0001437749-24-009626 | 10-K | XBRL Viewer

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Note 18 - Quarterly Consolidated Financial Data (Unaudited) - Quarterly Consolidated Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Revenue	$ 27,884	$ 30,941	$ 32,558	$ 31,919	$ 32,405	$ 30,771	$ 29,571	$ 24,081	$ 123,302	$ 116,828
Gross profit	12,449	14,447	15,030	15,052	14,981	13,898	13,548	11,013	56,978	53,440
Earnings before income tax expense	1,566	2,723	3,365	3,394	3,881	3,039	2,570	655	11,048	10,145
Income tax expense	111	446	572	577	637	515	454	78	1,706	1,684
Net earnings	$ 1,455	$ 2,277	$ 2,793	$ 2,817	$ 3,244	$ 2,524	$ 2,116	$ 577	$ 9,342	$ 8,461
Net earnings per common share – basic (in dollars per share)	$ 0.12	$ 0.19	$ 0.25	$ 0.26	$ 0.3	$ 0.24	$ 0.2	$ 0.05	$ 0.82	$ 0.79
Weighted average common shares outstanding – basic (in shares)	11,962,679	11,886,005	11,241,183	10,755,729	10,725,662	10,695,867	10,653,268	10,617,271	11,461,399	10,673,017
Net earnings per common share – diluted (in dollars per share)	$ 0.12	$ 0.19	$ 0.24	$ 0.25	$ 0.3	$ 0.23	$ 0.2	$ 0.05	$ 0.79	$ 0.78
Weighted average common shares outstanding – diluted (in shares)	12,122,099	12,212,317	11,696,569	11,088,664	10,928,220	10,864,540	10,814,799	10,842,592	11,779,912	10,862,538

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 10 - Debt

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

(10)

DEBT

Letters of Credit

We have issued letters of credit as the security deposits for certain of our domestic leases. These letters of credit are secured by pledged certificates of deposit which are classified as Restricted Certificates of Deposit on our consolidated balance sheets. The terms of our leases require us to renew these letters of credit at least 30 days prior to their expiration dates for successive terms of not less than one year until lease expiration. Our outstanding letters of credit at December 31, 2023 and December 31, 2022 consisted of the following:

L/C

Lease

Letters of Credit
Amount Outstanding

Facility

Original L/C
Issue Date

Expiration
Date

Dec. 31
2023

Dec. 31
2022

Mt. Laurel, NJ

3/29/2010

4/30/2024

4/30/2031

Mansfield, MA

10/27/2010

12/31/2024

100

Credit Facility

On October 15, 2021 (the “Closing Date”), we entered into an Amended and Restated Loan and Security Agreement with M&T Bank (“M&T”) which, on October 28, 2021, was amended by the Joinder and Amendment to Amended and Restated Loan and Security Agreement and which, on December 30, 2021, was further amended by the Joinder and Second Amendment to Amended and Restated Loan and Security Agreement (as amended, the “Loan Agreement”).

The Loan Agreement included a $25,000 non-revolving delayed draw term note (the “Term Note”) and a $10,000 revolving credit facility (the “Revolving Facility” and together with the Term Note, the “Credit Facility”). The Credit Facility had a five-year contract period that began on the Closing Date and expired on October 15, 2026, and draws under the Term Note were permissible for two years.

On September 20, 2022, we further amended the Loan Agreement by entering into a Third Amendment to Amended and Restated Loan and Security Agreement (the Loan Agreement, as amended by the Third Amendment, the “Amended Loan Agreement”) and the Third Amended and Restated Delayed Draw Term Note. Under the Amended Loan Agreement, the maximum loan amount that we may borrow under the Term Note increased from $25,000 to $50,500, which raises the available funding at December 31, 2023 to $30,000. Under the Amended Loan Agreement, the maturity date of the Term Note and Revolving Facility were also extended to September 19, 2027 (the “Contract Period”). At December 31, 2023, we had not borrowed any amounts under the $10,000 Revolving Facility. Our borrowings under the Term Note are discussed below and occurred prior to entering into the Amended Loan Agreement.

The principal balance of the Revolving Facility and the principal balance of any amount drawn under the Term Note accrues interest based on the secured overnight financing rate for U.S. government securities (“SOFR”) or a bank-defined base rate plus an applicable margin, depending on leverage. Each draw under the Term Note will have an option for us of either (i) up to a five-year amortizing term loan with a balloon due at maturity, or (ii) up to a five-year term with up to seven years amortization with a balloon due at maturity. Any amortization greater than five years will be subject to an excess cash flow recapture. The Amended Loan Agreement also allows us to enter into hedging contracts with M&T, including interest rate swap agreements, interest rate cap agreements, interest rate collar agreements, or any other agreements or that are designed to protect us against fluctuations in interest rates or currency exchange rates.

The Amended Loan Agreement contains customary default provisions, including but not limited to the failure by us to repay obligations when due, violation of provisions or representations provided in the Amended Loan Agreement, bankruptcy by us, suspension of our business or any of our subsidiaries and certain material judgments. After expiration of the Contract Period or if a continued event of default occurs, interest will accrue on the principal balance at a rate of 2% in excess of the then applicable non-default interest rate. The Amended Loan Agreement includes customary affirmative, negative and financial covenants, including a maximum ratio of consolidated funded debt to consolidated EBITDA of not more than 3.0 to 1.0 and a fixed charge coverage ratio of not less than 1.25 to 1.0. Our obligations under the Amended Loan Agreement are secured by liens on substantially all of our tangible and intangible assets that are owned as of the Closing Date or acquired thereafter. At December 31, 2023, we were in compliance with all of the covenants included in the Credit Facility including the debt covenants of the Amended Loan Agreement.

On October 28, 2021, we drew $12,000 under the Term Note to finance the acquisition of Videology as discussed in Note 12 to our consolidated financial statements in our 2022 Form 10-K. We also entered into an interest rate swap agreement with M&T as of this date which is designed to protect us against fluctuations in interest rates during the five-year repayment and amortization period. As a result, the annual interest rate we expect to pay for this draw under the Term Note is fixed at approximately 3.2% based on current leverage.

On December 29, 2021, we drew $8,500 under the Term Note to finance the acquisition of Acculogic as discussed in Note 12 to our consolidated financial statements in our 2022 Form 10-K. We did not enter into an interest rate swap agreement with M&T related to this draw. The annual interest rate we expect to pay for this draw under the Term Note is variable. At December 31, 2023, it was approximately 7.4% based on current leverage. Effective March 1, 2024, this rate was unchanged.

The following table sets forth the remaining maturities of long-term debt:

2024	$	4,100
2025		4,100
2026		3,842
	$	12,042

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 11 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Domestic – Federal									$ 2,139	$ 2,892
Domestic – state									202	263
Foreign									522	267
Total									2,863	3,422
Domestic – Federal									(1,052)	(1,344)
Domestic – state									31	(190)
Foreign									(136)	(204)
Total									(1,157)	(1,738)
Income tax expense	$ 111	$ 446	$ 572	$ 577	$ 637	$ 515	$ 454	$ 78	$ 1,706	$ 1,684

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 4 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Changes in Goodwill [Table Text Block]

Balance - January 1, 2022	$	21,448
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 (see Note 3 to the consolidated financial statements in our 2022 Form 10-K)		451
Impact of foreign currency translation adjustments		(294	)
Balance - December 31, 2022		21,605
Impact of foreign currency translation adjustments		123
Balance - December 31, 2023	$	21,728

Schedule Of Intangible Assets [Table Text Block]

	December 31,
	2023		2022
Electronic Test	$	3,436	$	3,369
Environmental Technologies		1,817		1,817
Process Technologies		16,475		16,419
Total Goodwill	$	21,728	$	21,605

	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,407	$	9,687	$	6,720
Technology		2,895		1,417		1,478
Patents		590		590		-
Backlog		499		499		-
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		20,801		12,603		8,198
Indefinite-lived intangible assets:
Trademarks		8,398		-		8,398
Total intangible assets	$	29,199	$	12,603	$	16,596

	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,313	$	7,990	$	8,323
Technology		2,855		988		1,867
Patents		590		590		-
Backlog		492		492		-
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		20,660		10,470		10,190
Indefinite-lived intangible assets:
Trademarks		8,369		-		8,369
Total intangible assets	$	29,029	$	10,470	$	18,559

Schedule of Indefinite-Lived Intangible Assets [Table Text Block]

Balance - January 1, 2022	$	8,428
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 (see Note 3 to the consolidated financial statements in our 2022 Form 10-K)		20
Impact of foreign currency translation adjustments		(79	)
Balance - December 31, 2022		8,369
Impact of foreign currency translation adjustments		29
Balance - December 31, 2023	$	8,398

Schedule of Finite-Lived Intangible Assets [Table Text Block]

Balance - January 1, 2022	$	13,206
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 (see Note 3 to the consolidated financial statements in our 2022 Form 10-K)		29
Impact of foreign currency translation adjustments		(351	)
Amortization		(2,694	)
Balance - December 31, 2022		10,190
Impact of foreign currency translation adjustments		102
Amortization		(2,094	)
Balance - December 31, 2023	$	8,198

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

2024	$	1,973
2025	$	1,774
2026	$	1,163
2027	$	667
2028	$	534

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 45,260	$ 13,434
Restricted cash	0	1,142
Trade accounts receivable, net of allowance for credit losses of $474 and $496, respectively	18,175	21,215
Inventories	20,089	22,565
Prepaid expenses and other current assets	2,254	1,695
Total current assets	85,778	60,051
Property and equipment:
Machinery and equipment	7,118	6,625
Leasehold improvements	3,601	3,242
Gross property and equipment	10,719	9,867
Less: accumulated depreciation	(7,529)	(6,735)
Net property and equipment	3,190	3,132
Right-of-use assets, net	4,987	5,770
Goodwill	21,728	21,605
Intangible assets, net	16,596	18,559
Deferred tax assets	1,437	280
Restricted certificates of deposit	100	100
Other assets	1,013	569
Total assets	134,829	110,066
Current liabilities:
Current portion of Term Note	4,100	4,100
Current portion of operating lease liabilities	1,923	1,645
Accounts payable	5,521	7,394
Accrued wages and benefits	4,156	3,907
Accrued professional fees	1,228	884
Customer deposits and deferred revenue	3,797	4,498
Accrued Sales Commission, Current	1,055	1,468
Domestic and foreign income taxes payable	1,038	1,409
Other current liabilities	1,481	1,564
Total current liabilities	24,299	26,869
Operating lease liabilities, net of current portion	3,499	4,705
Term Note, net of current portion	7,942	12,042
Contingent consideration	1,093	1,039
Deferred revenue, net of current portion	1,331	0
Other liabilities	384	455
Total liabilities	38,548	45,110
Commitments and Contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.01 par value; 20,000,000 shares authorized; 12,241,925 and 11,063,271 shares issued, respectively	122	111
Additional paid-in capital	54,450	31,987
Retained earnings	42,196	32,854
Accumulated other comprehensive earnings	414	218
Treasury stock, at cost; 75,758 and 34,308 shares, respectively	(901)	(214)
Total stockholders' equity	96,281	64,956
Total liabilities and stockholders' equity	$ 134,829	$ 110,066

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock, Common [Member]	Total
Balance (in shares) at Dec. 31, 2021	10,910,460
Balance at Dec. 31, 2021	$ 109	$ 29,931	$ 24,393	$ 594	$ (204)	$ 54,823
Net earnings	0	0	8,461	0	0	8,461
Other comprehensive loss	0	0	0	(376)	0	(376)
Amortization of deferred compensation related to stock-based awards	$ 0	1,787	0	0	0	1,787
Issuance of unvested shares of restricted stock (in shares)	123,533
Issuance of unvested shares of restricted stock	$ 1	(1)	0	0	0	0
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited (in shares)	(5,944)
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures	$ 0	0	0	0	0	$ 0
Stock options exercised (in shares)	8,060					8,060
Stock options exercised		38	0			$ 38
Shares issued under Employee Stock Purchase Plan (in shares)	27,162
Shares issued under Employee Stock Purchase Plan	$ 1	232	0			233
Shares surrendered to satisfy tax liability at vesting of stock-based awards	$ 0	0	0	0	(10)	(10)
Balance (in shares) at Dec. 31, 2022	11,063,271
Balance at Dec. 31, 2022	$ 111	31,987	32,854	218	(214)	64,956
Net earnings	0	0	9,342	0	0	9,342
Other comprehensive loss	0	0	0	196	0	196
Amortization of deferred compensation related to stock-based awards	$ 0	2,047	0	0	0	2,047
Issuance of unvested shares of restricted stock (in shares)	97,461
Issuance of unvested shares of restricted stock	$ 1	(1)	0	0	0	0
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited (in shares)	(17,491)
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures	$ 0	0	0	0	0	$ 0
Stock options exercised (in shares)	124,550					124,550
Stock options exercised	$ 1	977	0	0	0	$ 978
Shares issued under Employee Stock Purchase Plan (in shares)	11,780
Shares issued under Employee Stock Purchase Plan	$ 0	205	0	0	0	205
Shares surrendered to satisfy tax liability at vesting of stock-based awards	$ 0	0	0	0	(687)	(687)
Issuance of additional shares of restricted sock related to performance-based awards which vested in the period (in shares)	40,557
Shares issued pursuant to At-the-Market Offering (in shares)	921,797
Shares issued pursuant to At-the-Market Offering	$ 9	19,235	0	0	0	19,244
Balance (in shares) at Dec. 31, 2023	12,241,925
Balance at Dec. 31, 2023	$ 122	$ 54,450	$ 42,196	$ 414	$ (901)	$ 96,281

Note 3 - Fair Value Measurements - Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Interest Rate Swap [Member]
Interest rate swap	$ 285	$ 528
Interest rate swap	285	528
Fair Value, Inputs, Level 1 [Member] \| Interest Rate Swap [Member]
Interest rate swap		0
Interest rate swap		0
Fair Value, Inputs, Level 2 [Member] \| Interest Rate Swap [Member]
Interest rate swap	285	528
Interest rate swap	285	528
Fair Value, Inputs, Level 3 [Member] \| Interest Rate Swap [Member]
Interest rate swap		0
Interest rate swap		0
Acculogic [Member]
Contingent consideration liability	(1,093)	(1,363)
Acculogic [Member] \| Fair Value, Inputs, Level 1 [Member]
Contingent consideration liability		0
Acculogic [Member] \| Fair Value, Inputs, Level 2 [Member]
Contingent consideration liability		0
Acculogic [Member] \| Fair Value, Inputs, Level 3 [Member]
Contingent consideration liability	$ (1,093)	$ (1,363)

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

Note 11 - Income Taxes

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(11)

INCOME TAXES

We are subject to Federal and certain state income taxes. In addition, we are taxed in certain foreign countries.

Earnings before income taxes was as follows:

	Years Ended December 31,
	2023		2022
Domestic	$	9,600	$	9,575
Foreign		1,448		570
Total	$	11,048	$	10,145

Income tax expense was as follows:

	Years Ended December 31,
	2023			2022
Current
Domestic – Federal	$	2,139		$	2,892
Domestic – state		202			263
Foreign		522			267
Total	$	2,863		$	3,422
Deferred
Domestic – Federal	$	(1,052	)	$	(1,344	)
Domestic – state		31			(190	)
Foreign		(136	)		(204	)
Total		(1,157	)		(1,738	)
Income tax expense	$	1,706		$	1,684

Deferred income taxes reflect the net tax effect of net operating loss and tax credit carryforwards as well as temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following is a summary of the significant components of our deferred tax assets and liabilities at December 31, 2023 and 2022:

	December 31,
	2023			2022
Deferred tax assets:
Capitalized research and development costs	$	2,320		$	1,260
Operating lease liabilities		859			1,125
Accrued vacation pay and stock-based compensation		433			465
Inventories		395			602
Intangible assets		369			140
Net operating loss (state and foreign)		245			285
Acquisition costs		44			46
Allowance for doubtful accounts		44			43
Accrued warranty		26			54
Tax credit carryforwards		-			89
Other		62			-
Total		4,797			4,109
Valuation allowance		(245	)		(227	)
Deferred tax assets		4,552			3,882
Deferred tax liabilities:
Intangible assets		(1,949	)		(2,101	)
Right-of-use assets		(762	)		(996	)
Depreciation of property and equipment		(404	)		(385	)
Other		-			(120	)
Deferred tax liabilities		(3,115	)		(3,602	)
Net deferred tax assets	$	1,437		$	280

The net change in the valuation allowance for the years ended December 31, 2023 and 2022 was an increase of $18 and $163, respectively. In assessing the ability to realize the deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. In order to fully realize the total deferred tax assets, we will need to generate future taxable income prior to the expiration of net operating loss and tax credit carryforwards which expire in various years through 2040.

An analysis of the effective tax rate for the years ended December 31, 2023 and 2022 and a reconciliation from the expected statutory rate of 21% is as follows:

	Years Ended December 31,
	2023			2022
Expected income tax expense at U.S. statutory rate	$	2,320		$	2,131
Increase (decrease) in tax from:
Dividend from foreign subsidiaries		184			127
NOL carryforwards utilized		39			(80	)
Stock compensation		(329	)		77
Global intangible low taxed income		87			66
Nondeductible expenses		21			11
Current year tax credits (foreign and research)		(367	)		(465	)
Domestic tax benefit, net of Federal benefit		(167	)		87
Changes in valuation allowance		18			163
Foreign income tax rate differences		109			147
Section 250 foreign derived intangible income deduction		(272	)		(563	)
Other		63			(17	)
Income tax expense	$	1,706		$	1,684

In accounting for income taxes, we follow the guidance in ASC Topic 740 (Income Taxes) regarding the recognition and measurement of uncertain tax positions in our financial statements. Recognition involves a determination of whether it is more likely than not that a tax position will be sustained upon examination with the presumption that the tax position will be examined by the appropriate taxing authority having full knowledge of all relevant information. Our policy is to record interest and penalties associated with unrecognized tax benefits as additional income taxes in the statement of operations. At December 31, 2023 and 2022, we did not have an accrual for uncertain tax positions.

We file U.S. income tax returns and multiple state and foreign income tax returns. With few exceptions, the U.S. and state income tax returns filed for the tax years ended December 31, 2020 and thereafter are subject to examination by the relevant taxing authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Note 17 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Identifiable Assets	$ 134,829	$ 110,066
Capital expenditures	1,291	1,365
Electronic Test [Member]
Identifiable Assets	32,505	31,143
Capital expenditures	599	80
Environmental Technologies [Member]
Identifiable Assets	16,772	18,040
Capital expenditures	495	368
Process Technologies [Member]
Identifiable Assets	56,842	56,866
Capital expenditures	170	543
Corporate Segment [Member]
Identifiable Assets	28,710	4,017
Capital expenditures	$ 27	$ 374

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 18	$ 163
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%

Note 10 - Debt (Details Textual) $ in Thousands	Dec. 29, 2021 USD ($)	Oct. 28, 2021 USD ($)	Oct. 15, 2021 USD ($)	Dec. 31, 2023 USD ($)	Sep. 20, 2022 USD ($)
Debt Instrument, Covenant, Ratio of Consolidated Funded Debt to Consolidated EBITDA					3
Debt Instrument, Covenant, Fixed Charge Coverage Ratio					1.25
October 2021 Agreement [Member] \| M&T Bank [Member]
Debt Instrument, Term (Year)			5 years
Debt Instrument, Interest Rate in Event of Default			2.00%
October 2021 Agreement [Member] \| M&T Bank [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 10,000
October 2021 Agreement [Member] \| M&T Bank [Member] \| Term Note [Member]
Debt Instrument, Face Amount			$ 25,000
Debt Instrument, Draw Period (Year)			2 years
Proceeds from Issuance of Long-term Debt, Total	$ 8,500	$ 12,000
Debt Instrument, Interest Rate, Effective Percentage		3.20%		7.40%
Amended Loan Agreement [Member] \| M&T Bank [Member]
Long-Term Line of Credit, Total				$ 0
Amended Loan Agreement [Member] \| M&T Bank [Member] \| Term Note [Member]
Debt Instrument, Face Amount					$ 50,500
Debt Instrument, Unused Borrowing Capacity, Amount				$ 30,000

Note 1 - Nature of Operations

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Nature of Operations [Text Block]

(1)

NATURE OF OPERATIONS

We are a global supplier of innovative test and process technology solutions for use in manufacturing and testing across a wide range of markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We have three operating segments which are also our reportable segments and reporting units: Electronic Test, Environmental Technologies and Process Technologies.

The consolidated entity is comprised of inTEST Corporation and our wholly-owned subsidiaries. We manufacture our products in the U.S., Canada and the Netherlands. Marketing and support activities are conducted worldwide from our facilities in the U.S., Canada, Germany, Singapore, the Netherlands and the U.K. We operate our business worldwide and sell our products both domestically and internationally.

We announced in December 2023 that we have signed a lease on a 25,000 square foot facility in Penang, Malaysia which will support applications engineering, product development and localized manufacturing for nearly all inTEST brands. Operations are expected to begin at this location at some point in 2024. In connection with this operation, we established inTEST SE Asia Sdn Bhd (“inTEST SE Asia”), a private limited company incorporated in Malaysia which is a wholly-owned subsidiary of inTEST Corporation.

All of our operating segments have multiple products that we design, manufacture and market to our customers. Due to a number of factors, our products have varying levels of gross margin. The mix of products we sell in any period is ultimately determined by our customers’ needs. Therefore, the mix of products sold in any given period can change significantly from the prior period. In addition, we sell our products to a variety of different types of customers with varying levels of discounts and commission expense. As a result of changes in both the mix of products sold as well as customer mix in any given period, our consolidated gross margin can vary significantly from period to period.

The semiconductor market (“semi” or the “semi market”) which includes both the broader semiconductor market, as well as the more specialized automated test equipment (“ATE”) and wafer production sectors within the broader semiconductor market, has historically been the largest single market in which we operate. The semi market is characterized by rapid technological change, competitive pricing pressures and cyclical as well as seasonal market patterns. The semi market is also subject to periods of significant expansion or contraction in demand. In addition to the semi market, we sell into a variety of other markets. Our intention is to continue diversifying our markets, our product offerings within the markets we serve and our customer base across all of our markets with the goal of reducing our dependence on any one market, product or customer. In particular, we are seeking to reduce the impact of volatility in the semi market on our results of operations.

Our Electronic Test segment sells its products to semiconductor manufacturers and third-party test and assembly houses (end user sales) and to ATE manufacturers (original equipment manufacturer (“OEM”) sales), who ultimately resell our equipment with theirs to both semiconductor manufacturers and third-party test and assembly houses. These sales all fall within the ATE sector of the semi market. With the acquisition of Acculogic Inc. and its affiliates (“Acculogic”) in December 2021, our Electronic Test segment also sells its products to customers in markets outside the semi market including the automotive, defense/aerospace, industrial and life sciences markets. Our Environmental Technologies segment sells its products to end users and OEMs within the ATE sector of the semi market. It also sells its products to customers in a variety of other markets other than the semi market, including the automotive, defense/aerospace, industrial and life sciences markets. Our Process Technologies segment sells its products to customers in the wafer production sector within the semi market. It also sells its products to customers in a variety of other markets other than the semi market, including the automotive, defense/aerospace, industrial, life sciences and security markets.

Our financial results are affected by a wide variety of factors, including, but not limited to, general economic conditions worldwide and in the markets in which we operate, economic conditions specific to the semi market and the other markets we serve, downward pricing pressures from customers, our reliance on a relatively few number of customers for a significant portion of our sales and our ability to safeguard patented technology and intellectual property in a rapidly evolving market. In addition, we are exposed to the risk of obsolescence of our inventory depending on the mix of future business and technological changes within the markets that we serve. Part of our strategy for growth includes potential acquisitions that may cause us to incur substantial expense in reviewing and evaluating potential transactions. We may or may not be successful in locating suitable businesses to acquire and in closing acquisitions of businesses we pursue. In addition, we may not be able to successfully integrate any business we do acquire with our existing business and we may not be able to operate the acquired business profitably. As a result of these or other factors, we may experience significant period-to-period fluctuations in future operating results.

On May 11, 2023, we entered into an At-the-Market Issuance Sales Agreement (the "Sales Agreement") pursuant to which we issued and sold 921,797 shares of our common stock having an aggregate offering price of $20,000 between May 11, 2023 and May 31, 2023. We received net proceeds from the sale of these shares of $19,244 after payment of commissions of 3.0% of the gross proceeds and other fees related to the sale of these shares.

Note 4 - Goodwill and Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance	$ 21,605	$ 21,448
Goodwill, Purchase Accounting Adjustments		451
Impact of foreign currency translation adjustments	123	(294)
Balance	$ 21,728	$ 21,605

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Note 4 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2023	$ 1,973
2024	1,774
2025	1,163
2026	667
2027	$ 534

Note 9 - Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Other Current Liabilities [Table Text Block]

	2023		2022
Accrued warranty	$	648	$	673
Accrued taxes		57		83
Current portion of deferred grant proceeds		55		38
Accrued interest		52		61
Current portion of contingent consideration		-		324
Other		669		385
Total other current liabilities	$	1,481	$	1,564

Note 19 - Subsequent Events

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Subsequent Events [Text Block]

(19)

SUBSEQUENT EVENTS

ACQUISITION

On March 12, 2024 we entered into a stock purchase agreement to acquire all of the outstanding capital shares of Alfamation S.p.A., (“Alfamation”), a leading global provider of state-of-the-art test and measurement solutions for the automotive, life sciences and specialty consumer electronics markets. Alfamation was founded in 1991 and is headquartered in Milan, Italy. Alfamation also has a small sales and service subsidiary based in Suzhou City, China. Alfamation will become a part of our Electronic Test operating segment. The aggregate purchase price was approximately EUR 20,000 comprised of approximately EUR 18,000 in cash, 187,432 shares of our common stock and an additional approximately EUR 542 in cash for assets delivered at closing in excess of agreed upon thresholds. On the closing date, this equated to a total purchase price of approximately $22,358.

In connection with the acquisition, we have entered into a lease agreement (the “Lease Agreement”) with the former owner of Alfamation. The Lease Agreement will last for six years starting on March 12, 2024 and will be automatically renewed for the same period of time unless terminated by either party. Under the terms of the Lease Agreement, Alfamation will lease warehouse and office space totaling about 51,817 square feet. Alfamation will pay a yearly lease payment of EUR 231 broken up into four equal payments. At the date of the signing of the lease, this yearly lease payment equated to approximately $253.

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

On March 27, 2024, prior to the filing of this Report, we filed a Form 10-Q/A to amend our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, as filed with the SEC on November 9, 2023. The Form 10-Q/A was filed to restate our unaudited consolidated financial statements for the three and nine months ended September 30, 2023. The restatement reflected the reversal of revenue related to the sale of discontinued material/components purchased on behalf of customers where the associated materials/components were still physically located with us and the materials/components are expected to be applied to future product orders for these customers. These transactions were all fully paid for and legal title for the material/components has transferred to the customer. However, these facts alone are not sufficient for revenue recognition under U.S. GAAP for such an arrangement. These adjustments were evaluated by management in accordance with SEC Staff Accounting Bulletin Topic 1M, "Materiality" and management determined the effects of the restatement to be material. See Note 3 to the unaudited consolidated financial statements included in the Form 10-Q/A filed on March 27, 2024 for further information regarding the restatement. All amounts in this Report have been adjusted to reflect the effect of the restatement as applicable.

Note 1 - Nature of Operations (Details Textual)		12 Months Ended
Note 1 - Nature of Operations (Details Textual)	May 11, 2023 USD ($) shares	Dec. 31, 2023 USD ($) ft²
Number of Operating Segments		3
Stock Issued During Period, Value, New Issues		$ 19,244,000
At-the-Market Issuance Sales Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares	921,797
Aggregate Offering Price of Stock	$ 20,000
Stock Issued During Period, Value, New Issues	$ 19,244
Commission Fee, Percentage of Gross Proceeds	3.00%
Facility in Penang, Malaysia [Member]
Area of Real Estate Property (Square Foot) \| ft²		25,000

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Note 13 - Stock-based Compensation Plan - Stock Options Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member]	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Risk-free interest rate	3.93%	2.05%
Dividend yield	0.00%	0.00%
Expected common stock market price volatility factor	57.00%	55.00%
Weighted average expected life of stock options (years) (Year)	6 years 3 months	6 years 3 months

Note 19 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Alfamation [Member] € in Thousands, $ in Thousands	Mar. 12, 2024 USD ($) ft² shares	Mar. 12, 2024 EUR (€) shares	Mar. 12, 2024 EUR (€) ft²
Business Combination, Consideration Transferred	$ 22,358	€ 20,000
Payments to Acquire Businesses, Gross		€ 18,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) \| shares	187,432	187,432
Business Combination, Consideration Transferred, Other		€ 542
Annual Lease Payments	$ 253		€ 231
Warehouse and Office Space [Member]
Area of Real Estate Property (Square Foot) \| ft²	51,817		51,817

Note 16 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Retirement Benefits [Text Block]

(16)

EMPLOYEE BENEFIT PLANS

We have defined contribution 401(k) plans for our employees who work in the U.S. These plans include the inTEST Corporation Incentive Savings Plan (the “inTEST Plan”) and the Ambrell Corporation Savings & Profit Sharing Plan (the "Ambrell Plan"). During the quarter ended September 30, 2023, the Ambrell Plan, which is discussed further below, was merged into the inTEST Plan.

As of December 31, 2023, all permanent employees of Acculogic Ltd, Ambrell, inTEST Corporation, inTEST EMS LLC, Temptronic Corporation and Videology, who are at least 18 years of age, are eligible to participate in the inTEST Plan. We match employee contributions dollar for dollar up to 10% of the employee's annual compensation, with a maximum limit of $5. Employer contributions vest ratably over four years. Matching contributions are discretionary.

Prior to the merger with the inTEST Plan, all permanent employees of Ambrell were immediately eligible to participate in the Ambrell Plan upon employment and were eligible for employer matching contributions after completing six months of service, as defined in the Ambrell Plan. The Ambrell Plan allowed eligible employees to make voluntary contributions up to 100% of compensation, up to the federal government contribution limits. We made a matching contribution of 50% of each employee's contributions up to a maximum of 10% of the employee's deferral with a maximum limit of $5.

For the years ended December 31, 2023 and 2022, we recorded expense for matching contributions to both plans of $767 and $747, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Note 13 - Stock-based Compensation Plan - Stock Option Activity (Details) (Parentheticals) - shares	Dec. 31, 2023	Dec. 31, 2022
Options exercisable (in shares)	171,735	167,886

Note 2 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Significant Accounting Policies [Text Block]

(2)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Use of Estimates

The accompanying consolidated financial statements include our accounts and those of our wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain of our accounts, including inventories, long-lived assets, goodwill, identifiable intangibles and deferred tax assets and liabilities including related valuation allowances, are particularly impacted by estimates.

Reclassifications

Certain prior year amounts have been reclassified to be comparable with the current year's presentation.

Subsequent Events

We have made an assessment of our operations and determined that there were no material subsequent events requiring adjustment to, or disclosure in, our consolidated financial statements for the year ended December 31, 2023 other than those described in Note 19.

Business Combinations

Acquired businesses are accounted for using the purchase method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Fair values of intangible assets are estimated by valuation models prepared by our management and third-party advisors. The assets purchased and liabilities assumed have been reflected in our consolidated balance sheets, and the operating results are included in the consolidated statements of operations and consolidated statements of cash flows from the date of acquisition. Any change in the fair value of acquisition-related contingent consideration subsequent to the acquisition date, including changes from events after the acquisition date, will be recognized in the consolidated statements of operations in the period of the estimated fair value change. Acquisition-related transaction costs, including legal and accounting fees and other external costs directly related to the acquisition, are recognized separately from the acquisition and expensed as incurred in general and administrative expense in the consolidated statements of operations.

Restructuring and Other Charges

In accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 420 (Exit or Disposal Cost Obligations), we recognize a liability for restructuring costs at fair value only when the liability is incurred. Workforce-related charges are accrued when it is determined that a liability has been incurred, which is generally after individuals have been notified of their termination dates and expected severance benefits. Depending on the timing of the termination dates, these charges may be recognized upon notification or ratably over the remaining required service period of the employees. Plans to consolidate excess facilities may result in lease termination fees and impairment charges related to our right-of-use (“ROU”) assets that are associated with the leases for these facilities. Other long-lived assets that may be impaired as a result of restructuring consist of property and equipment, goodwill and intangible assets. Asset impairment charges included in restructuring and other charges are based on an estimate of the amounts and timing of future cash flows related to the expected future remaining use and ultimate sale or disposal of the asset, and, in the case of our ROU assets, would include expected future sublease rental income, if applicable. These estimates are derived using the guidance in ASC Topic 842 (Leases), ASC Topic 360 (Property, Plant and Equipment) and ASC Topic 350 (Intangibles - Goodwill and Other).

Cash, Cash Equivalents and Restricted Cash

Short-term investments that have maturities of three months or less when purchased are considered to be cash equivalents and are carried at cost, which approximates fair value. Our cash balances, which are deposited with highly reputable financial institutions, at times may exceed the federally insured limits. We have not experienced any losses related to these cash balances and believe the credit risk to be minimal.

Restricted cash at December 31, 2022 represented amounts deposited at our bank in the Netherlands to support a bank guarantee which one of the customers of our induction heating products required as a condition of paying a deposit on a large order they placed with us in 2022. The amount of the deposit, and, accordingly, the guarantee, was EUR 1,160. At December 31, 2022 this amount was $1,142. The related order was Euro denominated. The amount of the deposit and related guarantee declined as shipments were made against the order. At December 31, 2023, this deposit had been fully utilized and the bank guarantee had therefore lapsed.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets and the consolidated statements of cash flows:

	December 31,
	2023		2022
Cash and cash equivalents	$	45,260	$	13,434
Restricted cash		-		1,142

Total cash, cash equivalents and restricted cash	$	45,260	$	14,576

Trade Accounts Receivable and Allowance for Doubtful Accounts

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. We grant credit to customers and generally require no collateral. To minimize our risk, we perform ongoing credit evaluations of our customers' financial condition. As discussed below under “Effect of Recently Adopted Amendments to Authoritative Accounting Guidance”, effective January 1, 2023, we follow the guidance in ASC Topic 326 (Financial Instruments – Credit Losses) in developing our estimate of the allowance for credit losses related to our accounts receivable. The allowance for credit losses is our best estimate of the amount of expected credit losses in our existing accounts receivable. In establishing the amount of allowance for credit losses, we consider all information available as of the reporting date including information related to past events, such as historical loss rates and actual incurred losses, as well as current conditions that may indicate future risk of loss and any other factors of which we are aware, that we believe could impact the ultimate collectability of the related receivables in future periods.

Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not have any significant off-balance sheet credit exposure related to our customers. Cash flows from accounts receivable are recorded in operating cash flows.

For the year ended December 31, 2023, there were no significant changes in the amount of the allowance for credit losses. Bad debt recoveries totaled $198 and $470 for the years ended December 31, 2023 and 2022, respectively. These amounts had all been fully written off in a prior period or pre-acquisition, in the case of recently acquired businesses, and were no longer in our accounts receivable balance. Bad debt expense to reserve for items currently in our accounts receivable balance which we do not expect to collect totaled $286 for the year ended December 31, 2022. There was no similar bad debt expense for the year ended December 31, 2023. Cash flows from accounts receivable are recorded in operating cash flows.

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, our credit facility, interest rate swaps and our liabilities for contingent consideration. Our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at cost which approximates fair value, due to the short maturities of the accounts. Our credit facility and our interest rate swap are discussed further below and in Note 10. Our liabilities for contingent consideration are accounted for in accordance with the guidance in ASC 820 (Fair Value Measurement). ASC 820 establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). Our contingent consideration liabilities are measured at fair value on a recurring basis using Level 3 inputs which are inputs that are unobservable and significant to the overall fair value measurement. These unobservable inputs reflect our assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. See Note 3 for further disclosures related to the fair value of our liabilities for contingent consideration.

Goodwill, Intangible and Long-Lived Assets

We have three reportable segments which are also our reporting units: Electronic Test, Environmental Technologies and Process Technologies.

We account for goodwill and intangible assets in accordance with ASC Topic 350 (Intangibles - Goodwill and Other). Finite-lived intangible assets are amortized over their estimated useful economic life and are carried at cost less accumulated amortization. Goodwill is assessed for impairment annually at the beginning of the fourth quarter on a reporting unit basis, or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. Goodwill is considered to be impaired if the fair value of a reporting unit is less than its carrying amount. As a part of the goodwill impairment assessment, we have the option to perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If, as a result of our qualitative assessment, we determine that it is more-likely-than-not that the fair value of the reporting unit is greater than its carrying amount, a quantitative goodwill impairment test is not required. However, if, as a result of our qualitative assessment, we determine it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, or, if we choose not to perform a qualitative assessment, we are required to perform a quantitative goodwill impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized.

The quantitative goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The goodwill impairment assessment is based upon the income approach, which estimates the fair value of our reporting units based upon a discounted cash flow approach. This fair value is then reconciled to our market capitalization at year end with an appropriate control premium. The determination of the fair value of our reporting units requires management to make significant estimates and assumptions including the selection of control premiums, discount rates, terminal growth rates, forecasts of revenue and expense growth rates, income tax rates, changes in working capital, depreciation, amortization and capital expenditures. Changes in assumptions concerning future financial results or other underlying assumptions could have a significant impact on either the fair value of the reporting unit or the amount of the goodwill impairment charge.

Indefinite-lived intangible assets are assessed for impairment annually at the beginning of the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. As a part of the impairment assessment, we have the option to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If, as a result of our qualitative assessment, we determine that it is more-likely-than-not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, the quantitative impairment test is required; otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of the intangible asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.

Long-lived assets, which consist of finite-lived intangible assets, property and equipment and ROU assets, are assessed for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the estimated undiscounted cash flows to the recorded value of the asset group. If impairment is indicated, the asset group is written down to its estimated fair value. The cash flow estimates used to determine the impairment, if any, contain management's best estimates using appropriate assumptions and projections at that time.

Revenue Recognition

We recognize revenue in accordance with the guidance in ASC Topic 606 (Revenue from Contracts with Customers). We recognize revenue for the sale of products or services when our performance obligations under the terms of a contract with a customer are satisfied and control of the product or service has been transferred to the customer. Generally, this occurs when we ship a product or perform a service. In certain cases, recognition of revenue is deferred until the product is received by the customer or at some other point in the future when we have determined that we have satisfied our performance obligations under the contract. Our contracts with customers may include a combination of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. In addition to the sale of products and services, we also lease certain of our equipment to customers under short-term lease agreements. We recognize revenue from equipment leases on a straight-line basis over the lease term.

Revenue is recorded in an amount that reflects the consideration we expect to receive in exchange for those products or services. We do not have any material variable consideration arrangements, or any material payment terms with our customers other than standard payment terms which generally range from net 30 to net 90 days. We generally do not provide a right of return to our customers. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.

Nature of Products and Services

We are a global supplier of innovative test and process technology solutions for use in manufacturing and testing in targeted markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We sell thermal management products including ThermoStreams, ThermoChambers, process chillers, refrigerators and freezers, which we sell under our Temptronic, Sigma, Thermonics and North Sciences product lines, and Ambrell Corporation’s (“Ambrell”) precision induction heating systems, including EKOHEAT and EASYHEAT products. As a result of the acquisition of Videology, we sell industrial-grade circuit board mounted video digital cameras and related devices, systems and software. We sell semiconductor ATE interface solutions which include manipulators, docking hardware and electrical interface products. As a result of the acquisition of Acculogic, we sell robotics-based electronic production test equipment. We sell semiconductor ATE interface solutions and certain thermal management products to the semi market. We also sell many of our products to various other markets including the automotive, defense/aerospace, industrial, life sciences and security markets. We provide post-warranty service and support for the equipment we sell.

We lease certain of our equipment under short-term leasing agreements with original lease terms of six months or less. Our lease agreements do not contain purchase options. Occasionally we procure and sell materials/components on behalf of and to our customers.

Types of Contracts with Customers

Our contracts with customers are generally structured as individual purchase orders which specify the exact products or services being sold or equipment being leased along with the selling price, service fee or monthly lease amount for each individual item on the purchase order. Payment terms and any other customer-specific acceptance criteria are also specified on the purchase order. We generally do not have any customer-specific acceptance criteria, other than that the product performs within the agreed upon specifications. We test substantially all products manufactured as part of our quality assurance process to determine that they comply with specifications prior to shipment to a customer.

Contract Balances

We record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for credit losses, is included in current assets on our consolidated balance sheets. In certain instances, we also receive customer deposits in advance of invoicing and recording of accounts receivable. Customer deposits are included in current liabilities on our consolidated balance sheets. To the extent that we do not recognize revenue at the same time as we invoice, we record a liability for deferred revenue. Deferred revenue estimated to be recognized within the next twelve months is included in current liabilities. Deferred revenue that we estimate will be recognized beyond twelve months is recorded in Other Liabilities on our consolidated balance sheets. Any non-inventoriable costs associated with deferred revenue are also deferred and recorded in Prepaid Expenses and Other Current Assets or Other Assets on our consolidated balance sheets, depending on when the related deferred revenue is expected to be recognized.

As discussed above, we follow the guidance in ASC Topic 326 in developing our estimate of the allowance for credit losses related to our accounts receivable. The allowance for credit losses is our best estimate of the amount of expected credit losses in our existing accounts receivable. We monitor the collectability of accounts receivable on an ongoing basis and record charges for bad debt expense in the period when we determine that a loss is expected to occur based on our assessment.

Costs to Obtain a Contract with a Customer

The only costs we incur associated with obtaining contracts with customers are sales commissions that we pay to our internal sales personnel or third-party sales representatives. These costs are calculated based on set percentages of the selling price of each product or service sold. Commissions are considered earned by our internal sales personnel at the time we recognize revenue for a particular transaction. Commissions are considered earned by third-party sales representatives at the time that revenue is recognized for a particular transaction. We record commission expense in our consolidated statements of operations at the time the commission is earned. Commissions earned but not yet paid are included in current liabilities on our balance sheets.

Product Warranties

In connection with the sale of our products, we generally provide standard one- or two-year product warranties which are detailed in our terms and conditions and communicated to our customers. Our standard warranties are not offered for sale separately from our products; therefore, there is not a separate performance obligation related to our standard warranties. We record estimated warranty expense for our standard warranties at the time of sale based upon historical claims experience. We offer customers an option to separately purchase an extended warranty on certain products. In the case of extended warranties, we recognize revenue in the amount of the sale price for the extended warranty on a straight-line basis over the extended warranty period. We record costs incurred to provide service under an extended warranty at the time the service is provided. Warranty expense is included in selling expense in our consolidated statements of operations.

See Notes 5 and 17 for further information about our revenue from contracts with customers.

Inventories

Inventories are valued at cost on a first-in, first-out basis, not in excess of net realizable value. Cash flows from the sale of inventories are recorded in operating cash flows. On a quarterly basis, we review our inventories and record excess and obsolete inventory charges based upon our established objective excess and obsolete inventory criteria. Our criteria identify excess material as the quantity of material on hand that is greater than the average annual usage of that material over the prior three years. Our criteria identify obsolete material as material that has not been used in a work order during the prior twenty-four months. In certain cases, additional excess and obsolete inventory charges are recorded based upon current market conditions, anticipated product life cycles, new product introductions and expected future use of the inventory. The excess and obsolete inventory charges we record establish a new cost basis for the related inventories. We incurred excess and obsolete inventory charges of $544 and $771 for the years ended December 31, 2023 and 2022, respectively.

Property and Equipment

Machinery and equipment are stated at cost, except for machinery and equipment acquired in a business combination, which are stated at fair value at the time of acquisition. As previously discussed above under "Goodwill, Intangible and Long-Lived Assets," machinery and equipment that has been determined to be impaired is written down to its fair value at the time of the impairment. Depreciation is based upon the estimated useful life of the assets using the straight-line method. The estimated useful lives range from one to ten years. Leasehold improvements are recorded at cost and amortized over the shorter of the lease term or the estimated useful life of the asset. Total depreciation expense was $1,021 and $809 for the years ended December 31, 2023 and 2022, respectively.

Leases

We account for leases in accordance with ASC Topic 842 (Leases). We determine if an arrangement is a lease at inception. A lease contract is within scope if the contract has an identified asset (property, plant or equipment) and grants the lessee the right to control the use of the asset during the lease term. The identified asset may be either explicitly or implicitly specified in the contract. In addition, the supplier must not have any practical ability to substitute a different asset and would not economically benefit from doing so for the lease contract to be in scope. The lessee’s right to control the use of the asset during the term of the lease must include the ability to obtain substantially all of the economic benefits from the use of the asset as well as decision-making authority over how the asset will be used. Leases are classified as either operating leases or finance leases based on the guidance in ASC Topic 842. Operating leases are included in operating lease ROU assets and operating lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment and financing lease liabilities. We do not currently have any financing leases.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. None of our leases provide an implicit rate; therefore, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease. We include these options in the determination of the amount of the ROU asset and lease liability when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Certain of our operating leases contain predetermined fixed escalations of minimum rentals and rent holidays during the original lease terms. Rent holidays are periods during which we have control of the leased facility but are not obligated to pay rent. For these leases, our ROU asset and lease liability are calculated including any rent holiday in the determination of the life of the lease.

We have lease agreements which contain both lease and non-lease components, which are generally accounted for separately. In addition to the monthly rental payments due, most of our leases for our offices and warehouse facilities include non-lease components representing our portion of the common area maintenance, property taxes and insurance charges incurred by the landlord for the facilities which we occupy. These amounts are not included in the calculation of the ROU assets and lease liabilities as they are based on actual charges incurred in the periods to which they apply.

Operating lease payments are included in cash outflows from operating activities on our consolidated statements of cash flows. Amortization of ROU assets is presented separately from the change in operating lease liabilities and is included in Depreciation and Amortization on our consolidated statements of cash flows.

We have made an accounting policy election not to apply the recognition requirements of ASC Topic 842 to short-term leases (leases with a term of one year or less at the commencement date of the lease). Lease expense for short-term lease payments is recognized on a straight-line basis over the lease term.

See Note 8 for further disclosures regarding our leases.

Interest Rate Swap Agreement

We are exposed to interest rate risk on our floating-rate debt. We have entered into an interest rate swap agreement to effectively convert our floating-rate debt to a fixed-rate basis for a portion of our floating rate debt, as discussed further in Notes 3 and 10. The principal objective of this agreement is to eliminate the variability of the cash flows for interest payments associated with our floating-rate debt, thus reducing the impact of interest rate changes on future interest payment cash flows. We have elected to apply the hedge accounting rules in accordance with ASC Topic 815 (Derivatives and Hedging). Further, we have determined that this agreement qualifies for the shortcut method of hedge accounting. Changes in the fair value of interest rate swap agreements designated as cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity and are amortized to interest expense over the term of the related debt.

Contingent Liability for Repayment of State and Local Grant Funds Received

In connection with leasing a facility in Rochester, New York, which our subsidiary, Ambrell, occupied in May 2018, we entered into agreements with the city of Rochester and the state of New York under which we received grants totaling $550 to help offset a portion of the cost of the leasehold improvements we made to this facility. In exchange for the funds we received under these agreements, we are required to create and maintain specified levels of employment in this location through various dates ending in 2024. If we fail to meet these employment targets, we may be required to repay a proportionate share of the proceeds. At December 31, 2023, $193 of the total proceeds received could still be required to be repaid if we do not meet the targets. We have recorded this amount as a contingent liability which is included in other liabilities on our consolidated balance sheet. Those portions of the proceeds which are no longer subject to repayment are reclassified to deferred grant proceeds and amortized to income on a straight-line basis over the remaining lease term for the Rochester facility. Deferred grant proceeds are included in other current liabilities and other liabilities on our balance sheets and totaled $246 at December 31, 2023. At December 31, 2023, we were in compliance with the employment targets as specified in the grant agreement with the city of Rochester.

Stock-Based Compensation

We account for stock-based compensation in accordance with ASC Topic 718 (Compensation - Stock Compensation) which requires that employee share-based equity awards be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value of stock options, which is then amortized to expense over the service periods. See further disclosures related to our stock-based compensation plans in Note 13.

Engineering and Product Development

Engineering and product development costs, which consist primarily of the salary and related benefits costs of our technical staff, as well as the cost of materials used in product development, are expensed as incurred.

Foreign Currency

For our foreign subsidiaries whose functional currencies are not the U.S. dollar, assets and liabilities are translated using the exchange rate in effect at the balance sheet date. The results of operations are translated using an average exchange rate for the period. The effects of rate fluctuations in translating assets and liabilities of these international operations into U.S. dollars are included in accumulated other comprehensive earnings in stockholders' equity. Transaction gains or losses are included in net earnings. For the year ended December 31, 2023, net foreign currency transaction gains were $9. For the year ended December 31, 2022, net foreign currency transaction losses were $109.

Income Taxes

The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carryforwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. See Note 11 for additional information regarding income taxes.

Net Earnings Per Common Share

Net earnings per common share - basic is computed by dividing net earnings by the weighted average number of common shares outstanding during each period. Net earnings per common share - diluted is computed by dividing net earnings by the weighted average number of common shares and common share equivalents outstanding during each period. Common share equivalents represent unvested shares of restricted stock and stock options and are calculated using the treasury stock method. Common share equivalents are excluded from the calculation if their effect is anti-dilutive.

The table below sets forth, for the periods indicated, a reconciliation of weighted average common shares outstanding - basic to weighted average common shares and common share equivalents outstanding - diluted and the average number of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive:

	Years Ended December 31,
	2023		2022

Weighted average common shares outstanding–basic		11,461,399		10,673,017
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		318,513		189,521
Weighted average common shares and common share equivalents outstanding–diluted		11,779,912		10,862,538
Average number of potentially dilutive securities excluded from calculation		140,079		478,024

Effect of Recently Adopted Amendments to Authoritative Accounting Guidance

In June 2016, the Financial Accounting Standards Board (“FASB”) issued amendments to the guidance for accounting for credit losses. In November 2019, the FASB deferred the effective date of these amendments for certain companies, including smaller reporting companies. As a result of the deferral, the amendments were effective for us for reporting periods beginning after December 15, 2022. The amendments replaced the incurred loss impairment methodology under previous GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The amendments require a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We adopted the amendments when they became effective for us on January 1, 2023. The adoption of these amendments did not have any impact on our consolidated financial statements.

Effect of Recently Issued Amendments to Authoritative Accounting Guidance

In November 2023, the FASB issued amendments to the guidance for disclosures about reportable segments which require disclosures of significant expenses by segment and interim disclosure of items that were previously required on an annual basis. The amendments are to be applied on a retrospective basis and are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact of the amendments on disclosures in our consolidated financial statements.

In December 2023, the FASB issued amendments to the guidance for disclosures about income tax which provide for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid. The amendments require entities to annually disclose the income tax rate reconciliation using both amounts and percentages, considering several categories of reconciling items, including state and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. The amendments also require entities to disclose net income taxes paid or received to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to a five percent quantitative threshold. The amendments may be adopted on a prospective or retrospective basis and are effective for fiscal years beginning after December 15, 2024 with early adoption permitted. We are evaluating the impact of the amendments on disclosures in our consolidated financial statements.

Note 13 - Stock-based Compensation Plan - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Options outstanding, number of shares (in shares)	580,419	408,869
Options outstanding, weighted average exercise price (in dollars per share)	$ 8.91	$ 9.07
Granted, number of shares (in shares)	93,860	202,540
Granted, weighted average exercise price (in dollars per share)	$ 16.25	$ 8.45
Exercised, number of shares (in shares)	(124,550)	(8,060)
Exercised, weighted average exercise price (in dollars per share)	$ 7.85	$ 4.74
Canceled, number of shares (in shares)	(44,723)	(22,930)
Canceled, weighted average exercise price (in dollars per share)	$ 9.77	$ 9.1
Options outstanding, number of shares (in shares)	505,006	580,419
Options outstanding, weighted average exercise price (in dollars per share)	$ 10.46	$ 8.91

Note 17 - Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Years Ended December 31,
	2023			2022
*Revenue:*
Electronic Test	$	41,016		$	40,219
Environmental Technologies		30,801			30,172
Process Technologies		51,485			46,437
Total Revenue	$	123,302		$	116,828

*Division operating income:*
Electronic Test	$	10,189		$	9,931
Environmental Technologies		3,073			3,817
Process Technologies		9,544			8,230
Total division operating income		22,806			21,978

Corporate expenses		(10,272	)		(8,563	)
Acquired intangible amortization		(2,095	)		(2,694	)
Interest expense		(679	)		(635	)
Other income		1,288			59
Earnings before income tax expense	$	11,048		$	10,145

Revenue from External Customers by Geographic Areas [Table Text Block]

	Years Ended December 31,
	2023		2022
*Revenue:*
U.S.	$	45,222	$	49,096
Foreign		78,080		67,732
	$	123,302	$	116,828

Long-Lived Assets by Geographic Areas [Table Text Block]

	December 31,
	2023		2022
*Property and equipment:*
U.S.	$	2,502	$	2,658
Foreign		688		474
	$	3,190	$	3,132

Asset [Member]

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	December 31,
	2023		2022
*Identifiable assets:*
Electronic Test	$	32,505	$	31,143
Environmental Technologies		16,772		18,040
Process Technologies		56,842		56,866
Corporate		28,710		4,017
	$	134,829	$	110,066

*Capital expenditures:*
Electronic Test	$	599	$	80
Environmental Technologies		495		368
Process Technologies		170		543
Corporate		27		374
	$	1,291	$	1,365

Note 4 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance	$ 10,190	$ 13,206
Finite-Lived Intangible Assets, Purchase Accounting Adjustments		29
Impact of foreign currency translation adjustments	102	(351)
Amortization	(2,094)	(2,694)
Balance	$ 8,198	$ 10,190

Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Weighted average common shares outstanding–basic (in shares)	11,962,679	11,886,005	11,241,183	10,755,729	10,725,662	10,695,867	10,653,268	10,617,271	11,461,399	10,673,017
Unvested shares of restricted stock and employee stock options (in shares)									318,513	189,521
Weighted average common shares and common share equivalents outstanding–diluted (in shares)	12,122,099	12,212,317	11,696,569	11,088,664	10,928,220	10,864,540	10,814,799	10,842,592	11,779,912	10,862,538
Average number of potentially dilutive securities excluded from calculation (in shares)									140,079	478,024

Note 4 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Indefinite-lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance	$ 8,369	$ 8,428
Indefinite-Lived Intangible Assets, Purchase Accounting Adjustments		20
Impact of foreign currency translation adjustments	29	(79)
Balance	$ 8,398	$ 8,369

Note 15 - Employee Stock Purchase Plan

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Employee Stock Purchase Plan [Text Block]

(15)

EMPLOYEE STOCK PURCHASE PLAN

The inTEST Corporation Employee Stock Purchase Plan (the “ESPP”) was adopted by our Board of Directors in April 2021 subject to approval by our stockholders, which occurred on June 23, 2021 at our Annual Meeting of Stockholders. The ESPP provides our eligible employees with an opportunity to purchase common stock through accumulated payroll deductions at a discounted purchase price. The ESPP became effective on October 1, 2021.

The ESPP provides that an aggregate of up to 250,000 shares of our common stock will be available for issuance under the ESPP. The shares of our common stock purchasable under the ESPP will be shares of authorized but unissued or reacquired shares, including shares repurchased by us on the open market.

During the year ended December 31, 2023, employees purchased 11,780 shares of our stock through the ESPP at a cost of $174. The closing market price on the dates of purchase were $20.74, $26.26, $15.17 and $13.60, respectively. The prices paid by employees were $17.63, $22.32, $12.89 and $11.56, respectively, which represented a 15% discount. The total amount of the discount of $31 was recorded as compensation expense in our consolidated statements of operations.

During the year ended December 31, 2022, employees purchased 27,162 shares of our stock through the ESPP at a cost of $197. The closing market price on the dates of purchase were $10.73, $6.82, $7.63 and $10.30, respectively. The prices paid by employees were $9.12, $5.80, $6.49 and $8.76, respectively, which represented a 15% discount. The total amount of the discount of $36 was recorded as compensation expense in our consolidated statements of operations.

Note 17 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Net revenues	$ 27,884	$ 30,941	$ 32,558	$ 31,919	$ 32,405	$ 30,771	$ 29,571	$ 24,081	$ 123,302	$ 116,828
Earnings before income tax expense	$ 1,566	$ 2,723	$ 3,365	$ 3,394	$ 3,881	$ 3,039	$ 2,570	$ 655	11,048	10,145
Acquired intangible amortization									(2,095)	(2,694)
Interest expense									(679)	(635)
Other income									1,288	59
Operating Segments [Member]
Net revenues									123,302	116,828
Earnings before income tax expense									22,806	21,978
Operating Segments [Member] \| Electronic Test [Member]
Net revenues									41,016	40,219
Earnings before income tax expense									10,189	9,931
Operating Segments [Member] \| Environmental Technologies [Member]
Net revenues									30,801	30,172
Earnings before income tax expense									3,073	3,817
Operating Segments [Member] \| Process Technologies [Member]
Net revenues									51,485	46,437
Earnings before income tax expense									9,544	8,230
Corporate, Non-Segment [Member]
Earnings before income tax expense									$ (10,272)	$ (8,563)

Note 9 - Other Current Liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued warranty	$ 648	$ 673
Accrued taxes	57	83
Current portion of deferred grant proceeds	55	38
Accrued interest	52	61
Current portion of contingent consideration	0	324
Other	669	385
Total other current liabilities	$ 1,481	$ 1,564

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	$ 9,342	$ 8,461
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	4,683	4,734
Provision for excess and obsolete inventory	544	771
Foreign exchange (gain) loss	(9)	109
Amortization of deferred compensation related to stock-based awards	2,047	1,787
Discount on shares sold under Employee Stock Purchase Plan	(31)	(36)
Proceeds from sale of demonstration equipment, net of gain	167	68
Loss on disposal of property and equipment	11	0
Deferred income tax benefit	(1,157)	(1,659)
Adjustment to contingent consideration liability	(294)	0
Changes in assets and liabilities:
Trade accounts receivable	2,991	(4,886)
Inventories	2,027	(10,631)
Prepaid expenses and other current assets	(535)	(243)
Other assets	(686)	(2)
Operating lease liabilities	(1,712)	(1,363)
Accounts payable	(1,811)	2,875
Accrued wages and benefits	231	(118)
Accrued professional fees	339	(157)
Customer deposits and deferred revenue	(759)	(1,464)
Accrued sales commission	(421)	621
Domestic and foreign income taxes payable	(371)	(573)
Other current liabilities	231	184
Deferred revenue, net of current portion	1,331	0
Other liabilities	(17)	61
Net cash provided by (used in) operating activities	16,203	(1,389)
CASH FLOWS FROM INVESTING ACTIVITIES
Payment of contingent consideration related to Z-Sciences acquisition	0	(179)
Refund of final working capital adjustment related to Acculogic	0	371
Purchase of property and equipment	(1,291)	(1,365)
Purchase of short term investments	0	(3,494)
Sales of short term investments	0	3,494
Net cash used in investing activities	(1,291)	(1,173)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from public offering of common stock	19,244	0
Proceeds from stock options exercised	978	38
Proceeds from shares sold under Employee Stock Purchase Plan	174	197
Settlement of employee tax liabilities in connection with treasury stock transaction	(687)	(10)
Net cash provided by (used in) financing activities	15,609	(3,733)
Effects of exchange rates on cash	163	(324)
Net cash provided by (used in) all activities	30,684	(6,619)
Cash, cash equivalents and restricted cash at beginning of period	14,576	21,195
Cash, cash equivalents and restricted cash at end of period	45,260	14,576
Cash payments for:
Domestic and foreign income taxes	3,240	3,924
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Stock Issued	1,601	1,138
Forfeiture of unvested shares of restricted stock	(176)	(54)
Term Note [Member]
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of Term Note	$ (4,100)	$ (3,958)

Note 2 - Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash and cash equivalents	$ 45,260	$ 13,434
Restricted cash	0	1,142
Total cash, cash equivalents and restricted cash	$ 45,260	$ 14,576

Note 16 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
401(k) Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay			10.00%
Defined Contribution Plan Maximum Annual Employer Matching Contribution Per Emplyee Amount			$ 5
Defined Contribution Plan Employer Matching Contribution Vesting Period (Year)			4 years
Defined Contribution Plan, Employer Discretionary Contribution Amount		$ 767	$ 767
The Ambrell Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay			10.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent			100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match			50.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount			$ 5
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 747		$ 747

Note 7 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Raw materials	$ 15,948	$ 16,888
Work in process	1,563	2,432
Inventory consigned to others	98	59
Finished goods	2,480	3,186
Total inventories	$ 20,089	$ 22,565

Note 14 - Stock Repurchase Plans (Details Textual) - USD ($) shares in Thousands, $ in Millions	Dec. 31, 2023	Nov. 20, 2023
Stock Repurchase Program, Authorized Amount		$ 10
Stock Repurchased and Retired During Period, Shares (in shares)	0

Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Revenue	$ 27,884	$ 30,941	$ 32,558	$ 31,919	$ 32,405	$ 30,771	$ 29,571	$ 24,081	$ 123,302	$ 116,828
Semiconductor Market [Member]
Revenue									65,735	68,422
Industrial Market [Member]
Revenue									14,310	10,038
Automotive [Member]
Revenue									9,895	10,776
Life Sciences [Member]
Revenue									4,856	4,589
Defense/ Aerospace [Member]
Revenue									12,537	7,006
Security [Member]
Revenue									3,688	3,241
Other Multi Markets [Member]
Revenue									12,281	12,756
Thermal Testing Products [Member]
Revenue									21,344	22,246
Thermal Process [Member]
Revenue									44,914	38,574
Semiconductor Production Test Products [Member]
Revenue									30,235	28,529
Video Imaging [Member]
Revenue									9,086	9,499
Flying Probe and In-circuit Testers [Member]
Revenue									6,981	7,414
Service and Other Products [Member]
Revenue									10,742	10,566
End User [Member]
Revenue									85,397	84,468
OEM, Integrators and Distributor [Member]
Revenue									$ 37,905	$ 32,360

Note 3 - Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Fair Value Disclosures [Text Block]

(3)

FAIR VALUE MEASUREMENTS

ASC Topic 820 (Fair Value Measurement) establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.

ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes among the following:

Level 1 Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access.

Level 2 Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly.

Level 3 Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Recurring Fair Value Measurements

The interest rate swap agreement we entered into in connection with our Term Note, as discussed further in Notes 2 and 10, is measured at fair value on a recurring basis using Level 2 inputs. The contingent consideration liability on our balance sheets is measured at fair value on a recurring basis using Level 3 inputs. Our contingent consideration liability is a result of our acquisition of Acculogic on December 21, 2021, and represents the estimated fair value of the additional cash consideration payable that is contingent upon sales to Electric Vehicle (“EV”) or battery customers. Our acquisition of Acculogic and this liability are both discussed further in Note 3 to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”) filed on March 22, 2023 with the Securities and Exchange Commission. As of December 31, 2023, this liability was classified as long-term. As of December 31, 2022, $324 of this liability was classified as current and was included in Other Current Liabilities on our balance sheet. During the year ended December 31, 2023, the total amount of this liability was adjusted down by $294 as a result of a reduction in our forecast for sales to EV and battery customers in the five-year period following the acquisition. The decrease in the amount of the liability during 2023 was included in General and Administrative Expenses on our statement of operations.

The following fair value hierarchy table presents information about assets and (liabilities) measured at fair value on a recurring basis:

	Amounts at			Fair Value Measurement Using
	Fair Value			Level 1		Level 2		Level 3
At December 31, 2023
Contingent consideration liability – Acculogic	$	(1,093	)	$	-	$	-	$	(1,093	)
Interest rate swap	$	285		$	-	$	285	$	-

	Amounts at			Fair Value Measurement Using
	Fair Value			Level 1		Level 2		Level 3
At December 31, 2022
Contingent consideration liability – Acculogic	$	(1,363	)	$	-	$	-	$	(1,363	)
Interest rate swap	$	528		$	-	$	528	$	-

Changes in the fair value of our Level 3 contingent consideration liabilities for the years ended December 31, 2023 and 2022 were as follows:

Balance - January 1, 2022	$	1,109
Payout of contingent consideration related to the acquisition of Z-Sciences		(179	)
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic		500
Impact of foreign currency translation adjustments		(67	)
Balance - December 31, 2022		1,363
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic		(294	)
Impact of foreign currency translation adjustments		24
Balance - December 31, 2023	$	1,093

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 7 - Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	2023		2022
Raw materials	$	15,948	$	16,888
Work in process		1,563		2,432
Inventory consigned to others		98		59
Finished goods		2,480		3,186
Total inventories	$	20,089	$	22,565

Note 3 - Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

	Amounts at			Fair Value Measurement Using
	Fair Value			Level 1		Level 2		Level 3
At December 31, 2023
Contingent consideration liability – Acculogic	$	(1,093	)	$	-	$	-	$	(1,093	)
Interest rate swap	$	285		$	-	$	285	$	-

	Amounts at			Fair Value Measurement Using
	Fair Value			Level 1		Level 2		Level 3
At December 31, 2022
Contingent consideration liability – Acculogic	$	(1,363	)	$	-	$	-	$	(1,363	)
Interest rate swap	$	528		$	-	$	528	$	-

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Balance - January 1, 2022	$	1,109
Payout of contingent consideration related to the acquisition of Z-Sciences		(179	)
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic		500
Impact of foreign currency translation adjustments		(67	)
Balance - December 31, 2022		1,363
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic		(294	)
Impact of foreign currency translation adjustments		24
Balance - December 31, 2023	$	1,093

Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Combination, Contingent Consideration, Liability, Current	$ 0	$ 324
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	(294)	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| General and Administrative Expense [Member]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 294
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Other Current Liabilities [Member]
Business Combination, Contingent Consideration, Liability, Current		$ 324

Note 5 - Revenue From Contracts With Customers (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Years Ended December 31,
	2023		2022
*Revenue by customer type:*
End user	$	85,397	$	84,468
OEM/Integrator/Distributor		37,905		32,360
	$	123,302	$	116,828
*Revenue by product type:*
Thermal test	$	21,344	$	22,246
Thermal process		44,914		38,574
Semiconductor test		30,235		28,529
Video imaging		9,086		9,499
Flying probe and in-circuit testers		6,981		7,414
Service/other		10,742		10,566
	$	123,302	$	116,828
*Revenue by market:*
Semi	$	65,735	$	68,422
Industrial		14,310		10,038
Automotive (including Electric Vehicles)		9,895		10,776
Life Sciences		4,856		4,589
Defense/aerospace		12,537		7,006
Security		3,688		3,241
Other		12,281		12,756
	$	123,302	$	116,828

Note 9 - Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

(9)

OTHER CURRENT LIABILITIES

Other current liabilities at December 31 were comprised of the following:

	2023		2022
Accrued warranty	$	648	$	673
Accrued taxes		57		83
Current portion of deferred grant proceeds		55		38
Accrued interest		52		61
Current portion of contingent consideration		-		324
Other		669		385
Total other current liabilities	$	1,481	$	1,564

Note 8 - Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating lease cost	$ 1,590	$ 1,340
Short-term lease cost	$ 13	$ 81
Weighted average remaining lease term (in years) (Year)	4 years 3 months 18 days
Weighted average discount rate	4.60%
Minimum [Member]
Range of remaining lease terms (in years) (Year)	3 months 18 days
Maximum [Member]
Range of remaining lease terms (in years) (Year)	7 years 3 months 18 days

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net earnings	$ 9,342	$ 8,461
Unrealized gain (loss) on interest rate swap agreement	(243)	549
Foreign currency translation adjustments	439	(925)
Comprehensive earnings	$ 9,538	$ 8,085

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Note 8 - Leases (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Note 8 - Leases (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022
Operating Lease, Right-of-Use Asset, Amortization Expense	$ 1,567	$ 1,241
Operating Lease, Right-of-Use Asset	4,987	5,770
Operating Lease, Liability	5,422
Environmental Technologies in Germany [Member]
Lessee, Operating Lease, Term of Contract (Month)				25 months
Operating Lease, Right-of-Use Asset	90			$ 90
Operating Lease, Liability	$ 90			$ 90
Process Technologies in Europe [Member] \| Automobile Lease, One [Member]
Lessee, Operating Lease, Term of Contract (Month)				36 years
Process Technologies in Europe [Member] \| Automobile Leases [Member]
Operating Lease, Right-of-Use Asset			$ 41	$ 30
Operating Lease, Liability			$ 41	$ 30
Process Technologies in Europe [Member] \| Automobile Lease, Two [Member]
Lessee, Operating Lease, Term of Contract (Month)			48 years
Southeast Asia Operation [Member]
Lessee, Operating Lease, Term of Contract (Month)	36 months
Operating Lease, Right-of-Use Asset	$ 455
Operating Lease, Liability	$ 455
Process Technologies in the Netherlands [Member]
Lessee, Operating Lease, Term of Contract (Month)	36 years
Operating Lease, Right-of-Use Asset	$ 136
Operating Lease, Liability	$ 136
Lease Facility in Singapore [Member]
Operating Lease, Right-of-Use Asset		51				$ 51
Operating Lease, Liability		51				$ 51
Automobile Lease for Videology [Member]
Lessee, Operating Lease, Term of Contract (Month)					48 months
Operating Lease, Right-of-Use Asset		42			$ 42
Operating Lease, Liability		$ 42			$ 42
Facility for Acculogic Operation in Canada [Member]
Lessee, Operating Lease, Term of Contract (Month)		62 months
Operating Lease, Right-of-Use Asset		$ 942
Operating Lease, Liability		$ 942
Facility for Acculogic Operation in California [Member]
Lessee, Operating Lease, Term of Contract (Month)		37 months
Operating Lease, Right-of-Use Asset		$ 127
Operating Lease, Liability		$ 127

Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

SEC Schedule, 12-09, Allowance, Credit Loss [Member]

Balance at Beginning of Period

$ 496

$ 213

Expense (Recovery)

^[1]

Deductions

(19)

281

Reserve amounts acquired

Foreign Currency Adjustment

(3)

Balance at End of Period

474

496

SEC Schedule, 12-09, Reserve, Warranty [Member]

Balance at Beginning of Period

673

531

Expense (Recovery)

351

473

Deductions

(376)

(315)

Reserve amounts acquired

Foreign Currency Adjustment

(16)

Balance at End of Period

$ 648

$ 673

[1]	Bad debt recoveries in the table above do not include $470 that relate to receivables acquired in 2021 that were valued at $0 at the time of acquisition but were subsequently recovered.

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Valuation Allowances and Reserves [Table Text Block]

	Balance at Beginning of Period		Expense (Recovery)(1)		Additions (Deductions)			Reserve Amounts Acquired through Business Combinations		Foreign Currency Translation Adjustments			Balance at End of Period

Year Ended December 31, 2023
Allowance for doubtful accounts	$	496	$	-	$	(19	)	$	-	$	(3	)	$	474
Warranty reserve		673		351		(376	)		-		-			648

Year Ended December 31, 2022
Allowance for doubtful accounts	$	213	$	5	$	281		$	-	$	(3	)	$	496
Warranty reserve		531		473		(315	)		-		(16	)		673

Note 2 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Cash, Cash Equivalents and Restricted Cash [Table Text Block]

	December 31,
	2023		2022
Cash and cash equivalents	$	45,260	$	13,434
Restricted cash		-		1,142

Total cash, cash equivalents and restricted cash	$	45,260	$	14,576

Schedule of Weighted Average Number of Shares [Table Text Block]

	Years Ended December 31,
	2023		2022

Weighted average common shares outstanding–basic		11,461,399		10,673,017
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		318,513		189,521
Weighted average common shares and common share equivalents outstanding–diluted		11,779,912		10,862,538
Average number of potentially dilutive securities excluded from calculation		140,079		478,024

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

inTEST CORPORATION
SCHEDULE II -- VALUATION AND QUALIFYING ACCOUNTS
(in thousands)

	Balance at Beginning of Period		Expense (Recovery)(1)		Additions (Deductions)			Reserve Amounts Acquired through Business Combinations		Foreign Currency Translation Adjustments			Balance at End of Period

Year Ended December 31, 2023
Allowance for doubtful accounts	$	496	$	-	$	(19	)	$	-	$	(3	)	$	474
Warranty reserve		673		351		(376	)		-		-			648

Year Ended December 31, 2022
Allowance for doubtful accounts	$	213	$	5	$	281		$	-	$	(3	)	$	496
Warranty reserve		531		473		(315	)		-		(16	)		673

(1)	Bad debt recoveries in the table above do not include $198 and $470 for the years ended December 31, 2023 and 2022, respectively, that relate to receivables acquired in 2021 that were valued at $0 at the time of acquisition but were subsequently recovered.

Insider Trading Arrangements

1 Months Ended

12 Months Ended

Dec. 31, 2023

Insider Trading Arr Line Items

Material Terms of Trading Arrangement [Text Block]

Item 9B.

OTHER INFORMATION

On December 8, 2023, Richard N. Grant, the Company’s Chief Executive Officer, entered into a prearranged stock trading plan (the “Grant 10b5-1 Plan”). The Grant 10b5-1 Plan was entered into during an open insider trading window, is designed to satisfy the affirmative defense of Rule 10b5-1(c), and terminates on December 31, 2026. The Grant 10b5-1 Plan provides for the sale from time to time upon a vesting event of a number of shares equal to 40% of the fair market value of the shares that vest upon such vesting event for the purpose of covering applicable taxes due at such vesting event. The plan also has a one-time sale of Common Stock with an aggregate value not to exceed $775,000.

Trading Arrangement Adoption Date

December 8, 2023

Trading Arrangement, Individual Name

Richard N. Grant

Trading Arrangement, Individual Title

Chief Executive Officer

Rule 10b5-1 Arrangement Adopted [Flag]

true

Non-Rule 10b5-1 Arrangement Adopted [Flag]

false

Rule 10b5-1 Arrangement Terminated [Flag]

false

Non-Rule 10b5-1 Arrangement Terminated [Flag]

false

Trading Arrangement Termination Date

December 31, 2026

Trading Arrangement, Securities Aggregate Available Amount

775,000

Note 8 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2024	$ 2,078
2025	1,232
2026	931
2027	761
2028	361
Thereafter	584
Total lease payments	5,947
Less imputed interest	(525)
Total	$ 5,422

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis Of Presentation And Use Of Estimates [Policy Text Block]

Reclassification, Comparability Adjustment [Policy Text Block]

Reclassifications

Certain prior year amounts have been reclassified to be comparable with the current year's presentation.

Subsequent Events, Policy [Policy Text Block]

Subsequent Events

Business Combinations Policy [Policy Text Block]

Restructuring And Other Charges [Policy Text Block]

Restructuring and Other Charges

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets and the consolidated statements of cash flows:

	December 31,
	2023		2022
Cash and cash equivalents	$	45,260	$	13,434
Restricted cash		-		1,142

Total cash, cash equivalents and restricted cash	$	45,260	$	14,576

Receivable [Policy Text Block]

Fair Value Measurement, Policy [Policy Text Block]

Fair Value of Financial Instruments

Goodwill Intangible And Long Lived Assets [Policy Text Block]

Goodwill, Intangible and Long-Lived Assets

We have three reportable segments which are also our reporting units: Electronic Test, Environmental Technologies and Process Technologies.

Revenue [Policy Text Block]

Nature of Products and Services

Types of Contracts with Customers

Contract Balances

Costs to Obtain a Contract with a Customer

Product Warranties

See Notes 5 and 17 for further information about our revenue from contracts with customers.

Inventory, Policy [Policy Text Block]

Inventories

Property, Plant and Equipment, Policy [Policy Text Block]

Lessee, Leases [Policy Text Block]

Leases

See Note 8 for further disclosures regarding our leases.

Derivatives, Policy [Policy Text Block]

Interest Rate Swap Agreement

Contingent Liability, Repayment of State and Local Grant Funds Received, Policy [Policy Text Block]

Contingent Liability for Repayment of State and Local Grant Funds Received

Share-Based Payment Arrangement [Policy Text Block]

Research and Development Expense, Policy [Policy Text Block]

Engineering and Product Development

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Income Tax, Policy [Policy Text Block]

Earnings Per Share, Policy [Policy Text Block]

	Years Ended December 31,
	2023		2022

Weighted average common shares outstanding–basic		11,461,399		10,673,017
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		318,513		189,521
Weighted average common shares and common share equivalents outstanding–diluted		11,779,912		10,862,538
Average number of potentially dilutive securities excluded from calculation		140,079		478,024

New Accounting Pronouncements, Policy [Policy Text Block]

Effect of Recently Adopted Amendments to Authoritative Accounting Guidance

Effect of Recently Issued Amendments to Authoritative Accounting Guidance

Schedule II - Valuation and Qualifying Accounts (Details Textual) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

SEC Schedule, 12-09, Allowance, Credit Loss [Member]

SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense

$ 0

^[1]

$ 5

Acquired Accounts Receivable Subsequently Recovered [Member]

Accounts Receivable, Fair Value Disclosure

$ 0

Acquired Accounts Receivable Subsequently Recovered [Member] | SEC Schedule, 12-09, Allowance, Credit Loss [Member]

SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense

$ 198

$ 470

[1]	Bad debt recoveries in the table above do not include $470 that relate to receivables acquired in 2021 that were valued at $0 at the time of acquisition but were subsequently recovered.

Note 13 - Stock-based Compensation Plan

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

(13)

STOCK-BASED COMPENSATION PLAN

As of December 31, 2023, we had unvested restricted stock awards and stock options granted under stock-based compensation plans. On June 21, 2023, our stockholders approved the inTEST Corporation 2023 Stock Incentive Plan (the “2023 Plan”) which replaced the Fourth Amended and Restated 2014 Stock Plan (the “2014 Plan”). No further awards can be granted under the 2014 Plan. The maximum number of shares of common stock available for grant and issuance under the 2023 Plan is (a) 350,000, plus (b) the number of shares of common stock available for issuance under the 2014 Plan on the date the 2023 Plan was approved by stockholders, plus (c) any shares of common stock that are subject to awards granted under the 2014 Plan that expire, are forfeited or canceled or terminate for any other reason on or after the date the 2023 Plan was approved by stockholders, without the issuance of shares. The number of shares available to be issued under the 2023 Plan as of the date of its approval was 1,117,942.

Our unvested restricted stock awards and stock options are accounted for based on their grant date fair value. At December 31, 2023, total compensation expense to be recognized in future periods is $2,957. The weighted average period over which this expense is expected to be recognized is 2.0 years.

The following table summarizes the compensation expense we recorded during 2023 and 2022 related to unvested shares of restricted stock and stock options:

	Years Ended December 31,
	2023		2022
Cost of revenues	$	104	$	62
Selling expense		41		32
Engineering and product development expense		19		51
General and administrative expense		1,883		1,642
	$	2,047	$	1,787

There was no compensation expense capitalized in 2023 or 2022.

Stock Options

We record compensation expense for stock options based on the fair market value of the options as of the grant date. No option may be granted with an exercise period in excess of ten years from the date of grant. Generally, stock options will be granted with an exercise price equal to the fair market value of our stock on the date of grant and will vest over four years.

The fair value for stock options granted during 2023 and 2022 was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

	2023			2022
Risk-free interest rate		3.93	%		2.05	%
Dividend yield		0.00	%		0.00	%
Expected common stock market price volatility factor		.57			.55
Weighted average expected life of stock options (years)		6.25			6.25

The per share weighted average fair value of stock options issued during 2023 and 2022 was $9.43 and $4.53, respectively.

The following table summarizes the activity related to stock options for the two years ended December 31, 2023:

	Number of Shares			Weighted Average Exercise Price
Options outstanding, January 1, 2022		408,869		$	9.07
Granted		202,540			8.45
Exercised		(8,060	)		4.74
Canceled		(22,930	)		9.10
Options outstanding, December 31, 2022 (167,886 exercisable)		580,419			8.91
Granted		93,860			16.25
Exercised		(124,550	)		7.85
Canceled		(44,723	)		9.77
Options outstanding, December 31, 2023 (171,735 exercisable)		505,006			10.46

Restricted Stock Awards

We record compensation expense for restricted stock awards based on the quoted market price of our stock at the grant date and amortize the expense over the vesting period. Restricted stock awards generally vest over four years for employees and over one year for our independent directors (25% at each of March 31, June 30, September 30, and December 31 of the year in which they were granted).

Since August 2020, we have increasingly granted performance-based restricted stock awards where the ultimate number of shares that vest can vary between 0% and 150% of the amount of the original award and is based on the achievement of specified performance metrics. Vesting for these awards is generally cliff vesting at the end of the period over which the performance metrics are measured. Compensation expense for these awards is recorded on a straight-line basis over the vesting period and is based on the expected final vesting percentage, which is re-assessed at the end of each reporting period and adjusted with a catch-up adjustment, as needed. Our initial assumption at the grant date of these awards is that the award will vest at the 100% level. Additional information on specific performance-based awards that have been issued is discussed below under “Performance-Based Awards.”

The following table summarizes the activity related to unvested restricted stock awards for the two years ended December 31, 2023:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2022		262,533		$	7.16
Granted		123,533			9.21
Vested		(91,672	)		8.04
Forfeited		(5,944	)		9.16
Unvested shares outstanding, December 31, 2022		288,450			7.80
Granted		97,461			16.43
Vested		(178,636	)		8.21
Forfeited		(17,491	)		10.08
Unvested shares outstanding, December 31, 2023		189,784			11.51

The total fair value of the restricted stock awards that vested during the years ended December 31, 2023 and 2022 was $3,132 and $643, respectively, as of the vesting dates of these awards.

Performance-Based Awards

On August 24, 2020, our new President and Chief Executive Officer ("CEO") received a performance-based restricted stock award totaling 75,162 shares with a vesting date of August 24, 2023. These shares were valued at $345 as of the date of grant. Per the terms of the award, the final vesting percentage could range from 0% to 150% of the number of shares awarded on August 24, 2020. On June 14, 2021, our new Chief Financial Officer ("CFO") received a performance-based restricted stock award totaling 5,953 shares. These shares were valued at $100 as of the date of grant. The vesting provisions of this award are the same as the performance-based award granted to our CEO on August 24, 2020. The final vesting percentage is based on the achievement of certain performance metrics, including revenue compound annual growth rate and diluted earnings per share excluding amortization of intangibles, for specified time periods as determined by the Compensation Committee of our Board of Directors. At December 31, 2022, we had estimated that these awards would vest at 150% of the original amount based on our assessment of the probable achievement against the relevant performance metrics. These awards vested at the 150% level on August 24, 2023. As a result, 40,557 additional shares of common stock were issued. At the original grant dates of these awards, shares totaling 100% of the respective awards were issued. These additional shares issued on August 24, 2023 represented the additional 50% that vested.

On March 10, 2021, we issued performance-based restricted stock awards totaling 18,000 shares to members of the senior management within our operating segments. These shares were valued at $191 as of the date of grant. These shares will vest on the third anniversary of the grant date at a vesting percentage that could range from 0% to 150% of the number of shares awarded on March 10, 2021. The final vesting percentage will be based on the achievement of certain performance metrics for the year ended December 31, 2023 related to the operating results of the business units for which these members of management are responsible. During the fourth quarter of 2022, we reduced the expected final vesting percentage for 6,000 of these shares to 0% based on the projected operating results for the related business unit for the relevant measurement period for the performance metrics. During the fourth quarter of 2023, we reduced the expected final vesting percentage for the remaining 12,000 shares from 100% to 88% based on actual operating results through December 31, 2023 for the related business units. As a result of the adjustment in the expected final vesting percentage, we recorded a catch-up adjustment to reduce expense by $14. This adjustment was recorded in general and administrative expense in our statement of operations. The 6,000 shares for which the vesting percentage had been reduced to 0% were forfeited in the first quarter of 2023 when the individual to whom they were granted terminated their employment with us.

On March 9, 2022, our CEO and CFO received performance-based restricted stock awards totaling 20,493 shares. These shares were valued at $200 as of the date of grant. These shares vest on the third anniversary of the grant date at a vesting percentage that could range from 0% to 150% of the number of shares awarded on March 9, 2022. The final vesting percentage will be based on the achievement of certain performance metrics, including revenue compound annual growth rate, for specified time periods as determined by the Compensation Committee of our Board of Directors. During the fourth quarter of 2023, we reduced the expected final vesting percentage for these shares from 100% to 50% based on our current projection for the performance metrics for the relevant measurement period. As a result of the adjustment in the expected final vesting percentage, we recorded a catch-up adjustment to reduce expense by $60. This adjustment was recorded in general and administrative expense in our statement of operations.

On October 1, 2021, we issued performance-based restricted stock awards totaling 5,000 shares to a member of senior management. These shares were valued at $59 as of the date of grant. These shares will vest on January 1, 2025 at a vesting percentage that could range from 0% to 150% of the number of shares awarded on October 1, 2021. The final vesting percentage will be based on the achievement of certain performance metrics, including revenue compound annual growth rate and diluted earnings per share excluding amortization of intangibles, for specified time periods. During the fourth quarter of 2023, we reduced the expected final vesting percentage for these shares from 100% to 50% based on our current projection for the performance metrics for the relevant measurement period. As a result of the adjustment in the expected final vesting percentage, we recorded a catch-up adjustment to reduce expense by $20. This adjustment was recorded in general and administrative expense in our statement of operations.

On March 8, 2023, our CEO, CFO and certain other members of our senior management received performance-based restricted stock awards totaling 18,888 shares valued at $303 as of the date of grant. These shares vest on the third anniversary of the grant date at a vesting percentage that could range from 0% to 150% of the number of shares of restricted stock awarded on March 8, 2023. The final vesting percentage will be based on the achievement of certain performance metrics related to consolidated revenue for specified time periods as determined by the Compensation Committee of our Board of Directors. As of December 31, 2023, we have estimated that these shares will vest at 100% of the original amount.

On May 8, 2023 the newly appointed president of our Environmental Technologies segment received performance-based restricted stock awards totaling 5,081 shares valued at $108 as of the date of grant. These shares vest on the third anniversary of the grant date at a vesting percentage that could range from 0% to 150% of the number of shares of restricted stock awarded on May 8, 2023. The final vesting percentage will be based on the achievement of certain performance metrics including revenue and income from operations for specified time periods. As of December 31, 2023, we have estimated that these shares will vest at 100% of the original amount.

Note 12 - Legal Proceedings

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Legal Matters and Contingencies [Text Block]

(12)

LEGAL PROCEEDINGS

From time to time we may be a party to legal proceedings occurring in the ordinary course of business. We are not currently involved in any legal proceedings the resolution of which we believe could have a material effect on our business, financial position, results of operations or long-term liquidity.

Note 13 - Stock-based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands											1 Months Ended	3 Months Ended	12 Months Ended
	Aug. 24, 2023	May 08, 2023	Mar. 08, 2023	Dec. 31, 2022	Mar. 09, 2022	Mar. 08, 2022	Oct. 01, 2021	Jun. 14, 2021	Mar. 10, 2021	Aug. 24, 2020	Aug. 31, 2020	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 21, 2023
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)													2 years
Share-Based Payment Arrangement, Amount Capitalized													$ 0	$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)													$ 9.43	$ 4.53
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value													$ 3,132	$ 643
Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)														10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)														4 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)													97,461	123,533
Restricted Stock [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)														4 years
Restricted Stock [Member] \| Independent Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)														1 year
Restricted Stock [Member] \| Independent Directors [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage														25.00%
Performance-Based Restricted Stock [Member] \| Chief Executive Officer and Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			18,888		20,493
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value			$ 303		$ 200
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares)	40,557
Performance-Based Restricted Stock [Member] \| Chief Executive Officer and Chief Financial Officer [Member] \| Minimum [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range					0.00%	0.00%
Performance-Based Restricted Stock [Member] \| Chief Executive Officer and Chief Financial Officer [Member] \| Maximum [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range					150.00%	150.00%
Performance-Based Restricted Stock [Member] \| Chief Executive Officer and Chief Financial Officer [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage												100.00%	100.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Probable Final Vesting Percentage												50.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Catch-Up Adjustment													$ 60
Performance-Based Restricted Stock [Member] \| Chief Executive Officer and Chief Financial Officer [Member] \| Vesting Based On Performance Metrics [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%		100.00%
Performance-Based Restricted Stock [Member] \| Members of The Senior Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)							5,000		18,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value							$ 59		$ 191
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expected to Forfeit, Outstanding, Number (in shares)				6,000										6,000
Performance-Based Restricted Stock [Member] \| Members of The Senior Management [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage														100.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in shares)				12,000								6,000	6,000	12,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Probable Final Vesting Percentage												0.00%	88.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Catch-Up Adjustment													$ 14
Performance-Based Restricted Stock [Member] \| Members of The Senior Management [Member] \| Share-Based Payment Arrangement, Tranche One [Member] \| Minimum [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range									0.00%
Performance-Based Restricted Stock [Member] \| Members of The Senior Management [Member] \| Share-Based Payment Arrangement, Tranche One [Member] \| Maximum [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range									150.00%
Performance-Based Restricted Stock [Member] \| President of Environmental Technologies [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		5,081
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value		$ 108
Performance-Based Restricted Stock [Member] \| President of Environmental Technologies [Member] \| Minimum [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range		0.00%
Performance-Based Restricted Stock [Member] \| President of Environmental Technologies [Member] \| Maximum [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range		150.00%
Performance-Based Restricted Stock [Member] \| President of Environmental Technologies [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage													100.00%
The 2023 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)																350,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)																1,117,942
Stock Plan 2014 [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount												$ 2,957	$ 2,957
Restricted Stock Vesting in Three Years [Member] \| Restricted Stock [Member] \| Vesting Based On Performance Metrics [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage											100.00%
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range											0.00%
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range											150.00%
Performance-Based Restricted Stock Vesting in Three Years [Member] \| Performance-Based Restricted Stock [Member] \| Vesting Based On Performance Metrics [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range	150.00%
Performance-Based Restricted Stock Vesting in Three Years [Member] \| Performance-Based Restricted Stock [Member] \| President [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)										75,162
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value										$ 345
Performance-Based Restricted Stock Vesting in Three Years [Member] \| Performance-Based Restricted Stock [Member] \| President [Member] \| Share-Based Payment Arrangement, Tranche One [Member] \| Minimum [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range										0.00%
Performance-Based Restricted Stock Vesting in Three Years [Member] \| Performance-Based Restricted Stock [Member] \| President [Member] \| Share-Based Payment Arrangement, Tranche One [Member] \| Maximum [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range										150.00%
Performance-Based Restricted Stock Vesting in Three Years [Member] \| Performance-Based Restricted Stock [Member] \| Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)								5,953
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value								$ 100
Performance-Based Restricted Stock Vesting in Three Years [Member] \| Performance-Based Restricted Stock [Member] \| Chief Executive Officer and Chief Financial Officer [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range				150.00%
Restricted Stock Vesting on August 24, 2023 [Member] \| Performance-Based Restricted Stock [Member] \| Chief Financial Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Probable Final Vesting Percentage								0.00%
Performance-Based Restricted Stock Vesting on January 1, 2025 [Member] \| Performance-Based Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Catch-Up Adjustment													$ 20
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional Award Vesting Rights, Percentage	50.00%
Performance-Based Restricted Stock Vesting on January 1, 2025 [Member] \| Performance-Based Restricted Stock [Member] \| Members of The Senior Management [Member] \| Vesting Based On Performance Metrics [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage															100.00%
Performance-Based Restricted Stock Vesting on January 1, 2025 [Member] \| Performance-Based Restricted Stock [Member] \| Members of The Senior Management [Member] \| Vesting Based On Performance Metrics [Member] \| Minimum [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range							0.00%
Performance-Based Restricted Stock Vesting on January 1, 2025 [Member] \| Performance-Based Restricted Stock [Member] \| Members of The Senior Management [Member] \| Vesting Based On Performance Metrics [Member] \| Maximum [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range							150.00%

Note 11 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Capitalized research and development costs	$ 2,320	$ 1,260
Operating lease liabilities	859	1,125
Accrued vacation pay and stock-based compensation	433	465
Inventories	395	602
Intangible assets	369	140
Net operating loss (state and foreign)	245	285
Acquisition costs	44	46
Allowance for doubtful accounts	44	43
Accrued warranty	26	54
Tax credit carryforwards	0	89
Other	62	0
Total	4,797	4,109
Valuation allowance	(245)	(227)
Deferred tax assets	4,552	3,882
Deferred tax liabilities:
Intangible assets	(1,949)	(2,101)
Right-of-use assets	(762)	(996)
Depreciation of property and equipment	(404)	(385)
Other	0	(120)
Deferred tax liabilities	(3,115)	(3,602)
Net deferred tax assets	$ 1,437	$ 280

Note 13 - Stock-based Compensation Plan - Unvested Stock Activity (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Unvested shares outstanding (in shares)	288,450	262,533
Unvested shares outstanding, weighted average exercise price (in dollars per share)	$ 7.8	$ 7.16
Granted, number of shares (in shares)	97,461	123,533
Granted, weighted average exercise price (in dollars per share)	$ 16.43	$ 9.21
Vested, number of shares (in shares)	(178,636)	(91,672)
Vested, weighted average exercise price (in dollars per share)	$ 8.21	$ 8.04
Forfeited, number of shares (in shares)	(17,491)	(5,944)
Forfeited, weighted average exercise price (in dollars per share)	$ 10.08	$ 9.16
Unvested shares outstanding (in shares)	189,784	288,450
Unvested shares outstanding, weighted average exercise price (in dollars per share)	$ 11.51	$ 7.8

Note 11 - Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Domestic									$ 9,600	$ 9,575
Foreign									1,448	570
Earnings before income tax expense	$ 1,566	$ 2,723	$ 3,365	$ 3,394	$ 3,881	$ 3,039	$ 2,570	$ 655	$ 11,048	$ 10,145

- Definition

+ References

+ Details

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2023	Mar. 01, 2024	Jun. 30, 2023
Document Information [Line Items]
Entity Central Index Key	0001036262
Entity Registrant Name	INTEST CORP
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	1-36117
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-2370659
Entity Address, Address Line One	804 East Gate Drive, Suite 200
Entity Address, City or Town	Mt. Laurel
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08054
City Area Code	856
Local Phone Number	505-8800
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	INTT
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 304,734,005
Entity Common Stock, Shares Outstanding		12,164,698
Auditor Firm ID	49
Auditor Name	RSM US LLP
Auditor Location	Blue Bell, Pennsylvania

Note 13 - Stock-based Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Years Ended December 31,
	2023		2022
Cost of revenues	$	104	$	62
Selling expense		41		32
Engineering and product development expense		19		51
General and administrative expense		1,883		1,642
	$	2,047	$	1,787

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	2023			2022
Risk-free interest rate		3.93	%		2.05	%
Dividend yield		0.00	%		0.00	%
Expected common stock market price volatility factor		.57			.55
Weighted average expected life of stock options (years)		6.25			6.25

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

	Number of Shares			Weighted Average Exercise Price
Options outstanding, January 1, 2022		408,869		$	9.07
Granted		202,540			8.45
Exercised		(8,060	)		4.74
Canceled		(22,930	)		9.10
Options outstanding, December 31, 2022 (167,886 exercisable)		580,419			8.91
Granted		93,860			16.25
Exercised		(124,550	)		7.85
Canceled		(44,723	)		9.77
Options outstanding, December 31, 2023 (171,735 exercisable)		505,006			10.46

Nonvested Restricted Stock Shares Activity [Table Text Block]

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2022		262,533		$	7.16
Granted		123,533			9.21
Vested		(91,672	)		8.04
Forfeited		(5,944	)		9.16
Unvested shares outstanding, December 31, 2022		288,450			7.80
Granted		97,461			16.43
Vested		(178,636	)		8.21
Forfeited		(17,491	)		10.08
Unvested shares outstanding, December 31, 2023		189,784			11.51

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 474	$ 496
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	12,241,925	11,063,271
Treasury stock, shares (in shares)	75,758	34,308

Note 2 - Summary of Significant Accounting Policies (Details Textual) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	May 31, 2018 USD ($)
Restricted Cash, Total	$ 0	$ 1,142
Accounts Receivable, Allowance for Credit Loss, Recovery	198	470
Accounts Receivable, Credit Loss Expense (Reversal)	$ 0	286
Number of Reporting Units	3
Inventory Write-down	$ 544	771
Depreciation, Total	1,021	809
Deferred Grant Proceeds	246
Foreign Currency Transaction Gain (Loss), before Tax, Total	9	(109)
City of Rochester and State of New York [Member]
Contingent Liability, Repayment of State and Local Grant Funds Received				$ 550
Covenant, Future Amount Receivable	$ 193
Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	1 year
Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Bank Guarantee on Customer Order Deposit [Member]
Restricted Cash, Total		$ 1,142	€ 1,160

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue	$ 123,302	$ 116,828
Cost of revenue	66,324	63,388
Gross profit	56,978	53,440
Operating expenses:
Selling expense	17,605	15,903
Engineering and product development expense	7,618	7,529
General and administrative expense	21,316	19,287
Total operating expenses	46,539	42,719
Operating income	10,439	10,721
Interest expense	(679)	(635)
Other income	1,288	59
Earnings before income tax expense	11,048	10,145
Income tax expense	1,706	1,684
Net earnings	$ 9,342	$ 8,461
Earnings per common share – basic (in dollars per share)	$ 0.82	$ 0.79
Weighted average common shares outstanding – basic (in shares)	11,461,399	10,673,017
Earnings per common share – diluted (in dollars per share)	$ 0.79	$ 0.78
Weighted average common shares and common share equivalents outstanding – diluted (in shares)	11,779,912	10,862,538

Note 13 - Stock-based Compensation Plan - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Allocation of Share-based Compensation Expense	$ 2,047	$ 1,787
Cost of Sales [Member]
Allocation of Share-based Compensation Expense	104	62
Selling and Marketing Expense [Member]
Allocation of Share-based Compensation Expense	41	32
Research and Development Expense [Member]
Allocation of Share-based Compensation Expense	19	51
General and Administrative Expense [Member]
Allocation of Share-based Compensation Expense	$ 1,883	$ 1,642

Note 17 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Revenue	$ 27,884	$ 30,941	$ 32,558	$ 31,919	$ 32,405	$ 30,771	$ 29,571	$ 24,081	$ 123,302	$ 116,828
UNITED STATES
Revenue									45,222	49,096
Non-US [Member]
Revenue									$ 78,080	$ 67,732

- Definition

+ References

+ Details

Note 4 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Asset Impairment, Total	$ 0	$ 0
Minimum [Member]
Discounted Cash Flows, Discount Rate	14.50%	16.50%
Maximum [Member]
Discounted Cash Flows, Discount Rate	16.00%	18.00%

Note 11 - Income Taxes - Effective Tax Rate Analysis and Reconciliation of Expected Statutory Rate (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Expected income tax expense at U.S. statutory rate									$ 2,320	$ 2,131
Dividend from foreign subsidiaries									184	127
NOL carryforwards utilized									39	(80)
Stock compensation									(329)	77
Global intangible low taxed income									87	66
Nondeductible expenses									21	11
Current year tax credits (foreign and research)									(367)	(465)
Domestic tax benefit, net of Federal benefit									(167)	87
Changes in valuation allowance									18	163
Foreign income tax rate differences									109	147
Section 250 foreign derived intangible income deduction									(272)	(563)
Other									63	(17)
Income tax expense	$ 111	$ 446	$ 572	$ 577	$ 637	$ 515	$ 454	$ 78	$ 1,706	$ 1,684

Note 4 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

(4)

GOODWILL AND INTANGIBLE ASSETS

We have three operating segments which are also our reporting units: Electronic Test, Environmental Technologies and Process Technologies. Goodwill and intangible assets on our balance sheets are the result of our acquisitions.

Goodwill

Changes in the amount of the carrying value of goodwill for the years ended December 31, 2023 and 2022 are as follows:

Balance - January 1, 2022	$	21,448
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 (see Note 3 to the consolidated financial statements in our 2022 Form 10-K)		451
Impact of foreign currency translation adjustments		(294	)
Balance - December 31, 2022		21,605
Impact of foreign currency translation adjustments		123
Balance - December 31, 2023	$	21,728

Goodwill was comprised of the following at December 31, 2023 and 2022:

	December 31,
	2023		2022
Electronic Test	$	3,436	$	3,369
Environmental Technologies		1,817		1,817
Process Technologies		16,475		16,419
Total Goodwill	$	21,728	$	21,605

Intangible Assets

Changes in the amount of the carrying value of indefinite-lived intangible assets for the year ended December 31, 2023 and 2022 are as follows:

Balance - January 1, 2022	$	8,428
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 (see Note 3 to the consolidated financial statements in our 2022 Form 10-K)		20
Impact of foreign currency translation adjustments		(79	)
Balance - December 31, 2022		8,369
Impact of foreign currency translation adjustments		29
Balance - December 31, 2023	$	8,398

Changes in the amount of the carrying value of finite-lived intangible assets for the years ended December 31, 2023 and 2022 are as follows:

Balance - January 1, 2022	$	13,206
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 (see Note 3 to the consolidated financial statements in our 2022 Form 10-K)		29
Impact of foreign currency translation adjustments		(351	)
Amortization		(2,694	)
Balance - December 31, 2022		10,190
Impact of foreign currency translation adjustments		102
Amortization		(2,094	)
Balance - December 31, 2023	$	8,198

The following tables provide further detail about our intangible assets at December 31, 2023 and 2022:

	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,407	$	9,687	$	6,720
Technology		2,895		1,417		1,478
Patents		590		590		-
Backlog		499		499		-
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		20,801		12,603		8,198
Indefinite-lived intangible assets:
Trademarks		8,398		-		8,398
Total intangible assets	$	29,199	$	12,603	$	16,596

	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,313	$	7,990	$	8,323
Technology		2,855		988		1,867
Patents		590		590		-
Backlog		492		492		-
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		20,660		10,470		10,190
Indefinite-lived intangible assets:
Trademarks		8,369		-		8,369
Total intangible assets	$	29,029	$	10,470	$	18,559

We generally amortize our finite-lived intangible assets over their estimated useful lives based on the pattern in which the economic benefits of the intangible assets are expected to be consumed, or on a straight-line basis, if an alternate amortization method cannot be reliably determined. Any such alternate amortization method would be based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. None of our intangible assets have any residual value.

The following table sets forth the estimated annual amortization expense for each of the next five years:

2024	$	1,973
2025	$	1,774
2026	$	1,163
2027	$	667
2028	$	534

Impairment of Goodwill and Indefinite Life Intangible Assets

During October 2023 and 2022, we assessed our goodwill and indefinite life intangible asset for impairment in accordance with the requirements of ASC Topic 350 using a quantitative approach. Our goodwill impairment assessment is based upon the income approach, which estimates the fair value of our reporting units based upon a discounted cash flow approach. This fair value is then reconciled to our market capitalization at year end with an appropriate control premium. The discount rate used in 2023 for the discounted cash flows ranged between 14.5% and 16.0% depending on the reporting unit. The discount rate used in 2022 for the discounted cash flows ranged between 16.5% and 18.0% depending on the reporting unit. The selection of the rates in each year was based upon our analysis of market-based estimates of capital costs and discount rates. The determination of the fair value of our reporting units requires management to make significant estimates and assumptions including the selection of control premiums, discount rates, terminal growth rates, forecasts of revenue and expense growth rates, income tax rates, changes in working capital, depreciation, amortization and capital expenditures. Changes in assumptions concerning future financial results or other underlying assumptions could have a significant impact on either the fair value of the reporting unit or the amount of the goodwill impairment charge.

During the goodwill impairment assessment in both 2023 and 2022, we compared the fair value of our reporting units with their carrying values. This assessment indicated no impairment existed as the fair value of the reporting units exceeded their carrying values in both 2023 and 2022.

During the indefinite life intangible asset impairment assessment in both 2023 and 2022, we compared the fair value of our indefinite life intangible assets with their carrying values. This assessment indicated no impairment existed as the fair value of the indefinite life intangible assets exceeded their carrying values in both 2023 and 2022.

Impairment of Long-Lived Assets and Finite-lived Intangible Assets

During 2023 and 2022, we did not review any of our long-lived assets for impairment as there were no events or changes in business circumstances that would indicate an impairment might exist.

Note 4 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill	$ 21,728	$ 21,605	$ 21,448
Finite-lived, Gross Carrying Amount	20,801	20,660
Finite-lived, Accumulated Amortization	12,603	10,470
Net Carrying Amount, finite-lived	8,198	10,190	13,206
Indefinite-lived, Gross Carrying Amount	8,398	8,369	8,428
Net Carrying Amount, indefinite-lived	8,398	8,369	$ 8,428
Intangible Assets, Gross Carrying Amount	29,199	29,029
Net Carrying Amount	16,596	18,559
Trademarks [Member]
Indefinite-lived, Gross Carrying Amount	8,398	8,369
Net Carrying Amount, indefinite-lived	8,398	8,369
Customer Relationships [Member]
Finite-lived, Gross Carrying Amount	16,407	16,313
Finite-lived, Accumulated Amortization	9,687	7,990
Net Carrying Amount, finite-lived	6,720	8,323
Patented Technology [Member]
Finite-lived, Gross Carrying Amount	2,895	2,855
Finite-lived, Accumulated Amortization	1,417	988
Net Carrying Amount, finite-lived	1,478	1,867
Patents [Member]
Finite-lived, Gross Carrying Amount	590	590
Finite-lived, Accumulated Amortization	590	590
Net Carrying Amount, finite-lived		0
Customer Backlog [Member]
Finite-lived, Gross Carrying Amount	499	492
Finite-lived, Accumulated Amortization	499	492
Net Carrying Amount, finite-lived		0
Computer Software, Intangible Asset [Member]
Finite-lived, Gross Carrying Amount	270	270
Finite-lived, Accumulated Amortization	270	270
Net Carrying Amount, finite-lived		0
Trade Names [Member]
Finite-lived, Gross Carrying Amount	140	140
Finite-lived, Accumulated Amortization	140	140
Net Carrying Amount, finite-lived		0
Electronic Test [Member]
Goodwill	3,436	3,369
Environmental Technologies [Member]
Goodwill	1,817	1,817
Process Technologies [Member]
Goodwill	$ 16,475	$ 16,419

Note 10 - Debt - Future Maturities of Long-term Debt (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2024	$ 4,100
2025	4,100
2026	3,842
Long-Term Debt	$ 12,042

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Note 17 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment	$ 3,190	$ 3,132
UNITED STATES
Property and Equipment	2,502	2,658
Non-US [Member]
Property and Equipment	$ 688	$ 474

Note 8 - Leases

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

(8)

LEASES

As previously discussed in Note 2, we account for our leases in accordance with the guidance in ASC Topic 842. We lease our offices, warehouse facilities and certain equipment under non-cancellable operating leases that expire at various dates through 2031. Total operating lease and short-term lease costs for the years ended December 31, 2023 and 2022, respectively, were as follows:

	Years Ended December 31,
	2023		2022

Operating lease cost	$	1,590	$	1,340
Short-term lease cost	$	13	$	81

The following is additional information about our leases at December 31, 2023:

Range of remaining lease terms (in years)	0.3	to	7.3
Weighted average remaining lease term (in years)		4.3
Weighted average discount rate		4.6%

Maturities of lease liabilities at December 31, 2023 were as follows:

2024	$	2,078
2025		1,232
2026		931
2027		761
2028		361
Thereafter		584
Total lease payments	$	5,947
Less imputed interest		(525	)
Total	$	5,422

Cash Flow Information

Total amortization of ROU assets for the years ended December 31, 2023 and 2022 was $1,567 and $1,241, respectively.

Lease Modifications and Additions

Supplemental cash flow information related to leases for the years ended December 31, 2023 and 2022 was as follows:

Year ended December 31, 2023

Non-cash increases in operating lease liabilities and ROU assets as a result of acquisitions and the execution of new leases:

	Operating Lease Liabilities		ROU Assets
Addition to facility leases – Environmental Technologies	$	90	$	90
Addition to automobile leases – Process Technologies	$	30	$	30
Addition to automobile leases – Process Technologies	$	41	$	41
Addition to facility leases – inTEST SE Asia	$	455	$	455
Extension of facility lease – Process Technologies	$	136	$	136

During the three months ended March 31, 2023, we entered into a 25-month lease for a facility for our Environmental Technologies segment’s operation in Germany. At the effective date of this lease, we recorded a non-cash increase in our ROU assets and operating lease liabilities of approximately $90. During this same period, we entered into a 36-month lease for a car for one of the employees of our Process Technologies segment who is based in Europe. At the effective date of this lease, we recorded a non-cash increase in our ROU assets and operating lease liabilities of approximately $30.

During three months ended June 30, 2023, we entered into a 48-month lease for a car for one of the employees of our Process Technologies segment who is based in Europe. At the effective date of this lease, we recorded a non-cash increase in our ROU assets and operating lease liabilities totaling approximately $41.

During the three months ended December 31, 2023, we entered into a 36-month lease for a facility for our inTEST SE Asia operation which we expect will begin operations at some point in 2024, as discussed further in Note 1. At the effective date of this lease, we recorded a non-cash increase in our ROU assets and operating lease liabilities of approximately $455. During this same period, we entered also extended the lease for our Process Technologies operations in the Netherlands for an additional 36 months. At the effective date of this modification, we recorded non-cash increases in our ROU assets and operating lease liabilities totaling approximately $136.

Year ended December 31, 2022

Non-cash increases in operating lease liabilities and ROU assets as a result of acquisitions and the execution of new leases:

	Operating Lease Liabilities		ROU Assets
Extension of facility lease – Singapore	$	51	$	51
Addition to automobile leases – Videology	$	42	$	42
Addition to facility leases – Acculogic	$	942	$	942
Addition to facility leases – Acculogic	$	127	$	127

During three months ended March 31, 2022, we executed an amendment to the lease for our facility in Singapore which extended the term for a period of 24 months commencing on April 1, 2022 and expiring on March 31, 2024. At the effective date of this modification, we recorded a non-cash increase in our ROU assets and operating lease liabilities of approximately $51.

During the three months ended September 30, 2022, we executed a 48-month lease for an automobile for our Videology operation in Europe. At the effective date of this lease, we recorded a non-cash increase in our ROU assets and operating lease liabilities of approximately $42.

During the three months ended December 31, 2022, we executed a 62-month lease for a new facility for our Acculogic operation in Canada and a 37-month lease for a new facility for our Acculogic operation in California. At the effective dates of these leases, we recorded non-cash increases in our ROU assets and operating lease liabilities of approximately $942 and $127, respectively.

Note 6 - Major Customers (Details Textual)	12 Months Ended
Note 6 - Major Customers (Details Textual)	Dec. 31, 2023
Number of Major Customers	1
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Texas Instruments Incorporated [Member]
Concentration Risk, Percentage	13.00%

Note 8 - Leases - Lease Modifications (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022
Total	$ 5,422
Operating Lease, Right-of-Use Asset	4,987		$ 5,770
Environmental Technologies in Germany [Member]
Total	90	$ 90
Operating Lease, Right-of-Use Asset	90	$ 90
Lease Facility in Singapore [Member]
Total			51		$ 51
Operating Lease, Right-of-Use Asset			51		$ 51
Automobile Lease, One [Member]
Total	30
Operating Lease, Right-of-Use Asset	30
Automobile Lease for Videology [Member]
Total			42	$ 42
Operating Lease, Right-of-Use Asset			42	$ 42
Automobile Lease, Two [Member]
Total	41
Operating Lease, Right-of-Use Asset	41
Facility for Acculogic Operation in Canada [Member]
Total			942
Operating Lease, Right-of-Use Asset			942
Southeast Asia Operation [Member]
Total	455
Operating Lease, Right-of-Use Asset	455
Facility for Acculogic Operation in California [Member]
Total			127
Operating Lease, Right-of-Use Asset			$ 127
Process Technologies in the Netherlands [Member]
Total	136
Operating Lease, Right-of-Use Asset	$ 136

Note 18 - Quarterly Consolidated Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Quarterly Financial Information [Text Block]

(18)

QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

The following tables present certain unaudited consolidated quarterly financial information for each of the eight quarters ended December 31, 2023. In our opinion, this quarterly information has been prepared on the same basis as the consolidated financial statements and includes all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the information for the periods presented. The results of operations for any quarter are not necessarily indicative of results for the full year or for any future period.

Year-over-year quarterly comparisons of our results of operations may not be as meaningful as the sequential quarterly comparisons set forth below that tend to reflect the cyclical and seasonal activity of the semi market. Quarterly fluctuations in expenses are related directly to sales activity and volume and may also reflect the timing of operating expenses incurred throughout the year.

	Quarters Ended
	3/31/23		6/30/23		9/30/23		12/31/23		Total
Revenue	$	31,919	$	32,558	$	30,941	$	27,884	$	123,302
Gross profit		15,052		15,030		14,447		12,449		56,978
Earnings before income tax expense		3,394		3,365		2,723		1,566		11,048
Income tax expense		577		572		446		111		1,706
Net earnings		2,817		2,793		2,277		1,455		9,342

Net earnings per common share – basic	$	0.26	$	0.25	$	0.19	$	0.12	$	0.82
Weighted average common shares outstanding – basic		10,755,729		11,241,183		11,886,005		11,962,679		11,461,399
Net earnings per common share – diluted	$	0.25	$	0.24	$	0.19	$	0.12	$	0.79
Weighted average common shares outstanding – diluted		11,088,664		11,696,569		12,212,317		12,122,099		11,779,912

	Quarters Ended
	3/31/22		6/30/22		9/30/22		12/31/22		Total
Revenue	$	24,081	$	29,571	$	30,771	$	32,405	$	116,828
Gross margin		11,013		13,548		13,898		14,981		53,440
Earnings before income tax expense		655		2,570		3,039		3,881		10,145
Income tax expense		78		454		515		637		1,684
Net earnings		577		2,116		2,524		3,244		8,461

Net earnings per common share – basic	$	0.05	$	0.20	$	0.24	$	0.30	$	0.79
Weighted average common shares outstanding – basic		10,617,271		10,653,268		10,695,867		10,725,662		10,673,017
Net earnings per common share – diluted	$	0.05	$	0.20	$	0.23	$	0.30	$	0.78
Weighted average common shares outstanding – diluted		10,842,592		10,814,799		10,864,540		10,928,220		10,862,538

Note 17 - Segment Information (Details Textual)	12 Months Ended
Note 17 - Segment Information (Details Textual)	Dec. 31, 2023
Number of Reportable Segments	3

Note 10 - Debt (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule Of Outstanding Letters Of Credit [Table Text Block]

L/C

Lease

Letters of Credit
Amount Outstanding

Facility

Original L/C
Issue Date

Expiration
Date

Dec. 31
2023

Dec. 31
2022

Mt. Laurel, NJ

3/29/2010

4/30/2024

4/30/2031

Mansfield, MA

10/27/2010

12/31/2024

100

Schedule of Maturities of Long-Term Debt [Table Text Block]

2024	$	4,100
2025		4,100
2026		3,842
	$	12,042

Note 15 - Employee Stock Purchase Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 23, 2021
Stock Issued During Period, Value, Employee Stock Purchase Plan	$ 205	$ 233
Share Price (in dollars per share)	$ 13.6	$ 10.3	$ 15.17	$ 26.26	$ 20.74	$ 7.63	$ 6.82	$ 10.73
Share-based Compensation Arrangement by Share-based Payment Award, Discount Amount	$ 31	$ 36
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)									250,000
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)	11,780	27,162
Stock Issued During Period, Value, Employee Stock Purchase Plan	$ 174	$ 197
Shares Issued, Price Per Share (in dollars per share)	$ 11.56	$ 8.76	$ 12.89	$ 22.32	$ 17.63	$ 6.49	$ 5.8	$ 9.12
Share-Based Compensation Arrangement by Share-Based Payment Award, Discount from Market Price, Purchase Date	15.00%	15.00%
Share-based Compensation Arrangement by Share-based Payment Award, Discount Amount	$ 31	$ 36

Note 5 - Revenue From Contracts With Customers

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(5)

REVENUE FROM CONTRACTS WITH CUSTOMERS

The following tables provide additional information about our revenue from contracts with customers, including revenue by customer and product type and revenue by market. See also Note 17 for information about revenue by operating segment and geographic region.

	Years Ended December 31,
	2023		2022
*Revenue by customer type:*
End user	$	85,397	$	84,468
OEM/Integrator/Distributor		37,905		32,360
	$	123,302	$	116,828
*Revenue by product type:*
Thermal test	$	21,344	$	22,246
Thermal process		44,914		38,574
Semiconductor test		30,235		28,529
Video imaging		9,086		9,499
Flying probe and in-circuit testers		6,981		7,414
Service/other		10,742		10,566
	$	123,302	$	116,828
*Revenue by market:*
Semi	$	65,735	$	68,422
Industrial		14,310		10,038
Automotive (including Electric Vehicles)		9,895		10,776
Life Sciences		4,856		4,589
Defense/aerospace		12,537		7,006
Security		3,688		3,241
Other		12,281		12,756
	$	123,302	$	116,828

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Note 6 - Major Customers

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

(6)

MAJOR CUSTOMERS

During the year ended December 31, 2023, one customer accounted for 13% of our consolidated revenue. This revenue was primarily generated by our Electronic Test segment. During the year ended December 31, 2023, no other customer accounted for 10% or more of our consolidated revenue. During the year ended December 31, 2022, no customer accounted for 10% or more of our consolidated revenue.

Note 14 - Stock Repurchase Plans

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Stock Repurchase Plan [Text Block]

(14)

STOCK REPURCHASE PLANS

On November 20, 2023, our Board of Directors authorized a share repurchase plan (the “Repurchase Plan”) whereby we may repurchase shares of our common stock on the open market with a total aggregate repurchase amount of up to $10,000 until November 2024. We are not obligated to purchase any common stock under the Repurchase Plan. Further, the Repurchase Plan may be suspended or discontinued at any time without prior notice. As of December 31, 2023, no shares had been repurchased under the Repurchase Plan.

Note 3 - Fair Value Measurements - Changes in the Fair Value of Level 3 Contingent Consideration Liabilities (Details) - Contingent Consideration Liabilities [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance	$ 1,363	$ 1,109
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic	294
Impact of foreign currency translation adjustments	(24)	67
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic	(294)
Balance	$ 1,093	1,363
Z-Sciences [Member]
Payout of contingent consideration related to the acquisition of Z-Sciences		(179)
Acculogic [Member]
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic		500
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic		$ (500)

Note 10 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Letters of Credit Amount Outstanding	$ 100	$ 100
Mt Laurel [Member]
Line of Credit, Issue Date	Mar. 29, 2010
Line of Credit, Expiration Date	Apr. 30, 2024
Lease Expiration Date	Apr. 30, 2031
Letters of Credit Amount Outstanding	$ 50	50
Mansfield [Member]
Line of Credit, Issue Date	Oct. 27, 2010
Line of Credit, Expiration Date	Dec. 31, 2024
Lease Expiration Date	Dec. 31, 2024
Letters of Credit Amount Outstanding	$ 50	$ 50

Note 17 - Segment Information

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(17)

SEGMENT INFORMATION

We have three operating segments which are also our reportable segments and reporting units: Electronic Test (which includes our semiconductor test equipment, flying probe and in-circuit testers), Environmental Technologies (which includes our thermal test, process and storage products) and Process Technologies (which includes our induction heating and video imaging products). We operate our business worldwide and sell our products both domestically and internationally. All of our segments sell to semiconductor manufacturers, third-party test and assembly houses and ATE manufacturers and to a variety of markets outside of the semi market, including the automotive, defense/aerospace, industrial, life sciences, security and other markets.

Our management team, including our CEO who is also our Chief Operating Decision Maker as defined under U.S. GAAP, evaluates the performance of our operating segments primarily on income from divisional operations which represents earnings before income tax expense and excludes interest expense, other income (expense), corporate expenses and acquired intangible amortization.

	Years Ended December 31,
	2023			2022
*Revenue:*
Electronic Test	$	41,016		$	40,219
Environmental Technologies		30,801			30,172
Process Technologies		51,485			46,437
Total Revenue	$	123,302		$	116,828

*Division operating income:*
Electronic Test	$	10,189		$	9,931
Environmental Technologies		3,073			3,817
Process Technologies		9,544			8,230
Total division operating income		22,806			21,978

Corporate expenses		(10,272	)		(8,563	)
Acquired intangible amortization		(2,095	)		(2,694	)
Interest expense		(679	)		(635	)
Other income		1,288			59
Earnings before income tax expense	$	11,048		$	10,145

	December 31,
	2023		2022
*Identifiable assets:*
Electronic Test	$	32,505	$	31,143
Environmental Technologies		16,772		18,040
Process Technologies		56,842		56,866
Corporate		28,710		4,017
	$	134,829	$	110,066

*Capital expenditures:*
Electronic Test	$	599	$	80
Environmental Technologies		495		368
Process Technologies		170		543
Corporate		27		374
	$	1,291	$	1,365

The following table provides information about our geographic areas of operation. Revenue is based on the location to which the goods are shipped.

	Years Ended December 31,
	2023		2022
*Revenue:*
U.S.	$	45,222	$	49,096
Foreign		78,080		67,732
	$	123,302	$	116,828

	December 31,
	2023		2022
*Property and equipment:*
U.S.	$	2,502	$	2,658
Foreign		688		474
	$	3,190	$	3,132

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Note 18 - Quarterly Consolidated Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Quarterly Financial Information [Table Text Block]

	Quarters Ended
	3/31/23		6/30/23		9/30/23		12/31/23		Total
Revenue	$	31,919	$	32,558	$	30,941	$	27,884	$	123,302
Gross profit		15,052		15,030		14,447		12,449		56,978
Earnings before income tax expense		3,394		3,365		2,723		1,566		11,048
Income tax expense		577		572		446		111		1,706
Net earnings		2,817		2,793		2,277		1,455		9,342

Net earnings per common share – basic	$	0.26	$	0.25	$	0.19	$	0.12	$	0.82
Weighted average common shares outstanding – basic		10,755,729		11,241,183		11,886,005		11,962,679		11,461,399
Net earnings per common share – diluted	$	0.25	$	0.24	$	0.19	$	0.12	$	0.79
Weighted average common shares outstanding – diluted		11,088,664		11,696,569		12,212,317		12,122,099		11,779,912

	Quarters Ended
	3/31/22		6/30/22		9/30/22		12/31/22		Total
Revenue	$	24,081	$	29,571	$	30,771	$	32,405	$	116,828
Gross margin		11,013		13,548		13,898		14,981		53,440
Earnings before income tax expense		655		2,570		3,039		3,881		10,145
Income tax expense		78		454		515		637		1,684
Net earnings		577		2,116		2,524		3,244		8,461

Net earnings per common share – basic	$	0.05	$	0.20	$	0.24	$	0.30	$	0.79
Weighted average common shares outstanding – basic		10,617,271		10,653,268		10,695,867		10,725,662		10,673,017
Net earnings per common share – diluted	$	0.05	$	0.20	$	0.23	$	0.30	$	0.78
Weighted average common shares outstanding – diluted		10,842,592		10,814,799		10,864,540		10,928,220		10,862,538

Note 8 - Leases (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Lease, Cost [Table Text Block]

	Years Ended December 31,
	2023		2022

Operating lease cost	$	1,590	$	1,340
Short-term lease cost	$	13	$	81

Range of remaining lease terms (in years)	0.3	to	7.3
Weighted average remaining lease term (in years)		4.3
Weighted average discount rate		4.6%

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

2024	$	2,078
2025		1,232
2026		931
2027		761
2028		361
Thereafter		584
Total lease payments	$	5,947
Less imputed interest		(525	)
Total	$	5,422

Supplemental Cash Flow Infomation, Lessee [Table Text Block]

	Operating Lease Liabilities		ROU Assets
Addition to facility leases – Environmental Technologies	$	90	$	90
Addition to automobile leases – Process Technologies	$	30	$	30
Addition to automobile leases – Process Technologies	$	41	$	41
Addition to facility leases – inTEST SE Asia	$	455	$	455
Extension of facility lease – Process Technologies	$	136	$	136

	Operating Lease Liabilities		ROU Assets
Extension of facility lease – Singapore	$	51	$	51
Addition to automobile leases – Videology	$	42	$	42
Addition to facility leases – Acculogic	$	942	$	942
Addition to facility leases – Acculogic	$	127	$	127

Note 11 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	Years Ended December 31,
	2023		2022
Domestic	$	9,600	$	9,575
Foreign		1,448		570
Total	$	11,048	$	10,145

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Years Ended December 31,
	2023			2022
Current
Domestic – Federal	$	2,139		$	2,892
Domestic – state		202			263
Foreign		522			267
Total	$	2,863		$	3,422
Deferred
Domestic – Federal	$	(1,052	)	$	(1,344	)
Domestic – state		31			(190	)
Foreign		(136	)		(204	)
Total		(1,157	)		(1,738	)
Income tax expense	$	1,706		$	1,684

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2023			2022
Deferred tax assets:
Capitalized research and development costs	$	2,320		$	1,260
Operating lease liabilities		859			1,125
Accrued vacation pay and stock-based compensation		433			465
Inventories		395			602
Intangible assets		369			140
Net operating loss (state and foreign)		245			285
Acquisition costs		44			46
Allowance for doubtful accounts		44			43
Accrued warranty		26			54
Tax credit carryforwards		-			89
Other		62			-
Total		4,797			4,109
Valuation allowance		(245	)		(227	)
Deferred tax assets		4,552			3,882
Deferred tax liabilities:
Intangible assets		(1,949	)		(2,101	)
Right-of-use assets		(762	)		(996	)
Depreciation of property and equipment		(404	)		(385	)
Other		-			(120	)
Deferred tax liabilities		(3,115	)		(3,602	)
Net deferred tax assets	$	1,437		$	280

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Years Ended December 31,
	2023			2022
Expected income tax expense at U.S. statutory rate	$	2,320		$	2,131
Increase (decrease) in tax from:
Dividend from foreign subsidiaries		184			127
NOL carryforwards utilized		39			(80	)
Stock compensation		(329	)		77
Global intangible low taxed income		87			66
Nondeductible expenses		21			11
Current year tax credits (foreign and research)		(367	)		(465	)
Domestic tax benefit, net of Federal benefit		(167	)		87
Changes in valuation allowance		18			163
Foreign income tax rate differences		109			147
Section 250 foreign derived intangible income deduction		(272	)		(563	)
Other		63			(17	)
Income tax expense	$	1,706		$	1,684

Note 7 - Inventories

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

(7)

INVENTORIES

Inventories held at December 31 were comprised of the following:

	2023		2022
Raw materials	$	15,948	$	16,888
Work in process		1,563		2,432
Inventory consigned to others		98		59
Finished goods		2,480		3,186
Total inventories	$	20,089	$	22,565