inTEST Corp 2024年度报告

2 0 2 4A N N U A L R E P O R T A Global Supplier ofInnovativeTestand Process Technology Solutions NYSE American: INTT InTest Corporation (NYSE American: INTT) is a global supplier of innovative test and process technology solutionsfor use in manufacturing and testing in key target markets which include semiconductor (“semi”), automotive/EV,defense/aerospace, industrial, life sciences and safety/security. Backed by decades of engineering expertise and aculture of operational excellence, InTest solves difficult thermal, mechanical, and electronic challenges forcustomers worldwide while generating strong cash flow and profits. Our strategy leverages these strengths to groworganically and with acquisitions through the addition of innovative technologies, deeper and broader geographicreach, customer penetration and market expansion. Our vision is to be the partner of choice for innovative test and process technology solutions globally. Driven by ourVISION 2030 strategy to double the business over the next five years, our leadership team is further transformingInTest into a rapidly growing, high-margin business committed to creating long-term value for our shareholders. Performance Highlights VISION 2030 Growth Strategy to Create Greater Scale InTest’s VISION 2030 growth strategy is focused on driving innovation and acquisitions to create greater scalewhile striving for operational excellence. Our 5-Point Operating System provides the framework to execute onVISION 2030. Through disciplined processes, InTest is striving to accelerate growth, capture operationalefficiencies, deepen our presence in target markets and expand our reach geographically. We solve complexproblems for our customers with highly engineered solutions that are innovative and differentiated.We areexpanding our capabilities to provide greater aftermarket support, continually investing in talent and driving anenergized, accountable and collaborative culture. Our robust acquisition pipeline, critical to our growth goals,remains active as we focus on strategic roll-ups that expand our geographic presence or deepen our reach in ourtarget markets or bring incremental recurring revenue through service enhancing offerings. A Letter from the President and CEO DDEARFELLOWSHAREHOLDERS, In 2024, we demonstrated resilience, tenacity, and continued our forwardmomentum in a year marked by global economic volatility and the resultingchallenges for a number of industries. The semiconductor, industrial andautomotive/EV markets, our three largest markets, were simultaneouslydepressed throughout the year. Nonetheless, we demonstrated the powerof our diversification strategy as we delivered our third consecutive year ofrecord revenue. We had sales in 2024 of $130.7 million, a 6% increaseyear over year. The acquisition of Alfamation in March 2024 combined withstrength in the aerospace/defense and life sciences markets morethan offset the $17 million, or 26%, decline in thesemi market. We believe this underscores theeffectiveness of our 5-Point Strategy that we hadinitiated in 2021. Net earnings in 2024 were $2.9million, or $0.24 per diluted share. On an adjustedbasis1, net earnings were $6.2 million, or $0.51 perdiluted share. WE DEMONSTRATED THE POWER OF OURDIVERSIFICATION STRATEGY AND DELIVEREDOUR THIRD CONSECUTIVE YEAR OF RECORDREVENUE. Nick Grant, President and CEO 2024 SHOWCASEDOURSTRATEGICFOCUS ANDCUSTOMERCENTRICITY While it’s likely we will not achieve the original 2025 goals that we had set out for ourselves in 2021, weaccomplished quite a lot, all the same. We have built a team that is driven to excel and transformed theculture of the Company to one that is performance driven with a sense of urgency for continuousimprovement. We have made measurable progress by increasing our exposure to our target markets,expanding our customer base and driving innovative solutions to better serve our customers. Our 5-pointstrategy enabled us to win new business and gain new customers in key markets. For example, in 2024, lifesciences achieved record performance, driven by demand for induction heating in diagnostics and medicaldevice production. In the defense/aerospace industry, we strengthened customer relationships and deliveredcritical technologies used in both national defense systems and space exploration programs. This includedwork with NASA as well as private commercial space companies. Auto/EV captured repeat orders for batterytest applications, and we increased market reach with our solutions, particularly with the addition ofAlfamation which brought highly valued infotainment systems multifunction test technologies. We alsobenefited from sales synergies gained from the acquisition. While demand was soft in semi and industrialmarkets, we held our position with our customers and continued to deliver innovation. During the year, we proactively addressed our cost structure given challenges in our markets and streamlinedoperations. These actions are e