InTest Corporation (INTT) reported first‑quarter 2026 financial results, posting revenue of $33.9 million, a 27.2 % year‑over‑year increase, GAAP earnings per share of $0.06, and adjusted earnings per share of $0.16, which beat the consensus estimate of $0.09.
Revenue growth was driven by a 69 % share of non‑semiconductor end‑market sales, with the defense, life‑sciences, and auto/EV segments each reporting double‑digit growth. The semiconductor business also improved, benefiting from backlog shipments that offset the lack of new orders.
Gross margin expanded to 45.5 %, up 400 basis points from 41.5 % a year earlier, as higher‑margin product mix and operational efficiencies lifted profitability. GAAP operating income swung to $1.0 million from a $2.9 million loss in Q1 2025.
Management raised its full‑year 2026 revenue outlook to $130 million–$135 million, up from $125 million–$130 million, and reiterated a gross‑margin target of approximately 45 %. The guidance reflects confidence in sustained demand and a strong backlog that grew 36 % year‑over‑year.
Cash and cash equivalents stood at $15.7 million, with $30 million available under a delayed‑draw term loan and no borrowings under the revolving credit facility, giving total liquidity of roughly $56 million. Total debt was $8.5 million, an increase of $1 million from the end of Q4 2025.
CEO Rich Rogoff said, "InTest delivered a good start to 2026, with first quarter results slightly ahead of guidance, reflecting our strong execution." He also noted that 69 % of revenue came from non‑semiconductor markets, underscoring the company’s diversification strategy.
The market reaction was muted, with investors focusing on valuation concerns after a significant run‑up over the past year, indicating that the strong results were largely priced in.
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