Business Description

NATURE OF OPERATIONS InTest Corporation (“ InTest, ” “ we ,” “ our ,” “ us ” and the “ Company ”), a Delaware corporation headquartered in Mount Laurel, New Jersey, is a global supplier of innovative test and process technology solutions for use in manufacturing and testing across a wide range of markets including Semiconductors (“ Semi ”), Auto/Electric Vehicle (“ EV ”), Defense/Aerospace, Industrial, Life Sciences, Safety/Security and Other. We have three operating segments which are also our reportable segments and reporting units: Electronic Test, Environmental Technologies and Process Technologies. The consolidated entity is comprised of InTest Corporation and our wholly-owned subsidiaries which comprise our six business: Electro Mechanical Semiconductor (“ EMS ”), Acculogic, Alfamation ™ , InTest Thermal Solutions (“ ITS ”), Ambrell ® and Videology ® . We manufacture our products in the U.S., Canada, Italy and Malaysia. Marketing and support activities are conducted worldwide from our facilities in the U.S., Canada, Italy, Germany, Singapore and the U.K. As of December 31, 2025, we have consolidated our Videology ® Netherlands operations into our U.S. Videology ® location. See “ Note (16) Restructuring ” for further discussion about this action. We operate our business worldwide and sell our products both domestically and internationally. Founded in 1981, we completed our initial public offering in June 1997 and currently trade on the NYSE American exchange under the symbol “ INTT .” We announced in December 2023 that we have signed a lease in Penang, Malaysia which will support applications engineering, product development and localized manufacturing for nearly all InTest brands. In connection with this operation, we established InTest SE Asia Sdn Bhd (“ InTest SE Asia ”), a private limited company incorporated in Malaysia which is a wholly-owned subsidiary of InTest Corporation. This facility began engineering and supply chain operations in the third quarter of 2024 and began limited manufacturing and support operations in the fourth quarter of 2025 with expansion to production of approximately 25% of all ThermoStream products expected by mid-2026. All of our operating segments have multiple products that we design, manufacture and market to our customers. Due to a number of factors, our products have varying levels of gross margin. The mix of products we sell in any period is ultimately determined by our customers’ needs. Therefore, the mix of products sold in any given period can change significantly from the prior period. In addition, we sell our products to a variety of different types of customers with varying levels of discounts and commission expense. As a result of changes in both the mix of products sold as well as customer mix in any given period, our consolidated gross margin can vary significantly from period to period. The semiconductor market, which includes both the broader semiconductor market, as well as the more specialized automated test equipment (“ ATE ”) and wafer production sectors within the broader semiconductor market, has historically been the largest single market in which we operate. The Semi market is characterized by rapid technological change, competitive pricing pressures and cyclical as well as seasonal market patterns. The Semi market is also subject to periods of significant expansion or contraction in demand. In addition to the Semi market, we sell into a variety of other markets. Our intention is to continue diversifying our markets, our product offerings within the markets we serve and our customer base across all of our markets with the goal of reducing our dependence on any one market, product or customer. In particular, we are seeking to reduce the impact of volatility in the Semi market on our results of operations. Our Electronic Test segment began with EMS and sells its products to semiconductor manufacturers and third-party test and assembly houses (end user sales) and to ATE manufacturers (original equipment manufacturer (“ OEM ”) sales), who ultimately resell our equipment with theirs to both semiconductor manufacturers and third-party test and assembly houses. These sales all fall within the ATE sector of the Semi market. With the acquisition of Acculogic Inc. and its affiliates (“ Acculogic ”) in December 2021, and the March 2024 acquisition of Alfamation S.p.A.…