inTEST Corporation reported a consolidated revenue of $130.7 million for the fiscal year ending December 31, 2024, marking a 6% increase from $123.3 million in 2023. This growth was primarily driven by the acquisition of Alfamation S.p.A., which contributed $25 million in revenue, predominantly from the automotive sector. However, the company faced challenges in its semiconductor market segment, which saw a significant decline of 25.9%, dropping from $65.7 million in 2023 to $48.7 million in 2024. The downturn in the semiconductor market, particularly in the front-end sector, has been attributed to cyclical demand fluctuations that began in late 2023.
The company’s gross margin decreased to 42% in 2024 from 46% in the previous year, largely due to increased operational costs associated with the Alfamation acquisition and higher component material costs. Selling expenses slightly decreased to $17.4 million, while engineering and product development expenses rose by 12% to $8.5 million, reflecting increased payroll costs from the new acquisition. General and administrative expenses surged by 22% to $26.1 million, primarily due to costs related to Alfamation and increased professional fees.
In terms of operational metrics, inTEST's total orders for 2024 were $107.7 million, down 8% from $116.6 million in 2023. The decline in orders was particularly pronounced in the semiconductor and security markets, while the automotive and defense/aerospace sectors showed growth. The company’s backlog of unfilled orders at the end of 2024 was approximately $39.5 million, a slight decrease from $40.1 million in 2023, indicating a stabilization in demand despite the overall market challenges.
Strategically, inTEST has focused on expanding its market presence through acquisitions and product innovation. The acquisition of Alfamation in March 2024 for approximately $21.9 million is expected to enhance its capabilities in the automotive and life sciences markets. The company is also investing in its engineering resources to develop new products and improve customer service, with plans to consolidate operations in the Netherlands to increase efficiency. Looking ahead, inTEST aims to achieve annual revenues between $200 million and $250 million by 2025, although it acknowledges that achieving these targets may take longer than initially anticipated due to current market conditions.
About INTEST CORP
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