Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 03, 2021 | |
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 | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
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 $0.01 per share | |
Trading Symbol | INTT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,873,392 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 18,743 | $ 10,277 |
Trade accounts receivable, net of allowance for doubtful accounts of $211 and $212, respectively | 12,232 | 8,435 |
Inventories | 9,359 | 7,476 |
Prepaid expenses and other current assets | 798 | 776 |
Total current assets | 41,132 | 26,964 |
Property and equipment: | ||
Machinery and equipment | 5,414 | 5,356 |
Leasehold improvements | 2,908 | 2,636 |
Gross property and equipment | 8,322 | 7,992 |
Less: accumulated depreciation | (5,925) | (5,642) |
Net property and equipment | 2,397 | 2,350 |
Right-of-use assets, net | 5,819 | 6,387 |
Goodwill | 13,738 | 13,738 |
Intangible assets, net | 11,503 | 12,421 |
Restricted certificates of deposit | 100 | 140 |
Other assets | 40 | 30 |
Total assets | 74,729 | 62,030 |
Current liabilities: | ||
Accounts payable | 3,849 | 2,424 |
Accrued wages and benefits | 2,881 | 1,944 |
Accrued professional fees | 827 | 776 |
Customer deposits and deferred revenue | 2,082 | 396 |
Accrued sales commissions | 836 | 472 |
Current portion of operating lease liabilities | 1,207 | 1,215 |
Domestic and foreign income taxes payable | 1,121 | 825 |
Other current liabilities | 741 | 804 |
Total current liabilities | 13,544 | 8,856 |
Operating lease liabilities, net of current portion | 5,332 | 6,050 |
Deferred tax liabilities | 1,701 | 1,922 |
Other liabilities | 436 | 450 |
Total liabilities | 21,013 | 17,278 |
Commitments and Contingencies | ||
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; 10,819,294 and 10,562,200 shares issued, respectively | 108 | 106 |
Additional paid-in capital | 28,962 | 26,851 |
Retained earnings | 24,106 | 17,110 |
Accumulated other comprehensive earnings | 744 | 889 |
Treasury stock, at cost; 33,077 shares | (204) | (204) |
Total stockholders' equity | 53,716 | 44,752 |
Total liabilities and stockholders' equity | $ 74,729 | $ 62,030 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts | $ 211 | $ 212 |
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) | 10,819,294 | 10,562,200 |
Treasury stock, shares (in shares) | 33,077 | 33,077 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net revenues | $ 21,144 | $ 14,443 | $ 62,520 | $ 38,948 |
Cost of revenues | 10,749 | 7,993 | 31,642 | 21,564 |
Gross margin | 10,395 | 6,450 | 30,878 | 17,384 |
Operating expenses: | ||||
Selling expense | 2,841 | 1,747 | 7,849 | 5,560 |
Engineering and product development expense | 1,334 | 1,316 | 4,012 | 3,825 |
General and administrative expense | 3,620 | 2,799 | 10,550 | 8,525 |
Restructuring and other charges | 51 | 161 | 303 | 207 |
Total operating expenses | 7,846 | 6,023 | 22,714 | 18,117 |
Operating income (loss) | 2,549 | 427 | 8,164 | (733) |
Other income (loss) | (17) | 6 | 2 | (44) |
Earnings (loss) before income tax expense (benefit) | 2,532 | 433 | 8,166 | (777) |
Income tax expense (benefit) | 357 | (25) | 1,170 | (262) |
Net earnings (loss) | $ 2,175 | $ 458 | $ 6,996 | $ (515) |
Net earnings (loss) per common share - basic (in dollars per share) | $ 0.21 | $ 0.04 | $ 0.67 | $ (0.05) |
Weighted average common shares outstanding - basic (in shares) | 10,496,188 | 10,269,995 | 10,422,851 | 10,247,779 |
Net earnings (loss) per common share - diluted (in dollars per share) | $ 0.20 | $ 0.04 | $ 0.65 | $ (0.05) |
Weighted average common shares and common share equivalents outstanding - diluted (in shares) | 10,792,290 | 10,287,562 | 10,694,351 | 10,247,779 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net earnings (loss) | $ 2,175 | $ 458 | $ 6,996 | $ (515) |
Foreign currency translation adjustments | (68) | 101 | (145) | 98 |
Comprehensive earnings (loss) | $ 2,107 | $ 559 | $ 6,851 | $ (417) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 10,413,982 | |||||
Balance at Dec. 31, 2019 | $ 104 | $ 26,256 | $ 18,005 | $ 673 | $ (204) | $ 44,834 |
Net earnings (loss) | 0 | 0 | (1,143) | 0 | 0 | (1,143) |
Other comprehensive earnings (loss) | 0 | 0 | 0 | (38) | 0 | (38) |
Amortization of deferred compensation related to stock-based awards | $ 0 | 187 | 0 | 0 | 0 | 187 |
Issuance of unvested shares of restricted stock (in shares) | 58,160 | |||||
Issuance of unvested shares of restricted stock | $ 1 | (1) | 0 | 0 | 0 | 0 |
Forfeiture of unvested shares of restricted stock (in shares) | (8,315) | |||||
Forfeiture of unvested shares of restricted stock | $ 0 | 0 | 0 | 0 | 0 | |
Forfeiture of unvested shares of restricted stock | 0 | |||||
Repurchase and retirement of common stock (in shares) | (13,767) | |||||
Repurchase and retirement of common stock | $ 0 | (74) | 0 | 0 | 0 | (74) |
Balance (in shares) at Mar. 31, 2020 | 10,450,060 | |||||
Balance at Mar. 31, 2020 | $ 105 | 26,368 | 16,862 | 635 | (204) | 43,766 |
Balance (in shares) at Dec. 31, 2019 | 10,413,982 | |||||
Balance at Dec. 31, 2019 | $ 104 | 26,256 | 18,005 | 673 | (204) | 44,834 |
Net earnings (loss) | (515) | |||||
Balance (in shares) at Sep. 30, 2020 | 10,562,200 | |||||
Balance at Sep. 30, 2020 | $ 106 | 26,660 | 17,490 | 771 | (204) | 44,823 |
Balance (in shares) at Mar. 31, 2020 | 10,450,060 | |||||
Balance at Mar. 31, 2020 | $ 105 | 26,368 | 16,862 | 635 | (204) | 43,766 |
Net earnings (loss) | 0 | 0 | 170 | 0 | 0 | 170 |
Other comprehensive earnings (loss) | 0 | 0 | 0 | 35 | 0 | 35 |
Amortization of deferred compensation related to stock-based awards | $ 0 | 208 | 0 | 0 | 0 | 208 |
Issuance of unvested shares of restricted stock (in shares) | 15,840 | |||||
Issuance of unvested shares of restricted stock | $ 0 | 0 | 0 | 0 | 0 | 0 |
Forfeiture of unvested shares of restricted stock (in shares) | (6,750) | |||||
Forfeiture of unvested shares of restricted stock | $ 0 | 0 | 0 | 0 | 0 | |
Forfeiture of unvested shares of restricted stock | 0 | |||||
Balance (in shares) at Jun. 30, 2020 | 10,459,150 | |||||
Balance at Jun. 30, 2020 | $ 105 | 26,576 | 17,032 | 670 | (204) | 44,179 |
Net earnings (loss) | 0 | 0 | 458 | 0 | 0 | 458 |
Other comprehensive earnings (loss) | 0 | 0 | 0 | 101 | 0 | 101 |
Amortization of deferred compensation related to stock-based awards | $ 0 | 85 | 0 | 0 | 0 | 85 |
Issuance of unvested shares of restricted stock (in shares) | 155,110 | |||||
Issuance of unvested shares of restricted stock | $ 2 | (2) | 0 | 0 | 0 | 0 |
Forfeiture of unvested shares of restricted stock (in shares) | (52,060) | |||||
Forfeiture of unvested shares of restricted stock | $ (1) | 0 | 0 | 0 | 0 | |
Forfeiture of unvested shares of restricted stock | 1 | |||||
Balance (in shares) at Sep. 30, 2020 | 10,562,200 | |||||
Balance at Sep. 30, 2020 | $ 106 | 26,660 | 17,490 | 771 | (204) | $ 44,823 |
Balance (in shares) at Dec. 31, 2020 | 10,562,200 | 10,562,200 | ||||
Balance at Dec. 31, 2020 | $ 106 | 26,851 | 17,110 | 889 | (204) | $ 44,752 |
Net earnings (loss) | 0 | 0 | 2,212 | 0 | 0 | 2,212 |
Other comprehensive earnings (loss) | 0 | 0 | 0 | (101) | 0 | (101) |
Amortization of deferred compensation related to stock-based awards | $ 0 | 269 | 0 | 0 | 0 | 269 |
Issuance of unvested shares of restricted stock (in shares) | 81,468 | |||||
Issuance of unvested shares of restricted stock | $ 1 | (1) | 0 | 0 | 0 | 0 |
Stock options exercised (in shares) | 99,740 | |||||
Stock options exercised | $ 1 | 716 | 0 | 0 | 0 | 717 |
Balance (in shares) at Mar. 31, 2021 | 10,743,408 | |||||
Balance at Mar. 31, 2021 | $ 108 | 27,835 | 19,322 | 788 | (204) | $ 47,849 |
Balance (in shares) at Dec. 31, 2020 | 10,562,200 | 10,562,200 | ||||
Balance at Dec. 31, 2020 | $ 106 | 26,851 | 17,110 | 889 | (204) | $ 44,752 |
Net earnings (loss) | $ 6,996 | |||||
Stock options exercised (in shares) | 149,010 | |||||
Balance (in shares) at Sep. 30, 2021 | 10,819,294 | 10,819,294 | ||||
Balance at Sep. 30, 2021 | $ 108 | 28,962 | 24,106 | 744 | (204) | $ 53,716 |
Balance (in shares) at Mar. 31, 2021 | 10,743,408 | |||||
Balance at Mar. 31, 2021 | $ 108 | 27,835 | 19,322 | 788 | (204) | 47,849 |
Net earnings (loss) | 0 | 0 | 2,609 | 0 | 0 | 2,609 |
Other comprehensive earnings (loss) | 0 | 0 | 0 | 24 | 0 | 24 |
Amortization of deferred compensation related to stock-based awards | $ 0 | 454 | 0 | 0 | 0 | 454 |
Issuance of unvested shares of restricted stock (in shares) | 44,741 | |||||
Issuance of unvested shares of restricted stock | $ 0 | 0 | 0 | 0 | 0 | 0 |
Stock options exercised (in shares) | 45,835 | |||||
Stock options exercised | $ 0 | 285 | 0 | 0 | 0 | 285 |
Forfeiture of unvested shares of restricted stock (in shares) | (18,125) | |||||
Forfeiture of unvested shares of restricted stock | $ 0 | 0 | 0 | 0 | 0 | |
Forfeiture of unvested shares of restricted stock | 0 | |||||
Balance (in shares) at Jun. 30, 2021 | 10,815,859 | |||||
Balance at Jun. 30, 2021 | $ 108 | 28,574 | 21,931 | 812 | (204) | 51,221 |
Net earnings (loss) | 0 | 0 | 2,175 | 0 | 0 | 2,175 |
Other comprehensive earnings (loss) | 0 | 0 | 0 | (68) | 0 | (68) |
Amortization of deferred compensation related to stock-based awards | $ 0 | 371 | 0 | 0 | 0 | 371 |
Stock options exercised (in shares) | 3,435 | |||||
Stock options exercised | $ 0 | 17 | 0 | 0 | 0 | $ 17 |
Balance (in shares) at Sep. 30, 2021 | 10,819,294 | 10,819,294 | ||||
Balance at Sep. 30, 2021 | $ 108 | $ 28,962 | $ 24,106 | $ 744 | $ (204) | $ 53,716 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings (loss) | $ 6,996 | $ (515) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 2,166 | 2,378 |
Provision for excess and obsolete inventory | 154 | 410 |
Foreign exchange loss | 36 | 33 |
Amortization of deferred compensation related to stock-based awards | 1,094 | 480 |
Loss on disposal of property and equipment | 20 | 56 |
Deferred income tax benefit | (221) | (81) |
Changes in assets and liabilities: | ||
Trade accounts receivable | (3,874) | (237) |
Inventories | (2,051) | (146) |
Prepaid expenses and other current assets | (26) | 95 |
Restricted certificates of deposit | 40 | 0 |
Other assets | (10) | (5) |
Accounts payable | 1,425 | 215 |
Accrued wages and benefits | 942 | 18 |
Accrued professional fees | 52 | 47 |
Customer deposits and deferred revenue | 1,697 | 936 |
Accrued sales commissions | 366 | (2) |
Operating lease liabilities | (918) | (977) |
Domestic and foreign income taxes payable | 302 | (240) |
Other current liabilities | (60) | (60) |
Other liabilities | (7) | (5) |
Net cash provided by operating activities | 8,123 | 2,400 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (577) | (520) |
Net cash used in investing activities | (577) | (520) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from stock options exercised | 1,019 | 0 |
Repurchases of common stock | 0 | (74) |
Proceeds from Paycheck Protection Program loans | 0 | 2,829 |
Repayments of Paycheck Protection Program loans | 0 | (2,829) |
Proceeds from revolving credit facility | 0 | 2,800 |
Repayments of revolving credit facility | 0 | (2,800) |
Net cash provided by (used in) financing activities | 1,019 | (74) |
Effects of exchange rates on cash | (99) | 55 |
Net cash provided by all activities | 8,466 | 1,861 |
Cash and cash equivalents at beginning of period | 10,277 | 7,612 |
Cash and cash equivalents at end of period | 18,743 | 9,473 |
Cash payments for: | ||
Domestic and foreign income taxes | $ 1,053 | $ 58 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | ( 1 NATURE OF OPERATIONS We are a global supplier of innovative test and process solutions for use in manufacturing and testing across a wide range of markets including automotive, defense/aerospace, industrial, life sciences, semiconductor and telecommunications. We manage our business as two operating segments which are also our reportable segments and reporting units: Thermal Products ("Thermal") and Electromechanical Solutions ("EMS"). Our Thermal segment designs, manufactures and sells our thermal test and thermal process products while our EMS segment designs, manufactures and sells our semiconductor test products. We manufacture our products in the U.S. Marketing and support activities are conducted worldwide from our facilities in the U.S., Germany, Singapore, the Netherlands and the U.K. The consolidated entity is comprised of inTEST Corporation and our wholly-owned subsidiaries. Our EMS segment sells its products to semiconductor manufacturers and third third Both 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. As a result, our consolidated gross margin can be significantly impacted in any given period by a change in the mix of products sold in that period. We refer to the broader semiconductor market, including the more specialized ATE and wafer processing sectors within that market, as the “Semi Market.” All other markets are designated as “Multimarket.” The Semi Market, which is the principal market in which we operate, is characterized by rapid technological change, competitive pricing pressures and cyclical market patterns. This market is subject to significant economic downturns at various times. Our financial results are affected by a wide variety of factors, including, but not may may may not may not may not may COVID- 19 As of the date of this Quarterly Report on Form 10 While the negative impact of COVID- 19 second 2020 first nine 2021, one |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Use of Estimates In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Form 10 December 31, 2020 ( “2020 10 March 23, 2021 Reclassification Subsequent Events no nine September 30, 2021 15. Business Combinations third Restructuring and Other Charges In accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 420 may may may 842 360 350 Goodwill, Intangible and Long-Lived Assets 350 fourth may not not not not not 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 Indefinite-lived intangible assets are assessed for impairment annually in the fourth not not no 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 no Revenue Recognition 606 may Revenue is recorded in an amount that reflects the consideration we expect to receive in exchange for those products or services. We do not 30 90 not Nature of Products and Services We are a global supplier of innovative test and process solutions for use in manufacturing and testing across a wide range of markets including automotive, defense/aerospace, industrial, medical, semiconductor and telecommunications . We lease certain of our equipment under short-term leasing agreements with original lease terms of six not 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 Contract Balances We record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for doubtful accounts, is included in current assets on our balance sheet. To the extent that we do not The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, if any, historical experience, and other currently available evidence. 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 third not Product Warranties In connection with the sale of our products, we generally provide standard one two not not See Notes 5 14 Inventories first first not three January 1, 2021, not twenty-four January 1, 2021, not twelve Leases We account for leases in accordance with ASC Topic 842 January 1, 2019. 842, not 842. not not not 842 none 842 not 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 not not 842. not not 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 may not 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 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 in our consolidated statements of cash flows. We have made an accounting policy election not 842 one See Note 8 Contingent Liability for Repayment of State and Local Grant Proceeds In connection with leasing a new facility in Rochester, New York, which our subsidiary, Ambrell, occupied in May 2018, 2023. may September 30, 2021, not no September 30, 2021. As of December 31, 2020, not December 31, 2020. December 31, 2021 September 30, 2021, Stock-Based Compensation 718 10. Income Taxes not not Net Earnings (Loss) Per Common Share Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Weighted average common shares outstanding - basic 10,496,188 10,269,995 10,422,851 10,247,779 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 296,102 17,567 271,500 - Weighted average common shares and common share equivalents outstanding - diluted 10,792,290 10,287,562 10,694,351 10,247,779 Average number of potentially dilutive securities excluded from calculation 237,545 631,392 283,894 722,538 Effect of Recently Issued Amendments to Authoritative Accounting Guidance In June 2016, November 2019, December 15, 2022. first January 1, 2023. not |
Note 3 - Restructuring and Othe
Note 3 - Restructuring and Other Charges | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | ( 3 RESTRUCTURING AND OTHER CHARGES EMS Segment Restructuring and Facility Consolidation As discussed in Note 3 2020 10 September 21, 2020, one 3 2020 10 At the time of the consolidation of manufacturing operations, we intended to try to sublease the facility in Fremont, but we did not July 19, 2021, August 2021 November 30, 2025, 14 December 2020. December 2020. During the nine September 30, 2021, first nine 2021 third 2021. Executive Management Changes On June 10, 2021, June 11, 2021 three three not three March 2020 one On June 10, 2021, June 14, 2021 ( June 10, 2021, June 10, 2021 Total costs incurred during the nine September 30, 2021 March 2020 2020 During the nine September 30, 2020, one Accrued Restructuring The liability for accrued restructuring charges is included in other current liabilities on our consolidated balance sheet. Changes in the amount of the liability for accrued restructuring for the nine September 30, 2021 EMS Facility Consolidation Executive Management Changes Total Balance – January 1, 2021 $ 233 $ 107 $ 340 Accruals for severance - 120 120 Accruals for other costs associated with facility consolidation 183 - 183 Cash payments (416 ) (140 ) (556 ) Balance – September 30, 2021 $ - $ 87 $ 87 |
Note 4 - Goodwill and Intangibl
Note 4 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 4 GOODWILL AND INTANGIBLE ASSETS We have two operating segments which are also our reporting units: Thermal and EMS. Goodwill and intangible assets on our balance sheets are the result of our acquisitions of Sigma Systems Corp. ("Sigma") in October 2008, January 2012 May 2017. Goodwill Goodwill totaled $13,738 at both September 30, 2021 December 31, 2020 Sigma $ 1,656 Thermonics 50 Ambrell 12,032 Total $ 13,738 Intangible Assets nine September 30, 2021 Balance - January 1, 2021 $ 5,711 Amortization (918 ) Balance September 30, 2021 $ 4,793 The following tables provide further detail about our intangible assets as of September 30, 2021 December 31, 2020: September 30, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 10,480 $ 5,767 $ 4,713 Technology 600 528 72 Patents 590 582 8 Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 12,080 7,287 4,793 Indefinite-lived intangible assets: Trademarks 6,710 - 6,710 Total intangible assets $ 18,790 $ 7,287 $ 11,503 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 10,480 $ 4,912 $ 5,568 Technology 600 477 123 Patents 590 570 20 Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 12,080 6,369 5,711 Indefinite-lived intangible assets: Trademarks 6,710 - 6,710 Total intangible assets $ 18,790 $ 6,369 $ 12,421 We generally amortize our finite-lived intangible assets over their estimated useful lives on a straight-line basis, unless an alternate amortization method can 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 Total amortization expense for our finite-lived intangible assets was $309 and $918 for the three nine September 30, 2021, three nine September 30, 2020, five 2021 (remainder) $ 309 2022 $ 1,167 2023 $ 1,067 2024 $ 980 2025 $ 905 |
Note 5 - Revenue From Contracts
Note 5 - Revenue From Contracts With Customers | 9 Months Ended |
Sep. 30, 2021 | |
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 14 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net revenues by customer type: End user $ 17,366 $ 12,651 $ 54,291 $ 34,518 OEM/Integrator 3,778 1,792 8,229 4,430 $ 21,144 $ 14,443 $ 62,520 $ 38,948 Net revenues by product type: Thermal test $ 5,284 $ 3,632 $ 14,126 $ 11,482 Thermal process 6,412 5,574 18,785 13,885 Semiconductor test 7,951 3,604 25,224 9,093 Service/other 1,497 1,633 4,385 4,488 $ 21,144 $ 14,443 $ 62,520 $ 38,948 Net revenues by market: Semi Market $ 13,656 $ 7,387 $ 42,653 $ 19,256 Multimarket: Industrial 5,463 4,220 13,535 12,346 Defense/aerospace 778 2,015 3,175 4,919 Telecommunications 315 419 870 1,427 Other Multimarkets 932 402 2,287 1,000 $ 21,144 $ 14,443 $ 62,520 $ 38,948 There was not nine September 30, 2021. |
Note 6 - Major Customers
Note 6 - Major Customers | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 6 MAJOR CUSTOMERS During the nine September 30, 2021, 10% nine September 30, 2021. nine September 30, 2020, 10% |
Note 7 - Inventories
Note 7 - Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 7 INVENTORIES Inventories held at September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Raw materials $ 6,768 $ 5,371 Work in process 1,148 1,085 Inventory consigned to others 44 45 Finished goods 1,399 975 Total inventories $ 9,359 $ 7,476 Total charges incurred for excess and obsolete inventory for the three nine September 30, 2021 2020, Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Excess and obsolete inventory charges $ 61 $ 105 $ 154 $ 410 |
Note 8 - Leases
Note 8 - Leases | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 8 LEASES We lease our offices, warehouse facilities and certain equipment under non-cancellable operating leases which expire at various dates through 2031. three nine September 30, 2021 2020 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 247 $ 393 $ 865 $ 1,174 Short-term lease cost $ 20 $ 13 $ 60 $ 35 The following is additional information about our leases as of September 30, 2021: Range of remaining lease terms (in years) 0.5 to 9.6 Weighted average remaining lease term (in years) 6.0 Weighted average discount rate 4.2 % Maturities of lease liabilities as of September 30, 2021 2021 (remainder) $ 358 2022 1,469 2023 1,482 2024 1,474 2025 722 Thereafter 1,845 Total lease payments $ 7,350 Less imputed interest (811 ) Total $ 6,539 Supplemental Cash Flow Information Total amortization of ROU assets was $231 and $760 for the three nine September 30, 2021, three nine September 30, 2020, Nine Months ended September 30, 2021 Non-cash increases in operating lease liabilities and ROU assets as a result of a lease modification for the nine September 30, 2021 Execution of lease for facility in Fremont, California $ 202 On August 16, 2021, Nine Months ended September 30, 2020 Non-cash increases in operating lease liabilities and ROU assets as a result of lease modifications for the nine September 30, 2020 Modification to lease for facility in Fremont, California $ 1,176 Modification to lease for facility in Mt. Laurel, New Jersey $ 2,051 On January 23, 2020, 61 November 1, 2020 November 30, 2025. 3 2020 10 December 31, 2020, July 19, 2021, August 1, 2021 November 30, 2025, 14 December 2020. December 2020. On September 22, 2020, May 1, 2021. |
Note 9 - Debt
Note 9 - Debt | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 9 DEBT Letters of Credit 30 not one Our outstanding letters of credit at September 30, 2021 December 31, 2020 Letters of Credit Amount Outstanding Original L/C Issue Date L/C Expiration Date Lease Expiration Date September 30, 2021 December 31, 2020 Mt. Laurel, NJ 3/29/2010 4/30/2022 4/30/2031 $ 50 $ 90 Mansfield, MA 10/27/2010 12/31/2024 12/31/2024 50 50 $ 100 $ 140 Line of Credit As of September 30, 2021, 10 2020 10 9 10 June 30, 2021, August 12, 2021 October 15, 2021 “October 2021 October 2021 15. |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 10 STOCK-BASED COMPENSATION As of September 30, 2021, 13 2020 10 September 30, 2021, three nine September 30, 2021 2020, Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenues $ 10 $ - $ 17 $ - Selling expense 8 3 17 9 Engineering and product development expense 17 10 43 31 General and administrative expense 336 72 1,017 440 $ 371 $ 85 $ 1,094 $ 480 There was no stock-based compensation expense capitalized in the three nine September 30, 2021 2020. Restricted Stock Awards four one March 31, June 30, September 30, December 31 On August 24, 2020, two third August 24, 2020. September 30, 2021, three On March 10, 2021, third March 10, 2021. September 30, 2021, three On June 14, 2021, two August 24, 2023 June 14, 2021. September 30, 2021, The following table summarizes the activity related to unvested shares of restricted stock for the nine September 30, 2021: Number of Shares Weighted Average Grant Date Fair Value Unvested shares outstanding, January 1, 2021 237,155 $ 4.93 Granted 126,209 11.74 Vested (78,206 ) 7.24 Forfeited (18,125 ) 9.02 Unvested shares outstanding, September 30, 2021 267,033 7.19 The total fair value of the shares that vested during the nine September 30, 2021 2020 Stock Options No may ten four The fair value for stock options granted during the nine September 30, 2021 2020 2021 2020 Risk-free interest rate 1.03 % 0.46 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .50 .44 Weighted average expected life of stock options (years) 6.25 6.25 The per share weighted average fair value of stock options issued during the nine September 30, 2021 2020 nine September 30, 2021: Number of Shares Weighted Average Grant Date Fair Value Options outstanding, January 1, 2021 ( 204,630 438,200 $ 6.25 Granted 282,404 11.77 Exercised (149,010 ) 6.84 Forfeited (80,550 ) 9.55 Options outstanding, September 30, 2021 ( 141,370 491,044 8.70 |
Note 11 - Stock Repurchase Plan
Note 11 - Stock Repurchase Plan | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Stock Repurchase Plan [Text Block] | ( 11 STOCK REPURCHASE PLAN On July 31, 2019, 10b 18 1934, “2019 10b5 1 2019 not 2019 September 18, 2019 March 2, 2020, 2019 2019 |
Note 12 - Employee Stock Purcha
Note 12 - Employee Stock Purchase Plan | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Employee Stock Purchase Plan [Text Block] | ( 12 EMPLOYEE STOCK PURCHASE PLAN The inTEST Corporation Employee Stock Purchase Plan (the “ESPP”) was adopted by the Board in April 2021 June 23, 2021 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. |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 13 EMPLOYEE BENEFIT PLANS We have defined contribution 401 18 four three nine September 30, 2021, three nine September 30, 2020, All permanent employees of Ambrell are immediately eligible to participate in the Ambrell Corporation Savings & Profit Sharing Plan (the "Ambrell Plan") upon employment and are eligible for employer matching contributions after completing six three nine September 30, 2021, three nine September 30, 2020, |
Note 14 - Segment Information
Note 14 - Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 14 SEGMENT INFORMATION We have two reportable segments, Thermal and EMS, which are also our reporting units. Thermal includes the operations of Temptronic, Thermonics, Sigma, inTEST Thermal Solutions GmbH (Germany), inTEST Pte, Limited (Singapore) and Ambrell. Sales of this segment consist primarily of temperature management systems which we design, manufacture and market under our Temptronic, Thermonics and Sigma product lines, and precision induction heating systems which are designed, manufactured and marketed by Ambrell. In addition, this segment provides post-warranty service and support. EMS includes the operations of our manufacturing facilities in Mt. Laurel, New Jersey and, prior to the consolidation of manufacturing operations late in the fourth 2020, We operate our business worldwide and sell our products both domestically and internationally. Both of our segments sell to semiconductor manufacturers, third Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net Revenues: Thermal $ 13,042 $ 10,724 $ 36,863 $ 29,534 EMS 8,102 3,719 25,657 9,414 $ 21,144 $ 14,443 $ 62,520 $ 38,948 Earnings (loss) before income tax expense (benefit): Thermal $ 865 $ 478 $ 1,991 $ 39 EMS 2,278 169 7,767 (574 ) Corporate (611 ) (214 ) (1,592 ) (242 ) $ 2,532 $ 433 $ 8,166 $ (777 ) Net earnings (loss): Thermal $ 743 $ 379 $ 1,706 $ 26 EMS 1,957 218 6,654 (380 ) Corporate (525 ) (139 ) (1,364 ) (161 ) $ 2,175 $ 458 $ 6,996 $ (515 ) September 30, 2021 December 31, 2020 Identifiable assets: Thermal $ 51,368 $ 50,782 EMS 16,309 9,667 Corporate 7,052 1,581 $ 74,729 $ 62,030 The following tables provide information about our geographic areas of operation. Net revenues from unaffiliated customers are based on the location to which the goods are shipped. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net revenues: U.S. $ 6,271 $ 5,562 $ 18,650 $ 16,235 Foreign 14,873 8,881 43,870 22,713 $ 21,144 $ 14,443 $ 62,520 $ 38,948 September 30, 2021 December 31, 2020 Net property and equipment: U.S. $ 2,200 $ 2,053 Foreign 197 297 $ 2,397 $ 2,350 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 15 SUBSEQUENT EVENTS Acquisition of Z-Sciences On October 6, 2021, 2022. The Z-Sciences acquisition will be accounted for as a purchase business combination and, accordingly, the results will be included in our consolidated results of operations from the date of acquisition. We have not December 31, 2021. Acquisition of Videology On October 28, 2021, two not December 31, 2021. Credit Facility As discussed in Note 9, October 15, 2021 ( October 2021 October 2021 April 10, 2020, December 16, 2020, April 10, 2021. October 2021 October 2021 five October 15, 2026 ( two The principal balance of the revolving credit facility and the principal balance of any amount drawn under the Term Note will accrue 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. Currently, this equates to a rate of approximately 2.2%. Each draw under the delayed draw term note will have an option for us of either (i) up to a five five seven five October 2021 The October 2021 not October 2021 October 2021 October 2021 On October 28, 2021, five October 28, 2021, October 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis Of Presentation And Use Of Estimates [Policy Text Block] | Basis of Presentation and Use of Estimates In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Form 10 December 31, 2020 ( “2020 10 March 23, 2021 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events no nine September 30, 2021 15. |
Business Combinations Policy [Policy Text Block] | Business Combinations third |
Restructuring And Other Charges [Policy Text Block] | Restructuring and Other Charges In accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 420 may may may 842 360 350 |
Goodwill Intangible And Long Lived Assets [Policy Text Block] | Goodwill, Intangible and Long-Lived Assets 350 fourth may not not not not not 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 Indefinite-lived intangible assets are assessed for impairment annually in the fourth not not no 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 no |
Revenue [Policy Text Block] | Revenue Recognition 606 may Revenue is recorded in an amount that reflects the consideration we expect to receive in exchange for those products or services. We do not 30 90 not Nature of Products and Services We are a global supplier of innovative test and process solutions for use in manufacturing and testing across a wide range of markets including automotive, defense/aerospace, industrial, medical, semiconductor and telecommunications . We lease certain of our equipment under short-term leasing agreements with original lease terms of six not 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 Contract Balances We record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for doubtful accounts, is included in current assets on our balance sheet. To the extent that we do not The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, if any, historical experience, and other currently available evidence. 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 third not Product Warranties In connection with the sale of our products, we generally provide standard one two not not See Notes 5 14 |
Inventory, Policy [Policy Text Block] | Inventories first first not three January 1, 2021, not twenty-four January 1, 2021, not twelve |
Lessee, Leases [Policy Text Block] | Leases We account for leases in accordance with ASC Topic 842 January 1, 2019. 842, not 842. not not not 842 none 842 not 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 not not 842. not not 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 may not 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 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 in our consolidated statements of cash flows. We have made an accounting policy election not 842 one See Note 8 |
Contingent Liability, Repayment of State and Local Grant Funds Received, Policy [Policy Text Block] | Contingent Liability for Repayment of State and Local Grant Proceeds In connection with leasing a new facility in Rochester, New York, which our subsidiary, Ambrell, occupied in May 2018, 2023. may September 30, 2021, not no September 30, 2021. As of December 31, 2020, not December 31, 2020. December 31, 2021 September 30, 2021, |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation 718 10. |
Income Tax, Policy [Policy Text Block] | Income Taxes not not |
Earnings Per Share, Policy [Policy Text Block] | Net Earnings (Loss) Per Common Share Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Weighted average common shares outstanding - basic 10,496,188 10,269,995 10,422,851 10,247,779 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 296,102 17,567 271,500 - Weighted average common shares and common share equivalents outstanding - diluted 10,792,290 10,287,562 10,694,351 10,247,779 Average number of potentially dilutive securities excluded from calculation 237,545 631,392 283,894 722,538 |
New Accounting Pronouncements, Policy [Policy Text Block] | Effect of Recently Issued Amendments to Authoritative Accounting Guidance In June 2016, November 2019, December 15, 2022. first January 1, 2023. not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Weighted average common shares outstanding - basic 10,496,188 10,269,995 10,422,851 10,247,779 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 296,102 17,567 271,500 - Weighted average common shares and common share equivalents outstanding - diluted 10,792,290 10,287,562 10,694,351 10,247,779 Average number of potentially dilutive securities excluded from calculation 237,545 631,392 283,894 722,538 |
Note 3 - Restructuring and Ot_2
Note 3 - Restructuring and Other Charges (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | EMS Facility Consolidation Executive Management Changes Total Balance – January 1, 2021 $ 233 $ 107 $ 340 Accruals for severance - 120 120 Accruals for other costs associated with facility consolidation 183 - 183 Cash payments (416 ) (140 ) (556 ) Balance – September 30, 2021 $ - $ 87 $ 87 |
Note 4 - Goodwill and Intangi_2
Note 4 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Sigma $ 1,656 Thermonics 50 Ambrell 12,032 Total $ 13,738 |
Schedule of Carrying Value of Finite-lived Intangible Assets [Table Text Block] | Balance - January 1, 2021 $ 5,711 Amortization (918 ) Balance September 30, 2021 $ 4,793 |
Schedule Of Intangible Assets [Table Text Block] | September 30, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 10,480 $ 5,767 $ 4,713 Technology 600 528 72 Patents 590 582 8 Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 12,080 7,287 4,793 Indefinite-lived intangible assets: Trademarks 6,710 - 6,710 Total intangible assets $ 18,790 $ 7,287 $ 11,503 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 10,480 $ 4,912 $ 5,568 Technology 600 477 123 Patents 590 570 20 Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 12,080 6,369 5,711 Indefinite-lived intangible assets: Trademarks 6,710 - 6,710 Total intangible assets $ 18,790 $ 6,369 $ 12,421 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 (remainder) $ 309 2022 $ 1,167 2023 $ 1,067 2024 $ 980 2025 $ 905 |
Note 5 - Revenue From Contrac_2
Note 5 - Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net revenues by customer type: End user $ 17,366 $ 12,651 $ 54,291 $ 34,518 OEM/Integrator 3,778 1,792 8,229 4,430 $ 21,144 $ 14,443 $ 62,520 $ 38,948 Net revenues by product type: Thermal test $ 5,284 $ 3,632 $ 14,126 $ 11,482 Thermal process 6,412 5,574 18,785 13,885 Semiconductor test 7,951 3,604 25,224 9,093 Service/other 1,497 1,633 4,385 4,488 $ 21,144 $ 14,443 $ 62,520 $ 38,948 Net revenues by market: Semi Market $ 13,656 $ 7,387 $ 42,653 $ 19,256 Multimarket: Industrial 5,463 4,220 13,535 12,346 Defense/aerospace 778 2,015 3,175 4,919 Telecommunications 315 419 870 1,427 Other Multimarkets 932 402 2,287 1,000 $ 21,144 $ 14,443 $ 62,520 $ 38,948 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2021 December 31, 2020 Raw materials $ 6,768 $ 5,371 Work in process 1,148 1,085 Inventory consigned to others 44 45 Finished goods 1,399 975 Total inventories $ 9,359 $ 7,476 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Excess and obsolete inventory charges $ 61 $ 105 $ 154 $ 410 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 247 $ 393 $ 865 $ 1,174 Short-term lease cost $ 20 $ 13 $ 60 $ 35 Range of remaining lease terms (in years) 0.5 to 9.6 Weighted average remaining lease term (in years) 6.0 Weighted average discount rate 4.2 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2021 (remainder) $ 358 2022 1,469 2023 1,482 2024 1,474 2025 722 Thereafter 1,845 Total lease payments $ 7,350 Less imputed interest (811 ) Total $ 6,539 |
Supplemental Cash Flow Infomation, Lessee [Table Text Block] | Execution of lease for facility in Fremont, California $ 202 Modification to lease for facility in Fremont, California $ 1,176 Modification to lease for facility in Mt. Laurel, New Jersey $ 2,051 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule Of Outstanding Letters Of Credit [Table Text Block] | Letters of Credit Amount Outstanding Original L/C Issue Date L/C Expiration Date Lease Expiration Date September 30, 2021 December 31, 2020 Mt. Laurel, NJ 3/29/2010 4/30/2022 4/30/2031 $ 50 $ 90 Mansfield, MA 10/27/2010 12/31/2024 12/31/2024 50 50 $ 100 $ 140 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenues $ 10 $ - $ 17 $ - Selling expense 8 3 17 9 Engineering and product development expense 17 10 43 31 General and administrative expense 336 72 1,017 440 $ 371 $ 85 $ 1,094 $ 480 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Unvested shares outstanding, January 1, 2021 237,155 $ 4.93 Granted 126,209 11.74 Vested (78,206 ) 7.24 Forfeited (18,125 ) 9.02 Unvested shares outstanding, September 30, 2021 267,033 7.19 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2021 2020 Risk-free interest rate 1.03 % 0.46 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .50 .44 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 Grant Date Fair Value Options outstanding, January 1, 2021 ( 204,630 438,200 $ 6.25 Granted 282,404 11.77 Exercised (149,010 ) 6.84 Forfeited (80,550 ) 9.55 Options outstanding, September 30, 2021 ( 141,370 491,044 8.70 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net Revenues: Thermal $ 13,042 $ 10,724 $ 36,863 $ 29,534 EMS 8,102 3,719 25,657 9,414 $ 21,144 $ 14,443 $ 62,520 $ 38,948 Earnings (loss) before income tax expense (benefit): Thermal $ 865 $ 478 $ 1,991 $ 39 EMS 2,278 169 7,767 (574 ) Corporate (611 ) (214 ) (1,592 ) (242 ) $ 2,532 $ 433 $ 8,166 $ (777 ) Net earnings (loss): Thermal $ 743 $ 379 $ 1,706 $ 26 EMS 1,957 218 6,654 (380 ) Corporate (525 ) (139 ) (1,364 ) (161 ) $ 2,175 $ 458 $ 6,996 $ (515 ) |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net revenues: U.S. $ 6,271 $ 5,562 $ 18,650 $ 16,235 Foreign 14,873 8,881 43,870 22,713 $ 21,144 $ 14,443 $ 62,520 $ 38,948 |
Long-lived Assets by Geographic Areas [Table Text Block] | September 30, 2021 December 31, 2020 Net property and equipment: U.S. $ 2,200 $ 2,053 Foreign 197 297 $ 2,397 $ 2,350 |
Asset [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | September 30, 2021 December 31, 2020 Identifiable assets: Thermal $ 51,368 $ 50,782 EMS 16,309 9,667 Corporate 7,052 1,581 $ 74,729 $ 62,030 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
Number of Operating Segments | 2 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Sep. 30, 2021USD ($) |
Deferred Grant Proceeds | $ 77 |
City of Rochester and State of New York [Member] | |
Contingent Liability, Repayment of State and Local Grant Funds Received | 463 |
Covenant, Future Amount Receivable | $ 370 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Weighted average common shares outstanding - basic (in shares) | 10,496,188 | 10,269,995 | 10,422,851 | 10,247,779 |
Unvested shares of restricted stock and employee stock options (in shares) | 296,102 | 17,567 | 271,500 | 0 |
Weighted average common shares and common share equivalents outstanding - diluted (in shares) | 10,792,290 | 10,287,562 | 10,694,351 | 10,247,779 |
Average number of potentially dilutive securities excluded from calculation (in shares) | 237,545 | 631,392 | 283,894 | 722,538 |
Note 3 - Restructuring and Ot_3
Note 3 - Restructuring and Other Charges (Details Textual) - USD ($) $ in Thousands | Jul. 19, 2021 | Jun. 10, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Incremental Sublease Income Above Impairment Charge | $ 350 | |||
Employee Severance [Member] | ||||
Restructuring Charges, Total | $ 120 | |||
Severance and Other One-Time Termination Benefits [Member] | ||||
Restructuring Charges, Total | $ 207 | |||
Resignation of Chief Financial Officer [Member] | ||||
Restructuring Charges, Total | 133 | |||
Headcount Reductions and Employee Relocation [Member] | ||||
Restructuring Charges, Total | 46 | |||
EMS Segment Restructuring and Facility Consolidation [Member] | ||||
Restructuring Charges, Total | 14 | |||
Other Restructuring [Member] | ||||
Restructuring Charges, Total | $ 14 | |||
EMS Segment Restructuring and Facility Consolidation [Member] | ||||
Restructuring and Related Costs, Incurred Cost, Total | 183 | |||
EMS Segment Restructuring and Facility Consolidation [Member] | Employee Severance [Member] | ||||
Restructuring Charges, Total | 0 | |||
Executive Management Changes [Member] | ||||
Restructuring and Related Costs, Incurred Cost, Total | 370 | |||
Executive Management Changes [Member] | Employee Severance [Member] | ||||
Restructuring and Related Costs, Incurred Cost, Total | $ 120 | 120 | ||
Restructuring Charges, Total | 120 | |||
Executive Management Changes [Member] | Employee Severance [Member] | Restructuring and Other Charges [Member] | ||||
Restructuring and Related Costs, Incurred Cost, Total | 120 | |||
Executive Management Changes [Member] | Legal Fees [Member] | ||||
Restructuring and Related Costs, Incurred Cost, Total | 159 | |||
Stock-based Compensation Expense [Member] | Modification Cost [Member] | ||||
Restructuring and Related Costs, Incurred Cost, Total | $ 91 |
Note 3 - Restructuring and Ot_4
Note 3 - Restructuring and Other Charges - Changes in Accrued Restructuring (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Beginning balance | $ 340 |
Cash payments | (556) |
Balance | 87 |
Employee Severance [Member] | |
Restructuring chargers, accruals | 120 |
Facility Closing [Member] | |
Restructuring chargers, accruals | 183 |
EMS Segment Restructuring and Facility Consolidation [Member] | |
Beginning balance | 233 |
Cash payments | (416) |
Balance | 0 |
EMS Segment Restructuring and Facility Consolidation [Member] | Employee Severance [Member] | |
Restructuring chargers, accruals | 0 |
EMS Segment Restructuring and Facility Consolidation [Member] | Facility Closing [Member] | |
Restructuring chargers, accruals | 183 |
Executive Management Changes [Member] | |
Beginning balance | 107 |
Cash payments | (140) |
Balance | 87 |
Executive Management Changes [Member] | Employee Severance [Member] | |
Restructuring chargers, accruals | 120 |
Executive Management Changes [Member] | Facility Closing [Member] | |
Restructuring chargers, accruals | $ 0 |
Note 4 - Goodwill and Intangi_3
Note 4 - Goodwill and Intangible Assets (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Number of Operating Segments | 2 | |||||
Goodwill, Ending Balance | $ 13,738 | $ 13,738 | $ 13,738 | $ 13,738 | ||
Amortization of Intangible Assets, Total | $ 309 | $ 307 | $ 918 | $ 927 |
Note 4 - Goodwill and Intangi_4
Note 4 - Goodwill and Intangible Assets - Component of Goodwill (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill | $ 13,738 | $ 13,738 | $ 13,738 |
Sigma [Member] | |||
Goodwill | 1,656 | ||
Thermonics [Member] | |||
Goodwill | 50 | ||
Ambrell [Member] | |||
Goodwill | $ 12,032 |
Note 4 - Goodwill and Intangi_5
Note 4 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Balance | $ 5,711 | |||
Amortization | $ (309) | $ (307) | (918) | $ (927) |
Balance | $ 4,793 | $ 4,793 |
Note 4 - Goodwill and Intangi_6
Note 4 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-lived, Gross Carrying Amount | $ 12,080 | $ 12,080 |
Finite-lived, Accumulated Amortization | 7,287 | 6,369 |
Net Carrying Amount, finite-lived | 4,793 | 5,711 |
Intangible Assets, Gross Carrying Amount | 18,790 | 18,790 |
Net Carrying Amount | 11,503 | 12,421 |
Trademarks [Member] | ||
Indefinite-lived, Gross Carrying Amount | 6,710 | 6,710 |
Net Carrying Amount, indefinite-lived | 6,710 | 6,710 |
Customer Relationships [Member] | ||
Finite-lived, Gross Carrying Amount | 10,480 | 10,480 |
Finite-lived, Accumulated Amortization | 5,767 | 4,912 |
Net Carrying Amount, finite-lived | 4,713 | 5,568 |
Patented Technology [Member] | ||
Finite-lived, Gross Carrying Amount | 600 | 600 |
Finite-lived, Accumulated Amortization | 528 | 477 |
Net Carrying Amount, finite-lived | 72 | 123 |
Patents [Member] | ||
Finite-lived, Gross Carrying Amount | 590 | 590 |
Finite-lived, Accumulated Amortization | 582 | 570 |
Net Carrying Amount, finite-lived | 8 | 20 |
Computer Software, Intangible Asset [Member] | ||
Finite-lived, Gross Carrying Amount | 270 | 270 |
Finite-lived, Accumulated Amortization | 270 | 270 |
Net Carrying Amount, finite-lived | 0 | 0 |
Trade Names [Member] | ||
Finite-lived, Gross Carrying Amount | 140 | 140 |
Finite-lived, Accumulated Amortization | 140 | 140 |
Net Carrying Amount, finite-lived | $ 0 | $ 0 |
Note 4 - Goodwill and Intangi_7
Note 4 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2021USD ($) |
2021 (remainder) | $ 309 |
2022 | 1,167 |
2023 | 1,067 |
2024 | 980 |
2025 | $ 905 |
Note 5 - Revenue From Contrac_3
Note 5 - Revenue From Contracts With Customers (Details Textual) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | $ 0 |
Note 5 - Revenue From Contrac_4
Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net revenues | $ 21,144 | $ 14,443 | $ 62,520 | $ 38,948 |
Semiconductor Market [Member] | ||||
Net revenues | 13,656 | 7,387 | 42,653 | 19,256 |
Industrial Market [Member] | ||||
Net revenues | 5,463 | 4,220 | 13,535 | 12,346 |
Defense/ Aerospace [Member] | ||||
Net revenues | 778 | 2,015 | 3,175 | 4,919 |
Telecommunications Market [Member] | ||||
Net revenues | 315 | 419 | 870 | 1,427 |
Other Multi Markets [Member] | ||||
Net revenues | 932 | 402 | 2,287 | 1,000 |
Thermal Testing Products [Member] | ||||
Net revenues | 5,284 | 3,632 | 14,126 | 11,482 |
Thermal Process [Member] | ||||
Net revenues | 6,412 | 5,574 | 18,785 | 13,885 |
Semiconductor Production Test Products [Member] | ||||
Net revenues | 7,951 | 3,604 | 25,224 | 9,093 |
Service and Other Products [Member] | ||||
Net revenues | 1,497 | 1,633 | 4,385 | 4,488 |
End User [Member] | ||||
Net revenues | 17,366 | 12,651 | 54,291 | 34,518 |
OEM and Integrators [Member] | ||||
Net revenues | $ 3,778 | $ 1,792 | $ 8,229 | $ 4,430 |
Note 6 - Major Customers (Detai
Note 6 - Major Customers (Details Textual) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Number of Major Customers | 0 | 0 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Texas Instruments Incorporated [Member] | ||
Concentration Risk, Percentage | 14.00% |
Note 7 - Inventories - Inventor
Note 7 - Inventories - Inventories (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Raw materials | $ 6,768 | $ 6,768 | $ 5,371 | ||
Work in process | 1,148 | 1,148 | 1,085 | ||
Inventory consigned to others | 44 | 44 | 45 | ||
Finished goods | 1,399 | 1,399 | 975 | ||
Total inventories | 9,359 | 9,359 | $ 7,476 | ||
Excess and obsolete inventory charges | $ 61 | $ 105 | $ 154 | $ 410 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) $ in Thousands | Aug. 16, 2021USD ($)ft² | Jul. 19, 2021USD ($) | Sep. 22, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Operating Lease, Right-of-Use Asset, Amortization Expense | $ 231 | $ 324 | $ 760 | $ 977 | |||||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 1,176 | ||||||||
Incremental Sublease Income Above Impairment Charge | $ 350 | ||||||||
EMS Segment Restructuring and Facility Consolidation [Member] | |||||||||
Operating Lease, Impairment Loss | $ 522 | ||||||||
Lease Facility in Fremont, California [Member] | |||||||||
Area of Real Estate Property (Square Foot) | ft² | 3,888 | ||||||||
Lessee, Operating Lease, Term of Contract (Month) | 38 months 15 days | ||||||||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 202 | $ 202 | |||||||
Lease Agreement, EMS Facility in Mt. Laurel, New Jersey [Member] | |||||||||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 2,051 | ||||||||
Lessee, Operating Lease, Renewal Term (Month) | 120 months |
Note 8 - Leases - Lease Costs (
Note 8 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating lease cost | $ 247 | $ 393 | $ 865 | $ 1,174 |
Short-term lease cost | $ 20 | $ 13 | $ 60 | $ 35 |
Weighted average remaining lease term (in years) (Year) | 6 years | 6 years | ||
Weighted average discount rate | 4.20% | 4.20% | ||
Minimum [Member] | ||||
Range of remaining lease terms (in years) (Year) | 6 months | |||
Maximum [Member] | ||||
Range of remaining lease terms (in years) (Year) | 9 years 7 months 6 days |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2021USD ($) |
2021 (remainder) | $ 358 |
2022 | 1,469 |
2023 | 1,482 |
2024 | 1,474 |
2025 | 722 |
Thereafter | 1,845 |
Total lease payments | 7,350 |
Less imputed interest | (811) |
Total | $ 6,539 |
Note 8 - Leases - Lease Modific
Note 8 - Leases - Lease Modifications (Details) - USD ($) $ in Thousands | Aug. 16, 2021 | Sep. 22, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Execution of lease for facility in Fremont, California | $ 1,176 | ||||
Lease Facility in Fremont, California [Member] | |||||
Execution of lease for facility in Fremont, California | $ 202 | $ 202 | |||
Lease Agreement, EMS Facility in Fremont, California [Member] | |||||
Modification to lease for facility | $ 1,176 | ||||
Lease Agreement, EMS Facility in Mt. Laurel, New Jersey [Member] | |||||
Execution of lease for facility in Fremont, California | $ 2,051 | ||||
Modification to lease for facility | $ 2,051 |
Note 9 - Debt - Outstanding Let
Note 9 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Letters of Credit Amount Outstanding | $ 100 | $ 140 |
Mt Laurel [Member] | ||
Line of Credit, Issue Date | Mar. 29, 2010 | |
Line of Credit, Expiration Date | Apr. 30, 2022 | |
Lease Expiration Date | Apr. 30, 2031 | |
Letters of Credit Amount Outstanding | $ 50 | 90 |
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 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 14, 2021 | Mar. 10, 2021 | Aug. 24, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,928 | $ 2,928 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 7 months 6 days | |||||||||
Share-based Payment Arrangement, Amount Capitalized | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 981 | $ 296 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.70 | $ 1.48 | ||||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 126,209 | |||||||||
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% | |||||||||
Restricted Stock [Member] | Independent Directors [Member] | Share-based Compensation Award, Tranche Four [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||
Restricted Stock [Member] | Independent Directors [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||
Restricted Stock [Member] | Independent Directors [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||
Restricted Stock [Member] | President [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 141,610 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value | $ 650 | |||||||||
Restricted Stock [Member] | President [Member] | Restricted Stock Vesting in Four Years [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 66,448 | |||||||||
Restricted Stock [Member] | President [Member] | Restricted Stock Vesting in Three Years [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, 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% | |||||||||
Restricted Stock [Member] | President [Member] | Share-based Payment Arrangement, Tranche One [Member] | Restricted Stock Vesting in Four Years [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||
Restricted Stock [Member] | President [Member] | Share-based Payment Arrangement, Tranche One [Member] | Restricted Stock Vesting in Three Years [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||
Restricted Stock [Member] | President [Member] | Vesting Based On Performance Metrics [Member] | Restricted Stock Vesting in Three Years [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||||||||
Restricted Stock [Member] | President [Member] | Share-based Compensation Award, Tranche Four [Member] | Restricted Stock Vesting in Four Years [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||
Restricted Stock [Member] | President [Member] | Share-based Payment Arrangement, Tranche Three [Member] | Restricted Stock Vesting in Four Years [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||
Restricted Stock [Member] | President [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Restricted Stock Vesting in Four Years [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||
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) | 18,000 | |||||||||
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 Period (Year) | 3 years | |||||||||
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% | |||||||||
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) | 7,941 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value | $ 133 | |||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | Restricted Stock Vesting in Four Years [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,988 | |||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | Restricted Stock Vesting on August 24, 2023 [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, 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% | |||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | Share-based Payment Arrangement, Tranche One [Member] | Restricted Stock Vesting in Four Years [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | Vesting Based On Performance Metrics [Member] | Restricted Stock Vesting on August 24, 2023 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | Share-based Compensation Award, Tranche Four [Member] | Restricted Stock Vesting in Four Years [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | Share-based Payment Arrangement, Tranche Three [Member] | Restricted Stock Vesting in Four Years [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Restricted Stock Vesting in Four Years [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Allocation of Share-based Compensation Expense | $ 371 | $ 85 | $ 1,094 | $ 480 |
Cost of Sales [Member] | ||||
Allocation of Share-based Compensation Expense | 10 | 0 | 17 | 0 |
Selling and Marketing Expense [Member] | ||||
Allocation of Share-based Compensation Expense | 8 | 3 | 17 | 9 |
Research and Development Expense [Member] | ||||
Allocation of Share-based Compensation Expense | 17 | 10 | 43 | 31 |
General and Administrative Expense [Member] | ||||
Allocation of Share-based Compensation Expense | $ 336 | $ 72 | $ 1,017 | $ 440 |
Note 10 - Stock-based Compens_5
Note 10 - Stock-based Compensation - Unvested Stock Activity (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Unvested shares outstanding (in shares) | shares | 237,155 |
Unvested shares outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 4.93 |
Granted, number of shares (in shares) | shares | 126,209 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 11.74 |
Vested, number of shares (in shares) | shares | (78,206) |
Vested, weighted average exercise price (in dollars per share) | $ / shares | $ 7.24 |
Forfeited, number of shares (in shares) | shares | (18,125) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 9.02 |
Unvested shares outstanding (in shares) | shares | 267,033 |
Unvested shares outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 7.19 |
Note 10 - Stock-based Compens_6
Note 10 - Stock-based Compensation - Stock Options Valuation Assumptions (Details) - Share-based Payment Arrangement, Option [Member] | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Risk-free interest rate | 1.03% | 0.46% |
Dividend yield | 0.00% | 0.00% |
Expected common stock market price volatility factor | 50.00% | 44.00% |
Weighted average expected life of stock options (years) (Year) | 6 years 3 months | 6 years 3 months |
Note 10 - Stock-based Compens_7
Note 10 - Stock-based Compensation - Stock Option Activity (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Options outstanding, number of shares (in shares) | shares | 438,200 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 6.25 |
Granted, number of shares (in shares) | shares | 282,404 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 11.77 |
Exercised, number of shares (in shares) | shares | (149,010) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 6.84 |
Forfeited, number of shares (in shares) | shares | (80,550) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 9.55 |
Options outstanding, number of shares (in shares) | shares | 491,044 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 8.70 |
Note 10 - Stock-based Compens_8
Note 10 - Stock-based Compensation - Stock Option Activity (Details) (Parentheticals) | Sep. 30, 2021shares |
Options exercisable (in shares) | 204,630 |
Options exercisable (in shares) | 141,370 |
Note 11 - Stock Repurchase Pl_2
Note 11 - Stock Repurchase Plan (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 52 Months Ended | |
Mar. 31, 2020 | Mar. 02, 2020 | Jul. 31, 2019 | |
Stock Repurchase Program, Authorized Amount | $ 3,000 | ||
Stock Repurchased and Retired During Period, Shares (in shares) | 243,075 | ||
Stock Repurchased and Retired During Period, Value | $ 74 | $ 1,216 | |
Payments for Stock Repurchased Broker Fees | $ 6 |
Note 12 - Employee Stock Purc_2
Note 12 - Employee Stock Purchase Plan (Details Textual) | Jun. 23, 2021shares |
Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 250,000 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
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 | $ 51 | $ 56 | $ 322 | $ 313 |
The Ambrell Plan [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10.00% | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 44 | $ 17 | $ 131 | $ 49 |
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 |
Note 14 - Segment Information_2
Note 14 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
Number of Reportable Segments | 2 |
Note 14 - Segment Information -
Note 14 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net revenues | $ 21,144 | $ 14,443 | $ 62,520 | $ 38,948 | ||||
Earnings (loss) before income tax expense (benefit) | 2,532 | 433 | 8,166 | (777) | ||||
Net earnings (loss) | 2,175 | $ 2,609 | $ 2,212 | 458 | $ 170 | $ (1,143) | 6,996 | (515) |
Corporate, Non-Segment [Member] | ||||||||
Earnings (loss) before income tax expense (benefit) | (611) | (214) | (1,592) | (242) | ||||
Net earnings (loss) | (525) | (139) | (1,364) | (161) | ||||
Thermal Testing Products [Member] | Operating Segments [Member] | ||||||||
Net revenues | 13,042 | 10,724 | 36,863 | 29,534 | ||||
Earnings (loss) before income tax expense (benefit) | 865 | 478 | 1,991 | 39 | ||||
Net earnings (loss) | 743 | 379 | 1,706 | 26 | ||||
EMS [Member] | Operating Segments [Member] | ||||||||
Net revenues | 8,102 | 3,719 | 25,657 | 9,414 | ||||
Earnings (loss) before income tax expense (benefit) | 2,278 | 169 | 7,767 | (574) | ||||
Net earnings (loss) | $ 1,957 | $ 218 | $ 6,654 | $ (380) |
Note 14 - Segment Information_3
Note 14 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Identifiable Assets | $ 74,729 | $ 62,030 |
Corporate, Non-Segment [Member] | ||
Identifiable Assets | 7,052 | 1,581 |
Thermal Testing Products [Member] | ||
Identifiable Assets | 51,368 | 50,782 |
EMS [Member] | ||
Identifiable Assets | $ 16,309 | $ 9,667 |
Note 14 - Segment Information_4
Note 14 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net revenues | $ 21,144 | $ 14,443 | $ 62,520 | $ 38,948 |
UNITED STATES | ||||
Net revenues | 6,271 | 5,562 | 18,650 | 16,235 |
Non-US [Member] | ||||
Net revenues | $ 14,873 | $ 8,881 | $ 43,870 | $ 22,713 |
Note 14 - Segment Information_5
Note 14 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property and Equipment | $ 2,397 | $ 2,350 |
UNITED STATES | ||
Property and Equipment | 2,200 | 2,053 |
Non-US [Member] | ||
Property and Equipment | $ 197 | $ 297 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) $ in Thousands | Oct. 28, 2021 | Oct. 15, 2021 | Oct. 06, 2021 |
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 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | ||
Proceeds from Issuance of Long-term Debt, Total | $ 12,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.20% | ||
Z-Sciences [Member] | |||
Payments to Acquire Businesses, Gross | $ 500 | ||
Business Combination, Consideration Transferred, Amount Held in Escrow | $ 200 | ||
Videology [Member] | |||
Payments to Acquire Businesses, Gross | $ 12,000 | ||
Business Combination, Consideration Transferred, Amount Held in Escrow | $ 1,200 |