intt20240331

intt20240331_10q.htm

0001036262 INTEST CORP false --12-31 Q1 2024 426 474 0.01 0.01 5,000,000 5,000,000 0 0 0 0 0.01 0.01 20,000,000 20,000,000 12,566,024 12,241,925 78,515 75,758 6 1 1 1,758 82 90 30 March 29, 2010 April 30, 2025 April 30, 2031 October 27, 2010 December 31, 2024 December 31, 2024 5 2 0 0 10 4 171,735 228,364 4 1 2 4 389 372 3 false false false false 00010362622024-01-012024-03-31 00010362622024-05-01 thunderdome:item iso4217:USD 00010362622024-03-31 00010362622023-12-31 iso4217:USDxbrli:shares 00010362622023-01-012023-03-31 0001036262us-gaap:CommonStockMember2023-12-31 0001036262us-gaap:AdditionalPaidInCapitalMember2023-12-31 0001036262us-gaap:RetainedEarningsMember2023-12-31 0001036262us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-31 0001036262us-gaap:TreasuryStockCommonMember2023-12-31 0001036262us-gaap:CommonStockMember2024-01-012024-03-31 0001036262us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-31 0001036262us-gaap:RetainedEarningsMember2024-01-012024-03-31 0001036262us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-31 0001036262us-gaap:TreasuryStockCommonMember2024-01-012024-03-31 0001036262us-gaap:CommonStockMember2024-03-31 0001036262us-gaap:AdditionalPaidInCapitalMember2024-03-31 0001036262us-gaap:RetainedEarningsMember2024-03-31 0001036262us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-31 0001036262us-gaap:TreasuryStockCommonMember2024-03-31 0001036262us-gaap:CommonStockMember2022-12-31 0001036262us-gaap:AdditionalPaidInCapitalMember2022-12-31 0001036262us-gaap:RetainedEarningsMember2022-12-31 0001036262us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-31 0001036262us-gaap:TreasuryStockCommonMember2022-12-31 00010362622022-12-31 0001036262us-gaap:CommonStockMember2023-01-012023-03-31 0001036262us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-31 0001036262us-gaap:RetainedEarningsMember2023-01-012023-03-31 0001036262us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-31 0001036262us-gaap:TreasuryStockCommonMember2023-01-012023-03-31 0001036262us-gaap:CommonStockMember2023-03-31 0001036262us-gaap:AdditionalPaidInCapitalMember2023-03-31 0001036262us-gaap:RetainedEarningsMember2023-03-31 0001036262us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-31 0001036262us-gaap:TreasuryStockCommonMember2023-03-31 00010362622023-03-31 xbrli:pure iso4217:EUR 0001036262intt:AlfamationMember2024-03-122024-03-12 0001036262intt:AlfamationMember2024-03-12 0001036262intt:AttheMarketIssuanceSalesAgreementMember2023-05-112023-05-11 0001036262intt:ElectronicTestMember2024-01-012024-03-31 0001036262intt:CityOfRochesterAndStateOfNewYorkMember2022-03-31 0001036262intt:CityOfRochesterAndStateOfNewYorkMember2024-03-31 utr:Y utr:sqft 0001036262intt:AlfamationMemberus-gaap:CustomerRelationshipsMember2024-03-122024-03-12 0001036262intt:AlfamationMemberus-gaap:TechnologyBasedIntangibleAssetsMember2024-03-122024-03-12 0001036262intt:AlfamationMemberus-gaap:CustomerRelatedIntangibleAssetsMember2024-03-122024-03-12 0001036262intt:AlfamationMemberus-gaap:TradeNamesMember2024-03-122024-03-12 0001036262intt:AlfamationMember2024-03-142024-03-31 0001036262intt:AlfamationMember2024-01-012024-03-31 0001036262intt:AlfamationMember2023-01-012023-03-31 0001036262us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-31 0001036262us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-31 0001036262intt:AcculogicMember2024-03-31 0001036262intt:AcculogicMemberus-gaap:FairValueInputsLevel1Member2024-03-31 0001036262intt:AcculogicMemberus-gaap:FairValueInputsLevel2Member2024-03-31 0001036262intt:AcculogicMemberus-gaap:FairValueInputsLevel3Member2024-03-31 0001036262us-gaap:InterestRateSwapMember2024-03-31 0001036262us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Member2024-03-31 0001036262us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2024-03-31 0001036262us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Member2024-03-31 0001036262intt:AcculogicMember2023-12-31 0001036262intt:AcculogicMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001036262intt:AcculogicMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001036262intt:AcculogicMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001036262us-gaap:InterestRateSwapMember2023-12-31 0001036262us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001036262us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001036262us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001036262intt:ContingentConsiderationLiabilitiesMember2023-12-31 0001036262intt:ContingentConsiderationLiabilitiesMember2024-01-012024-03-31 0001036262intt:ContingentConsiderationLiabilitiesMember2024-03-31 0001036262intt:ElectronicTestMember2024-03-31 0001036262intt:ElectronicTestMember2023-12-31 0001036262intt:EnvironmentalTechnologiesMember2024-03-31 0001036262intt:EnvironmentalTechnologiesMember2023-12-31 0001036262intt:ProcessTechnologiesMember2024-03-31 0001036262intt:ProcessTechnologiesMember2023-12-31 0001036262us-gaap:CustomerRelationshipsMember2024-03-31 0001036262us-gaap:PatentedTechnologyMember2024-03-31 0001036262us-gaap:PatentsMember2024-03-31 0001036262intt:CustomerBacklogMember2024-03-31 0001036262us-gaap:ComputerSoftwareIntangibleAssetMember2024-03-31 0001036262us-gaap:TradeNamesMember2024-03-31 0001036262us-gaap:TrademarksMember2024-03-31 0001036262us-gaap:CustomerRelationshipsMember2023-12-31 0001036262us-gaap:PatentedTechnologyMember2023-12-31 0001036262us-gaap:PatentsMember2023-12-31 0001036262intt:CustomerBacklogMember2023-12-31 0001036262us-gaap:ComputerSoftwareIntangibleAssetMember2023-12-31 0001036262us-gaap:TradeNamesMember2023-12-31 0001036262us-gaap:TrademarksMember2023-12-31 0001036262intt:EndUserMember2024-01-012024-03-31 0001036262intt:EndUserMember2023-01-012023-03-31 0001036262intt:OemIntegratorsAndDistributorMember2024-01-012024-03-31 0001036262intt:OemIntegratorsAndDistributorMember2023-01-012023-03-31 0001036262intt:ThermalTestingProductsMember2024-01-012024-03-31 0001036262intt:ThermalTestingProductsMember2023-01-012023-03-31 0001036262intt:ThermalProcessMember2024-01-012024-03-31 0001036262intt:ThermalProcessMember2023-01-012023-03-31 0001036262intt:SemiconductorProductionTestProductsMember2024-01-012024-03-31 0001036262intt:SemiconductorProductionTestProductsMember2023-01-012023-03-31 0001036262intt:VideoImagingMember2024-01-012024-03-31 0001036262intt:VideoImagingMember2023-01-012023-03-31 0001036262intt:FlyingProbeAndIncircuitTestersMember2024-01-012024-03-31 0001036262intt:FlyingProbeAndIncircuitTestersMember2023-01-012023-03-31 0001036262intt:AlfamationMember2024-01-012024-03-31 0001036262intt:AlfamationMember2023-01-012023-03-31 0001036262intt:ServiceAndOtherProductsMember2024-01-012024-03-31 0001036262intt:ServiceAndOtherProductsMember2023-01-012023-03-31 0001036262intt:SemiconductorMarketMember2024-01-012024-03-31 0001036262intt:SemiconductorMarketMember2023-01-012023-03-31 0001036262intt:IndustrialMarketMember2024-01-012024-03-31 0001036262intt:IndustrialMarketMember2023-01-012023-03-31 0001036262intt:AutomotiveMember2024-01-012024-03-31 0001036262intt:AutomotiveMember2023-01-012023-03-31 0001036262intt:LifeSciencesMember2024-01-012024-03-31 0001036262intt:LifeSciencesMember2023-01-012023-03-31 0001036262intt:DefenseAerospaceMember2024-01-012024-03-31 0001036262intt:DefenseAerospaceMember2023-01-012023-03-31 0001036262intt:SecurityMember2024-01-012024-03-31 0001036262intt:SecurityMember2023-01-012023-03-31 0001036262intt:OtherMultiMarketsMember2024-01-012024-03-31 0001036262intt:OtherMultiMarketsMember2023-01-012023-03-31 0001036262us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberintt:TexasInstrumentsIncorporatedMember2024-01-012024-03-31 0001036262us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberintt:TexasInstrumentsIncorporatedMember2023-01-012023-03-31 0001036262srt:MinimumMember2024-01-012024-03-31 0001036262srt:MaximumMember2024-01-012024-03-31 0001036262intt:AlfamationMemberintt:WarehouseAndOfficeSpaceMember2024-03-31 0001036262intt:AlfamationMemberintt:WarehouseAndOfficeSpaceMember2024-01-012024-03-31 0001036262intt:LeaseFacilityInSingaporeMember2024-03-31 utr:M 0001036262intt:EnvironmentalTechnologiesInGermanyMember2023-03-31 0001036262intt:ProcessTechnologiesInEuropeMemberintt:AutomobileLeasesMember2023-03-31 0001036262us-gaap:LetterOfCreditMemberintt:MtLaurelMember2024-01-012024-03-31 0001036262us-gaap:LetterOfCreditMemberintt:MtLaurelMember2024-03-31 0001036262us-gaap:LetterOfCreditMemberintt:MtLaurelMember2023-12-31 0001036262us-gaap:LetterOfCreditMemberintt:MansfieldMember2024-01-012024-03-31 0001036262us-gaap:LetterOfCreditMemberintt:MansfieldMember2024-03-31 0001036262us-gaap:LetterOfCreditMemberintt:MansfieldMember2023-12-31 0001036262us-gaap:LetterOfCreditMember2024-03-31 0001036262us-gaap:LetterOfCreditMember2023-12-31 0001036262intt:October2021AgreementMemberintt:MTBankMemberintt:TermNoteMember2021-10-15 0001036262us-gaap:RevolvingCreditFacilityMemberintt:October2021AgreementMemberintt:MTBankMember2021-10-15 0001036262intt:October2021AgreementMemberintt:MTBankMember2021-10-152021-10-15 0001036262intt:October2021AgreementMemberintt:MTBankMemberintt:TermNoteMember2021-10-152021-10-15 0001036262intt:AmendedLoanAgreementMemberintt:MTBankMemberintt:TermNoteMember2022-09-20 0001036262intt:AmendedLoanAgreementMemberintt:MTBankMemberintt:TermNoteMember2024-03-31 0001036262intt:AmendedLoanAgreementMemberintt:MTBankMember2024-03-31 0001036262us-gaap:RevolvingCreditFacilityMemberintt:October2021AgreementMemberintt:MTBankMember2024-01-012024-03-31 0001036262us-gaap:RevolvingCreditFacilityMemberintt:October2021AgreementMemberintt:MTBankMember2023-01-012023-03-31 0001036262intt:October2021AgreementMemberintt:MTBankMember2021-10-15 00010362622022-09-20 0001036262intt:October2021AgreementMemberintt:MTBankMemberintt:TermNoteMember2021-10-282021-10-28 0001036262intt:October2021AgreementMemberintt:MTBankMemberintt:TermNoteMember2021-10-28 0001036262intt:October2021AgreementMemberintt:MTBankMemberintt:TermNoteMember2021-12-292021-12-29 0001036262intt:October2021AgreementMemberintt:MTBankMemberintt:TermNoteMember2024-03-31 0001036262intt:AlfamationMember2024-03-31 0001036262intt:AlfamationMemberintt:DebtInstrumentLongtermFixedInterestRateDebtMember2024-03-31 0001036262intt:AlfamationMemberintt:DebtInstrumentShorttermVariableInterestRateDebtMember2024-03-31 0001036262intt:The2023StockIncentivePlanMember2024-03-31 0001036262intt:The2023StockIncentivePlanMember2024-01-012024-03-31 0001036262us-gaap:RestrictedStockMemberus-gaap:CostOfSalesMember2024-01-012024-03-31 0001036262us-gaap:RestrictedStockMemberus-gaap:CostOfSalesMember2023-01-012023-03-31 0001036262us-gaap:RestrictedStockMemberus-gaap:SellingAndMarketingExpenseMember2024-01-012024-03-31 0001036262us-gaap:RestrictedStockMemberus-gaap:SellingAndMarketingExpenseMember2023-01-012023-03-31 0001036262us-gaap:RestrictedStockMemberus-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-03-31 0001036262us-gaap:RestrictedStockMemberus-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-03-31 0001036262us-gaap:RestrictedStockMemberus-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-03-31 0001036262us-gaap:RestrictedStockMemberus-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-03-31 0001036262us-gaap:RestrictedStockMember2024-01-012024-03-31 0001036262us-gaap:RestrictedStockMember2023-01-012023-03-31 0001036262us-gaap:EmployeeStockOptionMember2024-01-012024-03-31 0001036262us-gaap:EmployeeStockOptionMember2023-01-012024-03-31 0001036262us-gaap:EmployeeStockOptionMember2023-01-012023-03-31 0001036262us-gaap:RestrictedStockMemberintt:EmployeesMember2024-01-012024-03-31 0001036262us-gaap:RestrictedStockMemberintt:IndependentDirectorsMember2024-01-012024-03-31 0001036262us-gaap:RestrictedStockMemberintt:IndependentDirectorsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2024-01-012024-03-31 0001036262us-gaap:RestrictedStockMemberintt:RestrictedStockVestingInThreeYearsMemberintt:VestingBasedOnPerformanceMetricsMember2020-08-012020-08-31 0001036262intt:PerformancebasedRestrictedStockMemberintt:MembersOfTheSeniorManagementMember2021-03-102021-03-10 0001036262intt:PerformancebasedRestrictedStockMemberintt:MembersOfTheSeniorManagementMember2023-01-012023-03-31 0001036262intt:PerformancebasedRestrictedStockMemberintt:MembersOfTheSeniorManagementMemberintt:SharebasedPaymentArrangementVestingOnThirdAnniversaryOfGrantDateMember2024-01-012024-03-31

SEC Form 10-Q filed by inTest Corporation