All righty. Up next we have inTEST Corp., trading on the NYSE under symbol INTT. On behalf of the company, we have Duncan Gilmour, CFO, and Rich Rogoff, President and CEO. Thank you. Welcome, everyone. Again, my name is Rich Rogoff. I am the CEO of inTEST. With me is Duncan Gilmour, our CFO, and we will take you through inTEST Corporation here for the next few minutes. First, I would be remiss if I did not tell you that we would be making some forward-looking statements in the normal safe harbor activities. While I am on this page, let me take a second to just introduce myself. I am new to the role of CEO. If you have heard over the last six months, not even six months now, five months, sorry. I took over as CEO April 1st. I have been with the company for quite some time, about five years or so. Duncan and I joined roughly at the same time, actually, so nothing new from that perspective. I ran our corporate development group as well as several of our divisions over that time period in various forms. Beyond that, I have been in the semiconductor capital equipment industry, optics and photonics industry for +30 years. Looking forward to taking you through inTEST as we are today and where we look to go. I will skip that one. At the moment, inTEST, if you do not know us, we are an innovative test and measurement company, processing technology company, and our mission is really to be the partner of choice in that space for our customers. You will see later the large breadth of customers that we have. We have a list of several of them. There is many more than that. Our goal over the last five years or so has been to diversify the company. I think we have done a fairly good job at that. We want to continue to do that while expanding on our markets that we currently serve. If you see today, we have fiscal year 2025 numbers and trailing 12-month numbers. We are about 30-odd, 35% in the semiconductor space, semiconductor test and measurement. We have spread out in our automotive and EV manufacturing space. We are about 25%. Industrials and defense and aero make up around 15% each, and then safety and security and life sciences from there. So pretty well-diversified, help us to try to manage some of the cyclical aspects of these businesses. All of these businesses or all of these markets require high-engineered solutions, and that is our specialty. We tend to deliver to niche applications in those markets. So up-and-coming, newly invented, newly challenged markets of needing for test and measurement activities. We are divided into three divisions at the moment. The electronic test, environmental technologies, and process technologies. If I start from left to right, our electronic test business is basically just that. We test electronics. We do everything from manipulators and docking stations, which is more around moving test heads and things versus testing them, to testing devices and full-up systems and things from simple boards to full-up battery management systems or things like that. Most of which are customized-type solutions, specific to the customer's needs, either configured or truly 100% customized. Our environmental technologies group is around heating and cooling. Here we do a multitude of products. We have advanced chillers, testing things from very high-end switching chips used in advanced data centers and advanced chip manufacturing to forced air systems, testing regular devices and chips to thermal systems, testing everything from boards to full systems, depending on whether it's a system for a device or even things that are going into rugged environments like space or extreme heats and things like that. Our process technologies group is around that, process technologies. Induction heating is where we do things, everything from front-end semiconductor space, where we're helping to build and create silicon carbide wafers, epi layers, and things that go on silicon carbide, gallium nitride, indium phosphide, to that process controls everything from, in life sciences, things like stents, metal devices. Basically anything that has a metal content that you need to heat up, reshape, or form—induction heating can do that. Our Videology group, which does imaging, image capture, pattern recognition, IP calculations. All of our divisions are well-positioned in their markets, and they all have a variety of the growth drivers shown below. In this electronic test space, it's all about complexity and electronification of the materials and the business. The more complex the chips get, the more we're converting power from one level to another, the higher power that it gets to be. All of this drives the complexity and drives the technology growth of that business. Somewhat coupled to that as well is the precision temperature control. Again, if you're more complex, having more power, you have to manage that temperature around that power. Our environmental technologies group is really centered around managing power, testing to the extremes so that if you happen to have a deviation of a temperature, the chip doesn't fry and blow up. Right? That's clearly important. Also on the other part of that, expanding some of the platforms into some of the other areas to drive temperature, again, ruggedize things and the such. There we're also focusing on growing our market penetration into different industries and different areas. Our process technology, as I mentioned, silicon carbide, GaN, induction heating systems. Also throw in there is indium phosphide of late, where we're growing our epi layers. Again, it's a broad, diversified market that these products go into. Really capturing that market and growing when they grow is key for us. Our target markets are pretty attractive, as I'm sure most of you are aware. Shown here on the top is where all our divisions play in each of our different markets, and you can see there's quite a bit of overlap in these markets and where our divisions play. Actually, one of the mandates that I have as a new CEO is to try to further penetrate those markets in a way I'll call it cross-selling, but cross-businesses. How do we leverage one another inside of inTEST to continue to capture that market growth across these different markets and the different businesses? You can see the growth projections of each of these markets is pretty strong. Our customer base, as I mentioned earlier, this is just a sampling of some of the key customers. The logos are good. They're strong. They're growing. One common theme to most of these customers here is that they're all technology-driven. Again, another aspect of what I'd like to see improved and continue to evolve in the company is more customer intimacy around those customers. We today get with their engineers, we design products for them, we design solutions for them. The more we can do with that, the more integration we can do amongst our own businesses, providing solutions for the end customer, the better we'll get, and continue to grow the customer base here as well. Some of the mega trends that we're involved with, I kind of mentioned a few of them along the way here, but just to clarify on them, electronification. Anything around advanced automobiles, whether it's advanced EV systems or hybrid systems, or just the general automotive system, advanced driver-assistance systems, autonomous vehicles, industrial automation aspects, anything like that is just increasingly becoming electrified. As it becomes electrified, it's driving the need for test. You need to make sure that what you're doing, the products that you're shipping out are working and have a very low failure rate in the field. That requires more concise testing. That drives everything from our EMS business, where we're moving test heads around, to our Acculogic business, where we're physically in-circuit testing or functional testing devices. Power management is another big tailwind that we're experiencing, and that is, as we said earlier, around SiC and GaN and around the devices that are involved in there, but also in the systems around it. Battery management systems, power conversion systems, et cetera. Again, all require testing, are all complex in their systems, and are driving our businesses. I've used the word complex several times, so it all sums up to complexity, actually. The more complex our systems are getting, used to be when I started out, a chip was one chip at a time, and you tested it, and now you have a heterogeneously integrated and packaged chip with 10 different chips and layers in it. Not layers in the sense of chip layers, but layers in the sense of board layers, right? That complexity is driving the need for further and more elaborate testing. We're seeing today where we're even getting requests for not just testing it, but testing it under thermal load. We are integrating things between our thermal business and our electronic test business to try to solve some of those problems. That complexity is going to continue, and as it continues, it is providing us some strong wins to ride along with. Today, inTEST is a global manufacturer. We do quite a bit of our manufacturing here in North America, Canada, New York, New Jersey, Massachusetts. We have a plant through acquisition of our Alfamation business in Italy, and we have a joint facility in Malaysia that we are using for all of our businesses locally, for engineering and manufacturing. Basically, we are leveraging our supply in Italy and Milan and the business we have there to capitalize even further on our business in Europe and continue to grow it. We have not decided yet, but we are exploring where the next growth opportunity is. I will tell you that my take on it will be where the customers are. We are not going to develop something in some far-off land somewhere, but if a strong concentration is in one place, we will build in the region for the region, and it will be from a cost-effective and customer support type of perspective. Some key new products that are helping drive some of this growth I am mentioning is, for example, in our electronic test area, we have recently introduced an oscilloscope probe system. I will call it an upgrade/option to our flying probe system. That in and of itself is showing some of the evolution of the flying probe system itself. When we acquired Acculogic three or four years ago, maybe four or five years ago now, the flying probe system was just a system. It was a test system. It is becoming a test platform. We have added on not just probing capability, we have now this oscilloscope probe. It takes, if you have ever been in a lab where you have engineers testing with oscilloscopes, there is an oscilloscope and an engineer, and then there is another oscilloscope and another engineer, and it takes forever, and you have to probe one point at a time. Integrating the oscilloscope right into the flying probe system is fully automated now. The probe will go through. You program where you want it to stop. The system will go take the measurements; the measurements go through. You can now do with one engineer and one system what you probably used to do with four or five, right? The cycle time is much quicker. It is providing a great deal of value to the customer. At the same time, you can have on it an RF probe to measure on another shuttle. You become a platform of a system where you do not need multiple systems necessarily to do the one job. This RF probe is an interesting one because that is actually a probe where we do not actually touch anything. It hovers over the point to be tested and takes the measurement. That saves on quality issues later, because anytime you put a needle on a device, eventually you are going to have some problems, right? You are going to scratch a device or something like that. Again, further integrating that flying probe system to do more and more activities. On the environmental technologies, we introduced a benchtop ThermoStream recently. That is a small version of our ThermoStream model that we have sold for years. It sits on a bench, on a table no bigger than this. It will take and put forced air over a system. It goes from about, I think it's about 200 degrees down to about - 28 degrees with roughly 10 CFM of airflow over a device. We're modifying this one now to also be F-gas compliant for mostly European restrictions right now, with the same kind of performance. You can see how that's evolving. Our EKOHEAT Compact System has been out for about a year and a half, two years now, I think. That basically reduced the footprint of the EKOHEAT system by about a third. So it takes up less space, uses less power, produces the same or better results. Some of the evolutions that are driving our roadmap, there's many more, but given the time, we'll stick to that. Right now, for me, it's important as the new CEO, what are we doing? How are things changing? In my view, we're executing the next phase of growth in inTEST. Over the last five years, our growth was to get top line, was to expand, to acquire companies, and now our growth is to get better at operations, shore up our EBITDA, even improve it, and work on expanding our existing customer base, our existing markets served, our existing solutions. With the demand coming out for high-power devices, in our end market, defense and aerospace is continuing to grow, and I don't think going to slow in the near future, and auto EV seems to be coming back again. We want to focus on expanding those opportunities, growing our customer base, looking for other solutions. Part of that comes from deepening our customer footprint and integration with our customers, right, and intimacy with our customers. Really focusing on growing those strategic accounts so that we're with them, developing with them, and we actually become their engineering partners so that they don't develop it and then come to us. They actually come to us to develop it, right? A different approach. Then really focus over the next couple of months, quarters, on leveraging our current EBITDA and operating performance. What other things can we do to improve the performance and even speed up the performance of profitability for the company? With that, I believe I will turn it over to Duncan, and he will take you through the financials and outlook. Thank you, Rich. Thanks for your interest in inTEST. Appreciate you all being here today. We're going to cut straight to the chase here: get to our outlook for 2026. The latest guidance that we issued a few weeks ago, Q3 revenues, $33 million-$35 million. We did about $35 million in Q2, and I'll go through some of those numbers in a second. Gross margins projecting around 44%, which is up from around 41% in Q2. We see a nice product mix shift as we go into Q3, with our semi business in particular picking back up some weaker auto projects in Q2, driving the margin down a little bit there. Operating expenses, relatively flat, around $13.8 million-$14.2 million. Again, an area where we see that number being relatively stable, drive the revenues up. We should see the contribution increase as time passes here. Amortization expense, around half a million. For the full year, we did take up our full-year guidance. We had been guiding $130 million - $135 million, took that up to $135 million - $140 million, over 20% year-over-year growth. Admittedly, 2025 was a relatively weak year, with semi in particular being at a low point. Gross margins for the full year, around 43%. Operating expenses, as indicated there, 55%-57%. Amortization expense, interest expense, effective tax rate, as listed there on the slide. Now jumping back into where have we been. From an orders perspective, in Q2, the gray bar on the top right there, just under $29 million. As I mentioned, revenues were $35 million. Our auto business in particular, very high auto revenues in Q2 and relatively low orders, given the cycle of that business. Outside of that, we did see reasonable book-to-bill across all of our businesses. Semi in particular, where orders were up 56%, was particularly strong. Strongest intake in six quarters, and certainly important for us from a margin perspective to see that sector starting to come back. Backlog decreased a little bit, $45 million, still a nice solid number versus where we certainly were back in early 2025. We typically like to see about a quarter and a half or so of backlog. So, a very kind of reasonable number there. From a revenue perspective, Q2, as I mentioned, around $35 million. There was certainly a high contribution from our auto sector in there. Our Alfamation business was a little bit lower margin, as we'll see in a second, in terms of the gross margin contribution. But compared with where we were in 2025, revenues under $30 million, we have started to see that revenue number kind of creep back up. Trailing 12 month there, just under the $130 million. As I mentioned, we're now guiding $135 million - $140 million for full year 2026. From a gross profit perspective, in absolute terms, just over $14 million in Q2. Charts on the right, 40.5%. The margin percentage was a little weaker than we typically have seen. Mix working against us. As I mentioned, the auto business in particular, we do see that popping back up in towards the mid-40%, which is more typical of what we see as a consolidated business. But again, versus 2025 on a full-year basis, we can clearly see the progression as we see recovery in a number of our key markets. Operating expenses, as I mentioned, a flatter picture there when we look at sequential quarters. We had about $700,000 of restructuring spend in Q1 of 2026. Other than that, really very pretty flat spend. As I mentioned earlier, that's a picture we'd expect to see continue. We'd expect to see revenues driving up, holding operating expenses relatively flat, see the contribution dropping down to the bottom line as we continue to progress through this year and into 2027. Looking at some of the profitability metrics, comparing here net earnings as a GAAP metric and then adjusted EBITDA. Adjusted EBITDA, the only adjustment versus a traditional EBITDA metric, would be adding back stock-based compensation expense. 2025, we did see we actually had a net loss in Q2 of 2025, so it's nice to see that recovering here in 2026. We also see adjusted EBITDA creeping back up into the 6%. Well below where we want ultimately to be running. Our vision is to get this business back into the 15% range. We have been there as a business when many of our sectors, semi in particular, was running at a higher point. We know the business can deliver those kind of numbers. What we see here we believe is the start of us getting back to where we need to be running. Again, on the top, you can see the quarters and then full-year metrics down below. EPS, similar picture. GAAP on the left, adjusted on the right. All we are doing is adding back tax-affected intangible amortization in terms of adjusted EPS. Again, you can see 2025 negative EPS on a GAAP basis, $0.03 adjusted, climbing up to $0.10. Again, as we continue to see top-line improvement, we would expect to see that pattern continue moving forward. From a balance sheet standpoint, by the end of this year, we will have paid off the bulk of a five-year term loan we took out back in 2021 when we did the acquisitions of a couple of businesses, Videology and Acculogic. We will be left with a couple of million dollars of working capital lines on the balance sheet, relatively debt-free. We have seen some nice cash flow generation over the course of the —even last year when profits were low, we saw nice cash generation. We saw very nice cash generation in Q2. The business has always been a good cash-generating business. So our balance sheet position continues to strengthen. We actually just extended our borrowing capacity. It says on the slide here, extended through August 28, 2026. We just extended that through 2028. Just keeping that acquisition funding facility alive so we are able to execute on M&A if we see something that makes sense. But the balance sheet, relatively clean, certainly in a position where we could borrow again to fund anything we would like to do on the M&A side. We would not really want to extend ourself beyond about 2.5x your debt to trailing 12 months EBITDA as a metric we have publicly talked about a number of times. But the balance sheet looking relatively clean right now. With that, I am going to hand it back to Rich to take us home. Thanks, Duncan. I will wrap it up, and then we will turn it over to questions. I think some of the highlights, as we mentioned, one of our goals, diversification. I think we have kind of accomplished that goal. I want to be clear, though; diversifying away from semi does not mean walking away from semi. Semi is a clear important part of the business. We just want to be in a case where we have 75% of the revenue coming from somewhere else outside of semi when semi is down. That is a good thing, right? And when it comes back, it may go up a little bit, it may stay the same, but the pie will get bigger, right? One of our goals, my goal, is to continue to strengthen our market readiness and competitive positions. We're doing thorough reviews as we have been, but even accelerating that on technologies and where we can be, again, trying to engage with customers more deeply so that we continue doing the third bullet, which is delivering those innovative solutions. That's the DNA of the company. We need to be strong in that innovation, and we need to stay ahead of the market. We've been expanding and contracting in some cases, but organizing ourselves where our customers are in a global reach. We have that reach pretty well covered, and we'll continue to look for where we should expand in the future. As Duncan just mentioned, our financial position is strong. We're ready to go if we decide to do an acquisition or we decide to invest in something for the growth from an organic perspective. I think we're really well-positioned. We're positioned well for this semi-market to come back. We're starting to see, as we've said, that activity. The funnel is certainly very active. We've been starting to turn those things into orders. We're positioned well to capitalize on that over the next couple of quarters. With that, I'll open up the floor to questions. [inaudible] The question was, what does the boom in data centers mean for us? It's a variety of things. We are engaged in somewhat in the data centers, not truly, I'll say, in the four walls of the data center as much as we are in the power management systems leading into the data centers, the testing of the chips that could end up putting into the data centers. Certainly, as that rises and continues to rise, it pulls along the need for testing in various forms, cooling in various forms, et cetera, that will help drive our business as well. Yeah. [inaudible] Yeah. The question was, you didn't see us located in Silicon Valley, and is that something going to change? We actually are in Silicon Valley. Sorry. There's a small office in Silicon Valley. We also have an office down in Southern California. Actually, a lot of our business comes, and the electronic test is not based in Silicon Valley, so that's a plus, but yeah, we've been looking at if it makes sense to put something on the West Coast, then that's something we would certainly do. We're utilizing our offices that are there now for evaluation centers and things like that. We are pretty active on the West Coast, for example, especially here in Silicon Valley. As things change and evolve, I would never rule out putting something back here again if need be, so. Yeah. [inaudible] In robotics? [inaudible] Yeah. The question is about, do we see a lot of activity around robotics and especially on the West Coast? Yeah, we are engaged with a lot of different companies in various forms and with respect to robotics and handling of devices and things. Again, I would not say for us, we are seeing it strictly around West Coast activity. I would say we would not go to a customer that is implementing a robot. We would go to the manufacturer of the robot itself, is most of where our devices and solutions would be tested. And so that comes from a variety of places, whether it be West Coast, Europe, Asia. It is kind of all over the place. Although, I would say if there is things like batteries involved with the robots or if there is analog mixed signal chips involved, which there typically are in some of these robotic applications, then that plays well for us. Our back-end test business is very skewed towards analog mixed signal. So to the extent that there is anything that is driving demand there, that is helpful. As I said, the battery management side of things as well. Used to be batteries, all EVs, and so on, but drones, robots, all these things, that is all helpful— Right —for some of our test equipment. Yeah. You talked about your margins going from 6% potentially to 15%. How do you get there? Is it a mix? Is it scale and volume? Yeah. What gets you there? All of the above. Where we are just now is, I would say, that a number of our key markets are relatively low. We're actually close to negative for one quarter last year. What we see is recovery in a couple of our key markets; in particular, semi takes us up there quite quickly. Mix was also low in the very weak for us in the current quarter, so the gross margins shifting 400 basis points when we look at Q3. All of these things in combination start moving that number back up. I think we quite quickly get up towards the double digits. Getting to 15% is a little trickier. We have been up at 15% in the not-too-distant past when our semi business was a little bit higher back a couple of years ago. We know we have the capability to deliver those kind of numbers. We haven't added a great deal in the cost base. It's really a case of, but there are also things on the cost side that we can do as we focus on our existing business. It is a little bit of all of the above and getting ourselves back to that level and then delivering that a little bit more consistently. [inaudible] I have to be careful because the question is, how do I deal the acquisitions that we've made over the last five years? Well, I was a key part of those acquisitions myself, so they were great. No. I honestly actually believe they were pretty good, right? All in all. Each in its own way in different times have been good, and some better than others. But overall, I wouldn't say there was a sort of a disaster in any one of them, if you will. I think things like Alfamation, we're still growing with Alfamation, right? It's relatively new. But Acculogic, Videology, I think we're pretty happy with the way things are going with them. Could we do better? Of course, we can always do better. [inaudible] There's only so much. Of course, we had to look at costs last year when revenues were particularly low, and we did a lot of discretionary spending. There probably are a few structural things we can look at. Like I said, I think we're going to take a harder look at our existing portfolio, what can we do there. Keeping an eye on the M&A side of things, but as you said, we have done a fair bit the last number of years, added $45 million of revenues. I think, and we want to keep our eye out, especially for things that might give us a technology leap, or we might be able to connect some dots. We have lots of things in our technology portfolio that in today's world feel like they're starting to converge around thermal and electronics, and people interested in testing all these things. We think there's opportunities to bring some of these things together. If there's something out there that would help us accelerate that, then we'd certainly be interested in looking at that. But we also have a lot of opportunity to drive our EBITDA percentage up from where it is to— Yeah. — focus on organic growth. Yeah, I think we're kind of leaning the head over there more, but keeping an eye over here as well on the inorganic side. I'll just add to that, I agree. We did a great job of cutting cost and holding costs. I'm a person; I believe once you get done with that, you start over again, and you look at it again, right? There's always going to find something you missed. There's always going to be a way to get better. There's always going to be a way. Will it yield a percent swing, or you won't see it? I don't know. But those are things that we're reevaluating now to, and will continue. When we get done, we'll start over again. Either just raise the bar or lower the bar, whichever the way you want to look at it, to continue to get better, right? [inaudible] Yeah. [inaudible] Yeah. I think the innovation is key to the growth of the company, right? A few slides back, I showed a couple of the results of some of those investments, right? There's other investments that have taken place; products maybe just haven't been launched yet, some are coming out, et cetera. That will continue to be a key driver in the business. Maybe if we can save a few dollars on EBITDA over here, we put it back into further investments to drive growth in the future. Yeah. Well, good. Well, again, thanks, everybody. I think we're running out of time. So thank you, everybody, and appreciate your interest in inTEST. Any questions, please feel free to reach out to us. Thank you
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