InTEST : Noble Virtual Equity Conference Presentation

inTEST Corporation

Noble Virtual Equity Conference

Nick Grant	Duncan Gilmour
President and CEO	Chief Financial Officer

June 27, 2024

Forward-Looking Statements

This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events and financial results, such as statements of the Company's plans, strategies and intentions, or our future performance or goals, that are based upon management's current expectations. These forward- looking statements can often be identified by the use of forward-looking terminology such as "believe," "continuing," "could," "expects," "guidance," "may," "outlook," "will," "should," "plan," "potential," "forecasts," "outlook," "targets," "estimates," or similar terminology. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

Such risks and uncertainties include, but are not limited to, any mentioned in this presentation as well as the Company's ability to execute on its 5-Point Strategy, realize the potential benefits of acquisitions and successfully integrate any acquired operations, grow the Company's presence in its key target and international markets, manage supply chain challenges, convert backlog to sales and to ship product in a timely manner; the success of the Company's strategy to diversify its markets; the impact of inflation on the Company's business and financial condition; indications of a change in the market cycles in the semi market or other markets served; changes in

business conditions and general economic conditions both domestically and globally including rising interest rates and fluctuation in foreign currency exchange rates; changes in the demand for semiconductors; access to capital and the ability to borrow funds or raise capital to finance potential acquisitions or for working capital; changes in the rates and timing of capital expenditures by the Company's customers; and other risk factors set forth from time to time in the Company's Securities and Exchange Commission filings, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement made by the Company in this presentation is based only on information currently available to management and speaks to circumstances only as of the date on which it is made. The Company undertakes no obligation to update the information in this presentation to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

Non-GAAP Financial Measures and Forward-LookingNon-GAAP Financial Measures

In addition to disclosing results that are determined in accordance with generally accepted accounting practices in the United States ("GAAP"), we also disclose non-GAAP financial measures. These non-GAAP financial measures consist of adjusted net earnings, adjusted earnings per diluted share (adjusted EPS), adjusted EBITDA, adjusted EBITDA margin and free cash flow. The Company defines these non-GAAP measures as follows:

• Adjusted net earnings is derived by adding acquired intangible amortization, adjusted for the related income tax expense (benefit), to net earnings (loss).
• Adjusted earnings per diluted share (adjusted EPS) is derived by dividing adjusted net earnings by diluted weighted average shares outstanding.
• Adjusted EBITDA is derived by adding acquired intangible amortization, net interest expense, income tax expense, depreciation, and stock-based compensation expense to net earnings.
• Adjusted EBITDA margin is derived by dividing adjusted EBITDA by revenue.
• Free cash flow is derived by subtracting capital expenditures from net cash provided by or used in operating activities.

These results are provided as a complement to the results provided in accordance with GAAP. Adjusted net earnings and adjusted earnings per diluted share (adjusted EPS) are non-GAAP financial measures presented to provide investors with meaningful, supplemental information regarding our baseline performance before acquired intangible amortization charges as management believes this expense may not be indicative of our underlying operating performance. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures presented primarily as a measure of liquidity as they exclude non-cash charges for acquired intangible amortization, depreciation and stock-based compensation. In addition, adjusted EBITDA and adjusted EBITDA margin also exclude the impact of interest income or expense and income tax expense or benefit, as management believes these expenses may not be indicative of our underlying operating performance. The non-GAAP financial measures presented in this presentation are used by management to make operational decisions, to forecast future operational results, and for comparison with our business plan, historical operating results and the operating results of our peers. Reconciliations from net earnings and earnings per diluted share (EPS) to adjusted net earnings and adjusted earnings per diluted share (adjusted EPS) and from net earnings and net margin to adjusted EBITDA and adjusted EBITDA margin, are contained in the tables below. Each of our non-GAAP measures have limitations as analytical tools. They should not be viewed in isolation or as a substitute for GAAP measures of earnings or cash flows. Limitations may include the cash portion of interest expense, income tax (benefit) provision, charges related to intangible asset amortization and stock-based compensation expense. These items could significantly affect our financial results. Management believes these Non-GAAP financial measures are important in evaluating our performance, results of operations, and financial position. We use non-GAAP financial measures to supplement our GAAP results to provide a more complete understanding of the factors and trends affecting our business. Adjusted net earnings, adjusted earnings per diluted share (adjusted EPS), adjusted EBITDA, and adjusted EBITDA margin are not alternatives to net earnings, earnings per diluted share or margin as calculated and presented in accordance with GAAP. As such, they should not be considered or relied upon as substitutes or alternatives for any such GAAP financial measure. We strongly urge you to review the reconciliations of adjusted net earnings, adjusted earnings per diluted share (adjusted EPS), adjusted EBITDA, and adjusted EBITDA margin along with our financial statements included elsewhere in this presentation. We also strongly urge you not to rely on any single financial measure to evaluate our business. In addition, because adjusted net earnings, adjusted earnings per diluted share (adjusted EPS), adjusted EBITDA, and adjusted EBITDA margin are not measures of financial performance under GAAP and are susceptible to varying calculations, the adjusted net earnings, adjusted earnings per diluted share (adjusted EPS), adjusted EBITDA, and adjusted EBITDA margin measures as presented in this presentation may differ from and may not be comparable to similarly titled measures used by other companies.

Key Performance Metrics

In addition to the foregoing non-GAAP measures, management uses orders and backlog as key performance metrics to analyze and measure the Company's financial performance and results of operations. Management uses orders and backlog as measures of current and future business and financial performance, and these may not be comparable with measures provided by other companies. Orders represent written communications received from customers requesting the Company to provide products and/or services. Backlog is calculated based on firm purchase orders we receive for which revenue has not yet been recognized. Management believes tracking orders and backlog are useful as it often is a leading indicator of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at

the discretion of the customer. Given that each of orders and backlog are operational measures and that the Company's methodology for calculating orders and backlog does not meet the definition of a non-GAAP	2
measure, as that term is defined by the U.S. Securities and Exchange Commission, a quantitative reconciliation for each is not required or provided.

Unlocking The Potential

Nick Grant	Duncan Gilmour
President and CEO	Chief Financial Officer and Treasurer

Vision To be the supplier of choice for innovative test and process technology solutions

Leverage our deep industry knowledge & expertise to develop and deliver high quality,
Mission innovative customer solutions and superior support for complex global challenges
Market Capitalization	$119.5 million		Process
Recent Closing Price	$9.57
33%	Technologies
52 Week Low-High	$9.11 - $26.98	42%	Environmental
		$123.3M	Technologies
Shares Outstanding	~12.5 million
			Electronic
Institutional Ownership​	~64%
25%	Test
Insider Ownership​	~5%
		2023

3

Market data as of June 18, 2024, Source: S&P Capital IQ; Shares Outstanding as of May 1, 2024; Ownership as of most recent filing.

Transforming inTEST

Transition from Components to Solutions Provider

1 Shift to Diversified Markets with Strong, Secular Tailwinds

2 Increase SAM with Multi-Billion Market Opportunity with Outsized Growth

3 New Organizational Structure Unlocking Potential

4 Track Record of Successful Acquisitions Reinforces Growth Prospects

5 Marquee, Blue-Chip Customer Base

4

Strong Foundation For Growth

inTEST: Known for Highly-Engineered,Customer-Driven Solutions

Growing and Diversified Markets

Blue-Chip Global Customer Base

Global Presence

• Semiconductor
• Industrial
• Automotive/EV
• Defense/Aerospace
• Life Sciences
• Security
• Consumer Electronics

• 2023 Revenue: $123.3M
• • 39.9% Americas
  • 32.3% APAC
  • 27.8% EMEA
• Manufacturing operations in U.S., Canada, Europe
• Global sales and service organization

5

5-Point Strategy Drives Long-Term Value

• Growth Driven by Geographic Expansion, Increasing Customer Base, Broader & Deeper Market Penetration
• Pursue Acquisitions and Partnerships to Expand Markets, Customer Base and Offerings

Global &

Market

Expansion

Strategic

Acquisitions &

Partnerships

Innovation &

Differentiation

Service &

Support

Talent &

Culture

• Drive Innovation and Technological Differentiation
• Enhance Service and Support to Develop Recurring Revenue

• Foster Culture of

Engagement and Accountability

• Build Strong Bench of Talent

6

Acquired Alfamation in March 2024

FY23 Sales by Industry Segment

• Headquarters; Milan, Italy

7%

FY23 Customer Concentration

Others,

• • Sales and service center in Suzhou City, China
• ~130 employees

3%

1%

89%

3% 16%

3%

3%

48%

5%

• Founder owned business

5%

• • Staying on to execute growth plans
• Customers/markets:
• • global OEMs & tier-ones for Auto/EV
  • life sciences and consumer electronics manufacturers
• Highly fragmented
  Test & Measurement industry

Automotive
Consumer Electronics
Life Sciences
Others	Sales*
	€ 17.4
€ 12.8

FY21 FY22

17%

Six additional new, large customers in backlog

€ 23.6

FY23

*Fiscal year ended June 30	7

Expands Electronic Test Capabilities

Consistent with 5-Point Strategy for Growth

Cultural fit as an innovative engineering and technology solutions provider

Strategic Fit: expands test capabilities and footprint in Europe

+

Deepens market reach in auto/EV, life sciences & consumer electronics

Best-in-class engineering talent and testing know-how

Sizable business with substantial backlog; demonstrated growth

Significant Opportunity Set

($ in millions)

2023

inTEST

$2.5B+ SAM*

Electronic	Environmental	Process
Test	Technologies	Technologies
~$600M	~$600M	~$1.0B+

Serviceable Addressable Markets (SAM)

$150	$200	$250	$200	$400	$350	$600+
Semi Test	In-Circuit &	Automated	Thermal	Cold Chain	Induction	Image
Solutions	Battery Test	Test	Test	Storage	Heating	Capture
	Solutions	Solutions	Solutions	Solutions	Solutions	Solutions

*SAM based on available industry data and Company estimates

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Driving Market Leadership/Opportunities

Targeting markets with strong, secular tailwinds

inTEST Revenue by Market*

		Continued
$84.9M	$123.3M	Diversification

2025E

2023

2021

	Semi		Industrial		Auto/EV		Defense/Aero
	Life Sciences		Security		Other

Markets	Expected 5-Year
Market Growth**
Served	3% to 6%
Semi Markets
Industrial	3% to 6%
Defense/Aero	3% to 6%

Targeted Growth Markets

Auto/EV	5% to 8%
Life Sciences	6% to 9%
Security	7% to 10%

*Excludes any potential future acquisitions

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**Sources: IC Insights, Verified Market Research, industry trade publications and company estimates