INTTHIGH SIGNALFINANCIAL10-K

INTT shows substantially higher revenue growth accompanied by declining gross profit margins and improved cash generation, suggesting a period of significant business mix changes or pricing pressures.

The combination of meaningfully expanded revenue alongside declining gross profit indicates potential margin compression from competitive pressures, changed product mix, or integration challenges. However, the substantial improvement in operating cash flow suggests better working capital management and underlying operational efficiency gains that may offset near-term margin concerns.

Comparing 2026-03-12 vs 2025-03-13View on EDGAR →
FINANCIAL ANALYSIS

INTT demonstrated substantially higher revenue growth while gross profit declined meaningfully, indicating significant margin compression during the period. The company improved its balance sheet position by reducing total debt by 34% and generated notably higher operating cash flows despite lower cash balances. The mixed financial picture suggests a business in transition, with strong top-line momentum offset by profitability challenges, though improved cash generation provides a positive operational signal.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+91.4%
$3.8M→$7.3M

Operating cash flow surged 91.4% — exceptional cash generation, highest quality earnings signal.

Revenue
P&L
+66.1%
$40.2M→$66.8M

Strong top-line growth of 66.1% — accelerating demand or successful expansion into new markets.

Total Debt
Balance Sheet
-34%
$12.0M→$7.9M

Debt reduced 34% — deleveraging strengthens balance sheet and reduces financial risk.

Cash & Equivalents
Balance Sheet
-28.3%
$19.8M→$14.2M

Cash decreased 28.3% — monitor burn rate and upcoming capital needs.

Capital Expenditure
Cash Flow
+23.3%
$1.3M→$1.6M

Capex increased 23.3% — ongoing investment in capacity or infrastructure for future growth.

Inventory
Balance Sheet
+17.7%
$26.8M→$31.6M

Inventory built 17.7% — monitor whether demand supports this build or if write-downs may follow.

Accounts Receivable
Balance Sheet
-12.2%
$29.5M→$25.9M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Liabilities
Balance Sheet
+11.9%
$31.9M→$35.8M

Current liabilities rose 11.9% — increased short-term obligations, watch current ratio.

Gross Profit
P&L
-11.7%
$55.4M→$48.9M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

R&D Expense
P&L
+10.4%
$8.5M→$9.4M

R&D investment increased 10.4% — signals commitment to future product development, though near-term margin impact.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-13
ADDED
Our forward-looking statements can often be identified by the use of forward-looking terminology such as aim, believe, expect, intend, may, could, continue, will, should, plans, depending, projects, forecasts, focus, seeks, anticipates, goal, objective, target, estimates, future, strategy, vision, or variations of such words or similar terminology.
and/or foreign trade policy and/or general economic conditions both domestically and globally.
BUSINESS OVERVIEW InTest Corporation, headquartered in Mount Laurel, New Jersey, was incorporated in New Jersey in 1981 and reincorporated in Delaware in April 1997.
We completed our initial public offering in June 1997 and currently trade on the NYSE American stock exchange under the symbol INTT .
The consolidated entity is comprised of InTest Corporation and our wholly owned subsidiaries which comprise our six businesses: Electro Mechanical Semiconductor ( EMS ), Acculogic, Alfamation , InTest Thermal Solutions ( ITS ), Ambrell and Videology .
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REMOVED
inTEST CORPORATION FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2024 INDEX Page PART I Item 1.
Form 10-K Summary 39 Index to Exhibits 40 Signatures 44 Index to Consolidated Financial Statements and Financial Statement Schedule F-1 2 inTEST CORPORATION FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2024 Unless the context otherwise indicates or requires, the terms inTEST, we , our , us and the Company , as used in this Annual Report on Form 10-K (this Report ), refer to inTEST Corporation and our consolidated subsidiaries as a combined entity.
Our forward-looking statements can often be identified by the use of forward-looking terminology such as believes, expects, intends, may, could, will, should, plans, depending, projects, forecasts, seeks, anticipates, goal, objective, target, estimates, future, outlook, strategy, vision, or variations of such words or similar terminology.
BUSINESS OVERVIEW inTEST Corporation was incorporated in New Jersey in 1981 and reincorporated in Delaware in April 1997.
The consolidated entity is comprised of inTEST Corporation and our wholly owned subsidiaries.
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