InTest Reiterates Raised 2026 Outlook After Auto/EV Mix

The Tip Desk · August 10, 2026 · 4 min read

Second-quarter revenue reached $35.3 million as Auto/EV became 38.1% of sales and the company kept full-year guidance at $135 million to $140 million.

InTest Corporation (INTT), a global supplier of test and process technology for semiconductor, Auto/EV, defense, industrial, life sciences and safety markets, reported second-quarter revenue of $35.3 million, up 25.5% from a year earlier, marking a third consecutive quarter of sequential growth and a second straight quarter of year-over-year expansion above 25%.

The sequential increase of 4.2% from the revised first-quarter figure of $33.9 million reflected higher Auto/EV and Industrial sales, partly offset by lower Defense/Aerospace, Life Sciences and Semi revenue. President and CEO Rich Rogoff said strong Auto/EV project delivery and diversification across end markets powered the result, with non-semiconductor markets contributing about 74% of revenue.

Auto/EV was the defining mix shift. That market generated $13.4 million, or 38.1% of sales, and was the primary driver of the year-over-year increase. Industrial revenue was $4.4 million, Defense/Aerospace $3.8 million, Life Sciences $2.0 million, Safety/Security $0.8 million and Other $1.9 million. Semiconductor revenue was $9.1 million, or 25.7% of sales.

Gross margin compressed to 40.5% from 43.3% in the revised first quarter, a 280-basis-point sequential decline the company attributed to a shift toward higher-volume, lower-margin Auto/EV revenue. Versus a year earlier, gross margin was down 210 basis points from 42.6% on the same mix shift. Gross profit was $14.3 million.

Operating income swung to a $0.4 million profit from a $0.9 million loss a year earlier, with operating margin at 1.0%. Net earnings were $0.5 million, or $0.04 a share, versus a $0.5 million loss, or $(0.04) a share, a year earlier. Adjusted EBITDA was $2.2 million, up 73.7% year-over-year, with an adjusted EBITDA margin of 6.2%. Adjusted net earnings were $1.1 million, or $0.09 adjusted EPS.

Orders were $28.9 million, up 4.0% year-over-year after a 25.4% year-over-year increase in the first quarter. Sequentially, orders fell 9.2% from $31.8 million, with lower Auto/EV and Defense/Aerospace orders partly offset by Semi and Other. Semiconductor orders were $12.0 million, or 41.4% of the total; Semi orders rose about 56% sequentially and about 64% year-over-year, the strongest Semi order intake in six quarters. Auto/EV orders were $3.5 million, Defense/Aerospace $4.2 million, Industrial $4.6 million, Life Sciences $1.5 million, Safety/Security $0.3 million and Other $2.7 million.

Backlog at June 30, 2026, was $45.4 million, up 19.8% from a year earlier. About 45% of the backlog is expected to ship beyond the third quarter of 2026. Rogoff said expanding Defense/Aerospace opportunities tied to higher U.S. Department of Defense spending and healthy Auto/EV activity supported by rising electronic content put the company into the third quarter with momentum across divisions.

The company revised first-quarter 2026 inventory, cost of revenue, gross profit, gross margin, income tax expense, net earnings and EPS after an Alfamation ERP inventory error overstated first-quarter gross profit by about $750,000, a 220-basis-point downward revision to previously reported first-quarter gross margin. On July 31 it had raised full-year 2026 revenue guidance to $135 million to $140 million from the $130 million to $135 million range issued with first-quarter results, implying about 21% growth at the midpoint versus 2025’s $113.8 million. It reiterated that outlook, with gross margin of approximately 43%.

For the third quarter of 2026, InTest projects revenue of $33.0 million to $35.0 million, with gross margin of approximately 44% and operating expenses of $13.8 million to $14.2 million. Rogoff said the outlook reflects diversified demand supported by backlog, along with improving order flow and product mix in the second half, and that the goal is to convert commercial momentum into steadier Adjusted EBITDA growth as the company gains operating leverage.

Cash and cash equivalents were $22.1 million at June 30, 2026, up $6.4 million from the end of the first quarter. Term debt was reduced $1.0 million from March 31, 2026, and operating activities provided $6.3 million. The company had $30.0 million available under its delayed draw term loan facility and no borrowings under the $10.0 million revolving credit facility.