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inTEST Corporation has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a revenue increase to $130.7 million, up from $123.3 million in the previous year. This growth was driven by the acquisition of Alfamation S.p.A., which contributed $25 million in revenue.
The company's gross margin decreased to 42% from 46% in the prior year, attributed to higher fixed costs and increased direct labor costs.
Operating expenses rose to $52 million from $46.5 million, with general and administrative expenses increasing due to costs associated with the Alfamation acquisition.
Net earnings for the year were $2.9 million, down from $9.3 million in the previous year, reflecting increased expenses and a lower gross margin.
The company reported a net cash outflow of $25.4 million, primarily due to the acquisition of Alfamation and repayments of long-term debt.
At year-end, inTEST had cash and cash equivalents of $19.8 million, with $8.6 million held by foreign subsidiaries.
The company continues to focus on expanding its presence in the automotive/EV and life sciences markets, as well as maintaining its position in the semiconductor market.
inTEST has identified risks related to geopolitical tensions, supply chain disruptions, and competition, which could impact future operations.
The filing also details the company's acquisition strategy, highlighting recent acquisitions and the potential for future growth through strategic purchases.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the inTest Corporation annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.