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• Like Keysight Technologies, but specializing in automated test equipment and thermal solutions for semiconductors and other electronics.
• Imagine Cognex, known for machine vision in manufacturing quality control, but INTT provides comprehensive automated hardware systems for functional and thermal testing of electronic components.

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• Thermal Control Systems: Provide precise temperature environments for testing semiconductors and other devices, as well as for various industrial processes.
• Semiconductor Test Manipulators & Docking: Enable the physical connection and precise positioning of semiconductor devices to automated test equipment.
• Inductive Heating Systems: Offer efficient and precise non-contact heating solutions for industrial processes like brazing, heat treating, and melting.
• Automated Material Handling Systems: Deliver robotic and automated solutions for transporting and positioning materials within manufacturing and test environments.

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inTest (INTT) - Major Customers

inTest (INTT) primarily sells its test and process solutions to other companies, operating within a Business-to-Business (B2B) model.

According to inTest's annual reports (most recently, its 2023 10-K filing), the company does not depend on a single customer or small group of customers. Specifically, no single customer accounted for 10% or more of inTest's consolidated net revenues for the years ended December 31, 2023, 2022, or 2021. Due to this diversification, inTest does not publicly disclose individual "major customers" by name.

However, inTest serves a diverse range of customers within critical technology sectors. Its customers are generally companies operating in the following industries:

• Semiconductor Industry: Customers include integrated device manufacturers (IDMs), fabless semiconductor companies, semiconductor test equipment manufacturers, and outsourced semiconductor assembly and test (OSAT) companies that require solutions for wafer test, final test, and burn-in processes.
• Automotive Industry: Serving automotive component suppliers and original equipment manufacturers (OEMs) for various testing and manufacturing processes, particularly for electric vehicles (EVs) and advanced driver-assistance systems (ADAS).
• Defense/Aerospace Industry: Providing specialized test and process solutions to prime contractors and subcontractors for the development and production of critical systems and components.
• Industrial and Medical Industries: Supplying manufacturers of industrial equipment and medical devices with critical testing, thermal management, and process solutions.

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Richard N. Grant, Jr. President and CEO

Richard N. Grant, Jr. was appointed President and Chief Executive Officer of inTEST in August 2020. Before joining inTEST, he served as Senior Vice President Americas Region Measurement & Analytics of ABB Ltd from June 2017 to August 2020. Prior to ABB, he held the position of Corporate Vice President and General Manager of the Materials Analysis Division at AMETEK Inc., an electronic instrument and electromechanical manufacturer, from April 2013 to June 2017. He also served as an Operating Officer of AMETEK Inc. and a Board Member of SEIKO EG&G CO. LTD. Mr. Grant spent 16 years at Emerson Electric, holding various leadership roles including Vice President/General Manager of the Temperature Business unit of Rosemont Measurement and Vice President Strategic Planning for Emerson Process Management. During his tenure at AMETEK, he oversaw organic and inorganic growth and increased profitability for a group of Test and Measurement businesses.

Duncan Gilmour Secretary, Treasurer and CFO

Duncan Gilmour was appointed Chief Financial Officer, Treasurer, and Secretary of inTEST in June 2021. Prior to inTEST, Mr. Gilmour was the Americas Region Controller of the Process Automation Measurement and Analytics Division of ABB, Inc. from June 2017 to June 2021. He also served as Finance Director of Enterprise Support for Tyco International, Corporate from December 2014 to May 2017. Mr. Gilmour had a 13-year career with Tyco International, holding roles such as Director of Corporate Compliance, Global Controller, and Finance Director. Before Tyco, he spent 11 years at Coopers & Lybrand / PricewaterhouseCoopers, managing multinational public and private company audits, IPOs, and consulting engagements.

Joe McManus Division President, Electronic Test

Joseph McManus joined inTEST in February 2021 as Vice President and General Manager of EMS, and was promoted to Division President, Electronic Test in January 2022. His prior experience includes serving as Vice President of Sales for CECO Environmental from November 2016 to September 2020. Before CECO, Mr. McManus had a 20-year career at Akrion, a semiconductor capital equipment supplier, where he held roles such as Vice President-Sales and Marketing and Global Product Manager.

Michael Goodrich Division President, Process Technologies

Michael Goodrich joined inTEST in January 2024 as President, Process Technologies Division. Previously, he was Vice President of Operations with Vixar Inc, a subsidiary of asm OSRAM. He also served as President of GBS, LLC, where he provided strategic and process improvement advisory services to technology and manufacturing businesses. Mr. Goodrich spent over 20 years at Rudolph Technologies, progressing to Vice President and General Manager, overseeing major product launches and revenue growth. He began his career at August Technology, later acquired by Rudolph, where he established the customer support department.

Richard Rogoff Division President, Environmental Technologies

Richard Rogoff joined inTEST in October 2021 as Vice President Corporate Development and was promoted to Division President, Environmental Technologies in June 2025. Prior to inTEST, he operated a consulting business focusing on M&A and strategy. He also spent seven years at Onto Innovation Inc., a semiconductor capital equipment supplier, where he served as Vice President and Business Unit Manager Lithography systems and later managed the M&A integration office. Additionally, Mr. Rogoff held various positions over 20 years at ASML Inc., including Vice President Business Development & Business Unit Manager Optics and Vice President European Sales & Worldwide Account Support.

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The key risks to inTest's business (INTT) include:

1. Dependence on cyclical markets and fluctuations in customer capital expenditures: inTest's business is significantly impacted by market cycles in key sectors such as semiconductor, automotive/EV, and industrial markets. Downturns in these markets, including changes in the timing and rates of customer capital expenditures, can directly affect the company's revenue and financial performance, as evidenced by simultaneous cyclical downturns in late 2023 and throughout 2024 in its largest markets.
2. Risks associated with acquisitions and the execution of growth strategies: A core part of inTest's "VISION 2030 Strategy" involves growth through acquisitions. The company faces risks in successfully executing this strategy, realizing the anticipated benefits from acquisitions, integrating acquired operations, and achieving inorganic growth targets, as it did not fully meet its inorganic growth targets in previous periods.
3. Supply chain disruptions and macroeconomic factors: inTest is susceptible to supply chain challenges, which can hinder its ability to convert backlog into sales and ship products in a timely manner. Furthermore, broader macroeconomic conditions, such as inflation, rising interest rates, and fluctuations in foreign currency exchange rates, can negatively impact the company's business and financial condition.

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InTest Corporation (symbol: INTT) operates in three main segments: Electronic Test, Environmental Technologies, and Process Technologies.

• Electronic Test: This segment provides solutions for semiconductor manufacturing and testing.
  The global semiconductor test equipment market was valued at approximately USD 7.20 billion in 2024 and is projected to grow to USD 12.70 billion by 2032. Another estimate places the global semiconductor test equipment market size at USD 15.11 billion in 2025, with a projection to reach USD 20.42 billion by 2030. The broader global semiconductor testing market is expected to reach a valuation of USD 39.2 billion in 2025 and USD 75.2 billion by 2034.
• Environmental Technologies: This segment offers thermal solutions for product testing and ultra-cold storage for the life sciences cold chain market.
  InTest indicates that the non-ATE (Automated Test Equipment) thermal market, which serves telecommunications, defense/aerospace, automotive, and industrial end markets, is approximately $120 million.
• Process Technologies: This segment includes induction heating solutions and digital streaming and image capturing solutions.
  The global induction heating system market was valued at USD 1.94 billion in 2024 and is predicted to grow to USD 3.13 billion by 2034. Another report estimates the global Induction Heating System Market size at USD 1.29 billion in 2025, expected to reach USD 2.19 billion by 2033. The U.S. induction heating system market is projected to exceed USD 500 million by 2034. No specific addressable market size was found for digital streaming and image capturing solutions.

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1. Growth in the Automotive/EV Market: InTest anticipates continued strong demand from the automotive and electric vehicle (EV) sector. This growth is significantly fueled by the successful integration of the Alfamation acquisition, which has contributed to record bookings with Tier 1 electronic suppliers for new model year programs.
2. Expansion in the Defense/Aerospace Sector: The company expects sustained growth in the defense and aerospace market. This is driven by strong interest in inTest's innovative environmental and test technologies, leading to orders from prime defense contractors, commercial space companies, and NASA.
3. New Product Introductions and Technological Innovation: InTest's commitment to driving innovations and adding new customers through advanced technologies is a key growth driver. Examples include Acculogic's expanded flying probe capabilities, which have generated multiple system orders from new customers, and the development of unique induction heating solutions for materials like SiC, GaN, and epitaxy.
4. Diversification into Life Sciences and Safety/Security: InTest is actively pursuing growth in the life sciences and safety/security markets. The company has observed increasing demand and successful penetration with new customers in these segments, contributing to overall revenue diversification.
5. Semiconductor Market Recovery: While the semiconductor market has faced headwinds, particularly in the front-end, inTest anticipates a gradual recovery in the back-end. The company also foresees exciting long-term opportunities with its unique induction heating solutions for advanced semiconductor materials.

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Share Repurchases

• inTest's Board of Directors approved a stock repurchase plan in November 2023, authorizing the purchase of up to $10 million of common stock through November 17, 2024.
• During the third quarter of 2024, inTest repurchased approximately 141,000 shares for a total investment of $1 million at an average price of $7.38.

Share Issuance

• In July 2023, inTest issued 921,797 shares, raising $19.3 million, at an average share price of $21.70, with the purpose of funding future acquisitions.

Outbound Investments

• In March 2024, inTest acquired Alfamation S.p.A., a global provider of test and measurement solutions for the automotive, life sciences, and specialty consumer electronics markets.
• The Alfamation acquisition contributed $9.7 million in revenue in the second quarter of 2024.
• In 2021, inTest expanded its portfolio by acquiring North Sciences, Videology Imaging Solutions, and Acculogic.

Capital Expenditures

• Capital expenditures were approximately $1.3 million for the full year 2023, a decrease from $1.4 million in 2022.
• In the second quarter of 2024, capital expenditures amounted to approximately $300,000, and for the full year 2024, they were expected to be between 1% to 2% of sales.
• Capital expenditures in the first quarter of 2025 were $0.2 million, and in the third quarter of 2025, they were $0.4 million.