inTEST Corp (INTT) presented its outlook at the 17th Annual Midwest IDEAS Conference, noting a broadening recovery across its test‑equipment portfolio. The company increased its full‑year 2026 revenue guidance to a range of $135 million to $140 million, representing more than 20% year‑over‑year growth from 2025.
For the third quarter of 2026, inTEST projects revenue of $33 million to $35 million and a gross margin of about 44%, up from the 40.5% recorded in the second quarter. Operating expenses for the quarter are expected to remain flat between $13.8 million and $14.2 million, with full‑year operating costs projected at $55 million to $57 million. The firm forecasts adjusted earnings per share of $0.10 for 2026, compared with $0.03 in 2025, and aims to lift its adjusted EBITDA margin from the current 6% toward a long‑term target of 15%.
Second‑quarter 2026 results showed $35 million in revenue, $29 million in orders and a backlog of $45 million, equivalent to roughly 1.5 quarters of sales. Semiconductor orders rose 56% YoY, the strongest intake in six quarters, and now account for about 35% of the trailing‑12‑month revenue mix. Automotive and EV manufacturing, industrials, and defense and aerospace each contribute roughly 15% to 25% of sales.
The company highlighted recent product upgrades, including an expanded AccuLogic flying‑probe platform, a compact ThermoStream benchtop system, and the EKOHEAT compact heater, all aimed at addressing growing system complexity. CEO Rich Rogoff emphasized that increasing test‑system complexity drives demand for more sophisticated testing solutions.
Financially, inTEST plans to retire most of its five‑year term loan taken in 2021 for acquisitions by the end of 2026, leaving only a modest working‑capital line. An acquisition facility remains in place through August 2028, and management targets debt below 2.5 times trailing‑12‑month EBITDA. The firm operates manufacturing sites in North America, Europe (Milan) and a joint facility in Malaysia, with additional offices in Silicon Valley and Southern California.
