Revenue: As of FY2026 Q1, the actual value is USD 33.89 M, beating the estimate of USD 31.69 M.EPS: As of FY2026 Q1, the actual value is USD 0.06, beating the estimate of USD 0.04.EBIT: As of FY2026 Q1, the actual value is USD 954 K.<h3>Financial Obligations and Operational Metrics (Financing Related)</h3>InTest Corporation’s Loan and Security Agreement with M&amp;T Bank was amended, effective April 30, 2026 . The period for requesting advances under the term loan facility was extended until August 28, 2026, while the Term Loan Maturity date remains May 2, 2031 . InTest Silicon Valley Corporation was removed as a Guarantor due to its dissolution, and the definition of “Guarantor” was updated . The amended list of guarantors includes Ambrell Corporation, InTest EMS, LLC, Temptronic Corporation, Videology Imaging Corporation, Acculogic Ltd., Acculogic Inc., and Alfamation US, Inc. .<h3>Revenue</h3>InTest Corporation reported total revenue of $33,886 thousand for the first quarter of 2026, representing a 27.2% increase year-over-year from $26,637 thousand in Q1 2025, and a 3.2% sequential increase from $32,822 thousand in Q4 2025 .<h4>Revenue by Market (Q1 2026 vs. Q1 2025)</h4><ul><li>Semi: $10,507 thousand (31.0% of total) in Q1 2026, up 16.8% from $8,995 thousand (33.8% of total) in Q1 2025 .</li><li>Auto/EV: $7,487 thousand (22.1% of total) in Q1 2026, up 25.6% from $5,959 thousand (22.4% of total) in Q1 2025 .</li><li>Defense/Aerospace: $5,822 thousand (17.2% of total) in Q1 2026, up 105.9% from $2,828 thousand (10.6% of total) in Q1 2025 .</li><li>Industrial: $3,242 thousand (9.6% of total) in Q1 2026, up 7.3% from $3,021 thousand (11.3% of total) in Q1 2025 .</li><li>Life Sciences: $3,572 thousand (10.5% of total) in Q1 2026, up 111.6% from $1,688 thousand (6.3% of total) in Q1 2025 .</li><li>Safety/Security: $1,112 thousand (3.3% of total) in Q1 2026, up 97.2% from $564 thousand (2.1% of total) in Q1 2025 .</li><li>Other: $2,144 thousand (6.3% of total) in Q1 2026, down -40.1% from $3,582 thousand (13.4% of total) in Q1 2025 .</li></ul><h4>Revenue by Segment (Q1 2026 vs. Q1 2025)</h4><ul><li>Electronic Test: $17,341 thousand in Q1 2026, up from $13,259 thousand in Q1 2025 .</li><li>Environmental Technologies: $8,351 thousand in Q1 2026, up from $6,268 thousand in Q1 2025 .</li><li>Process Technologies: $8,194 thousand in Q1 2026, up from $7,110 thousand in Q1 2025 .</li></ul><h3>Gross Profit and Margin</h3>Gross profit for Q1 2026 was $15,408 thousand, increasing 39.4% year-over-year from $11,056 thousand in Q1 2025, and 3.4% sequentially from $14,899 thousand in Q4 2025 . The gross margin for Q1 2026 was 45.5%, up from 41.5% in Q1 2025 and 45.4% in Q4 2025 .<h3>Operating Expenses</h3>Total operating expenses were $14,454 thousand in Q1 2026, a 3.7% increase year-over-year from $13,937 thousand in Q1 2025, and a 6.1% sequential increase from $13,623 thousand in Q4 2025 . This included selling expenses of $4,220 thousand, engineering and product development expenses of $2,588 thousand, general and administrative expenses of $6,124 thousand, amortization of acquired intangible assets of $778 thousand, and restructuring costs of $744 thousand for Q1 2026 .<h3>Operating Income and Margin</h3>Operating income for Q1 2026 was $954 thousand, a significant improvement from an operating loss of - $2,881 thousand in Q1 2025, but a -25.2% sequential decrease from $1,276 thousand in Q4 2025 . The operating margin was 2.8% in Q1 2026, compared to -10.8% in Q1 2025 and 3.9% in Q4 2025 .<h4>Division Operating Income (Q1 2026 vs. Q1 2025)</h4><ul><li>Electronic Test: $2,797 thousand in Q1 2026, up from $681 thousand in Q1 2025 .</li><li>Environmental Technologies: $1,219 thousand in Q1 2026, up from - $255 thousand in Q1 2025 .</li><li>Process Technologies: $693 thousand in Q1 2026, up from $207 thousand in Q1 2025 .</li></ul><h3>Net Earnings</h3>Net earnings for Q1 2026 were $789 thousand, a substantial increase from a net loss of - $2,329 thousand in Q1 2025, but a -36.5% sequential decrease from $1,243 thousand in Q4 2025 . The net margin was 2.3% in Q1 2026, compared to -8.7% in Q1 2025 and 3.8% in Q4 2025 .<h3>Adjusted Non-GAAP Metrics</h3>Adjusted net earnings (Non-GAAP) were $2,018 thousand in Q1 2026, up from - $1,389 thousand in Q1 2025, and slightly up from $1,953 thousand in Q4 2025 . Adjusted EBITDA (Non-GAAP) was $3,165 thousand in Q1 2026, significantly higher than - $887 thousand in Q1 2025, and slightly down from $3,192 thousand in Q4 2025 . The Adjusted EBITDA margin (Non-GAAP) was 9.3% in Q1 2026, compared to -3.3% in Q1 2025 and 9.7% in Q4 2025 .<h3>Cash Flow</h3>Cash, cash equivalents, and restricted cash totaled $15,684 thousand at the end of Q1 2026, down from $18,058 thousand at the beginning of the period and $18,058 thousand at the end of Q4 2025 . Net cash used in operating activities was - $3,315 thousand in Q1 2026, compared to $5,535 thousand provided by operating activities in Q1 2025 . Net cash used in investing activities was - $644 thousand in Q1 2026, compared to - $229 thousand in Q1 2025 . Capital expenditures were $0.6 million in the first quarter of 2026 . Net cash provided by financing activities was $1,667 thousand in Q1 2026, compared to - $3,406 thousand used in financing activities in Q1 2025 .<h3>Orders and Backlog</h3>Orders for Q1 2026 were $31,785 thousand, a 25.4% increase year-over-year from $25,349 thousand in Q1 2025, but a -15.2% sequential decrease from $37,471 thousand in Q4 2025 . Backlog at March 31, 2026, was $51,815 thousand, a -3.9% decrease from December 31, 2025, but a 35.5% increase compared to March 31, 2025 . Approximately 50% of the backlog is expected to ship beyond the second quarter of 2026 .<h3>Outlook / Guidance</h3>InTest Corporation raised its full-year 2026 revenue outlook to $130 million to $135 million . For Q2 2026, the company projects revenue between $32 million and $34 million, with a gross margin of approximately 45% and operating expenses of $13.8 million to $14.2 million . For the full year 2026, the company expects a gross margin of approximately 45%, operating expenses of $55 million to $57 million, and capital expenditures estimated at 1% to 2% of revenue .

inTest | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 33.89 M