Intest Corp. Files Q3 2024 10-Q

TL;DR

INTEST CORP Q3 2024 10-Q FILED. FINANCIALS DETAILED.

AI Summary

Intest Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Specific financial figures and business segment information are provided within the report.

Why It Matters

This filing provides investors with a detailed look at Intest Corp.'s financial health and operational performance for the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures without immediate, significant negative or positive indicators.

Key Numbers

• 2024-09-30 — Period End Date (Financial reporting period)
• 2024-11-06 — Filing Date (Date the report was submitted to the SEC)

Key Players & Entities

• INTEST CORP (company) — Filer
• 20240930 (date) — Period of Report
• 20241106 (date) — Filing Date
• 0001036262 (company) — Central Index Key
• 3825 (industry_code) — Standard Industrial Classification

FAQ

Key Financial Figures

• $0.01 — ch Registered Common Stock, par value $0.01 per share INTT NYSE American Indica

Filing Documents

• intt20240930_10q.htm (10-Q) — 1935KB
• ex_743031.htm (EX-10.1) — 47KB
• ex_743032.htm (EX-10.2) — 46KB
• ex_743033.htm (EX-10.3) — 29KB
• ex_743034.htm (EX-10.4) — 25KB
• ex_743035.htm (EX-10.5) — 28KB
• ex_743036.htm (EX-10.6) — 45KB
• ex_743037.htm (EX-31.1) — 9KB
• ex_743038.htm (EX-31.2) — 8KB
• ex_743039.htm (EX-32.1) — 3KB
• ex_743040.htm (EX-32.2) — 3KB
• 0001437749-24-033626.txt ( ) — 9892KB
• intt-20240930.xsd (EX-101.SCH) — 78KB
• intt-20240930_cal.xml (EX-101.CAL) — 66KB
• intt-20240930_def.xml (EX-101.DEF) — 576KB
• intt-20240930_lab.xml (EX-101.LAB) — 498KB
• intt-20240930_pre.xml (EX-101.PRE) — 614KB
• intt20240930_10q_htm.xml (XML) — 1708KB

Financial Statements

Financial Statements 1 Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 1 Unaudited Consolidated Statements of Operations for the three months and nine months ended September 30, 2024 and 2023 2 Unaudited Consolidated Statements of Comprehensive Earnings for the three months and nine months ended September 30, 2024 and 2023 3 Unaudited Consolidated Statements of Stockholders' Equity for the three months and nine months ended September 30, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 39

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS inTEST CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) September 30, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 17,972 $ 45,260 Trade accounts receivable, net of allowance for credit losses of $ 419 and $ 474 , respectively 28,357 18,175 Inventories 31,661 20,089 Prepaid expenses and other current assets 3,212 2,254 Total current assets 81,202 85,778 Property and equipment: Machinery and equipment 8,848 7,118 Leasehold improvements 4,205 3,601 Gross property and equipment 13,053 10,719 Less: accumulated depreciation ( 8,480 ) ( 7,529 ) Net property and equipment 4,573 3,190 Right-of-use assets, net 11,292 4,987 Goodwill 32,475 21,728 Intangible assets, net 27,877 16,596 Deferred tax assets - 1,437 Restricted certificates of deposit 100 100 Other assets 848 1,013 Total assets $ 158,367 $ 134,829 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of Term Note and other long-term debt $ 8,269 $ 4,100 Current portion of operating lease liabilities 1,947 1,923 Accounts payable 9,212 5,521 Accrued wages and benefits 5,009 4,156 Accrued professional fees 1,405 1,228 Customer deposits and deferred revenue 6,978 3,797 Accrued sales commissions 1,077 1,055 Domestic and foreign income taxes payable - 1,038 Other current liabilities 2,042 1,481 Total current liabilities 35,939 24,299 Operating lease liabilities, net of current portion 9,649 3,499 Term Note and other long-term debt, net of current portion 7,822 7,942 Contingent consideration 823 1,093 Deferred revenue, net of current portion 1,208 1,331 Deferred tax liabilities 761 - Other liabilities 1,789 384 Total liabilities 57,991 38,548 Commitments and Contingencies Stockholders' equity: Prefe

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In thousands, except share and per share data) (1) NATURE OF OPERATIONS We are a global supplier of innovative test and process technology solutions for use in manufacturing and testing across a wide range of markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We have three operating segments which are also our reportable segments and reporting units: Electronic Test, Environmental Technologies and Process Technologies. On March 12, 2024 we completed the acquisition of Alfamation S.p.A., an Italian joint-stock company ("Alfamation"), for an aggregate base purchase price of approximately EUR 20,000 comprised of: (i) EUR 18,000 , or $ 19,674 , in cash; and (ii) 187,432 shares of our common stock, valued at $ 2,086 based on the closing price of our stock on the date of acquisition. The cash portion of the purchase price was subject to customary working capital adjustments. These adjustments were finalized in June 2024 and resulted in recording an additional EUR 129 , or $ 141 , in purchase price for assets delivered at closing in excess of agreed upon thresholds. The liabilities assumed in connection with the acquisition included debt of approximately EUR 10,315 , or $ 11,274 . The acquisition is discussed further in Note 3. The debt assumed is discussed further in Note 10. The consolidated entity is comprised of inTEST Corporation and our wholly-owned subsidiaries. We manufacture our products in the U.S., Italy, Canada and the Netherlands. Marketing and support activities are conducted worldwide from our facilities in the U.S., Italy, Canada, Germany, Singapore, the Netherlands, China and the U.K. We operate our business worldwide and sell our products both domestically and internationally. All of our operating segments have multiple products that we design, manufacture and market to our customers. Due to a number of factors, our products have varying levels of gr

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