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Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
inTEST (INTT) investor relations material
inTEST 17th Annual Southwest IDEAS Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.17th Annual Southwest IDEAS Conference summary19 Nov, 2025
Strategic growth, vision, and market diversification
Vision 2030 targets $235–$285 million revenue by 2030, driven by organic and inorganic growth, with a 10% operating income margin goal.
Expanded from a sub-$55 million business to $130 million, diversifying beyond the back-end semi-test market over five years.
Restructured into three technology divisions—Electronic Test, Environmental Technologies, and Process Technologies—serving diverse, high-growth applications.
Focused on six target markets: semi, automotive/EV, defense/aero, industrial, life sciences, and safety/security, leveraging mega trends like electrification, AI, and advanced packaging.
Estimated $2 billion serviceable addressable market, with a strong customer base including major industry players.
Innovation, product development, and global expansion
New product revenue rose from mid-single digits to 17% in recent quarters, targeting 25%+ by 2030.
Launched new products such as automated oscilloscope and RF measurement probes, benchtop thermal stream, and Compact EcoHeat, filling portfolio gaps.
Acquisitions like AlphaMation and AstroLogics expanded capabilities and geographic reach, including a new Malaysia facility and stronger European and North American presence.
Operational excellence initiatives, including Lean Six Sigma, have standardized products, improved lead times, and reduced costs.
M&A strategy targets $20–$40 million companies, aiming for $50–$60 million in acquired revenue to scale divisions and deepen market reach.
Financial performance and outlook
Q3 orders reached $37.6 million, up 35.6% sequentially, with strong recovery in automotive/EV and defense/aerospace; backlog up 30.1% sequentially to just under $50 million, with 55% expected to ship beyond Q4 2025.
Q3 revenue was $26 million, down $1.9 million sequentially and $4.0 million year-over-year, mainly due to shipment delays and declines in key segments.
Gross margin in Q3 was 41.9%, contracting 70 bps sequentially and 440 bps year-over-year; operating expenses managed down to just over $12 million.
Q3 GAAP EPS was a $0.08 loss, $0.02 on an adjusted basis; positive adjusted EBITDA maintained despite revenue softness.
Debt reduced by $6.2 million in the first nine months of 2025; liquidity at $61 million with a leverage ratio of 1.7x.
M&A integration strategy for new technologies
Auto EV market order recovery drivers
Path to 25% new product revenue target
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Frequently asked questions
inTEST Corporation designs and manufactures thermal, mechanical, and electrical testing solutions used in the semiconductor, industrial, and defense markets. The company provides products such as environmental chambers, testers, and manipulators that support quality assurance and R&D processes. inTEST serves manufacturers and technology firms requiring precision testing equipment. The company is headquartered in Mount Laurel, New Jersey, and its shares are listed on the NYSE American.
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