevated corporate development expenses.  **[INTT_3379348_4]**   
  - **Q1 2024 Intangible Asset Amortization (after tax)**: Approximately **$0.5 million**.  **[INTT_3379348_4]**   
  - **Q1 2024 Effective Tax Rate**: Between **16% and 17%**.  **[INTT_3379348_4]**   
  - **Q1 2024 EPS**: Approximately **$0.06 per diluted share**.  **[INTT_3379348_4]**   
  - **Q1 2024 Adjusted EPS**: Approximately **$0.10 per diluted share** (adjusted for tax-effected amortization expense).  **[INTT_3379348_4]**   
  - **Full-Year 2024 Revenue**: Expected to range from **$145 million to $155 million**.  **[INTT_3379348_4]**   
  - **Full-Year 2024 Gross Margin**: Approximately **45% to 46%**.  **[INTT_3379348_4]**   
  - **Full-Year 2024 Operating Expenses**: Expected to be roughly **$57 million to $59 million**, including tax-adjusted intangible asset amortization expense of approximately **$3.5 million**.  **[INTT_3379348_4]**   
  - **Full-Year 2024 Effective Tax Rate**: Expected to be about **18% to 20%**, reflecting the jurisdictional impact of the Alfamation acquisition.  **[INTT_3379348_4]**   
  - **Full-Year 2024 Capital Expenditures**: Expected to run between **1% to 2% of sales**.  **[INTT_3379348_4]**   

--- 

This is the exhaustive guidance provided by inTEST (INTT) in the last four earnings calls.

e6e56466b6c1f1a4b57d9b981a8d4d978535a1fddca0f242172abb4f7c9441dc

| Name               | Position                                      | Start Date          | Short Bio                                                                                                                                                                                                                       |
|--------------------|-----------------------------------------------|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Richard N. Grant, Jr. | President, Chief Executive Officer, and Director | August 10, 2023     | Richard N. Grant, Jr. serves as the **President, Chief Executive Officer, and Director** of inTEST Corporation. He has been in this role since **August 10, 2023**.  **[0001437749-23-023105_intt20230808e_s8pos.htm:7]** **[0001437749-23-023102_intt20230808_s8pos.htm:7]** **[0001437749-23-023103_intt20230808c_s8pos.htm:7]** **[0001437749-23-023104_intt20230808d_s8pos.htm:7]**                                                |
| Duncan Gilmour     | Chief Financial Officer, Treasurer, and Secretary | June 2021           | Duncan Gilmour has served as **Chief Financial Officer, Treasurer, and Secretary** of inTEST Corporation since **June 2021**. He previously worked at ABB, Inc., Tyco International, and Coopers & Lybrand.  **[0001193125-24-115858_d767404ddef14a.htm:30]**                 |
| Joseph McManus     | Division President, Electronic Test            | January 2022        | Joseph McManus joined inTEST Corporation in **February 2021** and was promoted to **Division President, Electronic Test** in **January 2022**. He previously worked at CECO Environmental and Akrion.  **[0001193125-24-115858_d767404ddef14a.htm:30]** **[0001193125-23-122353_d483836ddef14a.htm:30]** **[0001193125-22-133894_d273413ddef14a.htm:29]**                   |
| Michael Goodrich   | Division President, Process Technologies       | January 15, 2024    | Michael Goodrich joined inTEST Corporation as **Division President, Process Technologies** on **January 15, 2024**. He previously worked at Vixar Inc. and Rudolph Technologies.  **[0001437749-24-001387_ex_615219.htm:0]** **[0001437749-24-001387_intt20240112_8k.htm:1]** **[0001193125-24-115858_d767404ddef14a.htm:30]**                                       |
| Michael Tanniru    | Division President, Environmental Technologies | May 2023            | Michael Tanniru joined inTEST Corporation in **May 2023** as Division President, Environmental Technologies. He previously worked at Cincinnati Test Systems, AMETEK, and Emerson Process Management.  **[0001193125-24-115858_d767404ddef14a.htm:31]** **[INTT_3249602_0]**                     |

598b9ef1fac2508c1307c245c5af96ebcf7339190c9435edad7167d94e5830ab

- **Delays and reductions in orders in the semiconductor sector** are leading to a **substantial backlog decline**, excluding the impact of the Alfamation acquisition.  **[INTT_3386706_4]** **[INTT_3386706_10]** **[INTT_3386706_9]**
- **Continued softness in the front-end semiconductor market**, with **projects being delayed, canceled, or rescoped**, is impacting revenue in this segment.  **[INTT_3386706_7]**
- The **Alfamation acquisition negatively impacted gross margins by 100 basis points in Q1**, indicating integration challenges affecting profitability.  **[INTT_3386706_6]**

bfd183a718ecbb42a912a96f65cd2feeaa53e4a182f724e98af1a28d0d99b476

- Management anticipates a **slower first half in 2024**, expecting growth to pick up only in the second half, indicating potential short-term revenue challenges.  **[INTT_3379348_6]**
- The **security business experienced a significant drop in orders** in Q4, with orders "falling off a cliff," suggesting potential volatility or weakness in that segment.  **[INTT_3379348_12]**
- Approximately **$2 million in deferred revenue** is uncertain in timing, with only 40% expected to be recognized within 12 months, which could affect near-term revenue recognition and cash flow.  **[INTT_3379348_9]**

2be3275fb7acb265cc988546b6fec7faabe56202b401bf119c786e777b367ac2

- **Front-end semiconductor market is very anemic**, with customers pushing out orders, and deliveries not expected to pick up until the **second half of 2025**.  **[INTT_3405455_5]** ,  **[INTT_3405455_9]**
- INTT has **reduced headcount by 10%** in its base businesses due to downturns in the front-end semiconductor space and industrial slowdowns.  **[INTT_3405455_7]**
- The recent gross margin improvement may not be sustainable, as it is largely driven by **favorable mix** with higher back-end semiconductor sales, rather than permanent cost reductions.  **[INTT_3405455_6]**

892710fbe3368d67f842f4683d1c1b3ac55139f4e93a843b31d751ab6f0d65c9

- **Successful Integration of Alfamation Leading to Synergies**: Management is pleased with the progress of integrating Alfamation, noting that synergies are already being captured across products and technologies, which enhances their position in automotive, life sciences, and consumer electronics markets.  **[INTT_3396185_7]** **[INTT_3396185_11]**
- **Expansion into Growing Markets with Healthy Pipeline**: The company is expanding its channel partner network and seeing success in commercial space applications and green energy. Their induction heating solutions are gaining traction as a green alternative to gas furnaces, with a healthy pipeline and recent wins in this space.  **[INTT_3396185_11]**
- **Implementation of $1.2 Million in Annualized Cost Savings**: They are implementing **$1.2 million** in annualized cost savings starting in Q3, which should improve financial performance in upcoming quarters.  **[INTT_3396185_8]**

d983edd653991c43d2c972812adab7931b69bea4065df997a70ee272a02a84f4

- **Back-end semiconductor orders are gradually improving**, with increased requests for quotes and growing pipelines, indicating a recovery in this segment.  **[INTT_3405455_9]**
- **Effective cost management with a 10% headcount reduction** over the past nine months is leading to improved margins and operational efficiency.  **[INTT_3405455_7]** **[INTT_3405455_8]**
- **Alfamation presents strong growth prospects in the automotive sector**, with a robust project pipeline driven by shifts towards centralized computing systems in vehicles, requiring new testing solutions.  **[INTT_3405455_10]**

f1947177320e8a8c30fe66639060dfe7709505e41ab5c9da622289194a50fa44

- **The company expects to drive growth in 2024, launching new products and pursuing opportunities, with a focus on key verticals such as the industrial market.**  **[INTT_3379348_13]** **[INTT_3379348_11]**
- **The company's focus on the industrial sector, including green initiatives and induction heating solutions, is delivering results and opening additional opportunities, contributing to sustained performance over the past two years.**  **[INTT_3379348_11]** **[INTT_3379348_10]**
- **The acquisition of Alfamation is anticipated to contribute positively, with a strong backlog and plans to execute and integrate the business for continued growth.**  **[INTT_3379348_8]**

bba4b5cb8a6f449d8cb5cd842852a28cd2f6c7946989533698c672275e8571aa

- **Weakness in the front-end semiconductor market has been softer than expected**, leading to $1.2 million in annualized cost savings tied to that part of the business.  **[INTT_3396185_10]**
- **Sluggish industrial market due to higher cost of capital and project delays** is impacting demand, causing delays in project sign-offs and potentially affecting future revenue.  **[INTT_3396185_11]**
- **Slowing demand in the Auto/EV sector is impacting electronic test platforms like battery testers**, which are geared towards production volumes, leading to potential revenue decline in that space.  **[INTT_3396185_9]**

a16149caa0a6cbd52f7340b0315ef2651ca751e52b20e12a3af7a5f818de74b1

- **Strong Performance and Outlook in Defense and Aerospace Markets**: The company's defense business has been performing well, driven by robust testing of electronics used in missiles, missile defense systems, aircraft components, and other applications. They expect this strength to continue for quite some time due to new designs and higher testing needs driving upgrades to their products.  **[INTT_3386706_8]**
- **Positive Integration of Alfamation Acquisition Leading to New Opportunities**: The integration with Alfamation is progressing positively, enhancing their position in the electronics and infotainment test space for the automotive industry. They are excited about cross-selling opportunities and have observed that being part of a larger U.S. company gives credibility to their pursuits of new projects. This acquisition contributes to diversification and is expected to drive growth.  **[INTT_3386706_10]** **[INTT_3386706_5]**
- **Continued Investment in Innovation and New Product Development**: Despite a tough macro environment, the company remains committed to innovation as a core strategy and is accelerating R&D efforts. New products like the **SCAiLX vision camera** and the **bench-top ThermoStream** have generated significant customer interest and a pipeline of opportunities that are expected to bear fruit later in the year. This focus on innovation is anticipated to create future demand and growth.  **[INTT_3386706_10]**

d559b207a703fca8f11b2326e1eac1318b11d15275c71b4df5769ec8fc4b508f

inTest Corp (INTT)

Financials