InTest Posts Record Orders as Semiconductor Demand Rebounds

The Tip Desk · November 6, 2026 · 4 min read

Third-quarter revenue was $35.1 million, up 33.7% from a year earlier, with net earnings of $0.15 a share after a year-ago loss.

InTest Corporation (INTT), a global supplier of test and process technology for semiconductor, auto/EV, defense and other markets, reported record third-quarter orders of $49.4 million as semiconductor demand picked up and the company swung to a profit.

Revenue was $35.1 million, up 33.7% from a year earlier, after 25.5% year-over-year growth in the second quarter. Sequentially, sales were essentially unchanged, down $0.2 million, or 0.7%, from $35.3 million in the second quarter.

Net earnings were $1.9 million, or $0.15 a share, versus a net loss of $0.9 million, or $(0.08) a share, a year earlier. Adjusted EPS (Non-GAAP) was $0.18 versus $(0.02); adjusted EBITDA (Non-GAAP) was $4.4 million versus $0.4 million. Operating income was $2.7 million, or a 7.8% operating margin, versus an operating loss of $1.2 million, or a (4.5%) margin, a year earlier.

Gross margin rose to 47.7% from 41.9% a year earlier, a 580 basis-point increase the company attributed to improvement across all three operating segments. Sequentially, gross margin increased 720 basis points from 40.5%, reflecting a shift in product mix toward higher-margin semiconductor revenue.

Orders rose 71.2% sequentially to the record $49.4 million from $28.9 million in the second quarter. Semiconductor orders were $25.1 million, including record back-end orders, more than doubling from $12.0 million in the second quarter and more than tripling from $8.0 million a year earlier. Semiconductor represented 51% of total orders. President and CEO Richard Rogoff said demand for back-end semiconductor testing picked up as expected, driven by customers adding capacity for power, analog and mixed-signal devices, with new products capturing a meaningful portion of new orders.

Auto/EV orders rebounded $5.8 million sequentially to $9.4 million from $3.5 million, after a year-over-year decline of $5.2 million. Defense/Aerospace orders rose $1.8 million sequentially to $6.1 million from $4.2 million. Rogoff said Auto/EV orders more than doubled sequentially and Defense/Aerospace orders rose more than 40%.

Backlog was $59.7 million at quarter-end, up 21.2% year-over-year and 31.7% sequentially from $45.4 million at June 30, 2026. Approximately 60% of the backlog is expected to ship beyond the fourth quarter of 2026. Rogoff said orders were well ahead of revenue and that lead times for test equipment lengthened and customers placed orders earlier.

Auto/EV revenue fell $6.8 million sequentially to $6.7 million from $13.4 million, a 50.4% sequential decline, while remaining up 34.3% year-over-year. Defense/Aerospace revenue was $7.4 million, up 218.8% year-over-year and 95.9% sequentially from $3.8 million. Semiconductor revenue was $11.5 million, up 17.1% year-over-year and 27.3% sequentially from $9.1 million. Industrial revenue was $5.1 million, up 40.2% year-over-year. Life Sciences revenue was $1.2 million, down 38.8% year-over-year. Higher Defense/Aerospace, semiconductor and industrial revenue largely offset the Auto/EV decline.

Cash and cash equivalents totaled $20.9 million at September 30, 2026, down $1.2 million from the end of the second quarter. The company reduced term debt by $1.0 million from June 30, 2026, and used $0.3 million in operating activities. Capital expenditures were $0.4 million. At quarter-end, InTest had $30.0 million available under its delayed draw term loan facility and no borrowings under the $10.0 million revolving credit facility. On August 14, 2026, it amended the facility to extend the ability to draw on the term note through August 28, 2028. The company said it was in compliance with all covenants.

For the fourth quarter of 2026, InTest projects revenue of $34.0 million to $36.0 million, gross margin of approximately 45%, and operating expenses of $14.2 million to $14.7 million. Amortization expense is expected to be $0.5 million. Rogoff said the company expects much of the third-quarter semiconductor order intake to convert to revenue in the first half of 2027, giving greater revenue visibility into next year. He also said InTest is continuing an operational review begun earlier this year, focusing on cost structure and overhead.