Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 01, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001036262 | ||
Entity Registrant Name | INTEST CORP | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 1-36117 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 22-2370659 | ||
Entity Address, Address Line One | 804 East Gate Drive, Suite 200 | ||
Entity Address, City or Town | Mt. Laurel | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 08054 | ||
City Area Code | 856 | ||
Local Phone Number | 505-8800 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | INTT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 304,734,005 | ||
Entity Common Stock, Shares Outstanding | 12,164,698 | ||
Auditor Firm ID | 49 | ||
Auditor Name | RSM US LLP | ||
Auditor Location | Blue Bell, Pennsylvania |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 45,260 | $ 13,434 |
Restricted cash | 0 | 1,142 |
Trade accounts receivable, net of allowance for credit losses of $474 and $496, respectively | 18,175 | 21,215 |
Inventories | 20,089 | 22,565 |
Prepaid expenses and other current assets | 2,254 | 1,695 |
Total current assets | 85,778 | 60,051 |
Property and equipment: | ||
Machinery and equipment | 7,118 | 6,625 |
Leasehold improvements | 3,601 | 3,242 |
Gross property and equipment | 10,719 | 9,867 |
Less: accumulated depreciation | (7,529) | (6,735) |
Net property and equipment | 3,190 | 3,132 |
Right-of-use assets, net | 4,987 | 5,770 |
Goodwill | 21,728 | 21,605 |
Intangible assets, net | 16,596 | 18,559 |
Deferred tax assets | 1,437 | 280 |
Restricted certificates of deposit | 100 | 100 |
Other assets | 1,013 | 569 |
Total assets | 134,829 | 110,066 |
Current liabilities: | ||
Current portion of Term Note | 4,100 | 4,100 |
Current portion of operating lease liabilities | 1,923 | 1,645 |
Accounts payable | 5,521 | 7,394 |
Accrued wages and benefits | 4,156 | 3,907 |
Accrued professional fees | 1,228 | 884 |
Customer deposits and deferred revenue | 3,797 | 4,498 |
Accrued Sales Commission, Current | 1,055 | 1,468 |
Domestic and foreign income taxes payable | 1,038 | 1,409 |
Other current liabilities | 1,481 | 1,564 |
Total current liabilities | 24,299 | 26,869 |
Operating lease liabilities, net of current portion | 3,499 | 4,705 |
Term Note, net of current portion | 7,942 | 12,042 |
Contingent consideration | 1,093 | 1,039 |
Deferred revenue, net of current portion | 1,331 | 0 |
Other liabilities | 384 | 455 |
Total liabilities | 38,548 | 45,110 |
Commitments and Contingencies (Note 12) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 20,000,000 shares authorized; 12,241,925 and 11,063,271 shares issued, respectively | 122 | 111 |
Additional paid-in capital | 54,450 | 31,987 |
Retained earnings | 42,196 | 32,854 |
Accumulated other comprehensive earnings | 414 | 218 |
Treasury stock, at cost; 75,758 and 34,308 shares, respectively | (901) | (214) |
Total stockholders' equity | 96,281 | 64,956 |
Total liabilities and stockholders' equity | $ 134,829 | $ 110,066 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 474 | $ 496 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 12,241,925 | 11,063,271 |
Treasury stock, shares (in shares) | 75,758 | 34,308 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 123,302 | $ 116,828 |
Cost of revenue | 66,324 | 63,388 |
Gross profit | 56,978 | 53,440 |
Operating expenses: | ||
Selling expense | 17,605 | 15,903 |
Engineering and product development expense | 7,618 | 7,529 |
General and administrative expense | 21,316 | 19,287 |
Total operating expenses | 46,539 | 42,719 |
Operating income | 10,439 | 10,721 |
Interest expense | (679) | (635) |
Other income | 1,288 | 59 |
Earnings before income tax expense | 11,048 | 10,145 |
Income tax expense | 1,706 | 1,684 |
Net earnings | $ 9,342 | $ 8,461 |
Earnings per common share – basic (in dollars per share) | $ 0.82 | $ 0.79 |
Weighted average common shares outstanding – basic (in shares) | 11,461,399 | 10,673,017 |
Earnings per common share – diluted (in dollars per share) | $ 0.79 | $ 0.78 |
Weighted average common shares and common share equivalents outstanding – diluted (in shares) | 11,779,912 | 10,862,538 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net earnings | $ 9,342 | $ 8,461 |
Unrealized gain (loss) on interest rate swap agreement | (243) | 549 |
Foreign currency translation adjustments | 439 | (925) |
Comprehensive earnings | $ 9,538 | $ 8,085 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 10,910,460 | |||||
Balance at Dec. 31, 2021 | $ 109 | $ 29,931 | $ 24,393 | $ 594 | $ (204) | $ 54,823 |
Net earnings | 0 | 0 | 8,461 | 0 | 0 | 8,461 |
Other comprehensive loss | 0 | 0 | 0 | (376) | 0 | (376) |
Amortization of deferred compensation related to stock-based awards | $ 0 | 1,787 | 0 | 0 | 0 | 1,787 |
Issuance of unvested shares of restricted stock (in shares) | 123,533 | |||||
Issuance of unvested shares of restricted stock | $ 1 | (1) | 0 | 0 | 0 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited (in shares) | (5,944) | |||||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | $ 0 | 0 | 0 | 0 | 0 | $ 0 |
Stock options exercised (in shares) | 8,060 | 8,060 | ||||
Stock options exercised | 38 | 0 | $ 38 | |||
Shares issued under Employee Stock Purchase Plan (in shares) | 27,162 | |||||
Shares issued under Employee Stock Purchase Plan | $ 1 | 232 | 0 | 233 | ||
Shares surrendered to satisfy tax liability at vesting of stock-based awards | $ 0 | 0 | 0 | 0 | (10) | (10) |
Balance (in shares) at Dec. 31, 2022 | 11,063,271 | |||||
Balance at Dec. 31, 2022 | $ 111 | 31,987 | 32,854 | 218 | (214) | 64,956 |
Net earnings | 0 | 0 | 9,342 | 0 | 0 | 9,342 |
Other comprehensive loss | 0 | 0 | 0 | 196 | 0 | 196 |
Amortization of deferred compensation related to stock-based awards | $ 0 | 2,047 | 0 | 0 | 0 | 2,047 |
Issuance of unvested shares of restricted stock (in shares) | 97,461 | |||||
Issuance of unvested shares of restricted stock | $ 1 | (1) | 0 | 0 | 0 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited (in shares) | (17,491) | |||||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | $ 0 | 0 | 0 | 0 | 0 | $ 0 |
Stock options exercised (in shares) | 124,550 | 124,550 | ||||
Stock options exercised | $ 1 | 977 | 0 | 0 | 0 | $ 978 |
Shares issued under Employee Stock Purchase Plan (in shares) | 11,780 | |||||
Shares issued under Employee Stock Purchase Plan | $ 0 | 205 | 0 | 0 | 0 | 205 |
Shares surrendered to satisfy tax liability at vesting of stock-based awards | $ 0 | 0 | 0 | 0 | (687) | (687) |
Issuance of additional shares of restricted sock related to performance-based awards which vested in the period (in shares) | 40,557 | |||||
Shares issued pursuant to At-the-Market Offering (in shares) | 921,797 | |||||
Shares issued pursuant to At-the-Market Offering | $ 9 | 19,235 | 0 | 0 | 0 | 19,244 |
Balance (in shares) at Dec. 31, 2023 | 12,241,925 | |||||
Balance at Dec. 31, 2023 | $ 122 | $ 54,450 | $ 42,196 | $ 414 | $ (901) | $ 96,281 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings (loss) | $ 9,342 | $ 8,461 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 4,683 | 4,734 |
Provision for excess and obsolete inventory | 544 | 771 |
Foreign exchange (gain) loss | (9) | 109 |
Amortization of deferred compensation related to stock-based awards | 2,047 | 1,787 |
Discount on shares sold under Employee Stock Purchase Plan | (31) | (36) |
Proceeds from sale of demonstration equipment, net of gain | 167 | 68 |
Loss on disposal of property and equipment | 11 | 0 |
Deferred income tax benefit | (1,157) | (1,659) |
Adjustment to contingent consideration liability | (294) | 0 |
Changes in assets and liabilities: | ||
Trade accounts receivable | 2,991 | (4,886) |
Inventories | 2,027 | (10,631) |
Prepaid expenses and other current assets | (535) | (243) |
Other assets | (686) | (2) |
Operating lease liabilities | (1,712) | (1,363) |
Accounts payable | (1,811) | 2,875 |
Accrued wages and benefits | 231 | (118) |
Accrued professional fees | 339 | (157) |
Customer deposits and deferred revenue | (759) | (1,464) |
Accrued sales commission | (421) | 621 |
Domestic and foreign income taxes payable | (371) | (573) |
Other current liabilities | 231 | 184 |
Deferred revenue, net of current portion | 1,331 | 0 |
Other liabilities | (17) | 61 |
Net cash provided by (used in) operating activities | 16,203 | (1,389) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Payment of contingent consideration related to Z-Sciences acquisition | 0 | (179) |
Refund of final working capital adjustment related to Acculogic | 0 | 371 |
Purchase of property and equipment | (1,291) | (1,365) |
Purchase of short term investments | 0 | (3,494) |
Sales of short term investments | 0 | 3,494 |
Net cash used in investing activities | (1,291) | (1,173) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net proceeds from public offering of common stock | 19,244 | 0 |
Proceeds from stock options exercised | 978 | 38 |
Proceeds from shares sold under Employee Stock Purchase Plan | 174 | 197 |
Settlement of employee tax liabilities in connection with treasury stock transaction | (687) | (10) |
Net cash provided by (used in) financing activities | 15,609 | (3,733) |
Effects of exchange rates on cash | 163 | (324) |
Net cash provided by (used in) all activities | 30,684 | (6,619) |
Cash, cash equivalents and restricted cash at beginning of period | 14,576 | 21,195 |
Cash, cash equivalents and restricted cash at end of period | 45,260 | 14,576 |
Cash payments for: | ||
Domestic and foreign income taxes | 3,240 | 3,924 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Stock Issued | 1,601 | 1,138 |
Forfeiture of unvested shares of restricted stock | (176) | (54) |
Term Note [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of Term Note | $ (4,100) | $ (3,958) |
Insider Trading Arrangements
Insider Trading Arrangements | 1 Months Ended | 12 Months Ended |
Dec. 31, 2023 shares | Dec. 31, 2023 shares | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | Item 9B. OTHER INFORMATION On December 8, 2023 Richard N. Grant Chief Executive Officer entered 10b5 1 10b5 1 10b5 1 December 31, 2026 10b5 1 40% one not $775,000. | |
Trading Arrangement Adoption Date | December 8, 2023 | |
Trading Arrangement, Individual Name | Richard N. Grant | |
Trading Arrangement, Individual Title | Chief Executive Officer | |
Rule 10b5-1 Arrangement Adopted [Flag] | true | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Trading Arrangement Termination Date | December 31, 2026 | |
Trading Arrangement, Securities Aggregate Available Amount | 775,000 | 775,000 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | ( 1 NATURE OF OPERATIONS We are a global supplier of innovative test and process technology solutions for use in manufacturing and testing across a wide range of markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We have three operating segments which are also our reportable segments and reporting units: Electronic Test, Environmental Technologies and Process Technologies. The consolidated entity is comprised of inTEST Corporation and our wholly-owned subsidiaries. We manufacture our products in the U.S., Canada and the Netherlands. Marketing and support activities are conducted worldwide from our facilities in the U.S., Canada, Germany, Singapore, the Netherlands and the U.K. We operate our business worldwide and sell our products both domestically and internationally. We announced in December 2023 2024. All of our operating segments have multiple products that we design, manufacture and market to our customers. Due to a number of factors, our products have varying levels of gross margin. The mix of products we sell in any period is ultimately determined by our customers’ needs. Therefore, the mix of products sold in any given period can change significantly from the prior period. In addition, we sell our products to a variety of different types of customers with varying levels of discounts and commission expense. As a result of changes in both the mix of products sold as well as customer mix in any given period, our consolidated gross margin can vary significantly from period to period. The semiconductor market (“semi” or the “semi market”) which includes both the broader semiconductor market, as well as the more specialized automated test equipment (“ATE”) and wafer production sectors within the broader semiconductor market, has historically been the largest single market in which we operate. The semi market is characterized by rapid technological change, competitive pricing pressures and cyclical as well as seasonal market patterns. The semi market is also subject to periods of significant expansion or contraction in demand. In addition to the semi market, we sell into a variety of other markets. Our intention is to continue diversifying our markets, our product offerings within the markets we serve and our customer base across all of our markets with the goal of reducing our dependence on any one Our Electronic Test segment sells its products to semiconductor manufacturers and third third December 2021, Our financial results are affected by a wide variety of factors, including, but not may may may not may not may not may On May 11, 2023, May 11, 2023 May 31, 2023. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Use of Estimates Reclassifications Subsequent Events We have made an assessment of our operations and determined that there were no December 31, 2023 19. 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 Cash, Cash Equivalents and Restricted Cash Short-term investments that have maturities of three may not Restricted cash at December 31, 2022 one 2022. December 31, 2022 December 31, 2023, The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets and the consolidated statements of cash flows: December 31, 2023 2022 Cash and cash equivalents $ 45,260 $ 13,434 Restricted cash - 1,142 Total cash, cash equivalents and restricted cash $ 45,260 $ 14,576 Trade Accounts Receivable and Allowance for Doubtful Accounts not no January 1, 2023, 326 may Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not For the year ended December 31, 2023, no December 31, 2023 2022, no not December 31, 2022. December 31, 2023. Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, our credit facility, interest rate swaps and our liabilities for contingent consideration. Our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at cost which approximates fair value, due to the short maturities of the accounts. Our credit facility and our interest rate swap are discussed further below and in Note 10. 820 820 3 3 Goodwill, Intangible and Long-Lived Assets three We account for goodwill and intangible assets in accordance with ASC Topic 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 at the beginning of 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 technology solutions for use in manufacturing and testing in targeted markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We sell thermal management products including ThermoStreams, ThermoChambers, process chillers, refrigerators and freezers, which we sell under our Temptronic, Sigma, Thermonics and North Sciences product lines, and Ambrell Corporation’s (“Ambrell”) precision induction heating systems, including EKOHEAT and EASYHEAT products. As a result of the acquisition of Videology, we sell industrial-grade circuit board mounted video digital cameras and related devices, systems and software. We sell semiconductor ATE interface solutions which include manipulators, docking hardware and electrical interface products. As a result of the acquisition of Acculogic, we sell robotics-based electronic production test equipment. We sell semiconductor ATE interface solutions and certain thermal management products to the semi market. We also sell many of our products to various other markets including the automotive, defense/aerospace, industrial, life sciences and security markets. We provide post-warranty service and support for the equipment we sell. We lease certain of our equipment under short-term leasing agreements with original lease terms of six 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 credit losses, is included in current assets on our consolidated balance sheets. In certain instances, we also receive customer deposits in advance of invoicing and recording of accounts receivable. Customer deposits are included in current liabilities on our consolidated balance sheets. To the extent that we do not twelve twelve As discussed above, we follow the guidance in ASC Topic 326 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 17 Inventories Inventories are valued at cost on a first first not three not twenty-four December 31, 2023 2022, Property and Equipment one ten December 31, 2023 2022, Leases We account for leases in accordance with ASC Topic 842 may not not 842. 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 on our consolidated statements of cash flows. We have made an accounting policy election not 842 one See Note 8 Interest Rate Swap Agreement We are exposed to interest rate risk on our floating-rate debt. We have entered into an interest rate swap agreement to effectively convert our floating-rate debt to a fixed-rate basis for a portion of our floating rate debt, as discussed further in Notes 3 10. 815 Contingent Liability for Repayment of State and Local Grant Funds Received In connection with leasing a facility in Rochester, New York, which our subsidiary, Ambrell, occupied in May 2018, 2024. may December 31, 2023, not no December 31, 2023. December 31, 2023, Stock-Based Compensation 718 13. Engineering and Product Development Engineering and product development costs, which consist primarily of the salary and related benefits costs of our technical staff, as well as the cost of materials used in product development, are expensed as incurred. Foreign Currency not December 31, 2023, December 31, 2022, Income Taxes not not 11 Net Earnings Per Common Share The table below sets forth, for the periods indicated, a reconciliation of weighted average common shares outstanding - basic to weighted average common shares and common share equivalents outstanding - diluted and the average number of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive: Years Ended 2023 2022 Weighted average common shares outstanding–basic 11,461,399 10,673,017 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 318,513 189,521 Weighted average common shares and common share equivalents outstanding–diluted 11,779,912 10,862,538 Average number of potentially dilutive securities excluded from calculation 140,079 478,024 Effect of Recently Adopted Amendments to Authoritative Accounting Guidance In June 2016, November 2019, December 15, 2022. first January 1, 2023. not Effect of Recently Issued Amendments to Authoritative Accounting Guidance In November 2023, December 15, 2023 December 15, 2024. In December 2023, five may December 15, 2024 |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 3 FAIR VALUE MEASUREMENTS ASC Topic 820 ASC 820 820 three Level 1 Level 2 not Level 3 To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Recurring Fair Value Measurements The interest rate swap agreement we entered into in connection with our Term Note, as discussed further in Notes 2 10, 2 3 December 21, 2021, 3 10 December 31, 2022 ( “2022 10 March 22, 2023 December 31, 2023, December 31, 2022, December 31, 2023, five 2023 The following fair value hierarchy table presents information about assets and (liabilities) measured at fair value on a recurring basis: Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 At December 31, 2023 Contingent consideration liability – Acculogic $ (1,093 ) $ - $ - $ (1,093 ) Interest rate swap $ 285 $ - $ 285 $ - Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 At December 31, 2022 Contingent consideration liability – Acculogic $ (1,363 ) $ - $ - $ (1,363 ) Interest rate swap $ 528 $ - $ 528 $ - Changes in the fair value of our Level 3 December 31, 2023 2022 Balance - January 1, 2022 $ 1,109 Payout of contingent consideration related to the acquisition of Z-Sciences (179 ) Adjustment to contingent consideration liability in connection with the acquisition of Acculogic 500 Impact of foreign currency translation adjustments (67 ) Balance - December 31, 2022 1,363 Adjustment to contingent consideration liability in connection with the acquisition of Acculogic (294 ) Impact of foreign currency translation adjustments 24 Balance - December 31, 2023 $ 1,093 |
Note 4 - Goodwill and Intangibl
Note 4 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 4 GOODWILL AND INTANGIBLE ASSETS We have three Goodwill December 31, 2023 2022 Balance - January 1, 2022 $ 21,448 Adjustments to preliminary amounts recorded in the fourth quarter of 2021 (see Note 3 to the consolidated financial statements in our 2022 Form 10-K) 451 Impact of foreign currency translation adjustments (294 ) Balance - December 31, 2022 21,605 Impact of foreign currency translation adjustments 123 Balance - December 31, 2023 $ 21,728 Goodwill was comprised of the following at December 31, 2023 2022: December 31, 2023 2022 Electronic Test $ 3,436 $ 3,369 Environmental Technologies 1,817 1,817 Process Technologies 16,475 16,419 Total Goodwill $ 21,728 $ 21,605 Intangible Assets December 31, 2023 2022 Balance - January 1, 2022 $ 8,428 Adjustments to preliminary amounts recorded in the fourth quarter of 2021 (see Note 3 to the consolidated financial statements in our 2022 Form 10-K) 20 Impact of foreign currency translation adjustments (79 ) Balance - December 31, 2022 8,369 Impact of foreign currency translation adjustments 29 Balance - December 31, 2023 $ 8,398 Changes in the amount of the carrying value of finite-lived intangible assets for the years ended December 31, 2023 2022 Balance - January 1, 2022 $ 13,206 Adjustments to preliminary amounts recorded in the fourth quarter of 2021 (see Note 3 to the consolidated financial statements in our 2022 Form 10-K) 29 Impact of foreign currency translation adjustments (351 ) Amortization (2,694 ) Balance - December 31, 2022 10,190 Impact of foreign currency translation adjustments 102 Amortization (2,094 ) Balance - December 31, 2023 $ 8,198 The following tables provide further detail about our intangible assets at December 31, 2023 2022: December 31, 2023 Gross Accumulated Amortization Net Finite-lived intangible assets: Customer relationships $ 16,407 $ 9,687 $ 6,720 Technology 2,895 1,417 1,478 Patents 590 590 - Backlog 499 499 - Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 20,801 12,603 8,198 Indefinite-lived intangible assets: Trademarks 8,398 - 8,398 Total intangible assets $ 29,199 $ 12,603 $ 16,596 December 31, 2022 Gross Accumulated Amortization Net Finite-lived intangible assets: Customer relationships $ 16,313 $ 7,990 $ 8,323 Technology 2,855 988 1,867 Patents 590 590 - Backlog 492 492 - Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 20,660 10,470 10,190 Indefinite-lived intangible assets: Trademarks 8,369 - 8,369 Total intangible assets $ 29,029 $ 10,470 $ 18,559 We generally amortize our finite-lived intangible assets over their estimated useful lives based on the pattern in which the economic benefits of the intangible assets are expected to be consumed, or on a straight-line basis, if an alternate amortization method cannot be reliably determined. Any such alternate amortization method would be based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. None The following table sets forth the estimated annual amortization expense for each of the next five 2024 $ 1,973 2025 $ 1,774 2026 $ 1,163 2027 $ 667 2028 $ 534 Impairment of Goodwill and Indefinite Life Intangible Assets October 2023 2022, 350 2023 2022 During the goodwill impairment assessment in both 2023 2022, 2023 2022. 2023 2022, 2023 2022. Impairment of Long-Lived Assets and Finite-lived Intangible Assets 2023 2022, not no |
Note 5 - Revenue From Contracts
Note 5 - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 5 REVENUE FROM CONTRACTS WITH CUSTOMERS The following tables provide additional information about our revenue from contracts with customers, including revenue by customer and product type and revenue by market. See also Note 17 Years Ended 2023 2022 Revenue by customer type: End user $ 85,397 $ 84,468 OEM/Integrator/Distributor 37,905 32,360 $ 123,302 $ 116,828 Revenue by product type: Thermal test $ 21,344 $ 22,246 Thermal process 44,914 38,574 Semiconductor test 30,235 28,529 Video imaging 9,086 9,499 Flying probe and in-circuit testers 6,981 7,414 Service/other 10,742 10,566 $ 123,302 $ 116,828 Revenue by market: Semi $ 65,735 $ 68,422 Industrial 14,310 10,038 Automotive (including Electric Vehicles) 9,895 10,776 Life Sciences 4,856 4,589 Defense/aerospace 12,537 7,006 Security 3,688 3,241 Other 12,281 12,756 $ 123,302 $ 116,828 |
Note 6 - Major Customers
Note 6 - Major Customers | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 6 MAJOR CUSTOMERS During the year ended December 31, 2023, one December 31, 2023, no 10% December 31, 2022, no 10% |
Note 7 - Inventories
Note 7 - Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 7 INVENTORIES Inventories held at December 31 2023 2022 Raw materials $ 15,948 $ 16,888 Work in process 1,563 2,432 Inventory consigned to others 98 59 Finished goods 2,480 3,186 Total inventories $ 20,089 $ 22,565 |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 8 LEASES As previously discussed in Note 2, 842. 2031. December 31, 2023 2022, Years Ended December 31, 2023 2022 Operating lease cost $ 1,590 $ 1,340 Short-term lease cost $ 13 $ 81 The following is additional information about our leases at December 31, 2023: Range of remaining lease terms (in years) 0.3 to 7.3 Weighted average remaining lease term (in years) 4.3 Weighted average discount rate 4.6% Maturities of lease liabilities at December 31, 2023 2024 $ 2,078 2025 1,232 2026 931 2027 761 2028 361 Thereafter 584 Total lease payments $ 5,947 Less imputed interest (525 ) Total $ 5,422 Cash Flow Information Total amortization of ROU assets for the years ended December 31, 2023 2022 Lease Modifications and Additions Supplemental cash flow information related to leases for the years ended December 31, 2023 2022 Year ended December 31, 2023 Non-cash increases in operating lease liabilities and ROU assets as a result of acquisitions and the execution of new leases: Operating Lease Liabilities ROU Assets Addition to facility leases – Environmental Technologies $ 90 $ 90 Addition to automobile leases – Process Technologies $ 30 $ 30 Addition to automobile leases – Process Technologies $ 41 $ 41 Addition to facility leases – inTEST SE Asia $ 455 $ 455 Extension of facility lease – Process Technologies $ 136 $ 136 During the three March 31, 2023, one During three June 30, 2023, one During the three December 31, 2023, 2024, 1. Year ended December 31, 2022 Non-cash increases in operating lease liabilities and ROU assets as a result of acquisitions and the execution of new leases: Operating Lease Liabilities ROU Assets Extension of facility lease – Singapore $ 51 $ 51 Addition to automobile leases – Videology $ 42 $ 42 Addition to facility leases – Acculogic $ 942 $ 942 Addition to facility leases – Acculogic $ 127 $ 127 During three March 31, 2022, 24 April 1, 2022 March 31, 2024. During the three September 30, 2022, During the three December 31, 2022, |
Note 9 - Other Current Liabilit
Note 9 - Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | ( 9 OTHER CURRENT LIABILITIES Other current liabilities at December 31 2023 2022 Accrued warranty $ 648 $ 673 Accrued taxes 57 83 Current portion of deferred grant proceeds 55 38 Accrued interest 52 61 Current portion of contingent consideration - 324 Other 669 385 Total other current liabilities $ 1,481 $ 1,564 |
Note 10 - Debt
Note 10 - Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 10 DEBT Letters of Credit 30 not one December 31, 2023 December 31, 2022 L/C Lease Letters of Credit Facility Original L/C Issue Date Expiration Date Expiration Date Dec. 31 Dec. 31 Mt. Laurel, NJ 3/29/2010 4/30/2024 4/30/2031 $ 50 $ 50 Mansfield, MA 10/27/2010 12/31/2024 12/31/2024 50 50 $ 100 $ 100 Credit Facility On October 15, 2021 ( October 28, 2021, December 30, 2021, The Loan Agreement included a $25,000 non-revolving delayed draw term note (the “Term Note”) and a $10,000 revolving credit facility (the “Revolving Facility” and together with the Term Note, the “Credit Facility”). The Credit Facility had a five October 15, 2026, two On September 20, 2022, may December 31, 2023 September 19, 2027 ( December 31, 2023, not The principal balance of the Revolving Facility and the principal balance of any amount drawn under the Term Note accrues interest based on the secured overnight financing rate for U.S. government securities (“SOFR”) or a bank-defined base rate plus an applicable margin, depending on leverage. Each draw under the Term Note will have an option for us of either (i) up to a five five seven five The Amended Loan Agreement contains customary default provisions, including but not not 1.0 not 1.0. December 31, 2023, On October 28, 2021, 12 2022 10 five On December 29, 2021, 12 2022 10 not December 31, 2023, March 1, 2024, The following table sets forth the remaining maturities of long-term debt: 2024 $ 4,100 2025 4,100 2026 3,842 $ 12,042 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 11 INCOME TAXES We are subject to Federal and certain state income taxes. In addition, we are taxed in certain foreign countries. Years Ended 2023 2022 Domestic $ 9,600 $ 9,575 Foreign 1,448 570 Total $ 11,048 $ 10,145 Income tax expense was as follows: Years Ended 2023 2022 Current Domestic – Federal $ 2,139 $ 2,892 Domestic – state 202 263 Foreign 522 267 Total $ 2,863 $ 3,422 Deferred Domestic – Federal $ (1,052 ) $ (1,344 ) Domestic – state 31 (190 ) Foreign (136 ) (204 ) Total (1,157 ) (1,738 ) Income tax expense $ 1,706 $ 1,684 Deferred income taxes reflect the net tax effect of net operating loss and tax credit carryforwards as well as temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following is a summary of the significant components of our deferred tax assets and liabilities at December 31, 2023 2022: December 31, 2023 2022 Deferred tax assets: Capitalized research and development costs $ 2,320 $ 1,260 Operating lease liabilities 859 1,125 Accrued vacation pay and stock-based compensation 433 465 Inventories 395 602 Intangible assets 369 140 Net operating loss (state and foreign) 245 285 Acquisition costs 44 46 Allowance for doubtful accounts 44 43 Accrued warranty 26 54 Tax credit carryforwards - 89 Other 62 - Total 4,797 4,109 Valuation allowance (245 ) (227 ) Deferred tax assets 4,552 3,882 Deferred tax liabilities: Intangible assets (1,949 ) (2,101 ) Right-of-use assets (762 ) (996 ) Depreciation of property and equipment (404 ) (385 ) Other - (120 ) Deferred tax liabilities (3,115 ) (3,602 ) Net deferred tax assets $ 1,437 $ 280 The net change in the valuation allowance for the years ended December 31, 2023 2022 not not 2040. An analysis of the effective tax rate for the years ended December 31, 2023 2022 Years Ended 2023 2022 Expected income tax expense at U.S. statutory rate $ 2,320 $ 2,131 Increase (decrease) in tax from: Dividend from foreign subsidiaries 184 127 NOL carryforwards utilized 39 (80 ) Stock compensation (329 ) 77 Global intangible low taxed income 87 66 Nondeductible expenses 21 11 Current year tax credits (foreign and research) (367 ) (465 ) Domestic tax benefit, net of Federal benefit (167 ) 87 Changes in valuation allowance 18 163 Foreign income tax rate differences 109 147 Section 250 foreign derived intangible income deduction (272 ) (563 ) Other 63 (17 ) Income tax expense $ 1,706 $ 1,684 In accounting for income taxes, we follow the guidance in ASC Topic 740 not December 31, 2023 2022, not We file U.S. income tax returns and multiple state and foreign income tax returns. With few exceptions, the U.S. and state income tax returns filed for the tax years ended December 31, 2020 |
Note 12 - Legal Proceedings
Note 12 - Legal Proceedings | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | ( 12 LEGAL PROCEEDINGS From time to time we may not |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 13 STOCK-BASED COMPENSATION PLAN As of December 31, 2023, June 21, 2023, 2023 “2023 2014 “2014 No 2014 2023 2014 2023 2014 2023 2023 Our unvested restricted stock awards and stock options are accounted for based on their grant date fair value. At December 31, 2023, The following table summarizes the compensation expense we recorded during 2023 2022 Years Ended 2023 2022 Cost of revenues $ 104 $ 62 Selling expense 41 32 Engineering and product development expense 19 51 General and administrative expense 1,883 1,642 $ 2,047 $ 1,787 There was no compensation expense capitalized in 2023 2022. Stock Options No may ten four The fair value for stock options granted during 2023 2022 2023 2022 Risk-free interest rate 3.93 % 2.05 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .57 .55 Weighted average expected life of stock options (years) 6.25 6.25 The per share weighted average fair value of stock options issued during 2023 2022 The following table summarizes the activity related to stock options for the two December 31, 2023: Number Weighted Options outstanding, January 1, 2022 408,869 $ 9.07 Granted 202,540 8.45 Exercised (8,060 ) 4.74 Canceled (22,930 ) 9.10 Options outstanding, December 31, 2022 ( 167,886 580,419 8.91 Granted 93,860 16.25 Exercised (124,550 ) 7.85 Canceled (44,723 ) 9.77 Options outstanding, December 31, 2023 ( 171,735 505,006 10.46 Restricted Stock Awards four one March 31, June 30, September 30, December 31 Since August 2020, The following table summarizes the activity related to unvested restricted stock awards for the two December 31, 2023: Number Weighted Unvested shares outstanding, January 1, 2022 262,533 $ 7.16 Granted 123,533 9.21 Vested (91,672 ) 8.04 Forfeited (5,944 ) 9.16 Unvested shares outstanding, December 31, 2022 288,450 7.80 Granted 97,461 16.43 Vested (178,636 ) 8.21 Forfeited (17,491 ) 10.08 Unvested shares outstanding, December 31, 2023 189,784 11.51 The total fair value of the restricted stock awards that vested during the years ended December 31, 2023 2022 Performance-Based Awards August 24, 2020, August 24, 2023. August 24, 2020. June 14, 2021, August 24, 2020. December 31, 2022, August 24, 2023. August 24, 2023 On March 10, 2021, third March 10, 2021. December 31, 2023 fourth 2022, fourth 2023, December 31, 2023 first 2023 On March 9, 2022, third March 9, 2022. fourth 2023, On October 1, 2021, January 1, 2025 October 1, 2021. fourth 2023, March 8, 2023, third March 8, 2023. December 31, 2023, May 8, 2023 third May 8, 2023. December 31, 2023, |
Note 14 - Stock Repurchase Plan
Note 14 - Stock Repurchase Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Stock Repurchase Plan [Text Block] | ( 14 STOCK REPURCHASE PLANS On November 20, 2023, may November 2024. not may December 31, 2023, |
Note 15 - Employee Stock Purcha
Note 15 - Employee Stock Purchase Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Employee Stock Purchase Plan [Text Block] | ( 15 EMPLOYEE STOCK PURCHASE PLAN The inTEST Corporation Employee Stock Purchase Plan (the “ESPP”) was adopted by our Board of Directors in April 2021 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. During the year ended December 31, 2023, December 31, 2022, |
Note 16 - Employee Benefit Plan
Note 16 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 16 EMPLOYEE BENEFIT PLANS We have defined contribution 401 September 30, 2023, As of December 31, 2023, 18 four Prior to the merger with the inTEST Plan, all permanent employees of Ambrell were immediately eligible to participate in the Ambrell Plan upon employment and were eligible for employer matching contributions after completing six For the years ended December 31, 2023 2022, |
Note 17 - Segment Information
Note 17 - Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 17 SEGMENT INFORMATION We have three third Our management team, including our CEO who is also our Chief Operating Decision Maker as defined under U.S. GAAP, evaluates the performance of our operating segments primarily on income from divisional operations which represents earnings before income tax expense and excludes interest expense, other income (expense), corporate expenses and acquired intangible amortization. Years Ended 2023 2022 Revenue: Electronic Test $ 41,016 $ 40,219 Environmental Technologies 30,801 30,172 Process Technologies 51,485 46,437 Total Revenue $ 123,302 $ 116,828 Division operating income: Electronic Test $ 10,189 $ 9,931 Environmental Technologies 3,073 3,817 Process Technologies 9,544 8,230 Total division operating income 22,806 21,978 Corporate expenses (10,272 ) (8,563 ) Acquired intangible amortization (2,095 ) (2,694 ) Interest expense (679 ) (635 ) Other income 1,288 59 Earnings before income tax expense $ 11,048 $ 10,145 December 31, 2023 2022 Identifiable assets: Electronic Test $ 32,505 $ 31,143 Environmental Technologies 16,772 18,040 Process Technologies 56,842 56,866 Corporate 28,710 4,017 $ 134,829 $ 110,066 Capital expenditures: Electronic Test $ 599 $ 80 Environmental Technologies 495 368 Process Technologies 170 543 Corporate 27 374 $ 1,291 $ 1,365 The following table provides information about our geographic areas of operation. Revenue is based on the location to which the goods are shipped. Years Ended 2023 2022 Revenue: U.S. $ 45,222 $ 49,096 Foreign 78,080 67,732 $ 123,302 $ 116,828 December 31, 2023 2022 Property and equipment: U.S. $ 2,502 $ 2,658 Foreign 688 474 $ 3,190 $ 3,132 |
Note 18 - Quarterly Consolidate
Note 18 - Quarterly Consolidated Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | ( 18 QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited) The following tables present certain unaudited consolidated quarterly financial information for each of the eight December 31, 2023. not Year-over-year quarterly comparisons of our results of operations may not may Quarters Ended 3/31/23 6/30/23 9/30/23 12/31/23 Total Revenue $ 31,919 $ 32,558 $ 30,941 $ 27,884 $ 123,302 Gross profit 15,052 15,030 14,447 12,449 56,978 Earnings before income tax expense 3,394 3,365 2,723 1,566 11,048 Income tax expense 577 572 446 111 1,706 Net earnings 2,817 2,793 2,277 1,455 9,342 Net earnings per common share – basic $ 0.26 $ 0.25 $ 0.19 $ 0.12 $ 0.82 Weighted average common shares outstanding – basic 10,755,729 11,241,183 11,886,005 11,962,679 11,461,399 Net earnings per common share – diluted $ 0.25 $ 0.24 $ 0.19 $ 0.12 $ 0.79 Weighted average common shares outstanding – diluted 11,088,664 11,696,569 12,212,317 12,122,099 11,779,912 Quarters Ended 3/31/22 6/30/22 9/30/22 12/31/22 Total Revenue $ 24,081 $ 29,571 $ 30,771 $ 32,405 $ 116,828 Gross margin 11,013 13,548 13,898 14,981 53,440 Earnings before income tax expense 655 2,570 3,039 3,881 10,145 Income tax expense 78 454 515 637 1,684 Net earnings 577 2,116 2,524 3,244 8,461 Net earnings per common share – basic $ 0.05 $ 0.20 $ 0.24 $ 0.30 $ 0.79 Weighted average common shares outstanding – basic 10,617,271 10,653,268 10,695,867 10,725,662 10,673,017 Net earnings per common share – diluted $ 0.05 $ 0.20 $ 0.23 $ 0.30 $ 0.78 Weighted average common shares outstanding – diluted 10,842,592 10,814,799 10,864,540 10,928,220 10,862,538 |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 19 SUBSEQUENT EVENTS ACQUISITION On March 12, 2024 1991 In connection with the acquisition, we have entered into a lease agreement (the “Lease Agreement”) with the former owner of Alfamation. The Lease Agreement will last for six March 12, 2024 four RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS On March 27, 2024, 10 10 September 30, 2023, November 9, 2023. 10 three nine September 30, 2023. not 1M, 3 10 March 27, 2024 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | inTEST CORPORATION SCHEDULE II -- VALUATION AND QUALIFYING ACCOUNTS Balance at Expense Additions (Deductions) Reserve Amounts Acquired through Business Combinations Foreign Balance at Year Ended December 31, 2023 Allowance for doubtful accounts $ 496 $ - $ (19 ) $ - $ (3 ) $ 474 Warranty reserve 673 351 (376 ) - - 648 Year Ended December 31, 2022 Allowance for doubtful accounts $ 213 $ 5 $ 281 $ - $ (3 ) $ 496 Warranty reserve 531 473 (315 ) - (16 ) 673 ( 1 Bad debt recoveries in the table above do not December 31, 2023 2022, 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis Of Presentation And Use Of Estimates [Policy Text Block] | Basis of Presentation and Use of Estimates |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events We have made an assessment of our operations and determined that there were no December 31, 2023 19. |
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 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash Short-term investments that have maturities of three may not Restricted cash at December 31, 2022 one 2022. December 31, 2022 December 31, 2023, The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets and the consolidated statements of cash flows: December 31, 2023 2022 Cash and cash equivalents $ 45,260 $ 13,434 Restricted cash - 1,142 Total cash, cash equivalents and restricted cash $ 45,260 $ 14,576 |
Receivable [Policy Text Block] | Trade Accounts Receivable and Allowance for Doubtful Accounts not no January 1, 2023, 326 may Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not For the year ended December 31, 2023, no December 31, 2023 2022, no not December 31, 2022. December 31, 2023. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, our credit facility, interest rate swaps and our liabilities for contingent consideration. Our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at cost which approximates fair value, due to the short maturities of the accounts. Our credit facility and our interest rate swap are discussed further below and in Note 10. 820 820 3 3 |
Goodwill Intangible And Long Lived Assets [Policy Text Block] | Goodwill, Intangible and Long-Lived Assets three We account for goodwill and intangible assets in accordance with ASC Topic 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 at the beginning of 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 technology solutions for use in manufacturing and testing in targeted markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We sell thermal management products including ThermoStreams, ThermoChambers, process chillers, refrigerators and freezers, which we sell under our Temptronic, Sigma, Thermonics and North Sciences product lines, and Ambrell Corporation’s (“Ambrell”) precision induction heating systems, including EKOHEAT and EASYHEAT products. As a result of the acquisition of Videology, we sell industrial-grade circuit board mounted video digital cameras and related devices, systems and software. We sell semiconductor ATE interface solutions which include manipulators, docking hardware and electrical interface products. As a result of the acquisition of Acculogic, we sell robotics-based electronic production test equipment. We sell semiconductor ATE interface solutions and certain thermal management products to the semi market. We also sell many of our products to various other markets including the automotive, defense/aerospace, industrial, life sciences and security markets. We provide post-warranty service and support for the equipment we sell. We lease certain of our equipment under short-term leasing agreements with original lease terms of six 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 credit losses, is included in current assets on our consolidated balance sheets. In certain instances, we also receive customer deposits in advance of invoicing and recording of accounts receivable. Customer deposits are included in current liabilities on our consolidated balance sheets. To the extent that we do not twelve twelve As discussed above, we follow the guidance in ASC Topic 326 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 17 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at cost on a first first not three not twenty-four December 31, 2023 2022, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment one ten December 31, 2023 2022, |
Lessee, Leases [Policy Text Block] | Leases We account for leases in accordance with ASC Topic 842 may not not 842. 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 on our consolidated statements of cash flows. We have made an accounting policy election not 842 one See Note 8 |
Derivatives, Policy [Policy Text Block] | Interest Rate Swap Agreement We are exposed to interest rate risk on our floating-rate debt. We have entered into an interest rate swap agreement to effectively convert our floating-rate debt to a fixed-rate basis for a portion of our floating rate debt, as discussed further in Notes 3 10. 815 |
Contingent Liability, Repayment of State and Local Grant Funds Received, Policy [Policy Text Block] | Contingent Liability for Repayment of State and Local Grant Funds Received In connection with leasing a facility in Rochester, New York, which our subsidiary, Ambrell, occupied in May 2018, 2024. may December 31, 2023, not no December 31, 2023. December 31, 2023, |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation 718 13. |
Research and Development Expense, Policy [Policy Text Block] | Engineering and Product Development Engineering and product development costs, which consist primarily of the salary and related benefits costs of our technical staff, as well as the cost of materials used in product development, are expensed as incurred. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency not December 31, 2023, December 31, 2022, |
Income Tax, Policy [Policy Text Block] | Income Taxes not not 11 |
Earnings Per Share, Policy [Policy Text Block] | Net Earnings Per Common Share The table below sets forth, for the periods indicated, a reconciliation of weighted average common shares outstanding - basic to weighted average common shares and common share equivalents outstanding - diluted and the average number of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive: Years Ended 2023 2022 Weighted average common shares outstanding–basic 11,461,399 10,673,017 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 318,513 189,521 Weighted average common shares and common share equivalents outstanding–diluted 11,779,912 10,862,538 Average number of potentially dilutive securities excluded from calculation 140,079 478,024 |
New Accounting Pronouncements, Policy [Policy Text Block] | Effect of Recently Adopted Amendments to Authoritative Accounting Guidance In June 2016, November 2019, December 15, 2022. first January 1, 2023. not Effect of Recently Issued Amendments to Authoritative Accounting Guidance In November 2023, December 15, 2023 December 15, 2024. In December 2023, five may December 15, 2024 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Cash, Cash Equivalents and Restricted Cash [Table Text Block] | December 31, 2023 2022 Cash and cash equivalents $ 45,260 $ 13,434 Restricted cash - 1,142 Total cash, cash equivalents and restricted cash $ 45,260 $ 14,576 |
Schedule of Weighted Average Number of Shares [Table Text Block] | Years Ended 2023 2022 Weighted average common shares outstanding–basic 11,461,399 10,673,017 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 318,513 189,521 Weighted average common shares and common share equivalents outstanding–diluted 11,779,912 10,862,538 Average number of potentially dilutive securities excluded from calculation 140,079 478,024 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 At December 31, 2023 Contingent consideration liability – Acculogic $ (1,093 ) $ - $ - $ (1,093 ) Interest rate swap $ 285 $ - $ 285 $ - Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 At December 31, 2022 Contingent consideration liability – Acculogic $ (1,363 ) $ - $ - $ (1,363 ) Interest rate swap $ 528 $ - $ 528 $ - |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Balance - January 1, 2022 $ 1,109 Payout of contingent consideration related to the acquisition of Z-Sciences (179 ) Adjustment to contingent consideration liability in connection with the acquisition of Acculogic 500 Impact of foreign currency translation adjustments (67 ) Balance - December 31, 2022 1,363 Adjustment to contingent consideration liability in connection with the acquisition of Acculogic (294 ) Impact of foreign currency translation adjustments 24 Balance - December 31, 2023 $ 1,093 |
Note 4 - Goodwill and Intangi_2
Note 4 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Changes in Goodwill [Table Text Block] | Balance - January 1, 2022 $ 21,448 Adjustments to preliminary amounts recorded in the fourth quarter of 2021 (see Note 3 to the consolidated financial statements in our 2022 Form 10-K) 451 Impact of foreign currency translation adjustments (294 ) Balance - December 31, 2022 21,605 Impact of foreign currency translation adjustments 123 Balance - December 31, 2023 $ 21,728 |
Schedule Of Intangible Assets [Table Text Block] | December 31, 2023 2022 Electronic Test $ 3,436 $ 3,369 Environmental Technologies 1,817 1,817 Process Technologies 16,475 16,419 Total Goodwill $ 21,728 $ 21,605 December 31, 2023 Gross Accumulated Amortization Net Finite-lived intangible assets: Customer relationships $ 16,407 $ 9,687 $ 6,720 Technology 2,895 1,417 1,478 Patents 590 590 - Backlog 499 499 - Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 20,801 12,603 8,198 Indefinite-lived intangible assets: Trademarks 8,398 - 8,398 Total intangible assets $ 29,199 $ 12,603 $ 16,596 December 31, 2022 Gross Accumulated Amortization Net Finite-lived intangible assets: Customer relationships $ 16,313 $ 7,990 $ 8,323 Technology 2,855 988 1,867 Patents 590 590 - Backlog 492 492 - Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 20,660 10,470 10,190 Indefinite-lived intangible assets: Trademarks 8,369 - 8,369 Total intangible assets $ 29,029 $ 10,470 $ 18,559 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Balance - January 1, 2022 $ 8,428 Adjustments to preliminary amounts recorded in the fourth quarter of 2021 (see Note 3 to the consolidated financial statements in our 2022 Form 10-K) 20 Impact of foreign currency translation adjustments (79 ) Balance - December 31, 2022 8,369 Impact of foreign currency translation adjustments 29 Balance - December 31, 2023 $ 8,398 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Balance - January 1, 2022 $ 13,206 Adjustments to preliminary amounts recorded in the fourth quarter of 2021 (see Note 3 to the consolidated financial statements in our 2022 Form 10-K) 29 Impact of foreign currency translation adjustments (351 ) Amortization (2,694 ) Balance - December 31, 2022 10,190 Impact of foreign currency translation adjustments 102 Amortization (2,094 ) Balance - December 31, 2023 $ 8,198 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2024 $ 1,973 2025 $ 1,774 2026 $ 1,163 2027 $ 667 2028 $ 534 |
Note 5 - Revenue From Contrac_2
Note 5 - Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Years Ended 2023 2022 Revenue by customer type: End user $ 85,397 $ 84,468 OEM/Integrator/Distributor 37,905 32,360 $ 123,302 $ 116,828 Revenue by product type: Thermal test $ 21,344 $ 22,246 Thermal process 44,914 38,574 Semiconductor test 30,235 28,529 Video imaging 9,086 9,499 Flying probe and in-circuit testers 6,981 7,414 Service/other 10,742 10,566 $ 123,302 $ 116,828 Revenue by market: Semi $ 65,735 $ 68,422 Industrial 14,310 10,038 Automotive (including Electric Vehicles) 9,895 10,776 Life Sciences 4,856 4,589 Defense/aerospace 12,537 7,006 Security 3,688 3,241 Other 12,281 12,756 $ 123,302 $ 116,828 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2023 2022 Raw materials $ 15,948 $ 16,888 Work in process 1,563 2,432 Inventory consigned to others 98 59 Finished goods 2,480 3,186 Total inventories $ 20,089 $ 22,565 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Years Ended December 31, 2023 2022 Operating lease cost $ 1,590 $ 1,340 Short-term lease cost $ 13 $ 81 Range of remaining lease terms (in years) 0.3 to 7.3 Weighted average remaining lease term (in years) 4.3 Weighted average discount rate 4.6% |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 $ 2,078 2025 1,232 2026 931 2027 761 2028 361 Thereafter 584 Total lease payments $ 5,947 Less imputed interest (525 ) Total $ 5,422 |
Supplemental Cash Flow Infomation, Lessee [Table Text Block] | Operating Lease Liabilities ROU Assets Addition to facility leases – Environmental Technologies $ 90 $ 90 Addition to automobile leases – Process Technologies $ 30 $ 30 Addition to automobile leases – Process Technologies $ 41 $ 41 Addition to facility leases – inTEST SE Asia $ 455 $ 455 Extension of facility lease – Process Technologies $ 136 $ 136 Operating Lease Liabilities ROU Assets Extension of facility lease – Singapore $ 51 $ 51 Addition to automobile leases – Videology $ 42 $ 42 Addition to facility leases – Acculogic $ 942 $ 942 Addition to facility leases – Acculogic $ 127 $ 127 |
Note 9 - Other Current Liabil_2
Note 9 - Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | 2023 2022 Accrued warranty $ 648 $ 673 Accrued taxes 57 83 Current portion of deferred grant proceeds 55 38 Accrued interest 52 61 Current portion of contingent consideration - 324 Other 669 385 Total other current liabilities $ 1,481 $ 1,564 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule Of Outstanding Letters Of Credit [Table Text Block] | L/C Lease Letters of Credit Facility Original L/C Issue Date Expiration Date Expiration Date Dec. 31 Dec. 31 Mt. Laurel, NJ 3/29/2010 4/30/2024 4/30/2031 $ 50 $ 50 Mansfield, MA 10/27/2010 12/31/2024 12/31/2024 50 50 $ 100 $ 100 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2024 $ 4,100 2025 4,100 2026 3,842 $ 12,042 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended 2023 2022 Domestic $ 9,600 $ 9,575 Foreign 1,448 570 Total $ 11,048 $ 10,145 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended 2023 2022 Current Domestic – Federal $ 2,139 $ 2,892 Domestic – state 202 263 Foreign 522 267 Total $ 2,863 $ 3,422 Deferred Domestic – Federal $ (1,052 ) $ (1,344 ) Domestic – state 31 (190 ) Foreign (136 ) (204 ) Total (1,157 ) (1,738 ) Income tax expense $ 1,706 $ 1,684 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 Deferred tax assets: Capitalized research and development costs $ 2,320 $ 1,260 Operating lease liabilities 859 1,125 Accrued vacation pay and stock-based compensation 433 465 Inventories 395 602 Intangible assets 369 140 Net operating loss (state and foreign) 245 285 Acquisition costs 44 46 Allowance for doubtful accounts 44 43 Accrued warranty 26 54 Tax credit carryforwards - 89 Other 62 - Total 4,797 4,109 Valuation allowance (245 ) (227 ) Deferred tax assets 4,552 3,882 Deferred tax liabilities: Intangible assets (1,949 ) (2,101 ) Right-of-use assets (762 ) (996 ) Depreciation of property and equipment (404 ) (385 ) Other - (120 ) Deferred tax liabilities (3,115 ) (3,602 ) Net deferred tax assets $ 1,437 $ 280 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended 2023 2022 Expected income tax expense at U.S. statutory rate $ 2,320 $ 2,131 Increase (decrease) in tax from: Dividend from foreign subsidiaries 184 127 NOL carryforwards utilized 39 (80 ) Stock compensation (329 ) 77 Global intangible low taxed income 87 66 Nondeductible expenses 21 11 Current year tax credits (foreign and research) (367 ) (465 ) Domestic tax benefit, net of Federal benefit (167 ) 87 Changes in valuation allowance 18 163 Foreign income tax rate differences 109 147 Section 250 foreign derived intangible income deduction (272 ) (563 ) Other 63 (17 ) Income tax expense $ 1,706 $ 1,684 |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years Ended 2023 2022 Cost of revenues $ 104 $ 62 Selling expense 41 32 Engineering and product development expense 19 51 General and administrative expense 1,883 1,642 $ 2,047 $ 1,787 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2023 2022 Risk-free interest rate 3.93 % 2.05 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .57 .55 Weighted average expected life of stock options (years) 6.25 6.25 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number Weighted Options outstanding, January 1, 2022 408,869 $ 9.07 Granted 202,540 8.45 Exercised (8,060 ) 4.74 Canceled (22,930 ) 9.10 Options outstanding, December 31, 2022 ( 167,886 580,419 8.91 Granted 93,860 16.25 Exercised (124,550 ) 7.85 Canceled (44,723 ) 9.77 Options outstanding, December 31, 2023 ( 171,735 505,006 10.46 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number Weighted Unvested shares outstanding, January 1, 2022 262,533 $ 7.16 Granted 123,533 9.21 Vested (91,672 ) 8.04 Forfeited (5,944 ) 9.16 Unvested shares outstanding, December 31, 2022 288,450 7.80 Granted 97,461 16.43 Vested (178,636 ) 8.21 Forfeited (17,491 ) 10.08 Unvested shares outstanding, December 31, 2023 189,784 11.51 |
Note 17 - Segment Information (
Note 17 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended 2023 2022 Revenue: Electronic Test $ 41,016 $ 40,219 Environmental Technologies 30,801 30,172 Process Technologies 51,485 46,437 Total Revenue $ 123,302 $ 116,828 Division operating income: Electronic Test $ 10,189 $ 9,931 Environmental Technologies 3,073 3,817 Process Technologies 9,544 8,230 Total division operating income 22,806 21,978 Corporate expenses (10,272 ) (8,563 ) Acquired intangible amortization (2,095 ) (2,694 ) Interest expense (679 ) (635 ) Other income 1,288 59 Earnings before income tax expense $ 11,048 $ 10,145 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Years Ended 2023 2022 Revenue: U.S. $ 45,222 $ 49,096 Foreign 78,080 67,732 $ 123,302 $ 116,828 |
Long-Lived Assets by Geographic Areas [Table Text Block] | December 31, 2023 2022 Property and equipment: U.S. $ 2,502 $ 2,658 Foreign 688 474 $ 3,190 $ 3,132 |
Asset [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | December 31, 2023 2022 Identifiable assets: Electronic Test $ 32,505 $ 31,143 Environmental Technologies 16,772 18,040 Process Technologies 56,842 56,866 Corporate 28,710 4,017 $ 134,829 $ 110,066 Capital expenditures: Electronic Test $ 599 $ 80 Environmental Technologies 495 368 Process Technologies 170 543 Corporate 27 374 $ 1,291 $ 1,365 |
Note 18 - Quarterly Consolida_2
Note 18 - Quarterly Consolidated Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarters Ended 3/31/23 6/30/23 9/30/23 12/31/23 Total Revenue $ 31,919 $ 32,558 $ 30,941 $ 27,884 $ 123,302 Gross profit 15,052 15,030 14,447 12,449 56,978 Earnings before income tax expense 3,394 3,365 2,723 1,566 11,048 Income tax expense 577 572 446 111 1,706 Net earnings 2,817 2,793 2,277 1,455 9,342 Net earnings per common share – basic $ 0.26 $ 0.25 $ 0.19 $ 0.12 $ 0.82 Weighted average common shares outstanding – basic 10,755,729 11,241,183 11,886,005 11,962,679 11,461,399 Net earnings per common share – diluted $ 0.25 $ 0.24 $ 0.19 $ 0.12 $ 0.79 Weighted average common shares outstanding – diluted 11,088,664 11,696,569 12,212,317 12,122,099 11,779,912 Quarters Ended 3/31/22 6/30/22 9/30/22 12/31/22 Total Revenue $ 24,081 $ 29,571 $ 30,771 $ 32,405 $ 116,828 Gross margin 11,013 13,548 13,898 14,981 53,440 Earnings before income tax expense 655 2,570 3,039 3,881 10,145 Income tax expense 78 454 515 637 1,684 Net earnings 577 2,116 2,524 3,244 8,461 Net earnings per common share – basic $ 0.05 $ 0.20 $ 0.24 $ 0.30 $ 0.79 Weighted average common shares outstanding – basic 10,617,271 10,653,268 10,695,867 10,725,662 10,673,017 Net earnings per common share – diluted $ 0.05 $ 0.20 $ 0.23 $ 0.30 $ 0.78 Weighted average common shares outstanding – diluted 10,842,592 10,814,799 10,864,540 10,928,220 10,862,538 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Balance at Expense Additions (Deductions) Reserve Amounts Acquired through Business Combinations Foreign Balance at Year Ended December 31, 2023 Allowance for doubtful accounts $ 496 $ - $ (19 ) $ - $ (3 ) $ 474 Warranty reserve 673 351 (376 ) - - 648 Year Ended December 31, 2022 Allowance for doubtful accounts $ 213 $ 5 $ 281 $ - $ (3 ) $ 496 Warranty reserve 531 473 (315 ) - (16 ) 673 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | 12 Months Ended | |
May 11, 2023 USD ($) shares | Dec. 31, 2023 USD ($) ft² | |
Number of Operating Segments | 3 | |
Stock Issued During Period, Value, New Issues | $ 19,244,000 | |
At-the-Market Issuance Sales Agreement [Member] | ||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 921,797 | |
Aggregate Offering Price of Stock | $ 20,000 | |
Stock Issued During Period, Value, New Issues | $ 19,244 | |
Commission Fee, Percentage of Gross Proceeds | 3% | |
Facility in Penang, Malaysia [Member] | ||
Area of Real Estate Property (Square Foot) | ft² | 25,000 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | May 31, 2018 USD ($) | |
Restricted Cash, Total | $ 0 | $ 1,142 | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | 198 | 470 | ||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 0 | 286 | ||
Number of Reporting Units | 3 | |||
Inventory Write-down | $ 544 | 771 | ||
Depreciation, Total | 1,021 | 809 | ||
Deferred Grant Proceeds | 246 | |||
Foreign Currency Transaction Gain (Loss), before Tax, Total | 9 | (109) | ||
City of Rochester and State of New York [Member] | ||||
Contingent Liability, Repayment of State and Local Grant Funds Received | $ 550 | |||
Covenant, Future Amount Receivable | $ 193 | |||
Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 1 year | |||
Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||
Bank Guarantee on Customer Order Deposit [Member] | ||||
Restricted Cash, Total | $ 1,142 | € 1,160 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 45,260 | $ 13,434 |
Restricted cash | 0 | 1,142 |
Total cash, cash equivalents and restricted cash | $ 45,260 | $ 14,576 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Weighted average common shares outstanding–basic (in shares) | 11,962,679 | 11,886,005 | 11,241,183 | 10,755,729 | 10,725,662 | 10,695,867 | 10,653,268 | 10,617,271 | 11,461,399 | 10,673,017 |
Unvested shares of restricted stock and employee stock options (in shares) | 318,513 | 189,521 | ||||||||
Weighted average common shares and common share equivalents outstanding–diluted (in shares) | 12,122,099 | 12,212,317 | 11,696,569 | 11,088,664 | 10,928,220 | 10,864,540 | 10,814,799 | 10,842,592 | 11,779,912 | 10,862,538 |
Average number of potentially dilutive securities excluded from calculation (in shares) | 140,079 | 478,024 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Combination, Contingent Consideration, Liability, Current | $ 0 | $ 324 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (294) | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | General and Administrative Expense [Member] | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 294 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Current Liabilities [Member] | ||
Business Combination, Contingent Consideration, Liability, Current | $ 324 |
Note 3 - Fair Value Measureme_4
Note 3 - Fair Value Measurements - Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Interest Rate Swap [Member] | ||
Interest rate swap | $ 285 | $ 528 |
Interest rate swap | 285 | 528 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 0 | |
Interest rate swap | 0 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 285 | 528 |
Interest rate swap | 285 | 528 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 0 | |
Interest rate swap | 0 | |
Acculogic [Member] | ||
Contingent consideration liability | (1,093) | (1,363) |
Acculogic [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Contingent consideration liability | 0 | |
Acculogic [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Contingent consideration liability | 0 | |
Acculogic [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Contingent consideration liability | $ (1,093) | $ (1,363) |
Note 3 - Fair Value Measureme_5
Note 3 - Fair Value Measurements - Changes in the Fair Value of Level 3 Contingent Consideration Liabilities (Details) - Contingent Consideration Liabilities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 1,363 | $ 1,109 |
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic | 294 | |
Impact of foreign currency translation adjustments | (24) | 67 |
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic | (294) | |
Balance | $ 1,093 | 1,363 |
Z-Sciences [Member] | ||
Payout of contingent consideration related to the acquisition of Z-Sciences | (179) | |
Acculogic [Member] | ||
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic | 500 | |
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic | $ (500) |
Note 4 - Goodwill and Intangi_3
Note 4 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Asset Impairment, Total | $ 0 | $ 0 |
Minimum [Member] | ||
Discounted Cash Flows, Discount Rate | 14.50% | 16.50% |
Maximum [Member] | ||
Discounted Cash Flows, Discount Rate | 16% | 18% |
Note 4 - Goodwill and Intangi_4
Note 4 - Goodwill and Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 21,605 | $ 21,448 |
Goodwill, Purchase Accounting Adjustments | 451 | |
Impact of foreign currency translation adjustments | 123 | (294) |
Balance | $ 21,728 | $ 21,605 |
Note 4 - Goodwill and Intangi_5
Note 4 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill | $ 21,728 | $ 21,605 | $ 21,448 |
Finite-lived, Gross Carrying Amount | 20,801 | 20,660 | |
Finite-lived, Accumulated Amortization | 12,603 | 10,470 | |
Net Carrying Amount, finite-lived | 8,198 | 10,190 | 13,206 |
Indefinite-lived, Gross Carrying Amount | 8,398 | 8,369 | 8,428 |
Net Carrying Amount, indefinite-lived | 8,398 | 8,369 | $ 8,428 |
Intangible Assets, Gross Carrying Amount | 29,199 | 29,029 | |
Net Carrying Amount | 16,596 | 18,559 | |
Trademarks [Member] | |||
Indefinite-lived, Gross Carrying Amount | 8,398 | 8,369 | |
Net Carrying Amount, indefinite-lived | 8,398 | 8,369 | |
Customer Relationships [Member] | |||
Finite-lived, Gross Carrying Amount | 16,407 | 16,313 | |
Finite-lived, Accumulated Amortization | 9,687 | 7,990 | |
Net Carrying Amount, finite-lived | 6,720 | 8,323 | |
Patented Technology [Member] | |||
Finite-lived, Gross Carrying Amount | 2,895 | 2,855 | |
Finite-lived, Accumulated Amortization | 1,417 | 988 | |
Net Carrying Amount, finite-lived | 1,478 | 1,867 | |
Patents [Member] | |||
Finite-lived, Gross Carrying Amount | 590 | 590 | |
Finite-lived, Accumulated Amortization | 590 | 590 | |
Net Carrying Amount, finite-lived | 0 | ||
Customer Backlog [Member] | |||
Finite-lived, Gross Carrying Amount | 499 | 492 | |
Finite-lived, Accumulated Amortization | 499 | 492 | |
Net Carrying Amount, finite-lived | 0 | ||
Computer Software, Intangible Asset [Member] | |||
Finite-lived, Gross Carrying Amount | 270 | 270 | |
Finite-lived, Accumulated Amortization | 270 | 270 | |
Net Carrying Amount, finite-lived | 0 | ||
Trade Names [Member] | |||
Finite-lived, Gross Carrying Amount | 140 | 140 | |
Finite-lived, Accumulated Amortization | 140 | 140 | |
Net Carrying Amount, finite-lived | 0 | ||
Electronic Test [Member] | |||
Goodwill | 3,436 | 3,369 | |
Environmental Technologies [Member] | |||
Goodwill | 1,817 | 1,817 | |
Process Technologies [Member] | |||
Goodwill | $ 16,475 | $ 16,419 |
Note 4 - Goodwill and Intangi_6
Note 4 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Indefinite-lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 8,369 | $ 8,428 |
Indefinite-Lived Intangible Assets, Purchase Accounting Adjustments | 20 | |
Impact of foreign currency translation adjustments | 29 | (79) |
Balance | $ 8,398 | $ 8,369 |
Note 4 - Goodwill and Intangi_7
Note 4 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 10,190 | $ 13,206 |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 29 | |
Impact of foreign currency translation adjustments | 102 | (351) |
Amortization | (2,094) | (2,694) |
Balance | $ 8,198 | $ 10,190 |
Note 4 - Goodwill and Intangi_8
Note 4 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2023 | $ 1,973 |
2024 | 1,774 |
2025 | 1,163 |
2026 | 667 |
2027 | $ 534 |
Note 5 - Revenue From Contrac_3
Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 27,884 | $ 30,941 | $ 32,558 | $ 31,919 | $ 32,405 | $ 30,771 | $ 29,571 | $ 24,081 | $ 123,302 | $ 116,828 |
Semiconductor Market [Member] | ||||||||||
Revenue | 65,735 | 68,422 | ||||||||
Industrial Market [Member] | ||||||||||
Revenue | 14,310 | 10,038 | ||||||||
Automotive [Member] | ||||||||||
Revenue | 9,895 | 10,776 | ||||||||
Life Sciences [Member] | ||||||||||
Revenue | 4,856 | 4,589 | ||||||||
Defense/ Aerospace [Member] | ||||||||||
Revenue | 12,537 | 7,006 | ||||||||
Security [Member] | ||||||||||
Revenue | 3,688 | 3,241 | ||||||||
Other Multi Markets [Member] | ||||||||||
Revenue | 12,281 | 12,756 | ||||||||
Thermal Testing Products [Member] | ||||||||||
Revenue | 21,344 | 22,246 | ||||||||
Thermal Process [Member] | ||||||||||
Revenue | 44,914 | 38,574 | ||||||||
Semiconductor Production Test Products [Member] | ||||||||||
Revenue | 30,235 | 28,529 | ||||||||
Video Imaging [Member] | ||||||||||
Revenue | 9,086 | 9,499 | ||||||||
Flying Probe and In-circuit Testers [Member] | ||||||||||
Revenue | 6,981 | 7,414 | ||||||||
Service and Other Products [Member] | ||||||||||
Revenue | 10,742 | 10,566 | ||||||||
End User [Member] | ||||||||||
Revenue | 85,397 | 84,468 | ||||||||
OEM, Integrators and Distributor [Member] | ||||||||||
Revenue | $ 37,905 | $ 32,360 |
Note 6 - Major Customers (Detai
Note 6 - Major Customers (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Number of Major Customers | 1 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Texas Instruments Incorporated [Member] | |
Concentration Risk, Percentage | 13% |
Note 7 - Inventories - Inventor
Note 7 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Raw materials | $ 15,948 | $ 16,888 |
Work in process | 1,563 | 2,432 |
Inventory consigned to others | 98 | 59 |
Finished goods | 2,480 | 3,186 |
Total inventories | $ 20,089 | $ 22,565 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | |
Operating Lease, Right-of-Use Asset, Amortization Expense | $ 1,567 | $ 1,241 | ||||
Operating Lease, Right-of-Use Asset | 4,987 | 5,770 | ||||
Operating Lease, Liability | 5,422 | |||||
Environmental Technologies in Germany [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Month) | 25 months | |||||
Operating Lease, Right-of-Use Asset | 90 | $ 90 | ||||
Operating Lease, Liability | $ 90 | $ 90 | ||||
Process Technologies in Europe [Member] | Automobile Lease, One [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Month) | 36 years | |||||
Process Technologies in Europe [Member] | Automobile Leases [Member] | ||||||
Operating Lease, Right-of-Use Asset | $ 41 | $ 30 | ||||
Operating Lease, Liability | $ 41 | $ 30 | ||||
Process Technologies in Europe [Member] | Automobile Lease, Two [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Month) | 48 years | |||||
Southeast Asia Operation [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Month) | 36 months | |||||
Operating Lease, Right-of-Use Asset | $ 455 | |||||
Operating Lease, Liability | $ 455 | |||||
Process Technologies in the Netherlands [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Month) | 36 years | |||||
Operating Lease, Right-of-Use Asset | $ 136 | |||||
Operating Lease, Liability | $ 136 | |||||
Lease Facility in Singapore [Member] | ||||||
Operating Lease, Right-of-Use Asset | 51 | $ 51 | ||||
Operating Lease, Liability | 51 | $ 51 | ||||
Automobile Lease for Videology [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Month) | 48 months | |||||
Operating Lease, Right-of-Use Asset | 42 | $ 42 | ||||
Operating Lease, Liability | $ 42 | $ 42 | ||||
Facility for Acculogic Operation in Canada [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Month) | 62 months | |||||
Operating Lease, Right-of-Use Asset | $ 942 | |||||
Operating Lease, Liability | $ 942 | |||||
Facility for Acculogic Operation in California [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Month) | 37 months | |||||
Operating Lease, Right-of-Use Asset | $ 127 | |||||
Operating Lease, Liability | $ 127 |
Note 8 - Leases - Lease Costs (
Note 8 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating lease cost | $ 1,590 | $ 1,340 |
Short-term lease cost | $ 13 | $ 81 |
Weighted average remaining lease term (in years) (Year) | 4 years 3 months 18 days | |
Weighted average discount rate | 4.60% | |
Minimum [Member] | ||
Range of remaining lease terms (in years) (Year) | 3 months 18 days | |
Maximum [Member] | ||
Range of remaining lease terms (in years) (Year) | 7 years 3 months 18 days |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 2,078 |
2025 | 1,232 |
2026 | 931 |
2027 | 761 |
2028 | 361 |
Thereafter | 584 |
Total lease payments | 5,947 |
Less imputed interest | (525) |
Total | $ 5,422 |
Note 8 - Leases - Lease Modific
Note 8 - Leases - Lease Modifications (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 |
Total | $ 5,422 | ||||
Operating Lease, Right-of-Use Asset | 4,987 | $ 5,770 | |||
Environmental Technologies in Germany [Member] | |||||
Total | 90 | $ 90 | |||
Operating Lease, Right-of-Use Asset | 90 | $ 90 | |||
Lease Facility in Singapore [Member] | |||||
Total | 51 | $ 51 | |||
Operating Lease, Right-of-Use Asset | 51 | $ 51 | |||
Automobile Lease, One [Member] | |||||
Total | 30 | ||||
Operating Lease, Right-of-Use Asset | 30 | ||||
Automobile Lease for Videology [Member] | |||||
Total | 42 | $ 42 | |||
Operating Lease, Right-of-Use Asset | 42 | $ 42 | |||
Automobile Lease, Two [Member] | |||||
Total | 41 | ||||
Operating Lease, Right-of-Use Asset | 41 | ||||
Facility for Acculogic Operation in Canada [Member] | |||||
Total | 942 | ||||
Operating Lease, Right-of-Use Asset | 942 | ||||
Southeast Asia Operation [Member] | |||||
Total | 455 | ||||
Operating Lease, Right-of-Use Asset | 455 | ||||
Facility for Acculogic Operation in California [Member] | |||||
Total | 127 | ||||
Operating Lease, Right-of-Use Asset | $ 127 | ||||
Process Technologies in the Netherlands [Member] | |||||
Total | 136 | ||||
Operating Lease, Right-of-Use Asset | $ 136 |
Note 9 - Other Current Liabil_3
Note 9 - Other Current Liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued warranty | $ 648 | $ 673 |
Accrued taxes | 57 | 83 |
Current portion of deferred grant proceeds | 55 | 38 |
Accrued interest | 52 | 61 |
Current portion of contingent consideration | 0 | 324 |
Other | 669 | 385 |
Total other current liabilities | $ 1,481 | $ 1,564 |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) $ in Thousands | Dec. 29, 2021 USD ($) | Oct. 28, 2021 USD ($) | Oct. 15, 2021 USD ($) | Dec. 31, 2023 USD ($) | Sep. 20, 2022 USD ($) |
Debt Instrument, Covenant, Ratio of Consolidated Funded Debt to Consolidated EBITDA | 3 | ||||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1.25 | ||||
October 2021 Agreement [Member] | M&T Bank [Member] | |||||
Debt Instrument, Term (Year) | 5 years | ||||
Debt Instrument, Interest Rate in Event of Default | 2% | ||||
October 2021 Agreement [Member] | M&T Bank [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | ||||
October 2021 Agreement [Member] | M&T Bank [Member] | Term Note [Member] | |||||
Debt Instrument, Face Amount | $ 25,000 | ||||
Debt Instrument, Draw Period (Year) | 2 years | ||||
Proceeds from Issuance of Long-term Debt, Total | $ 8,500 | $ 12,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.20% | 7.40% | |||
Amended Loan Agreement [Member] | M&T Bank [Member] | |||||
Long-Term Line of Credit, Total | $ 0 | ||||
Amended Loan Agreement [Member] | M&T Bank [Member] | Term Note [Member] | |||||
Debt Instrument, Face Amount | $ 50,500 | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 30,000 |
Note 10 - Debt - Outstanding Le
Note 10 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Letters of Credit Amount Outstanding | $ 100 | $ 100 |
Mt Laurel [Member] | ||
Line of Credit, Issue Date | Mar. 29, 2010 | |
Line of Credit, Expiration Date | Apr. 30, 2024 | |
Lease Expiration Date | Apr. 30, 2031 | |
Letters of Credit Amount Outstanding | $ 50 | 50 |
Mansfield [Member] | ||
Line of Credit, Issue Date | Oct. 27, 2010 | |
Line of Credit, Expiration Date | Dec. 31, 2024 | |
Lease Expiration Date | Dec. 31, 2024 | |
Letters of Credit Amount Outstanding | $ 50 | $ 50 |
Note 10 - Debt - Future Maturit
Note 10 - Debt - Future Maturities of Long-term Debt (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 4,100 |
2025 | 4,100 |
2026 | 3,842 |
Long-Term Debt | $ 12,042 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 18 | $ 163 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Note 11 - Income Taxes - Earnin
Note 11 - Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Domestic | $ 9,600 | $ 9,575 | ||||||||
Foreign | 1,448 | 570 | ||||||||
Earnings before income tax expense | $ 1,566 | $ 2,723 | $ 3,365 | $ 3,394 | $ 3,881 | $ 3,039 | $ 2,570 | $ 655 | $ 11,048 | $ 10,145 |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Domestic – Federal | $ 2,139 | $ 2,892 | ||||||||
Domestic – state | 202 | 263 | ||||||||
Foreign | 522 | 267 | ||||||||
Total | 2,863 | 3,422 | ||||||||
Domestic – Federal | (1,052) | (1,344) | ||||||||
Domestic – state | 31 | (190) | ||||||||
Foreign | (136) | (204) | ||||||||
Total | (1,157) | (1,738) | ||||||||
Income tax expense | $ 111 | $ 446 | $ 572 | $ 577 | $ 637 | $ 515 | $ 454 | $ 78 | $ 1,706 | $ 1,684 |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Capitalized research and development costs | $ 2,320 | $ 1,260 |
Operating lease liabilities | 859 | 1,125 |
Accrued vacation pay and stock-based compensation | 433 | 465 |
Inventories | 395 | 602 |
Intangible assets | 369 | 140 |
Net operating loss (state and foreign) | 245 | 285 |
Acquisition costs | 44 | 46 |
Allowance for doubtful accounts | 44 | 43 |
Accrued warranty | 26 | 54 |
Tax credit carryforwards | 0 | 89 |
Other | 62 | 0 |
Total | 4,797 | 4,109 |
Valuation allowance | (245) | (227) |
Deferred tax assets | 4,552 | 3,882 |
Deferred tax liabilities: | ||
Intangible assets | (1,949) | (2,101) |
Right-of-use assets | (762) | (996) |
Depreciation of property and equipment | (404) | (385) |
Other | 0 | (120) |
Deferred tax liabilities | (3,115) | (3,602) |
Net deferred tax assets | $ 1,437 | $ 280 |
Note 11 - Income Taxes - Effect
Note 11 - Income Taxes - Effective Tax Rate Analysis and Reconciliation of Expected Statutory Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Expected income tax expense at U.S. statutory rate | $ 2,320 | $ 2,131 | ||||||||
Dividend from foreign subsidiaries | 184 | 127 | ||||||||
NOL carryforwards utilized | 39 | (80) | ||||||||
Stock compensation | (329) | 77 | ||||||||
Global intangible low taxed income | 87 | 66 | ||||||||
Nondeductible expenses | 21 | 11 | ||||||||
Current year tax credits (foreign and research) | (367) | (465) | ||||||||
Domestic tax benefit, net of Federal benefit | (167) | 87 | ||||||||
Changes in valuation allowance | 18 | 163 | ||||||||
Foreign income tax rate differences | 109 | 147 | ||||||||
Section 250 foreign derived intangible income deduction | (272) | (563) | ||||||||
Other | 63 | (17) | ||||||||
Income tax expense | $ 111 | $ 446 | $ 572 | $ 577 | $ 637 | $ 515 | $ 454 | $ 78 | $ 1,706 | $ 1,684 |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Aug. 24, 2023 | May 08, 2023 | Mar. 08, 2023 | Dec. 31, 2022 | Mar. 09, 2022 | Mar. 08, 2022 | Oct. 01, 2021 | Jun. 14, 2021 | Mar. 10, 2021 | Aug. 24, 2020 | Aug. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 21, 2023 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||||||||||||||
Share-Based Payment Arrangement, Amount Capitalized | $ 0 | $ 0 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.43 | $ 4.53 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3,132 | $ 643 | ||||||||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||||||||
Restricted Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 97,461 | 123,533 | ||||||||||||||
Restricted Stock [Member] | Employees [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||||||||
Restricted Stock [Member] | Independent Directors [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||||||||||
Restricted Stock [Member] | Independent Directors [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | |||||||||||||||
Performance-Based Restricted Stock [Member] | Chief Executive Officer and Chief Financial Officer [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 18,888 | 20,493 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value | $ 303 | $ 200 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 40,557 | |||||||||||||||
Performance-Based Restricted Stock [Member] | Chief Executive Officer and Chief Financial Officer [Member] | Minimum [Member] | ||||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0% | 0% | ||||||||||||||
Performance-Based Restricted Stock [Member] | Chief Executive Officer and Chief Financial Officer [Member] | Maximum [Member] | ||||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150% | 150% | ||||||||||||||
Performance-Based Restricted Stock [Member] | Chief Executive Officer and Chief Financial Officer [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% | 100% | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Probable Final Vesting Percentage | 50% | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Catch-Up Adjustment | $ 60 | |||||||||||||||
Performance-Based Restricted Stock [Member] | Chief Executive Officer and Chief Financial Officer [Member] | Vesting Based On Performance Metrics [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | 100% | ||||||||||||||
Performance-Based Restricted Stock [Member] | Members of The Senior Management [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 5,000 | 18,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value | $ 59 | $ 191 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expected to Forfeit, Outstanding, Number (in shares) | 6,000 | 6,000 | ||||||||||||||
Performance-Based Restricted Stock [Member] | Members of The Senior Management [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 12,000 | 6,000 | 6,000 | 12,000 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Probable Final Vesting Percentage | 0% | 88% | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Catch-Up Adjustment | $ 14 | |||||||||||||||
Performance-Based Restricted Stock [Member] | Members of The Senior Management [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Minimum [Member] | ||||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0% | |||||||||||||||
Performance-Based Restricted Stock [Member] | Members of The Senior Management [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Maximum [Member] | ||||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150% | |||||||||||||||
Performance-Based Restricted Stock [Member] | President of Environmental Technologies [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 5,081 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value | $ 108 | |||||||||||||||
Performance-Based Restricted Stock [Member] | President of Environmental Technologies [Member] | Minimum [Member] | ||||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0% | |||||||||||||||
Performance-Based Restricted Stock [Member] | President of Environmental Technologies [Member] | Maximum [Member] | ||||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150% | |||||||||||||||
Performance-Based Restricted Stock [Member] | President of Environmental Technologies [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% | |||||||||||||||
The 2023 Stock Incentive Plan [Member] | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 350,000 | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,117,942 | |||||||||||||||
Stock Plan 2014 [Member] | ||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2,957 | $ 2,957 | ||||||||||||||
Restricted Stock Vesting in Three Years [Member] | Restricted Stock [Member] | Vesting Based On Performance Metrics [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% | |||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0% | |||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150% | |||||||||||||||
Performance-Based Restricted Stock Vesting in Three Years [Member] | Performance-Based Restricted Stock [Member] | Vesting Based On Performance Metrics [Member] | ||||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150% | |||||||||||||||
Performance-Based Restricted Stock Vesting in Three Years [Member] | Performance-Based Restricted Stock [Member] | President [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 75,162 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value | $ 345 | |||||||||||||||
Performance-Based Restricted Stock Vesting in Three Years [Member] | Performance-Based Restricted Stock [Member] | President [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Minimum [Member] | ||||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0% | |||||||||||||||
Performance-Based Restricted Stock Vesting in Three Years [Member] | Performance-Based Restricted Stock [Member] | President [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Maximum [Member] | ||||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150% | |||||||||||||||
Performance-Based Restricted Stock Vesting in Three Years [Member] | Performance-Based Restricted Stock [Member] | Chief Financial Officer [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 5,953 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value | $ 100 | |||||||||||||||
Performance-Based Restricted Stock Vesting in Three Years [Member] | Performance-Based Restricted Stock [Member] | Chief Executive Officer and Chief Financial Officer [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150% | |||||||||||||||
Restricted Stock Vesting on August 24, 2023 [Member] | Performance-Based Restricted Stock [Member] | Chief Financial Officer [Member] | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Probable Final Vesting Percentage | 0% | |||||||||||||||
Performance-Based Restricted Stock Vesting on January 1, 2025 [Member] | Performance-Based Restricted Stock [Member] | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Catch-Up Adjustment | $ 20 | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional Award Vesting Rights, Percentage | 50% | |||||||||||||||
Performance-Based Restricted Stock Vesting on January 1, 2025 [Member] | Performance-Based Restricted Stock [Member] | Members of The Senior Management [Member] | Vesting Based On Performance Metrics [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% | |||||||||||||||
Performance-Based Restricted Stock Vesting on January 1, 2025 [Member] | Performance-Based Restricted Stock [Member] | Members of The Senior Management [Member] | Vesting Based On Performance Metrics [Member] | Minimum [Member] | ||||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0% | |||||||||||||||
Performance-Based Restricted Stock Vesting on January 1, 2025 [Member] | Performance-Based Restricted Stock [Member] | Members of The Senior Management [Member] | Vesting Based On Performance Metrics [Member] | Maximum [Member] | ||||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150% |
Note 13 - Stock-based Compens_4
Note 13 - Stock-based Compensation Plan - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Allocation of Share-based Compensation Expense | $ 2,047 | $ 1,787 |
Cost of Sales [Member] | ||
Allocation of Share-based Compensation Expense | 104 | 62 |
Selling and Marketing Expense [Member] | ||
Allocation of Share-based Compensation Expense | 41 | 32 |
Research and Development Expense [Member] | ||
Allocation of Share-based Compensation Expense | 19 | 51 |
General and Administrative Expense [Member] | ||
Allocation of Share-based Compensation Expense | $ 1,883 | $ 1,642 |
Note 13 - Stock-based Compens_5
Note 13 - Stock-based Compensation Plan - Stock Options Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Risk-free interest rate | 3.93% | 2.05% |
Dividend yield | 0% | 0% |
Expected common stock market price volatility factor | 57% | 55% |
Weighted average expected life of stock options (years) (Year) | 6 years 3 months | 6 years 3 months |
Note 13 - Stock-based Compens_6
Note 13 - Stock-based Compensation Plan - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Options outstanding, number of shares (in shares) | 580,419 | 408,869 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 8.91 | $ 9.07 |
Granted, number of shares (in shares) | 93,860 | 202,540 |
Granted, weighted average exercise price (in dollars per share) | $ 16.25 | $ 8.45 |
Exercised, number of shares (in shares) | (124,550) | (8,060) |
Exercised, weighted average exercise price (in dollars per share) | $ 7.85 | $ 4.74 |
Canceled, number of shares (in shares) | (44,723) | (22,930) |
Canceled, weighted average exercise price (in dollars per share) | $ 9.77 | $ 9.1 |
Options outstanding, number of shares (in shares) | 505,006 | 580,419 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 10.46 | $ 8.91 |
Note 13 - Stock-based Compens_7
Note 13 - Stock-based Compensation Plan - Stock Option Activity (Details) (Parentheticals) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Options exercisable (in shares) | 171,735 | 167,886 |
Note 13 - Stock-based Compens_8
Note 13 - Stock-based Compensation Plan - Unvested Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unvested shares outstanding (in shares) | 288,450 | 262,533 |
Unvested shares outstanding, weighted average exercise price (in dollars per share) | $ 7.8 | $ 7.16 |
Granted, number of shares (in shares) | 97,461 | 123,533 |
Granted, weighted average exercise price (in dollars per share) | $ 16.43 | $ 9.21 |
Vested, number of shares (in shares) | (178,636) | (91,672) |
Vested, weighted average exercise price (in dollars per share) | $ 8.21 | $ 8.04 |
Forfeited, number of shares (in shares) | (17,491) | (5,944) |
Forfeited, weighted average exercise price (in dollars per share) | $ 10.08 | $ 9.16 |
Unvested shares outstanding (in shares) | 189,784 | 288,450 |
Unvested shares outstanding, weighted average exercise price (in dollars per share) | $ 11.51 | $ 7.8 |
Note 14 - Stock Repurchase Pl_2
Note 14 - Stock Repurchase Plans (Details Textual) - USD ($) shares in Thousands, $ in Millions | Dec. 31, 2023 | Nov. 20, 2023 |
Stock Repurchase Program, Authorized Amount | $ 10 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 0 |
Note 15 - Employee Stock Purc_2
Note 15 - Employee Stock Purchase Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 23, 2021 | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 205 | $ 233 | |||||||
Share Price (in dollars per share) | $ 13.6 | $ 10.3 | $ 15.17 | $ 26.26 | $ 20.74 | $ 7.63 | $ 6.82 | $ 10.73 | |
Share-based Compensation Arrangement by Share-based Payment Award, Discount Amount | $ 31 | $ 36 | |||||||
Employee Stock Purchase Plan [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 250,000 | ||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 11,780 | 27,162 | |||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 174 | $ 197 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 11.56 | $ 8.76 | $ 12.89 | $ 22.32 | $ 17.63 | $ 6.49 | $ 5.8 | $ 9.12 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Discount from Market Price, Purchase Date | 15% | 15% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount Amount | $ 31 | $ 36 |
Note 16 - Employee Benefit Pl_2
Note 16 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
401(k) Plan [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10% | ||
Defined Contribution Plan Maximum Annual Employer Matching Contribution Per Emplyee Amount | $ 5 | ||
Defined Contribution Plan Employer Matching Contribution Vesting Period (Year) | 4 years | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 767 | $ 767 | |
The Ambrell Plan [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 5 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 747 | $ 747 |
Note 17 - Segment Information_2
Note 17 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Number of Reportable Segments | 3 |
Note 17 - Segment Information -
Note 17 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Net revenues | $ 27,884 | $ 30,941 | $ 32,558 | $ 31,919 | $ 32,405 | $ 30,771 | $ 29,571 | $ 24,081 | $ 123,302 | $ 116,828 |
Earnings before income tax expense | $ 1,566 | $ 2,723 | $ 3,365 | $ 3,394 | $ 3,881 | $ 3,039 | $ 2,570 | $ 655 | 11,048 | 10,145 |
Acquired intangible amortization | (2,095) | (2,694) | ||||||||
Interest expense | (679) | (635) | ||||||||
Other income | 1,288 | 59 | ||||||||
Operating Segments [Member] | ||||||||||
Net revenues | 123,302 | 116,828 | ||||||||
Earnings before income tax expense | 22,806 | 21,978 | ||||||||
Operating Segments [Member] | Electronic Test [Member] | ||||||||||
Net revenues | 41,016 | 40,219 | ||||||||
Earnings before income tax expense | 10,189 | 9,931 | ||||||||
Operating Segments [Member] | Environmental Technologies [Member] | ||||||||||
Net revenues | 30,801 | 30,172 | ||||||||
Earnings before income tax expense | 3,073 | 3,817 | ||||||||
Operating Segments [Member] | Process Technologies [Member] | ||||||||||
Net revenues | 51,485 | 46,437 | ||||||||
Earnings before income tax expense | 9,544 | 8,230 | ||||||||
Corporate, Non-Segment [Member] | ||||||||||
Earnings before income tax expense | $ (10,272) | $ (8,563) |
Note 17 - Segment Information_3
Note 17 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Identifiable Assets | $ 134,829 | $ 110,066 |
Capital expenditures | 1,291 | 1,365 |
Electronic Test [Member] | ||
Identifiable Assets | 32,505 | 31,143 |
Capital expenditures | 599 | 80 |
Environmental Technologies [Member] | ||
Identifiable Assets | 16,772 | 18,040 |
Capital expenditures | 495 | 368 |
Process Technologies [Member] | ||
Identifiable Assets | 56,842 | 56,866 |
Capital expenditures | 170 | 543 |
Corporate Segment [Member] | ||
Identifiable Assets | 28,710 | 4,017 |
Capital expenditures | $ 27 | $ 374 |
Note 17 - Segment Information_4
Note 17 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 27,884 | $ 30,941 | $ 32,558 | $ 31,919 | $ 32,405 | $ 30,771 | $ 29,571 | $ 24,081 | $ 123,302 | $ 116,828 |
UNITED STATES | ||||||||||
Revenue | 45,222 | 49,096 | ||||||||
Non-US [Member] | ||||||||||
Revenue | $ 78,080 | $ 67,732 |
Note 17 - Segment Information_5
Note 17 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property and Equipment | $ 3,190 | $ 3,132 |
UNITED STATES | ||
Property and Equipment | 2,502 | 2,658 |
Non-US [Member] | ||
Property and Equipment | $ 688 | $ 474 |
Note 18 - Quarterly Consolida_3
Note 18 - Quarterly Consolidated Financial Data (Unaudited) - Quarterly Consolidated Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 27,884 | $ 30,941 | $ 32,558 | $ 31,919 | $ 32,405 | $ 30,771 | $ 29,571 | $ 24,081 | $ 123,302 | $ 116,828 |
Gross profit | 12,449 | 14,447 | 15,030 | 15,052 | 14,981 | 13,898 | 13,548 | 11,013 | 56,978 | 53,440 |
Earnings before income tax expense | 1,566 | 2,723 | 3,365 | 3,394 | 3,881 | 3,039 | 2,570 | 655 | 11,048 | 10,145 |
Income tax expense | 111 | 446 | 572 | 577 | 637 | 515 | 454 | 78 | 1,706 | 1,684 |
Net earnings | $ 1,455 | $ 2,277 | $ 2,793 | $ 2,817 | $ 3,244 | $ 2,524 | $ 2,116 | $ 577 | $ 9,342 | $ 8,461 |
Net earnings per common share – basic (in dollars per share) | $ 0.12 | $ 0.19 | $ 0.25 | $ 0.26 | $ 0.3 | $ 0.24 | $ 0.2 | $ 0.05 | $ 0.82 | $ 0.79 |
Weighted average common shares outstanding – basic (in shares) | 11,962,679 | 11,886,005 | 11,241,183 | 10,755,729 | 10,725,662 | 10,695,867 | 10,653,268 | 10,617,271 | 11,461,399 | 10,673,017 |
Net earnings per common share – diluted (in dollars per share) | $ 0.12 | $ 0.19 | $ 0.24 | $ 0.25 | $ 0.3 | $ 0.23 | $ 0.2 | $ 0.05 | $ 0.79 | $ 0.78 |
Weighted average common shares outstanding – diluted (in shares) | 12,122,099 | 12,212,317 | 11,696,569 | 11,088,664 | 10,928,220 | 10,864,540 | 10,814,799 | 10,842,592 | 11,779,912 | 10,862,538 |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Alfamation [Member] € in Thousands, $ in Thousands | Mar. 12, 2024 USD ($) ft² shares | Mar. 12, 2024 EUR (€) shares | Mar. 12, 2024 EUR (€) ft² |
Business Combination, Consideration Transferred | $ 22,358 | € 20,000 | |
Payments to Acquire Businesses, Gross | € 18,000 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 187,432 | 187,432 | |
Business Combination, Consideration Transferred, Other | € 542 | ||
Annual Lease Payments | $ 253 | € 231 | |
Warehouse and Office Space [Member] | |||
Area of Real Estate Property (Square Foot) | ft² | 51,817 | 51,817 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | $ 0 | [1] | $ 5 | |
Acquired Accounts Receivable Subsequently Recovered [Member] | ||||
Accounts Receivable, Fair Value Disclosure | $ 0 | |||
Acquired Accounts Receivable Subsequently Recovered [Member] | SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | $ 198 | $ 470 | ||
[1]Bad debt recoveries in the table above do not include $470 that relate to receivables acquired in 2021 that were valued at $0 at the time of acquisition but were subsequently recovered. |
Schedule II - Valuation and Q_4
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance at Beginning of Period | $ 496 | $ 213 | |
Expense (Recovery) | 0 | [1] | 5 |
Deductions | (19) | 281 | |
Reserve amounts acquired | 0 | 0 | |
Foreign Currency Adjustment | (3) | (3) | |
Balance at End of Period | 474 | 496 | |
SEC Schedule, 12-09, Reserve, Warranty [Member] | |||
Balance at Beginning of Period | 673 | 531 | |
Expense (Recovery) | 351 | 473 | |
Deductions | (376) | (315) | |
Reserve amounts acquired | 0 | 0 | |
Foreign Currency Adjustment | 0 | (16) | |
Balance at End of Period | $ 648 | $ 673 | |
[1]Bad debt recoveries in the table above do not include $470 that relate to receivables acquired in 2021 that were valued at $0 at the time of acquisition but were subsequently recovered. |