inTest Corp (INTT) 2026 Q1 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the InTest Corporation first quarter 2026 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位女士、先生，大家好，歡迎參加 InTest Corporation 2026 年第一季財務業績電話會議。(操作員指示) 提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host for today, Sanjay Hurry, Investor Relations. Please go ahead.

現在很榮幸為各位介紹今天的主持人：投資人關係 Sanjay Hurry。請開始。

Good morning, everyone, and thank you for joining us. With me on the call are Rich Rogoff, President and Chief Executive Officer; and Duncan Gilmour, Chief Financial Officer and Treasurer. The earnings press release was issued this morning as well as the slides that management will use during this call. Both can be found in the Investor Relations section of the InTest.com website.

各位早安，感謝各位加入我們。今天與我一同參與電話會議的有：總裁兼執行長 Rich Rogoff，以及財務長兼司庫 Duncan Gilmour。我們今早已發布財報新聞稿，也發布了管理團隊在本次電話會議中將使用的簡報投影片。兩者皆可在 InTest.com 網站的投資人關係專區找到。

Please turn to slide 2 for a review of the safe harbor statement. During this call, management will make some forward-looking statements about their current plans, beliefs and expectations. These statements apply to future events that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from what is stated here today. These risks and uncertainties and other factors are provided in the press release as well as in other documents filed by the company with the Securities and Exchange Commission. These documents can be found on the InTest website or at sec.gov.

請翻到投影片第 2 頁，回顧安全港聲明。在本次電話會議中，管理團隊將就其目前的計畫、信念與預期發表若干前瞻性陳述。這些陳述適用於未來事件，並受風險、不確定性及其他因素影響，可能導致實際結果與今日所述內容出現重大差異。相關風險與不確定性及其他因素已載於新聞稿，以及公司向美國證券交易委員會提交的其他文件中。這些文件可在 InTest 網站或 sec.gov 查閱。

Also as covered in slide 3, management will refer to some non-GAAP financial measures. We believe these will be useful in evaluating the company's performance. However, you should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. You can find reconciliations of non-GAAP measures with comparable GAAP measures in the tables that accompany today's press release and slides. Management will begin today's discussion on slide 4 of the presentation.

此外，如投影片第 3 頁所述，管理團隊將引用若干非 GAAP 財務衡量指標。我們相信這些指標有助於評估公司的經營表現。然而，您不應將這些補充資訊孤立看待，或視為依 GAAP 編製之結果的替代。非 GAAP 指標與可比 GAAP 指標之調節表，載於今日新聞稿與投影片所附表格中。管理團隊將從簡報投影片第 4 頁開始今天的討論。

With that, I'll turn the call over to Rich.

接下來，我把電話交給 Rich。

Thank you, Sanjay. Good morning, everyone. Thank you for joining us this morning. Since this is my first call as InTest CEO, I'm going to begin the call by sharing with you my experience both before joining InTest and during my tenure at the company. I'll then review Q1 revenues and orders and turn the call over to Duncan to take you through the financial results. After that, I'll wrap up by discussing my priorities at a high level, and we'll be happy to take your questions.

謝謝你，Sanjay。各位早安。感謝各位今天早上加入我們。由於這是我擔任 InTest 執行長後的第一次電話會議，我將先與各位分享我在加入 InTest 之前，以及在公司任職期間的經驗。接著我會回顧第一季營收與訂單，並把電話交給 Duncan，帶各位了解財務結果。之後我會以高層次說明我的優先事項作結，並很樂意回答各位的問題。

On the right side of slide 4 are the details of my 30-plus years of experience and increasing responsibility in operations and business building roles in capital equipment companies. The left side lists my positions at InTest since joining the company in October 2021. I was initially a consultant to the company before being brought on as Vice President of Corporate Development. In 2023, I was appointed Division President of Environmental Technologies and then Division President of Process Technologies, both on an interim basis.

投影片第 4 頁右側列出我 30 多年在資本設備公司中，於營運與事業建構職務上逐步承擔更高責任的經驗細節。左側則列出我自 2021 年 10 月加入 InTest 以來在公司的職務。我最初以顧問身分協助公司，之後受聘為企業發展副總裁。2023 年，我先後以代理身分擔任環境技術事業部總裁，以及製程技術事業部總裁。

At the same time, I led the corporate development function, bringing on Acculogic, Videology and Alfamation. In 2025, I was appointed Division President of Environmental Technologies and a member of the company's Operating Efficiency Committee targeted to drive divisional growth and operational improvement. In short, I am new to the CEO position, but not to InTest. I know the business, I know the customers, I know the opportunities, and I have hit the ground running.

同一期間，我也領導企業發展職能，完成 Acculogic、Videology 與 Alfamation 的加入。2025 年，我被任命為環境技術事業部總裁，並成為公司營運效率委員會成員，該委員會旨在推動事業部成長與營運改善。總之，我在執行長職位上是新任，但對 InTest 並不陌生。我了解業務、了解客戶、了解機會，並已迅速上手、全力以赴。

From my perspective, InTest is a company that has built real commercial momentum, having focused on diversifying and driving revenue and new product development. We have a growing customer base and a broad set of end markets that reward engineering capability and innovation. With this solid foundation in place, InTest is now beginning its next phase of growth. My priority as CEO is to build on this foundation, driving adjusted EBITDA growth through operating leverage as we continue to scale the business and improve operational efficiencies.

以我的觀點來看，InTest 是一家已建立實質商業動能的公司，並專注於多元化布局、推動營收與新產品開發。我們擁有持續成長的客戶基礎，以及廣泛的終端市場組合，這些市場重視工程能力與創新。在這個穩固基礎之上，InTest 現在正開始進入下一階段的成長。我作為執行長的優先事項，是在此基礎上再接再厲，隨著我們持續擴大規模並提升營運效率，透過營運槓桿推動調整後 EBITDA 成長。

Let me now turn to a deeper dive of our Q1 performance on slide 5. We delivered a strong first quarter. Revenue of $33.9 million and gross margins of 45.5%, both exceeded our guidance range. On a year-over-year basis, revenue growth was driven by gains in defense/aerospace, life sciences and auto/EV.

現在請讓我在投影片第 5 頁更深入說明我們第一季的表現。我們交出強勁的第一季成績。營收 3,390 萬美元、毛利率 45.5%，兩者皆超出我們的財測區間。以年增率來看，營收成長主要由國防/航太、生命科學以及汽車/電動車的增長所帶動。

With revenues up 27% versus the first quarter of 2025, we realized operating leverage and combined with favorable mix, delivered adjusted EBITDA of $3.2 million for a margin of 9.3%. First quarter orders of $31.8 million were up 25% year-over-year, reflecting deepening penetration of our diverse end markets. Backlog at quarter end stood at $51.8 million, up 36% year-over-year, providing healthy revenue visibility.

第一季營收較 2025 年第一季成長 27%，我們因此實現營運槓桿，並結合有利的產品組合，帶動調整後 EBITDA 達 320 萬美元，利潤率為 9.3%。第一季訂單為 3,180 萬美元，年增 25%，反映我們在多元終端市場的滲透持續加深。季末在手訂單（backlog）為 5,180 萬美元，年增 36%，提供良好的營收能見度。

Looking more closely at orders and backlog on slide 6. First quarter orders of $31.8 million declined 15% sequentially after two consecutive quarters of very strong order flow. Orders in Q1 were a little lower sequentially in three end markets: life sciences after an outsized Q4 of orders that were driven by Alfamation program timing, safety and security and semi, where orders declined modestly from Q4 as customers prioritized fulfilment of their prior quarter's orders. That said, we are seeing a healthy quote activity and strengthening sales funnel for back-end semi. These order declines were offset by continued strength in auto/EV, defense/aerospace and industrial.

在投影片第 6 頁，我們更仔細看訂單與在手訂單。第一季訂單 3,180 萬美元，在連續兩季訂單流量非常強勁之後，較前一季下滑 15%。第一季在三個終端市場的訂單較前一季略低：生命科學在第四季因 Alfamation 專案時程帶動而出現偏高的訂單；以及安全與保全、半導體，這兩者的訂單較第四季小幅下滑，因客戶優先履行前一季的訂單。儘管如此，我們看到後段半導體（back-end semi）的報價活動健康，銷售漏斗也在強化。上述訂單下滑，已被汽車/電動車、國防/航太與工業市場的持續強勁所抵銷。

To give you some color on the orders we received this quarter, Alfamation secured a multiyear program in Mexico, spanning displays and hardware variants in many different models of automobiles, and we continue to see meaningful activity from leading EV and battery customers. These are the kinds of wins that illustrate the value of the platform we have built and demonstrate the commercial momentum we are seeing.

為了讓各位更了解本季收到的訂單，Alfamation 在墨西哥取得一項多年期專案，涵蓋顯示器與硬體的多種版本，應用於多個不同車款；同時我們也持續看到來自領先電動車與電池客戶的顯著活動。這些勝利正是我們所打造平台價值的體現，也展現我們正在看到的商業動能。

On a year-over-year basis, quarter one orders grew 25%, led by auto/EV and defense/aerospace. Semi orders declined. Auto/EV and defense/aerospace were standouts. Auto/EV more than doubled due to Alfamation's order activity that was driven by new model introductions and vehicle platform refreshes. In defense/aerospace, our orders almost tripled as sustained armament replenishment and capacity expansion programs continue to drive engagement.

以年對年來看，第一季訂單成長 25%，主要由汽車/電動車與國防/航太帶動。半導體訂單則下滑。汽車/電動車與國防/航太表現突出。汽車/電動車訂單因 Alfamation 的接單活動而超過倍增，主要受新車型導入與車款平台改款所驅動。在國防/航太方面，隨著持續的軍備補充與產能擴充計畫推動客戶投入，我們的訂單幾乎成長至三倍。

Quarter end backlog of $51.8 million declined 4% sequentially from near record levels at the end of Q4, but increased 36% year-over-year. Approximately 50% of the current backlog is expected to ship beyond Q2, providing meaningful forward revenue visibility.

季末在手訂單為 5,180 萬美元，較第四季末接近歷史高點的水準季減 4%，但年增 36%。目前在手訂單約有 50% 預計在第二季之後出貨，提供具意義的前瞻營收能見度。

With that, I'll turn it over to Duncan to walk through the detailed financial results, starting with revenue on slide 7.

接下來，我把電話交給 Duncan，從投影片第 7 頁的營收開始，帶各位檢視更詳細的財務結果。

Thank you, Rich. Starting on slide 7. On a sequential basis, revenue in Q1 increased $1.1 million or 3% from $32.8 million in Q4 to $33.9 million. This increase was primarily driven by semi, which increased by $3.6 million on back-end semi shipments from prior year backlog. Auto/EV contributed an additional $1.6 million, reflecting strong second half 2025 order flow from Alfamation's automotive customer base and safety security, which was up $0.6 million.

謝謝你，Rich。從投影片第 7 頁開始。以季對季來看，第一季營收較第四季的 3,280 萬美元增加 110 萬美元（或 3%），至 3,390 萬美元。這項增加主要由半導體帶動，因出貨後段半導體產品、承接前一年在手訂單，使營收增加 360 萬美元。汽車/電動車額外貢獻 160 萬美元，反映 2025 年下半年 Alfamation 汽車客戶基礎的強勁接單流量；安全與保全則增加 60 萬美元。

Defense/aerospace contributed a more modest $0.3 million increase. Partially offsetting these gains were a $3.7 million decline in industrial that followed an unusually strong fourth quarter as well as decreases of $0.8 million in other and $0.5 million in life sciences.

國防/航太帶來較為溫和的增加，金額為30萬美元。部分抵銷上述增幅的是工業領域減少370萬美元（此前第四季表現異常強勁），以及其他領域減少80萬美元與生命科學減少50萬美元。

Compared to Q1 2025, revenues increased $7.2 million or 27% from $26.6 million in Q1 2025. The increase over the prior year period reflects a continued gradual improvement in the capital spending environment and penetration into less semi-correlated end markets. Sales in defense/aerospace accounted for $3 million of the year-over-year increase, followed by life sciences at $1.9 million and auto/EV and semi at approximately $1.5 million each.

與2025年第一季相比，營收增加720萬美元，或27%，由2025年第一季的2,660萬美元增至本季。相較去年同期的增長，反映資本支出環境持續逐步改善，以及我們滲透至與半導體景氣相關性較低的終端市場。國防/航太銷售占年增額中的300萬美元，其次為生命科學190萬美元，而汽車/電動車與半導體各約150萬美元。

Safety security and industrial contributed an additional $0.5 million and $0.2 million respectively. Partially offsetting these gains was a $1.4 million decline in other, which represents revenue from a range of additional end markets we serve, including specialty consumer electronics, university research and telecom.

安全防護與工業分別額外貢獻50萬美元與20萬美元。部分抵銷上述增幅的是其他領域減少140萬美元；其他領域代表我們服務的多元終端市場之營收，包括專業消費性電子、大学研究與電信。

Turning to slide 8. Gross margin increased modestly by 10 basis points sequentially from 45.4% in Q4 2025 to 45.5% in Q1 2026. Gross margin outperformed our guidance of approximately 44%, tracking closer to the Q4 2025 level as product and customer mix proved more favorable than anticipated due to higher-than-expected back-end semi shipments from backlog.

接著看第8頁投影片。毛利率較前一季小幅上升10個基點，從2025年第四季的45.4%升至2026年第一季的45.5%。毛利率優於我們約44%的指引，表現更接近2025年第四季水準，原因在於產品與客戶組合較預期更有利，主要受惠於積壓訂單中後段半導體出貨高於預期。

On a year-over-year basis, first quarter gross margin expanded by 400 basis points from 41.5%. The expansion was driven by higher revenue volume, a favorable shift in product and customer mix, specifically the growing contribution of higher-margin Alfamation products and manufacturing efficiency initiatives implemented throughout 2025 that continue to benefit the cost structure in the current period.

以年對年來看，第一季毛利率較41.5%擴大400個基點。擴張主要由較高的營收規模、產品與客戶組合的有利轉變所帶動，特別是高毛利的Alfamation產品貢獻提升，以及2025年全年推動的製造效率改善措施，持續在本期為成本結構帶來效益。

Moving on to slide 9. Operating expenses for the first quarter were $14.5 million, an increase of $0.8 million sequentially, Driven primarily by restructuring costs associated with the CEO transition. We recorded approximately $0.7 million of nonrecurring restructuring expense in connection with the CEO transition that became effective on March 31, 2026.

接著看第9頁投影片。第一季營業費用為1,450萬美元，較前一季增加80萬美元，主要由與執行長交接相關的重整成本所致。我們就於2026年3月31日生效的執行長交接，認列約70萬美元的一次性重整費用。

As with restructuring charges in prior periods, we excluded them from our calculation of non-GAAP adjusted net income and adjusted EPS. On a year-over-year basis, we generated $7.2 million in incremental revenue while absorbing only $0.5 million of incremental operating expenses, which resulted in a reduction in operating expenses as a percentage of revenue to 42.7%.

如同先前期間的重整費用，我們在計算非GAAP調整後淨利與調整後每股盈餘（adjusted EPS）時將其排除。以年對年來看，我們新增營收720萬美元，但僅增加50萬美元的營業費用，使營業費用占營收比率降至42.7%。

Slides 10 and 11 collectively illustrate our Q1 profitability. Starting with slide 10. For the first quarter, net income was $0.8 million. Adjusted EBITDA was $3.2 million, representing an adjusted EBITDA margin of 9.3%. On slide 11, on a per share basis, net income was $0.06 per diluted share. Adjusted EPS, which adds back tax-affected acquired intangible amortization charges and restructuring charges was $0.16 per diluted share. Slide 12 shows our capital structure and cash flow.

第10與第11頁投影片合併呈現我們第一季的獲利表現。先看第10頁。第一季淨利為80萬美元。調整後EBITDA為320萬美元，調整後EBITDA利潤率為9.3%。在第11頁，以每股計，淨利為稀釋後每股0.06美元。調整後EPS（加回稅後影響的已收購無形資產攤銷費用與重整費用）為稀釋後每股0.16美元。第12頁顯示我們的資本結構與現金流。

During the first quarter, we reduced our US term debt by approximately $1 million through scheduled principal payments, continuing the cadence of debt paydown that contributed to a $4.1 million reduction in US term debt during full year 2025. Total reported debt, however, increased modestly to approximately $8.5 million at March 31, 2026, from $7.5 million at December 31, 2025.

第一季期間，我們透過依約定的本金償還，將美國定期貸款債務減少約100萬美元，延續了持續降債的節奏；該節奏在2025年全年使美國定期貸款債務減少410萬美元。然而，截至2026年3月31日，總報告負債小幅增加至約850萬美元，高於2025年12月31日的750萬美元。

The difference reflects short-term working capital borrowings at our Alfamation subsidiary during the quarter via a relatively low interest receivables factoring arrangement. We continue to have availability under our $30 million delayed draw term loan facility and our $10 million revolving credit facility, providing us with liquidity to support both organic growth initiatives and our M&A pipeline. We ended the quarter with approximately $56 million in liquidity, including cash, cash equivalents and restricted cash of $15.7 million.

差異主要反映本季Alfamation子公司透過相對低利率的應收帳款保理安排，進行短期營運資金借款。我們在3,000萬美元的延遲提用定期貸款額度以及1,000萬美元的循環信用額度下仍有可用額度，為我們支持有機成長計畫與併購（M&A）管線提供流動性。本季期末我們約有5,600萬美元的流動性，包括現金、約當現金與受限制現金1,570萬美元。

Turning to slide 13 and our financial guidance for the year. We are introducing Q2 guidance and are raising our fiscal 2026 guidance to reflect our Q1 outperformance and some improvement in market conditions. For the second quarter of 2026, we project revenue of $32 million to $34 million, gross margin of approximately 45%, operating expenses of $13.8 million to $14.2 million and amortization of $0.7 million.

接著看第13頁投影片，以及我們對全年財務指引。我們將提出第二季指引，並上調2026會計年度指引，以反映第一季優於預期的表現以及市場狀況的些許改善。對於2026年第二季，我們預估營收為3,200萬至3,400萬美元，毛利率約45%，營業費用為1,380萬至1,420萬美元，攤銷費用為70萬美元。

Turning to our full year raised guidance. I note that our guidance assumes no material impact, positive or negative, from changes in the broader economic and/or geopolitical environment. For the full year 2026, we now expect revenue of $130 million to $135 million. At the midpoint, this represents growth of approximately 16% over 2025's $113.8 million.

接著說明我們上調後的全年指引。我提醒各位，我們的指引假設整體經濟及/或地緣政治環境的變化不會帶來重大影響（不論正面或負面）。對2026年全年，我們目前預期營收為1.30億至1.35億美元。以中位數計，較2025年的1.138億美元約成長16%。

This guidance reflects the diversified demand, particularly in industrial, aerospace/defense, auto/EV and life sciences, supported by our backlog, but does not contemplate a meaningful rebound in semi sales at this time, though, as Rich noted, we are seeing early signs of a demand wave building. Gross margin of approximately 45% and operating expenses of $55 million to $57 million, reflecting higher variable selling costs.

此指引反映多元化需求，特別是在工業、航太/國防、汽車/電動車與生命科學領域，並由我們的積壓訂單支撐；但目前尚未納入半導體銷售出現明顯反彈的情境，儘管如Rich所提，我們正看到需求浪潮形成的早期跡象。毛利率約45%，營業費用為5,500萬至5,700萬美元，反映較高的變動銷售成本。

Amortization of $2.6 million and interest expense of approximately $0.3 million with an effective tax rate estimated to be 18%. We expect amortization expenses to be higher in the first half of the year than in the second half as certain intangible assets reach the end of their amortization lives. Finally, we expect capital expenditures of 1% to 2% of revenue, consistent with our historical investment levels.

攤銷費用為260萬美元，利息費用約30萬美元，有效稅率估計為18%。我們預期上半年攤銷費用將高於下半年，因部分無形資產將到達其攤銷年限的終點。最後，我們預期資本支出為營收的1%至2%，與我們歷史投資水準一致。

With that, if you turn to slide 14, I will now turn the call back over to Rich.

以上，若各位翻到第14頁投影片，我現在把電話會議交回給Rich。

Thanks, Duncan. Before we open to questions, I wanted to share with you my thoughts about our road map going forward as we execute InTest's next phase of growth.

謝謝，Duncan。在開放提問之前，我想與各位分享我對未來路線圖的想法，因為我們正執行InTest下一階段的成長。

First, we have a growing backlog and a platform of engineered solutions that our customers rely on in demanding applications. The work ahead is to deepen those relationships, respond to evolving customer requirements with speed and precision, extend our coverage into adjacent programs, geographies and convert that commercial momentum into durable revenue growth.

第一，我們的積壓訂單持續增加，並擁有一個工程化解決方案平台，客戶在高要求的應用中仰賴我們。接下來的工作是深化這些關係，以速度與精準回應客戶需求的演進，將我們的覆蓋範圍延伸至相鄰的專案、地理區域，並把這股商業動能轉化為可持續的營收成長。

Second, we are going to intensify our focus on operating leverage and adjusted EBITDA expansion. We have demonstrated that our business model is designed to generate strong operating leverage. While we continue to drive revenue growth, we will look to identify manufacturing cost improvements by advancing factory and supply chain efficiency initiatives to remove friction, lift throughput and unlock platform synergies. It also means honing our operating expenses, ensuring investments are deployed to the highest returning commercial and product opportunities.

第二，我們將加強聚焦於營運槓桿與調整後EBITDA擴張。我們已證明，我們的商業模式旨在產生強勁的營運槓桿。在持續推動營收成長的同時，我們將透過推進工廠與供應鏈效率計畫，消除摩擦、提升產出並釋放平台綜效，以找出製造成本改善空間。這也意味著精進營業費用，確保投資配置在回報最高的商業與產品機會上。

Third, we intend to continue to allocate capital in a disciplined fashion. Our near-term focus is on targeted organic investments in product development and global customer expansion, building on a platform we have already assembled.

第三，我們打算持續以嚴謹紀律配置資本。短期重點將放在有針對性的有機投資，包括產品開發與全球客戶拓展，並在我們已建立的平台基礎上持續加碼。

We will pursue M&A selectively where the synergies are clear and the integration risk is manageable. In the near-term, I will spend my time meeting customers, engaging our employees and visiting our facilities. These interactions are essential to execution, ensuring our teams are aligned on the priorities, focused on the highest impact work and positioned to deliver.

在綜效明確且整合風險可控的情況下，我們將選擇性地推動併購（M&A）。短期內，我將把時間投入於拜訪客戶、與員工互動並走訪我們的設施。這些互動對於落實執行至關重要，可確保團隊在優先事項上保持一致，聚焦於影響最大的工作，並具備交付成果的定位。

In addition, I will be fleshing out the road map and developing an operational plan for the company, along with goals and objectives for the team at InTest. I look forward to sharing this operational plan with you on future earnings calls. To summarize, I believe the opportunity and strategy are clear. The platform is strong, and I am committed to delivering strong profitability from these strengths.

此外，我將進一步完善路線圖，並為公司制定營運計畫，同時為 InTest 團隊設定目標與目的。我期待在未來的財報電話會議上與各位分享這份營運計畫。總結來說，我認為機會與策略都很清楚。平台基礎穩固，我也承諾將運用這些優勢帶來強勁的獲利能力。

With that, operator, please open the call to questions.

那麼，接線員，請開放提問。

(Operator Instructions) Max Michaelis, Lake Street Capital Markets.

(接線員指示) Lake Street Capital Markets 的 Max Michaelis。

This is Jaeson on for Max. I just want to start with the life sciences segment. You called that out in the prepared remarks. Curious if the momentum you're seeing is broad-based or concentrated at a few accounts or in a few specific programs?

我是代替 Max 的 Jaeson。我想先從生命科學事業部開始。你在事先準備的發言中特別提到這一點。想請教你目前看到的動能是全面性的，還是集中在少數幾個客戶或少數特定專案上？

Yes, Jaeson, thanks for the question. At the moment, we're realizing the backlog and the orders that we're taking in some specific areas. But as we grow, those are specialized test equipment usually designed for customers. And as we grow our intimacy with these different customers, we see it expanding broader than just the one or two customers.

是的，Jaeson，謝謝你的問題。目前我們正在消化積壓訂單，並在某些特定領域接到新訂單。但隨著我們成長，這些通常是為客戶量身打造的專用測試設備。而當我們與不同客戶的合作更緊密時，我們看到需求擴展到不只是一、兩個客戶。

Got you. That's helpful. And then just looking at the semi market, understanding that it doesn't sound like you're baking in large expectations into the rest of this year. Just curious what you're seeing from an order activity or quoting activity standpoint currently here in Q2.

了解。這很有幫助。接著看半導體市場，理解你們聽起來並沒有把今年剩餘時間的預期拉得很高。想請教你們在目前第二季，從接單活動或報價活動的角度，看到什麼情況？

Yes. As I mentioned in my remarks earlier, we're seeing increased order activity and quote activity coming through the pipeline and the funnel looks fairly strong. But we're cautiously optimistic. We haven't seen it roar back at this point, but we do see the activity picking up, which leads us to signs of the future being better than it has been.

是的。如我先前在發言中提到的，我們看到訂單活動與報價活動在管線中增加，漏斗看起來相當強勁。但我們仍保持審慎樂觀。目前還沒有看到明顯強勢反彈，但確實看到活動升溫，這讓我們覺得未來的情況會比過去更好。

Ted Jackson, Northland Securities.

Northland Securities 的 Ted Jackson。

Richard, I think you're an old hand at this for your first quarterly call. You're a pro. So congrats on that. The First question on, like on the strength in the quarter, you commented that some of it was executing against backlog and your commentary on semi was that you have stuff in backlog that came out in the quarter that perhaps wasn't expected.

Richard，對於你的第一場季度電話會議來說，我覺得你已經是老手了。你很專業。所以恭喜。第一個問題是關於本季的強勁表現，你提到其中一部分是執行積壓訂單；而你對半導體的評論是，本季有一些原本可能沒預期會出貨的積壓項目在本季出來了。

And so I guess the question I'm getting to, so when we kind of back into what's going on in the business is, how much of the stronger quarter was from timing of things maybe coming in the backlog that you hadn't expected? And how much of the upside in the quarter came from business just being things that you didn't see, you know what I'm saying kind of more organic new kind of revenue? That's my first question.

所以我想問的是，當我們回推來看業務實際發生了什麼：本季較強的表現，有多少是因為一些你原本沒預期、但從積壓訂單中提前/剛好在本季出貨的時點因素？又有多少的超預期，是來自你們原本沒看到的業務，也就是比較有機的新增收入？這是我的第一個問題。

Yes. Let me try to answer that and Duncan can add color as he sees as well. I think the business overall -- the strength is there. We're seeing it across the different markets, and it's a result of us being intimately engaged with the customers and trying to solve their needs. So while maybe one business goes up and down on a cycle, the other one goes up and down on a cycle at a different ratio, that's the nice part about the diversity in the market space, right?

是的。我先嘗試回答，Duncan 也可以視情況補充。我認為整體業務——其實強勁動能是存在的。我們在不同市場都看得到，這是因為我們與客戶保持非常緊密的互動，並努力解決他們的需求。因此，即便某一項業務會隨景氣循環上下波動，另一項業務也會以不同幅度上下波動，這就是市場多元化的好處，對吧？

And so while we're -- we've stated we've seen slower semi, life sciences and aerospace/defense, for example, have been up. And that's a result of the teams being engaged with the customers at an intimate level. So I would say it's based on strength and not just realizing backlog, which I think is what you're trying to ask. And we see that --

所以，雖然我們——我們已經說過半導體較慢，但例如生命科學與航太/國防則是成長的。這是團隊以非常深入的層次與客戶互動所帶來的結果。因此我會說，這是基於實質的強勁表現，而不只是消化積壓訂單——我想這是你要問的。而我們也看到--

It's more about what the mix was between strength and backlog. And what I'm really kind of getting to is I mean, you beat by over $2 million relative to kind of expectations and expectations were at the higher end of your previous range. So if you had expectations and just tap $2 million on you're basically at your guidance.

我更想問的是強勁表現與積壓訂單之間的組合比例。我真正想釐清的是，你們相對於市場預期多出超過 200 萬美元，而市場預期本來就在你們先前區間的高端。所以如果你們原本的預期再加上 200 萬美元，基本上就落在你們的指引之內。

But if you actually look at the midpoint of your previous guidance, your take-up, if you would, for '26 would be closer to around $4-ish million to see where I'm going with this in terms of revenue guidance. And so I'm trying to kind of sort of bogey and get a sense of how much of that change is driven from your view that you're seeing more strength in your markets and how much of it maybe as a result of just kind of getting into some of your backlog more than that's kind of where I was heading to with my question.

但如果你看你們先前指引的中位數，你們對 26 年的上修幅度（如果這樣說）會更接近約 400 萬美元左右——我想你明白我在談營收指引時的意思。所以我想抓一個基準點，了解這個變化有多少是來自你們認為各市場更強勁的看法，又有多少可能只是因為你們消化了比預期更多的積壓訂單——這就是我問題的方向。

Yes. I mean, I think as you can see from our guidance, taking our guidance up $5 million on both ends of the ranges we are a little bit more optimistic about the full year. I think Q1, we did deliver a little bit more from backlog of our semi in our semi space as we kind of indicated. The order activity for semi, not quite as strong. You can see that in the order numbers.

是的。我的意思是，我想從我們的指引你也看得出來，我們把全年指引區間的上下限都上調了 500 萬美元，代表我們對全年稍微更樂觀一些。我認為第一季，我們確實如先前所示，在半導體領域從積壓訂單交付了多一些。半導體的接單活動沒有那麼強。你可以從訂單數字看出來。

As Rich mentioned, I think we are seeing a lot of activity in that space. Funnel is looking strong. So that cautious optimism is still there. Broadly speaking, outside of semi, which I just talked about specifically there, the other markets are performing pretty well. Happy really with what we're seeing there from an order intake, funnels, so on and so forth. I think the dynamic we're seeing, we probably shipped a little bit more from our semi backlog than we anticipated with our Q1 guide is I think the driver of that slight Q1 delta that I think you're highlighting.

如 Rich 所提到的，我認為我們在那個領域看到很多活動。漏斗看起來很強。所以那種審慎樂觀仍然存在。整體而言，除了我剛才特別談到的半導體之外，其他市場表現都相當不錯。我們對那邊看到的接單、漏斗等狀況非常滿意。我認為我們看到的動態是：相較於我們第一季指引時的預期，我們從半導體積壓訂單出貨的量可能多了一點，這就是你所指出那個第一季小幅差異的主要原因。

Okay. So if I really step back, the change in guide really is it's not being driven per se by maybe a little more revenue coming out of backlog than anticipated. Fundamentally, it's improved market outlook across your segments.

好的。所以如果我退一步看，指引的變動其實不是因為從積壓訂單出來的營收比預期多一些所驅動。本質上，是你們各事業部的市場展望改善。

Yes, no, absolutely.

是的，沒錯，完全是。

Okay. My next question, going back into just kind of the semi and it's more about the quoting strength that you're seeing, the activity. Can you talk a little bit about maybe a -- I mean, I assume when you're talking about that, most of that is back-end oriented? Or is it back and front? And then where are you seeing that from a geography standpoint?

好的。我的下一個問題回到半導體，主要是關於你們看到的報價強度與活動量。你能談談這些活動大概是——我的意思是，我假設你說的多半是後段製程相關？還是後段與前段都有？另外，從地理區域來看，你們主要在哪些地區看到這些活動？

Yes. So you're correct. Our primary focus anyway is still in the back-end test space, mixed signal, higher power devices as they're coming through from a perspective of testing as well as temperature control, obviously. The front-end semi business is still slower reminder that we're on the very front end, right? So in the silicon carbide manufacturing space, if you will, the wafer itself.

是的。你說得沒錯。無論如何，我們的主要重點仍在後段測試領域，包括混合訊號、較高功率元件，從測試以及溫控（當然）兩個角度來看，這些需求正在進來。前段半導體業務仍然較慢，提醒一下，我們是在非常前端的位置，對吧？也就是碳化矽製造領域，如果你要這麼說的話，晶圓本身。

So that's still on the slower side, but we are seeing some signs of activity there, mostly about ramping up of existing equipment, not so much of adding new equipment. So we expect, hopefully that will change, but so far, have not seen any uptick in that market.

所以那一塊仍然偏慢，但我們確實看到一些活動跡象，主要是既有設備的拉升（ramp up），而不是新增設備。因此我們希望未來會有所改變，但到目前為止，還沒有看到那個市場有任何回升。

And is there a particular geography where you're seeing more activity than others?

那是否有某個特定地區，你們看到的活動比其他地區更多？

No, I would say it's across the board. Obviously, a lot of back-end test is out of Asia, but we're seeing some strength in Europe and US as well, some activity picking up.

不，我會說這是全面性的。顯然，許多後段測試在亞洲以外，但我們也看到歐洲和美國同樣有些強勁表現，部分活動正在回升。

Dick Ryan, Oak Ridge Financial.

Dick Ryan，Oak Ridge Financial。

Welcome aboard, Rich, in your new role. It's a question more higher level, Rich. I mean you've had your fingers into most of the segments of the business since you've been on board, either on the consulting side or further responsibility there. And trying to coordinate that with the commentary from the news release and the slide deck of removing operational frictions and working together.

Rich，歡迎你在新職務上就任。Rich，這是一個比較高層次的問題。我的意思是，自從你加入以來，不論是在顧問端或後續承擔更多責任，你幾乎都涉獵了業務的大多數部門。並嘗試把這點與新聞稿及簡報投影片中提到的「消除營運摩擦、協同合作」的評論相互對照。

When you look at the portfolio, there's a lot of commonality and touch points to end markets. When you talk about the friction side, is that more supply chain, bringing Malaysia into the answer? Or is it the divisions working amongst themselves?

當你看整個產品組合時，面向終端市場有很多共通性與接觸點。你談到摩擦這一塊時，指的是更多供應鏈方面，例如把馬來西亞納入解方？還是指各事業部之間的協作？

I think as any good business does, we're going to try to optimize all of it and you're never optimized. You're always looking on how to get better, of course. So in a nutshell, I think it is on the commercial side, how our businesses can work together better, benefiting us to penetrate customers deeper and wider at the same time.

我想任何一家好的企業都會嘗試把所有面向最佳化，而你永遠不會真正「完全最佳化」。你總是在尋找如何變得更好，當然。所以簡而言之，我認為是在商務端：我們的各項業務如何能更好地協同運作，讓我們同時更深、更廣地滲透客戶。

And obviously, on the operational side, how we can become even more efficient and utilize our supply chains, our operations, our businesses, our locations more effectively. And we'll continue to look at that as we should. We've been doing that. As you recall, we've had restructuring charges over the last year where we're optimizing our footprint. We're going to continue and even more aggressively approach some of those things.

而且很明顯地，在營運端，我們如何能變得更有效率，並更有效地運用我們的供應鏈、營運、各項業務與據點。我們會持續檢視這些，這也是我們應該做的。我們一直在做。如你所記得的，過去一年我們有重組費用，目的在於最佳化我們的據點布局。我們會持續推進，並且更積極地處理其中一些事項。

Okay. And on the selective M&A comment, is it still kind of in the environmental space that you'd like to build out? Or are there other priorities moving up the list now that you've had a little bit more time in the role??

了解。關於你提到的選擇性併購（M&A），是否仍然主要希望在環境領域擴張？或者在你在這個職位上多待了一段時間後，是否有其他優先事項正在往前移？

Yes. I would think to say that in general, it would be in the environmental space still. But more importantly, it will be something that fits the business, whether environmental or electronic test or vision that has good synergies, and we can realize those cost synergies and those operational efficiencies.

是的。我認為整體而言，仍會是在環境領域。但更重要的是，會是符合公司業務的標的，不論是環境、電子測試或視覺相關，只要具有良好綜效，且我們能實現那些成本綜效與營運效率。

Ted Jackson, Northland Securities.

Ted Jackson，Northland Securities。

Okay. I'm just back for a couple of other questions. You commented with regards to Alfamation and the defense/aerospace having some strength in terms of order activity, quoting activity. You specifically mentioned it was Alfamation, Mexican market in auto with EV battery and inception. So I wanted to maybe see if you could give a little bit more color on both of those segments with regards to Alfamation.

好的。我再追問幾個問題。你提到就 Alfamation 而言，以及國防／航太在訂單活動、報價活動方面有一些強勁表現。你特別提到是 Alfamation、墨西哥汽車市場（與電動車電池及起步階段相關）。所以我想看看你是否能就這兩個領域多補充一些細節，先從 Alfamation 談起。

You've been expanding beyond auto, but are we looking at like some renewed strength in auto as we go through a model cycle change? And then in the defense/aerospace, maybe just some color as what you can see driving the strength there beyond just the generic that we're going to war with everyone we want to these days.

你們一直在汽車以外的領域擴張，但我們是否可以期待在汽車端，隨著車型週期改款，出現一些重新轉強？另外在國防／航太方面，能否也補充一下你看到的強勁動能來自哪些因素，而不只是泛泛地說「如今我們似乎跟所有人都要打仗」？

Sure, Ted. So on the Alfamation side, maybe let me start with that. The auto space is, as you know, it was been down for 18 months or so, maybe two years' time. And we are seeing those new model refreshes start to pick up pace and come out. So that's a lot of the strength.

當然，Ted。先從 Alfamation 這邊開始。如你所知，汽車領域已經低迷了大約 18 個月左右，可能接近兩年。而我們正看到新車型改款開始加速推出。這就是很大一部分的強勁來源。

I think Duncan has talked about this prior, actually he calls the strength in orders that we saw in the last two quarters, Q3 and Q4, specifically with Alfamation, a lot of that was around auto as well as life sciences. So we are seeing that now, and we're seeing a lot of activity still around that. And again, these are custom solutions for the auto supply market.

我想 Duncan 之前也談過這點；他把我們在過去兩個季度（Q3 與 Q4）看到的訂單強勁，特別是在 Alfamation 方面，稱為其中很大一部分來自汽車以及生命科學。所以我們現在確實看到了，而且仍看到圍繞這些領域有很多活動。再者，這些是為汽車供應市場提供的客製化解決方案。

And so as we get involved in more of those activities, we see positive momentum there at the moment, and we hope it continues. On the defense/aerospace side, yes, it has a lot to do with capacity expansions to recoup from the use of the armaments, but also new technologies that are being introduced. And the activity is occurring primarily here in the US, it has been, but we're seeing it expand to places like Europe, activity requests are coming in from there.

因此，隨著我們參與更多這類專案活動，目前看到正向動能，我們也希望能持續下去。至於國防／航太方面，是的，這與擴充產能以補回軍備消耗有很大關係，但也包括正在導入的新技術。相關活動主要發生在美國，一直都是如此，但我們也看到擴展到像歐洲等地，來自那邊的需求／詢問正在增加。

Okay. And then my next question is you commented about really kind of doing a better job of tying the different parts of InTest together and being able to drive operational efficiencies and also probably expand kind of your addressable markets through being able to work closer together.

好的。接著下一個問題：你提到要更好地把 InTest 的不同部分串聯起來，以推動營運效率，並且可能透過更緊密合作來擴大可服務市場。

With it relates to some of the restructuring efforts that you're doing, could you comment about like for us on the outside, what will we be looking for in terms of metrics to see that you're having success? Is it going to be improved gross margins? Is it going to be reductions in OpEx or just slower growth in OpEx? Maybe a little color in terms of kind of what are the bogeys and for those of us that follow the company, how will we see that translate into the financial statements?

就你們正在進行的一些重組措施而言，你能否評論一下：對我們外部的人來說，應該看哪些指標來判斷你們是否成功？會是毛利率改善嗎？會是營業費用（OpEx）下降，或只是 OpEx 成長放緩？能否補充一些細節，像是目標值（bogeys）是什麼，以及對於追蹤公司的投資人而言，這會如何反映在財務報表上？

Yes. I think, I need a few more days to figure that out, I guess. No, I think, the focus is to -- as we've guided towards our Vision 2030, that's still our sort of our North Star to achieve that. And we haven't changed that focus at the moment. As far as changing our guidance for the year or anything like that, no, we've put that out, and we're aligned with that.

是的。我想我可能還需要幾天時間把這個弄清楚。不過我認為，重點是——如同我們針對 Vision 2030 所做的指引，那仍然是我們要達成的「北極星」目標。目前我們沒有改變這個聚焦方向。至於要不要調整我們今年的指引或類似事項，不，我們已經發布了指引，而且我們也與之保持一致。

And we'll continue to work on some of those efficiencies, and I'll be happy to come back in the next earnings call or two and give you some more details as we flesh that out over the next 90 days or so.

我們會持續推動其中一些效率提升；我也很樂意在接下來一兩次的財報電話會議中，隨著未來大約 90 天我們把細節梳理得更清楚後，再提供你更多資訊。

Okay. All right. Well, thanks for the follow-ups, too. And congrats on the quarter again.

好的。好。也謝謝你補充回答。也再次恭喜這一季的表現。

Thank you.

謝謝。

(Operator Instructions) Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Rich Rogoff for the closing remarks.

(接線員指示) 各位女士、先生，由於沒有進一步的提問，我現在要把會議交回 Rich Rogoff 作結語。

Thank you, operator. We appreciate everyone joining us today. Thank you for your time, and we welcome the opportunity to answer any additional questions. Please reach out to our Investor Relations team to coordinate our continued dialogue.

謝謝你，接線員。感謝各位今天加入我們。謝謝各位撥冗，我們也歡迎有機會回答任何額外問題。請聯繫我們的投資人關係團隊，以協調後續的持續交流。

On slide 15, please note the details regarding the replay of this call as well as our upcoming investor event schedule. We will publicize additional conference attendances via press release, advisories and on our IR website. Thanks again for participating in today, and have a great day.

請注意投影片第 15 頁，當中有關本次電話會議重播以及我們即將舉辦的投資人活動行程的詳細資訊。我們將透過新聞稿、公告以及我們的 IR 網站公布額外的會議出席資訊。再次感謝各位今天的參與，祝各位有美好的一天。

Ladies and gentlemen, the conference call of InTest Corporation has now concluded. Thank you for your participation. You may now disconnect your lines.

各位女士、先生，InTest Corporation 的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話。