INTTHIGH SIGNALFINANCIAL10-K

INTT underwent a dramatic business transformation with revenue surging 285% to $66.8M while simultaneously swinging to operating losses of $3.7M, indicating either major acquisitions or significant operational challenges absorbing growth.

The massive revenue increase coupled with negative operating income suggests INTT either completed major acquisitions that haven't yet achieved operational synergies, or is experiencing severe margin compression despite growth. The positive operating cash flow of $7.3M despite operating losses indicates strong working capital management, but investors should closely monitor whether management can convert this revenue growth into profitability.

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

INTT's financials reflect a company in dramatic transition, with revenue exploding 285% while profitability collapsed from $3.4M operating income to -$3.7M loss. Despite the operational losses, strong cash flow generation of $7.3M and debt reduction of 34% demonstrate solid financial discipline, though declining cash reserves and rising inventory suggest the company is investing heavily to support its growth trajectory. The overall picture signals a high-growth company facing near-term profitability challenges but maintaining operational cash generation capabilities.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+285%
$17.4M→$66.8M

Strong top-line growth of 285% — accelerating demand or successful expansion into new markets.

Operating Income
P&L
-209.8%
$3.4M→-$3.7M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Net Income
P&L
-187.4%
$2.9M→-$2.5M

Net income declined 187.4% — review whether driven by operations, interest costs, or non-recurring items.

Operating Cash Flow
Cash Flow
+91.4%
$3.8M→$7.3M

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

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.

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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