Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-36117 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 22-2370659 | |
Entity Address, Address Line One | 804 East Gate Drive, Suite 200 | |
Entity Address, City or Town | Mt. Laurel | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08054 | |
City Area Code | 856 | |
Local Phone Number | 505-8800 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | INTT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,489,642 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 27,331 | $ 45,260 |
Trade accounts receivable, net of allowance for credit losses of $426 and $474, respectively | 22,859 | 18,175 |
Inventories | 31,331 | 20,089 |
Prepaid expenses and other current assets | 3,868 | 2,254 |
Total current assets | 85,389 | 85,778 |
Property and equipment: | ||
Machinery and equipment | 8,639 | 7,118 |
Leasehold improvements | 3,932 | 3,601 |
Gross property and equipment | 12,571 | 10,719 |
Less: accumulated depreciation | (7,800) | (7,529) |
Net property and equipment | 4,771 | 3,190 |
Right-of-use assets, net | 6,270 | 4,987 |
Goodwill | 33,278 | 21,728 |
Net Carrying Amount | 28,819 | 16,596 |
Deferred tax assets | 0 | 1,437 |
Restricted certificates of deposit | 100 | 100 |
Other assets | 900 | 1,013 |
Total assets | 159,527 | 134,829 |
Current liabilities: | ||
Current portion of Term Note and other long-term debt | 9,629 | 4,100 |
Current portion of operating lease liabilities | 2,017 | 1,923 |
Accounts payable | 11,395 | 5,521 |
Accrued wages and benefits | 6,482 | 4,156 |
Accrued professional fees | 883 | 1,228 |
Customer deposits and deferred revenue | 5,596 | 3,797 |
Accrued sales commissions | 1,116 | 1,055 |
Domestic and foreign income taxes payable | 509 | 1,038 |
Other current liabilities | 2,026 | 1,481 |
Total current liabilities | 39,653 | 24,299 |
Operating lease liabilities, net of current portion | 4,644 | 3,499 |
Term Note and other long-term debt, net of current portion | 10,808 | 7,942 |
Contingent consideration | 822 | 1,093 |
Deferred revenue, net of current portion | 1,210 | 1,331 |
Deferred tax liabilities | 1,126 | 0 |
Other liabilities | 1,947 | 384 |
Total liabilities | 60,210 | 38,548 |
Commitments and Contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 20,000,000 shares authorized; 12,566,024 and 12,241,925 shares issued, respectively | 125 | 122 |
Additional paid-in capital | 56,954 | 54,450 |
Retained earnings | 42,858 | 42,196 |
Accumulated other comprehensive earnings | 311 | 414 |
Treasury stock, at cost; 78,515 and 75,758 shares, respectively | (931) | (901) |
Total stockholders' equity | 99,317 | 96,281 |
Total liabilities and stockholders' equity | $ 159,527 | $ 134,829 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Allowance for doubtful accounts | $ 426 | $ 474 |
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) | 12,566,024 | 12,241,925 |
Treasury stock, shares (in shares) | 78,515 | 75,758 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 29,824 | $ 31,919 |
Cost of revenue | 16,748 | 16,867 |
Gross profit | 13,076 | 15,052 |
Operating expenses: | ||
Selling expense | 4,590 | 4,455 |
Engineering and product development expense | 1,982 | 1,904 |
General and administrative expense | 6,012 | 5,175 |
Total operating expenses | 12,584 | 11,534 |
Operating income | 492 | 3,518 |
Interest expense | (140) | (182) |
Other income | 435 | 58 |
Earnings before income tax expense | 787 | 3,394 |
Income tax expense | 125 | 577 |
Net earnings | $ 662 | $ 2,817 |
Earnings per common share – basic (in dollars per share) | $ 0.06 | $ 0.26 |
Weighted average common shares outstanding – basic (in shares) | 12,026,361 | 10,755,729 |
Earnings per common share – diluted (in dollars per share) | $ 0.05 | $ 0.25 |
Weighted average common shares and common share equivalents outstanding – diluted (in shares) | 12,158,297 | 11,088,664 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net earnings | $ 662 | $ 2,817 |
Unrealized loss on interest rate swap agreement | (14) | (99) |
Foreign currency translation adjustments | (89) | 170 |
Comprehensive earnings | $ 559 | $ 2,888 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Total |
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 | 2,817 | 0 | 0 | 2,817 |
Other comprehensive loss | 0 | 0 | 0 | 71 | 0 | 71 |
Amortization of deferred compensation related to stock-based awards | $ 0 | 474 | 0 | 0 | 0 | 474 |
Issuance of unvested shares of restricted stock (in shares) | 90,588 | |||||
Issuance of unvested shares of restricted stock | $ 1 | (1) | 0 | 0 | 0 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited (in shares) | (13,271) | |||||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | $ 0 | 0 | 0 | 0 | 0 | 0 |
Stock options exercised (in shares) | 25,200 | |||||
Stock options exercised | $ 0 | 165 | 0 | 0 | 0 | 165 |
Shares issued under Employee Stock Purchase Plan (in shares) | 2,292 | |||||
Shares issued under Employee Stock Purchase Plan | $ 0 | 48 | 0 | 0 | 0 | 48 |
Shares surrendered to satisfy tax liability at vesting of stock-based awards | $ 0 | 0 | 0 | 0 | (33) | (33) |
Balance (in shares) at Mar. 31, 2023 | 11,168,080 | |||||
Balance at Mar. 31, 2023 | $ 112 | 32,673 | 35,671 | 289 | (247) | 68,498 |
Balance (in shares) at Dec. 31, 2023 | 12,241,925 | |||||
Balance at Dec. 31, 2023 | $ 122 | 54,450 | 42,196 | 414 | (901) | 96,281 |
Net earnings | 0 | 0 | 662 | 0 | 0 | 662 |
Other comprehensive loss | 0 | 0 | 0 | (103) | 0 | (103) |
Amortization of deferred compensation related to stock-based awards | $ 0 | 349 | 0 | 0 | 0 | 349 |
Issuance of shares in connection with acquisition of Alfamation (in shares) | 187,432 | |||||
Issuance of shares in connection with acquisition of Alfamation | $ 2 | 2,084 | 0 | 0 | 0 | 2,086 |
Issuance of unvested shares of restricted stock (in shares) | 138,838 | |||||
Issuance of unvested shares of restricted stock | $ 1 | (1) | 0 | 0 | 0 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited (in shares) | (11,200) | |||||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | $ 0 | 0 | 0 | 0 | 0 | $ 0 |
Stock options exercised (in shares) | 4,925 | 4,925 | ||||
Stock options exercised | $ 0 | 18 | 0 | 0 | 0 | $ 18 |
Shares issued under Employee Stock Purchase Plan (in shares) | 4,104 | |||||
Shares issued under Employee Stock Purchase Plan | $ 0 | 54 | 0 | 0 | 0 | 54 |
Shares surrendered to satisfy tax liability at vesting of stock-based awards | $ 0 | 0 | 0 | 0 | (30) | (30) |
Balance (in shares) at Mar. 31, 2024 | 12,566,024 | |||||
Balance at Mar. 31, 2024 | $ 125 | $ 56,954 | $ 42,858 | $ 311 | $ (931) | $ 99,317 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings (loss) | $ 662 | $ 2,817 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 1,282 | 1,176 |
Provision for excess and obsolete inventory | 176 | 135 |
Foreign exchange gain | (28) | (18) |
Amortization of deferred compensation related to stock-based awards | 349 | 474 |
Discount on shares sold under Employee Stock Purchase Plan | (8) | (8) |
Proceeds from sale of demonstration equipment, net of gain | 19 | 6 |
Deferred income tax expense (benefit) | 226 | (404) |
Changes in assets and liabilities: | ||
Trade accounts receivable | (982) | 291 |
Inventories | (396) | (2,038) |
Prepaid expenses and other current assets | 508 | (740) |
Other assets | (22) | 2 |
Operating lease liabilities | (447) | (423) |
Accounts payable | 1,311 | 403 |
Accrued wages and benefits | 939 | (654) |
Accrued professional fees | (342) | (142) |
Customer deposits and deferred revenue | (782) | 921 |
Accrued sales commissions | 66 | (221) |
Domestic and foreign income taxes payable | (406) | 864 |
Other current liabilities | 70 | 43 |
Deferred revenue, net of current portion | (121) | 0 |
Other liabilities | (15) | (16) |
Net cash provided by operating activities | 2,075 | 2,484 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of business, net of cash acquired | (18,904) | 0 |
Purchase of property and equipment | (340) | (334) |
Net cash used in investing activities | (19,244) | (334) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from short-term borrowings | 273 | 0 |
Repayments of long-term borrowings | (1,181) | (1,025) |
Proceeds from shares sold under Employee Stock Purchase Plan | 46 | 40 |
Proceeds from stock options exercised | 18 | 165 |
Settlement of employee tax liabilities in connection with treasury stock transaction | (30) | (33) |
Net cash used in financing activities | (874) | (853) |
Effects of exchange rates on cash | 114 | 71 |
Net cash provided by (used in) all activities | (17,929) | 1,368 |
Cash, cash equivalents and restricted cash at beginning of period | 45,260 | 14,576 |
Cash, cash equivalents and restricted cash at end of period | 27,331 | 15,944 |
Cash payments for: | ||
Domestic and foreign income taxes | 101 | 118 |
Details of acquisition: | ||
Fair value of assets acquired, net of cash | 33,750 | |
Liabilities assumed | (24,004) | |
Stock issued | (2,086) | |
Cash holdback pending final working capital adjustment | (552) | |
Goodwill resulting from acquisition | 11,796 | |
Net cash paid for acquisition | $ 18,904 | $ 0 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 3 Months Ended |
Mar. 31, 2024 | |
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. March 12, 2024 3. 10. The consolidated entity is comprised of inTEST Corporation and our wholly-owned subsidiaries. We manufacture our products in the U.S., Italy, Canada and the Netherlands. Marketing and support activities are conducted worldwide from our facilities in the U.S., Italy, Canada, Germany, Singapore, the Netherlands, China and the U.K. We operate our business worldwide and sell our products both domestically and internationally. 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 many of its products to semiconductor manufacturers and third third December 2021, March 2024, 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 | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Use of Estimates The accompanying consolidated financial statements include our accounts and those of our wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain of our accounts, including contingent consideration, inventories, long-lived assets, goodwill, identifiable intangibles and deferred tax assets and liabilities, including related valuation allowances, are particularly impacted by estimates. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Annual Report on Form 10 December 31, 2023 ( “2023 10 March 27, 2024 Reclassification Subsequent Events no three March 31, 2024 15. Business Combinations third Cash, Cash Equivalents and Restricted Cash Short-term investments that have maturities of three may not Periodically we have restricted cash which represents amounts deposited at our banks to support bank guarantees which certain of our customers require as a condition of paying large deposits on orders they place with us. Typically, the amount of the deposit and related guarantee declines as shipments are made against the order. At March 31, 2024 December 31, 2023, no Trade Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at the invoiced amount and do 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 three March 31, 2024, no no three March 31, 2024 2023. Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, restricted cash, short-term investments, 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 short-term investments are classified as held-to-maturity and carried at amortized cost. Our credit facility and our interest rate swap are discussed further below and in Note 10. 820 820 3 4 Goodwill, Intangible and Long-Lived Assets We have 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 right-of-use (“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. Our Environmental Technologies segment sells thermal management products including ThermoStreams, ThermoChambers, process chillers, refrigerators and freezers, which we sell under our Temptronic, Sigma, Thermonics and North Sciences product lines. Our Process Technologies segment sells precision induction heating systems through our subsidiary, Ambrell Corporation (“Ambrell”), including EKOHEAT® and EASYHEAT™ products. This segment also sells industrial-grade circuit board mounted video digital cameras and related devices, systems and software through our Videology Imaging Corporation (“Videology”), subsidiary. Our Electronic Test segment sells semiconductor ATE interface solutions through our inTEST EMS (“EMS”) subsidiary, including manipulators, docking hardware and electrical interface products. This segment also sells robotics-based electronic production test equipment under the Acculogic tradename and, as a result of the acquisition of Alfamation on March 12, 2024, 3, We lease certain of our equipment under short-term leasing agreements with original lease terms of six not Occasionally we procure and sell materials/components on behalf of and to our customers. Types of Contracts with Customers Our contracts with customers are generally structured as individual purchase orders which specify the exact products or services being sold or equipment being leased along with the selling price, service fee or monthly lease amount for each individual item on the purchase order. Payment terms and any other customer-specific acceptance criteria are also specified on the purchase order. We generally do not 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 6 14 Inventories Inventories are valued at cost on a first first not three not twenty-four three March 31, 2024 2023, 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 9 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 4 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, three March 31, 2022. 2024. may March 31, 2024, not no March 31, 2024. March 31, 2024, Stock-Based Compensation 718 11. Income Taxes not not Earnings (Loss) 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 (loss) per share because their effect was anti-dilutive: Three Months Ended March 31, 2024 2023 Weighted average common shares outstanding–basic 12,026,361 10,755,729 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 131,936 332,935 Weighted average common shares and common share equivalents outstanding–diluted 12,158,297 11,088,664 Average number of potentially dilutive securities excluded from calculation because their effect was anti-dilutive during the period 434,584 154,429 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 - Acquisition
Note 3 - Acquisition | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 3 ACQUISITION On March 12, 2024 8,616, $9,418. 10. In connection with the acquisition, we have entered into a lease agreement (the “Lease Agreement”) with the former owner of Alfamation who will continue to serve as the managing director of Alfamation under our ownership. The Lease Agreement commenced on March 12, 2024 six two not March 12, 2024. third not may may not second third 2024. The excess of the purchase price over the identifiable intangible and net tangible assets was allocated to goodwill and is not The total purchase price of $22,353 has been allocated as follows: Goodwill $ 11,796 Identifiable intangible assets 13,087 Tangible assets acquired and liabilities assumed: Cash 811 Trade accounts receivable 4,004 Inventories 11,243 Other current assets 2,169 Property and equipment 1,597 Other assets 1,650 Accounts payable (4,644 ) Accrued expenses (4,311 ) Other current liabilities (278 ) Deferred tax liability (2,391 ) Debt (current and long-term) (9,418 ) Other non-current liabilities (2,962 ) Total purchase price $ 22,353 We estimated the fair value of identifiable intangible assets acquired using the income approach. Identifiable intangible assets acquired include customer relationships, customer backlog, technology and a tradename. We are amortizing the finite-lived intangible assets acquired over their estimated useful lives based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. The following table summarizes the estimated fair value of Alfamation’s identifiable intangible assets and their estimated useful lives as of the acquisition date: Fair Value Weighted Average Estimated Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 5,949 15.0 Technology 340 10.0 Customer backlog 3,399 1.0 Total finite-lived intangible assets 9,688 9.9 Indefinite-lived intangible assets: Trade name 3,399 Total intangible assets $ 13,087 For the period from March 13, 2024 March 31, 2024, The following unaudited pro forma information gives effect to the acquisition of Alfamation as if the acquisition occurred on January 1, 2023. not may not Three Months Ended March 31, 2024 2023 Revenue $ 34,752 $ 38,473 Net earnings $ 480 $ 3,227 Diluted earnings per share $ 0.04 $ 0.29 The pro forma results shown above do not |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 4 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 2022 10 March 31, 2024 December 31, 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 As of March 31, 2024 Contingent consideration liability – Acculogic $ (1,069 ) $ - $ - $ (1,069 ) Interest rate swap $ 271 $ - $ 271 $ - Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of December 31, 2023 Contingent consideration liability – Acculogic $ (1,093 ) $ - $ - $ (1,093 ) Interest rate swap $ 285 $ - $ 285 $ - Changes in the fair value of our Level 3 three March 31, 2024 Three Months Ended March 31, 2024 Balance at beginning of period $ 1,093 Impact of foreign currency translation adjustments (24 ) Balance at end of period $ 1,069 |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 5 GOODWILL AND INTANGIBLE ASSETS We have three Goodwill three March 31, 2024 Balance - January 1, 2024 $ 21,728 Acquisition of Alfamation 11,796 Impact of foreign currency translation adjustments (246 ) Balance - March 31, 2024 $ 33,278 Goodwill was comprised of the following at March 31, 2024 December 31, 2023: March 31, December 31, 2024 2023 Electronic Test $ 15,026 $ 3,436 Environmental Technologies 1,817 1,817 Process Technologies 16,435 16,475 Total goodwill $ 33,278 $ 21,728 Intangible Assets three March 31, 2024 Balance - January 1, 2024 $ 8,398 Acquisition of Alfamation 3,399 Impact of foreign currency translation adjustments (66 ) Balance - March 31, 2024 $ 11,731 Changes in the amount of the carrying value of finite-lived intangible assets for the three March 31, 2024 Balance - January 1, 2024 $ 8,198 Acquisition of Alfamation 9,688 Impact of foreign currency translation adjustments (203 ) Amortization (595 ) Balance - March 31, 2024 $ 17,088 Intangible assets were allocated to our reporting segments at March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Electronic Test 16,357 3,728 Environmental Technologies 796 794 Process Technologies 11,666 12,074 Total intangible assets $ 28,819 $ 16,596 The following tables provide further detail about our intangible assets as of March 31, 2024 December 31, 2023: March 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 22,202 $ 10,082 $ 12,120 Technology 3,195 1,504 1,691 Patents 590 590 - Backlog 3,851 574 3,277 Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 30,248 13,160 17,088 Indefinite-lived intangible assets: Trademarks 11,731 - 11,731 Total intangible assets $ 41,979 $ 13,160 $ 28,819 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 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 (remainder) $ 4,384 2025 $ 2,863 2026 $ 1,577 2027 $ 1,083 2028 $ 952 |
Note 6 - Revenue From Contracts
Note 6 - Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 6 REVENUE FROM CONTRACTS WITH CUSTOMERS The following tables provide additional information about our revenue from contracts with customers, including revenue by customer and product type and revenue by market. See also Note 14 Three Months Ended 2024 2023 Revenue by customer type: End user $ 21,430 $ 21,704 OEM/Integrator 8,394 10,215 $ 29,824 $ 31,919 Revenue by product type: Thermal test $ 3,699 $ 5,820 Thermal process 10,955 9,822 Semiconductor test 6,282 8,105 Video imaging 2,119 2,648 Flying probe and in-circuit testers 2,744 1,160 Alfamation products 1,379 - Service/other 2,646 4,364 $ 29,824 $ 31,919 Revenue by market: Semiconductor $ 14,967 $ 17,683 Industrial 4,187 3,137 Automotive (including Electric Vehicles) 3,958 2,597 Life Sciences 653 1,513 Defense/aerospace 3,239 2,839 Security 541 966 Other 2,279 3,184 $ 29,824 $ 31,919 |
Note 7 - Major Customers
Note 7 - Major Customers | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 7 MAJOR CUSTOMERS During the three March 31, 2024, one No 10% three March 31, 2024. three March 31, 2023, one No 10% three March 31, 2023. |
Note 8 - Inventories
Note 8 - Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 8 INVENTORIES Inventories held at March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Raw materials $ 17,104 $ 15,948 Work in process 9,419 1,563 Inventory consigned to others 114 98 Finished goods 4,694 2,480 Total inventories $ 31,331 $ 20,089 |
Note 9 - Leases
Note 9 - Leases | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 9 LEASES As previously discussed in Note 2, 842. 2031. three March 31, 2024 2023, Three Months Ended March 31, 2024 2023 Operating lease cost $ 451 $ 400 Short-term lease cost $ 3 $ 3 The following is additional information about our leases as of March 31, 2024: Range of remaining lease terms (in years) .5 to 7.1 Weighted average remaining lease term (in years) 4.5 Weighted average discount rate 5.3% Maturities of lease liabilities as of March 31, 2024 2024 $ 1,896 2025 1,644 2026 1,313 2027 1,093 2028 675 Thereafter 869 Total lease payments $ 7,490 Less imputed interest (829 ) Total $ 6,661 Cash Flow Information Total amortization of ROU assets for the three March 31, 2024 2023 During the three March 31, 2024 3. 3, During the three March 31, 2024 three March 31, 2023, one |
Note 10 - Debt
Note 10 - Debt | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 10 DEBT Letters of Credit 30 not one March 31, 2024 December 31, 2023 L/C Lease Letters of Credit Amount Outstanding Facility Original L/C Issue Date Expiration Date Expiration Date Mar. 31, 2024 Dec. 31, 2023 Mt. Laurel, NJ 3/29/2010 4/30/2025 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 March 31, 2024 May 2, 2024 may May 2, 2026, September 19, 2027 May 2, 2031 ( March 31, 2024, 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 three March 31, 2024 2023 not not 1.0 not 1.0. March 31, 2024, On October 28, 2021, five On December 29, 2021, not March 31, 2024, May 1, 2024, not The following table sets forth the maturities of the Term Note for each of the next five 2024 (remainder) $ 3,075 2025 4,100 2026 3,842 $ 11,017 Alfamation Debt At March 31, 2024, 3. March 31, 2024 March 31, 2024 The following table sets forth the maturities of this debt for each of the next five 2024 (remainder) $ 4,987 2025 2,085 2026 1,293 2027 807 2028 248 $ 9,420 |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation Plan | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 11 STOCK-BASED COMPENSATION PLAN As of March 31, 2024, 13 2023 10 Our unvested restricted stock awards and stock options are accounted for based on their grant date fair value. As of March 31, 2024, The following table summarizes the compensation expense we recorded during the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Cost of revenue $ 31 $ 19 Selling expense 11 10 Engineering and product development expense 4 10 General and administrative expense 303 435 $ 349 $ 474 There was no compensation expense capitalized in three March 31, 2024 2023. Stock Options No may ten four three March 31, 2024 2023 2024 2023 Risk-free interest rate 3.98 % 3.94 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .57 .57 Weighted average expected life of stock options (years) 6.25 6.25 The per share weighted average fair value of stock options issued during the three March 31, 2024 2023 The following table summarizes the activity related to stock options for the three March 31, 2024: Number of Shares Weighted Average Exercise Price Options outstanding, January 1, 2024 ( 171,735 505,006 $ 10.46 Granted 165,364 11.33 Exercised (4,925 ) 3.69 Canceled (23,401 ) 10.27 Options outstanding, March 31, 2024 ( 228,364 642,044 10.74 Restricted Stock Awards four one March 31, June 30, September 30, December 31 Since August 2020, On March 10, 2021, first 2023, third On October 1, 2021, January 1, 2025 October 1, 2021. December 31, 2023, March 31, 2024, On March 9, 2022, third March 9, 2022. December 31, 2023, March 31, 2024, On March 8, 2023, two third March 8, 2023. December 31, 2025 March 31, 2024, May 8, 2023 third May 8, 2023. March 31, 2024, January 16, 2024 third January 16, 2024. March 31, 2024, March 6, 2024, three third March 6, 2024. December 31, 2026 March 31, 2024, The following table summarizes the activity related to unvested restricted stock awards for the three March 31, 2024: Number of Shares Weighted Average Grant Date Fair Value Unvested shares outstanding, January 1, 2024 189,784 $ 11.51 Granted 138,838 11.38 Vested (39,790 ) 11.52 Forfeited (11,200 ) 12.29 Unvested shares outstanding, March 31, 2024 277,632 11.41 The total fair value of the restricted stock awards that vested during the three March 31, 2024 2023 |
Note 12 - Employee Stock Purcha
Note 12 - Employee Stock Purchase Plan | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Employee Stock Purchase Plan [Text Block] | ( 12 EMPLOYEE STOCK PURCHASE PLAN The inTEST Corporation Employee Stock Purchase Plan (the “ESPP”) was adopted by the Board in April 2021 June 23, 2021 October 1, 2021. The ESPP provides that an aggregate of up to 250,000 shares of our common stock will be available for issuance under the ESPP. The shares of our common stock purchasable under the ESPP will be shares of authorized but unissued or reacquired shares, including shares repurchased by us on the open market. On March 31, 2024, March 31, 2024, |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 13 EMPLOYEE BENEFIT PLANS We have defined contribution 401 September 30, 2023, March 31, 2024, 18 four six For the three March 31, 2024 2023, March 31, 2024, |
Note 14 - Segment Information
Note 14 - Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 14 SEGMENT INFORMATION We have three March 12, 2024 3 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. Three Months Ended March 31, 2024 2023 Revenue: Electronic Test $ 11,116 $ 10,371 Environmental Technologies 6,828 8,042 Process Technologies 11,880 13,506 Total revenue $ 29,824 $ 31,919 Income from divisional operations: Electronic Test $ 1,813 $ 2,578 Environmental Technologies 15 1,013 Process Technologies 1,961 2,676 Total income from divisional operations 3,789 6,267 Corporate expenses (2,702 ) (2,205 ) Acquired intangible amortization (595 ) (544 ) Interest expense (140 ) (182 ) Other income (expense) 435 58 Earnings before income tax expense $ 787 $ 3,394 March 31, December 31, 2024 2023 Identifiable assets: Electronic Test $ 75,508 $ 32,505 Environmental Technologies 16,624 16,772 Process Technologies 57,815 56,842 Corporate 9,580 28,710 $ 159,527 $ 134,829 The following table provides information about our geographic areas of operation. Revenue is based on the location to which the goods are shipped. Three Months Ended 2024 2023 Revenue: U.S. $ 10,477 $ 11,090 Foreign 19,347 20,829 $ 29,824 $ 31,919 March 31, December 31, 2024 2023 Property and equipment: U.S. $ 2,502 $ 2,502 Foreign 2,269 688 $ 4,771 $ 3,190 |
Note 15 - Subsequent Event
Note 15 - Subsequent Event | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 15 SUBSEQUENT EVENT On May 2, 2024 10, may May 2, 2026, September 19, 2027 May 2, 2031. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 5. Other Information During the first March 31, 2024, none 16 1934 10b5 1 10b5 1 408 1934. |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis Of Presentation And Use Of Estimates [Policy Text Block] | Basis of Presentation and Use of Estimates The accompanying consolidated financial statements include our accounts and those of our wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain of our accounts, including contingent consideration, inventories, long-lived assets, goodwill, identifiable intangibles and deferred tax assets and liabilities, including related valuation allowances, are particularly impacted by estimates. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Annual Report on Form 10 December 31, 2023 ( “2023 10 March 27, 2024 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events no three March 31, 2024 15. |
Business Combinations Policy [Policy Text Block] | Business Combinations third |
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 Periodically we have restricted cash which represents amounts deposited at our banks to support bank guarantees which certain of our customers require as a condition of paying large deposits on orders they place with us. Typically, the amount of the deposit and related guarantee declines as shipments are made against the order. At March 31, 2024 December 31, 2023, no |
Receivable [Policy Text Block] | Trade Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at the invoiced amount and do 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 three March 31, 2024, no no three March 31, 2024 2023. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, restricted cash, short-term investments, 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 short-term investments are classified as held-to-maturity and carried at amortized cost. Our credit facility and our interest rate swap are discussed further below and in Note 10. 820 820 3 4 |
Goodwill Intangible And Long Lived Assets [Policy Text Block] | Goodwill, Intangible and Long-Lived Assets We have 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 right-of-use (“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. Our Environmental Technologies segment sells thermal management products including ThermoStreams, ThermoChambers, process chillers, refrigerators and freezers, which we sell under our Temptronic, Sigma, Thermonics and North Sciences product lines. Our Process Technologies segment sells precision induction heating systems through our subsidiary, Ambrell Corporation (“Ambrell”), including EKOHEAT® and EASYHEAT™ products. This segment also sells industrial-grade circuit board mounted video digital cameras and related devices, systems and software through our Videology Imaging Corporation (“Videology”), subsidiary. Our Electronic Test segment sells semiconductor ATE interface solutions through our inTEST EMS (“EMS”) subsidiary, including manipulators, docking hardware and electrical interface products. This segment also sells robotics-based electronic production test equipment under the Acculogic tradename and, as a result of the acquisition of Alfamation on March 12, 2024, 3, We lease certain of our equipment under short-term leasing agreements with original lease terms of six not Occasionally we procure and sell materials/components on behalf of and to our customers. Types of Contracts with Customers Our contracts with customers are generally structured as individual purchase orders which specify the exact products or services being sold or equipment being leased along with the selling price, service fee or monthly lease amount for each individual item on the purchase order. Payment terms and any other customer-specific acceptance criteria are also specified on the purchase order. We generally do not 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 6 14 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at cost on a first first not three not twenty-four three March 31, 2024 2023, |
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 9 |
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 4 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, three March 31, 2022. 2024. may March 31, 2024, not no March 31, 2024. March 31, 2024, |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation 718 11. |
Income Tax, Policy [Policy Text Block] | Income Taxes not not |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) 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 (loss) per share because their effect was anti-dilutive: Three Months Ended March 31, 2024 2023 Weighted average common shares outstanding–basic 12,026,361 10,755,729 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 131,936 332,935 Weighted average common shares and common share equivalents outstanding–diluted 12,158,297 11,088,664 Average number of potentially dilutive securities excluded from calculation because their effect was anti-dilutive during the period 434,584 154,429 |
New Accounting Pronouncements, Policy [Policy Text Block] | 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) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended March 31, 2024 2023 Weighted average common shares outstanding–basic 12,026,361 10,755,729 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 131,936 332,935 Weighted average common shares and common share equivalents outstanding–diluted 12,158,297 11,088,664 Average number of potentially dilutive securities excluded from calculation because their effect was anti-dilutive during the period 434,584 154,429 |
Note 3 - Acquisition (Tables)
Note 3 - Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Goodwill $ 11,796 Identifiable intangible assets 13,087 Tangible assets acquired and liabilities assumed: Cash 811 Trade accounts receivable 4,004 Inventories 11,243 Other current assets 2,169 Property and equipment 1,597 Other assets 1,650 Accounts payable (4,644 ) Accrued expenses (4,311 ) Other current liabilities (278 ) Deferred tax liability (2,391 ) Debt (current and long-term) (9,418 ) Other non-current liabilities (2,962 ) Total purchase price $ 22,353 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Fair Value Weighted Average Estimated Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 5,949 15.0 Technology 340 10.0 Customer backlog 3,399 1.0 Total finite-lived intangible assets 9,688 9.9 Indefinite-lived intangible assets: Trade name 3,399 Total intangible assets $ 13,087 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended March 31, 2024 2023 Revenue $ 34,752 $ 38,473 Net earnings $ 480 $ 3,227 Diluted earnings per share $ 0.04 $ 0.29 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 As of March 31, 2024 Contingent consideration liability – Acculogic $ (1,069 ) $ - $ - $ (1,069 ) Interest rate swap $ 271 $ - $ 271 $ - Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of December 31, 2023 Contingent consideration liability – Acculogic $ (1,093 ) $ - $ - $ (1,093 ) Interest rate swap $ 285 $ - $ 285 $ - |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended March 31, 2024 Balance at beginning of period $ 1,093 Impact of foreign currency translation adjustments (24 ) Balance at end of period $ 1,069 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Changes in Goodwill [Table Text Block] | Balance - January 1, 2024 $ 21,728 Acquisition of Alfamation 11,796 Impact of foreign currency translation adjustments (246 ) Balance - March 31, 2024 $ 33,278 |
Schedule Of Intangible Assets [Table Text Block] | March 31, December 31, 2024 2023 Electronic Test $ 15,026 $ 3,436 Environmental Technologies 1,817 1,817 Process Technologies 16,435 16,475 Total goodwill $ 33,278 $ 21,728 March 31, December 31, 2024 2023 Electronic Test 16,357 3,728 Environmental Technologies 796 794 Process Technologies 11,666 12,074 Total intangible assets $ 28,819 $ 16,596 March 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 22,202 $ 10,082 $ 12,120 Technology 3,195 1,504 1,691 Patents 590 590 - Backlog 3,851 574 3,277 Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 30,248 13,160 17,088 Indefinite-lived intangible assets: Trademarks 11,731 - 11,731 Total intangible assets $ 41,979 $ 13,160 $ 28,819 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 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Balance - January 1, 2024 $ 8,398 Acquisition of Alfamation 3,399 Impact of foreign currency translation adjustments (66 ) Balance - March 31, 2024 $ 11,731 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Balance - January 1, 2024 $ 8,198 Acquisition of Alfamation 9,688 Impact of foreign currency translation adjustments (203 ) Amortization (595 ) Balance - March 31, 2024 $ 17,088 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2024 (remainder) $ 4,384 2025 $ 2,863 2026 $ 1,577 2027 $ 1,083 2028 $ 952 |
Note 6 - Revenue From Contrac_2
Note 6 - Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended 2024 2023 Revenue by customer type: End user $ 21,430 $ 21,704 OEM/Integrator 8,394 10,215 $ 29,824 $ 31,919 Revenue by product type: Thermal test $ 3,699 $ 5,820 Thermal process 10,955 9,822 Semiconductor test 6,282 8,105 Video imaging 2,119 2,648 Flying probe and in-circuit testers 2,744 1,160 Alfamation products 1,379 - Service/other 2,646 4,364 $ 29,824 $ 31,919 Revenue by market: Semiconductor $ 14,967 $ 17,683 Industrial 4,187 3,137 Automotive (including Electric Vehicles) 3,958 2,597 Life Sciences 653 1,513 Defense/aerospace 3,239 2,839 Security 541 966 Other 2,279 3,184 $ 29,824 $ 31,919 |
Note 8 - Inventories (Tables)
Note 8 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2024 December 31, 2023 Raw materials $ 17,104 $ 15,948 Work in process 9,419 1,563 Inventory consigned to others 114 98 Finished goods 4,694 2,480 Total inventories $ 31,331 $ 20,089 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2024 2023 Operating lease cost $ 451 $ 400 Short-term lease cost $ 3 $ 3 Range of remaining lease terms (in years) .5 to 7.1 Weighted average remaining lease term (in years) 4.5 Weighted average discount rate 5.3% |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 $ 1,896 2025 1,644 2026 1,313 2027 1,093 2028 675 Thereafter 869 Total lease payments $ 7,490 Less imputed interest (829 ) Total $ 6,661 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule Of Outstanding Letters Of Credit [Table Text Block] | L/C Lease Letters of Credit Amount Outstanding Facility Original L/C Issue Date Expiration Date Expiration Date Mar. 31, 2024 Dec. 31, 2023 Mt. Laurel, NJ 3/29/2010 4/30/2025 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 (remainder) $ 3,075 2025 4,100 2026 3,842 $ 11,017 2024 (remainder) $ 4,987 2025 2,085 2026 1,293 2027 807 2028 248 $ 9,420 |
Note 11 - Stock-based Compens_2
Note 11 - Stock-based Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2024 2023 Cost of revenue $ 31 $ 19 Selling expense 11 10 Engineering and product development expense 4 10 General and administrative expense 303 435 $ 349 $ 474 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2024 2023 Risk-free interest rate 3.98 % 3.94 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .57 .57 Weighted average expected life of stock options (years) 6.25 6.25 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Options outstanding, January 1, 2024 ( 171,735 505,006 $ 10.46 Granted 165,364 11.33 Exercised (4,925 ) 3.69 Canceled (23,401 ) 10.27 Options outstanding, March 31, 2024 ( 228,364 642,044 10.74 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Unvested shares outstanding, January 1, 2024 189,784 $ 11.51 Granted 138,838 11.38 Vested (39,790 ) 11.52 Forfeited (11,200 ) 12.29 Unvested shares outstanding, March 31, 2024 277,632 11.41 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2024 2023 Revenue: Electronic Test $ 11,116 $ 10,371 Environmental Technologies 6,828 8,042 Process Technologies 11,880 13,506 Total revenue $ 29,824 $ 31,919 Income from divisional operations: Electronic Test $ 1,813 $ 2,578 Environmental Technologies 15 1,013 Process Technologies 1,961 2,676 Total income from divisional operations 3,789 6,267 Corporate expenses (2,702 ) (2,205 ) Acquired intangible amortization (595 ) (544 ) Interest expense (140 ) (182 ) Other income (expense) 435 58 Earnings before income tax expense $ 787 $ 3,394 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended 2024 2023 Revenue: U.S. $ 10,477 $ 11,090 Foreign 19,347 20,829 $ 29,824 $ 31,919 |
Long-Lived Assets by Geographic Areas [Table Text Block] | March 31, December 31, 2024 2023 Property and equipment: U.S. $ 2,502 $ 2,502 Foreign 2,269 688 $ 4,771 $ 3,190 |
Asset [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | March 31, December 31, 2024 2023 Identifiable assets: Electronic Test $ 75,508 $ 32,505 Environmental Technologies 16,624 16,772 Process Technologies 57,815 56,842 Corporate 9,580 28,710 $ 159,527 $ 134,829 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) € in Thousands | 3 Months Ended | |||||
Mar. 12, 2024 USD ($) shares | Mar. 12, 2024 EUR (€) shares | May 11, 2023 USD ($) shares | Mar. 08, 2023 | Mar. 31, 2024 | Mar. 12, 2024 EUR (€) | |
Number of Operating Segments | 2 | 3 | ||||
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% | |||||
Alfamation [Member] | ||||||
Business Combination, Consideration Transferred | $ 22,353,000 | € 20,000 | ||||
Payments to Acquire Businesses, Gross | $ 19,674,000 | € 18,000 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 187,432 | 187,432 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 2,086,000 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 593,000 | € 542 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Debt | $ 9,418,000 | € 8,616 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Inventory Write-down | $ 176 | $ 135 | |
Deferred Grant Proceeds | 298 | ||
City of Rochester and State of New York [Member] | |||
Contingent Liability, Repayment of State and Local Grant Funds Received | $ 550 | ||
Covenant, Future Amount Receivable | 123 | $ 87 | |
Electronic Test [Member] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 48 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Weighted average common shares outstanding–basic (in shares) | 12,026,361 | 10,755,729 |
Unvested shares of restricted stock and employee stock options (in shares) | 131,936 | 332,935 |
Weighted average common shares and common share equivalents outstanding–diluted (in shares) | 12,158,297 | 11,088,664 |
Average number of potentially dilutive securities excluded from calculation because their effect was anti-dilutive during the period (in shares) | 434,584 | 154,429 |
Note 3 - Acquisition (Details T
Note 3 - Acquisition (Details Textual) € in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Mar. 12, 2024 USD ($) ft² shares | Mar. 12, 2024 EUR (€) shares | Mar. 31, 2024 USD ($) | Mar. 31, 2024 USD ($) | Mar. 12, 2024 EUR (€) ft² | |
Alfamation [Member] | |||||
Revenues | $ 1,379 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (101) | ||||
Alfamation [Member] | |||||
Business Combination, Consideration Transferred | $ 22,353 | € 20,000 | |||
Payments to Acquire Businesses, Gross | $ 19,674 | € 18,000 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 187,432 | 187,432 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 2,086 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 593 | € 542 | |||
Business Combination, Acquisition Related Costs | $ 1,013 | $ 1,013 | |||
Lessee, Operating Lease, Term of Contract (Year) | 6 years | 6 years | |||
Area of Real Estate Property (Square Foot) | ft² | 51,817 | 51,817 | |||
Annual Lease Payments | $ 284 | € 260 |
Note 3 - Acquisition - Acquired
Note 3 - Acquisition - Acquired assets and Liabilities Assumed (Details) € in Thousands, $ in Thousands | Mar. 31, 2024 USD ($) | Mar. 12, 2024 USD ($) | Mar. 12, 2024 EUR (€) | Dec. 31, 2023 USD ($) |
Goodwill | $ 33,278 | $ 21,728 | ||
Alfamation [Member] | ||||
Goodwill | $ 11,796 | |||
Identifiable intangible assets | 13,087 | |||
Cash | 811 | |||
Trade accounts receivable | 4,004 | |||
Inventories | 11,243 | |||
Other current assets | 2,169 | |||
Property and equipment | 1,597 | |||
Other assets | 1,650 | |||
Accounts payable | 4,644 | |||
Accrued expenses | 4,311 | |||
Other current liabilities | 278 | |||
Deferred tax liability | 2,391 | |||
Debt (current and long-term) | 9,418 | € 8,616 | ||
Other non-current liabilities | 2,962 | |||
Total purchase price | $ 22,353 |
Note 3 - Acquisition - Intangib
Note 3 - Acquisition - Intangible Assets (Details) - Alfamation [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 12, 2024 | Mar. 31, 2024 | |
Finite-lived intangible assets | $ 9,688 | $ 9,688 |
Useful life (Year) | 9 years 10 months 24 days | |
Indefinite-lived intangible assets | $ 3,399 | |
Total intangible assets | $ 13,087 | |
Trade Names [Member] | ||
Indefinite-lived intangible assets | 3,399 | |
Customer Relationships [Member] | ||
Finite-lived intangible assets | $ 5,949 | |
Useful life (Year) | 15 years | |
Technology-Based Intangible Assets [Member] | ||
Finite-lived intangible assets | $ 340 | |
Useful life (Year) | 10 years | |
Customer-Related Intangible Assets [Member] | ||
Finite-lived intangible assets | $ 3,399 | |
Useful life (Year) | 1 year |
Note 3 - Acquisition - Proforma
Note 3 - Acquisition - Proforma Information (Details) - Alfamation [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 34,752 | $ 38,473 |
Net earnings | $ 480 | $ 3,227 |
Diluted earnings per share (in dollars per share) | $ 0.04 | $ 0.29 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Current Liabilities [Member] | ||
Business Combination, Contingent Consideration, Liability, Current | $ 247 | $ 0 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Interest Rate Swap [Member] | ||
Interest rate swap | $ 271 | $ 285 |
Interest rate swap | 271 | 285 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 0 | 0 |
Interest rate swap | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 271 | 285 |
Interest rate swap | 271 | 285 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 0 | 0 |
Interest rate swap | 0 | 0 |
Acculogic [Member] | ||
Contingent consideration liability | (1,069) | (1,093) |
Acculogic [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Contingent consideration liability | 0 | 0 |
Acculogic [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Contingent consideration liability | 0 | 0 |
Acculogic [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Contingent consideration liability | $ (1,069) | $ (1,093) |
Note 4 - Fair Value Measureme_5
Note 4 - Fair Value Measurements - Changes in the Fair Value of Level 3 Contingent Consideration Liabilities (Details) - Contingent Consideration Liabilities [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Balance | $ 1,093 |
Impact of foreign currency translation adjustments | 24 |
Balance | $ 1,069 |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets - Changes in Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Balance | $ 21,728 |
Acquisition of Alfamation | 11,796 |
Impact of foreign currency translation adjustments | (246) |
Balance | 33,278 |
Alfamation [Member] | |
Acquisition of Alfamation | $ 11,796 |
Note 5 - Goodwill and Intangi_4
Note 5 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill | $ 33,278 | $ 21,728 |
Net Carrying Amount | 28,819 | 16,596 |
Finite-lived, Gross Carrying Amount | 30,248 | 20,801 |
Finite-lived, Accumulated Amortization | 13,160 | 12,603 |
Net Carrying Amount, finite-lived | 17,088 | 8,198 |
Indefinite-lived, Gross Carrying Amount | 11,731 | 8,398 |
Net Carrying Amount, indefinite-lived | 11,731 | 8,398 |
Intangible Assets, Gross Carrying Amount | 41,979 | 29,199 |
Net Carrying Amount | 28,819 | 16,596 |
Intangible Assets, Gross Carrying Amount | 41,979 | 29,199 |
Net Carrying Amount | 28,819 | 16,596 |
Trademarks [Member] | ||
Indefinite-lived, Gross Carrying Amount | 11,731 | 8,398 |
Net Carrying Amount, indefinite-lived | 11,731 | 8,398 |
Customer Relationships [Member] | ||
Finite-lived, Gross Carrying Amount | 22,202 | 16,407 |
Finite-lived, Accumulated Amortization | 10,082 | 9,687 |
Net Carrying Amount, finite-lived | 12,120 | 6,720 |
Patented Technology [Member] | ||
Finite-lived, Gross Carrying Amount | 3,195 | 2,895 |
Finite-lived, Accumulated Amortization | 1,504 | 1,417 |
Net Carrying Amount, finite-lived | 1,691 | 1,478 |
Patents [Member] | ||
Finite-lived, Gross Carrying Amount | 590 | 590 |
Finite-lived, Accumulated Amortization | 590 | 590 |
Customer Backlog [Member] | ||
Finite-lived, Gross Carrying Amount | 3,851 | 499 |
Finite-lived, Accumulated Amortization | 574 | 499 |
Computer Software, Intangible Asset [Member] | ||
Finite-lived, Gross Carrying Amount | 270 | 270 |
Finite-lived, Accumulated Amortization | 270 | 270 |
Trade Names [Member] | ||
Finite-lived, Gross Carrying Amount | 140 | 140 |
Finite-lived, Accumulated Amortization | 140 | 140 |
Electronic Test [Member] | ||
Goodwill | 15,026 | 3,436 |
Net Carrying Amount | 16,357 | 3,728 |
Net Carrying Amount | 16,357 | 3,728 |
Net Carrying Amount | 16,357 | 3,728 |
Environmental Technologies [Member] | ||
Goodwill | 1,817 | 1,817 |
Net Carrying Amount | 796 | 794 |
Net Carrying Amount | 796 | 794 |
Net Carrying Amount | 796 | 794 |
Process Technologies [Member] | ||
Goodwill | 16,435 | 16,475 |
Net Carrying Amount | 11,666 | 12,074 |
Net Carrying Amount | 11,666 | 12,074 |
Net Carrying Amount | $ 11,666 | $ 12,074 |
Note 5 - Goodwill and Intangi_5
Note 5 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Indefinite-lived Intangible Assets (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Balance | $ 8,398 |
Impact of foreign currency translation adjustments | (66) |
Alfamation [Member] | |
Acquisition of Alfamation | $ 3,399 |
Note 5 - Goodwill and Intangi_6
Note 5 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 12, 2024 | Mar. 31, 2024 | |
Balance | $ 8,198 | |
Impact of foreign currency translation adjustments | (203) | |
Amortization | (595) | |
Alfamation [Member] | ||
Acquisition of Alfamation | $ 9,688 | $ 9,688 |
Note 5 - Goodwill and Intangi_7
Note 5 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2024 (remainder) | $ 4,384 |
2025 | 2,863 |
2026 | 1,577 |
2027 | 1,083 |
2028 | $ 952 |
Note 6 - Revenue From Contrac_3
Note 6 - Revenue From Contracts With Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 29,824 | $ 31,919 |
Semiconductor Market [Member] | ||
Revenue | 14,967 | 17,683 |
Industrial Market [Member] | ||
Revenue | 4,187 | 3,137 |
Automotive [Member] | ||
Revenue | 3,958 | 2,597 |
Life Sciences [Member] | ||
Revenue | 653 | 1,513 |
Defense/ Aerospace [Member] | ||
Revenue | 3,239 | 2,839 |
Security [Member] | ||
Revenue | 541 | 966 |
Other Multi Markets [Member] | ||
Revenue | 2,279 | 3,184 |
Thermal Testing Products [Member] | ||
Revenue | 3,699 | 5,820 |
Thermal Process [Member] | ||
Revenue | 10,955 | 9,822 |
Semiconductor Production Test Products [Member] | ||
Revenue | 6,282 | 8,105 |
Video Imaging [Member] | ||
Revenue | 2,119 | 2,648 |
Flying Probe and In-circuit Testers [Member] | ||
Revenue | 2,744 | 1,160 |
Alfamation [Member] | ||
Revenue | 1,379 | 0 |
Service and Other Products [Member] | ||
Revenue | 2,646 | 4,364 |
End User [Member] | ||
Revenue | 21,430 | 21,704 |
OEM, Integrators and Distributor [Member] | ||
Revenue | $ 8,394 | $ 10,215 |
Note 7 - Major Customers (Detai
Note 7 - Major Customers (Details Textual) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Number of Major Customers | 1 | 1 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Texas Instruments Incorporated [Member] | ||
Concentration Risk, Percentage | 15% | 13% |
Note 8 - Inventories - Inventor
Note 8 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Raw materials | $ 17,104 | $ 15,948 |
Work in process | 9,419 | 1,563 |
Inventory consigned to others | 114 | 98 |
Finished goods | 4,694 | 2,480 |
Total inventories | $ 31,331 | $ 20,089 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) € in Thousands, $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2024 USD ($) ft² | Mar. 31, 2023 USD ($) | Mar. 31, 2024 EUR (€) ft² | Mar. 12, 2024 USD ($) ft² | Mar. 12, 2024 EUR (€) ft² | Dec. 31, 2023 USD ($) | |
Operating Lease, Right-of-Use Asset, Periodic Reduction | $ 403 | $ 391 | ||||
Operating Lease, Right-of-Use Asset | 6,270 | $ 4,987 | ||||
Increase (Decrease) in Operating Lease Liability | (447) | (423) | ||||
Operating Lease, Liability | 6,661 | |||||
Lease Facility in Singapore [Member] | ||||||
Operating Lease, Right-of-Use Asset | 82 | |||||
Operating Lease, Liability | $ 82 | |||||
Environmental Technologies in Germany [Member] | ||||||
Operating Lease, Right-of-Use Asset | $ 90 | |||||
Lessee, Operating Lease, Term of Contract (Year) | 25 months | |||||
Operating Lease, Liability | $ 90 | |||||
Process Technologies in Europe [Member] | Automobile Leases [Member] | ||||||
Operating Lease, Right-of-Use Asset | $ 30 | |||||
Lessee, Operating Lease, Term of Contract (Year) | 36 months | |||||
Operating Lease, Liability | $ 30 | |||||
Alfamation [Member] | ||||||
Area of Real Estate Property (Square Foot) | ft² | 51,817 | 51,817 | ||||
Annual Lease Payments | $ 284 | € 260 | ||||
Lessee, Operating Lease, Term of Contract (Year) | 6 years | 6 years | ||||
Alfamation [Member] | Warehouse and Office Space [Member] | ||||||
Area of Real Estate Property (Square Foot) | ft² | 51,817 | 51,817 | ||||
Annual Lease Payments | € | € 260 | |||||
Operating Lease, Right-of-Use Asset | $ 1,758,000 | |||||
Increase (Decrease) in Operating Lease Liability | $ 1,758,000 |
Note 9 - Leases - Lease Costs (
Note 9 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating lease cost | $ 451 | $ 400 |
Short-term lease cost | $ 3 | $ 3 |
Weighted average remaining lease term (in years) (Year) | 4 years 6 months | |
Weighted average discount rate | 5.30% | |
Minimum [Member] | ||
Range of remaining lease terms (in years) (Year) | 6 months | |
Maximum [Member] | ||
Range of remaining lease terms (in years) (Year) | 7 years 1 month 6 days |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2024 | $ 1,896 |
2025 | 1,644 |
2026 | 1,313 |
2027 | 1,093 |
2028 | 675 |
Thereafter | 869 |
Total lease payments | 7,490 |
Less imputed interest | (829) |
Total | $ 6,661 |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) $ in Thousands | 3 Months Ended | |||||
Dec. 29, 2021 USD ($) | Oct. 28, 2021 USD ($) | Oct. 15, 2021 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Sep. 20, 2022 USD ($) | |
Interest Expense, Operating and Nonoperating | $ 140 | $ 182 | ||||
Debt Instrument, Covenant, Ratio of Consolidated Funded Debt to Consolidated EBITDA | 3 | |||||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1.25 | |||||
Long-Term Debt | 11,017 | |||||
Alfamation [Member] | ||||||
Long-Term Debt | 9,420 | |||||
Short-Term Debt | $ 2,130 | |||||
Debt, Weighted Average Interest Rate | 4% | |||||
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 | |||||
Interest Expense, Operating and Nonoperating | $ 140 | $ 182 | ||||
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 | |||||
Debt Instrument, Long-term, Fixed Interest Rate Debt [Member] | Alfamation [Member] | ||||||
Debt, Weighted Average Interest Rate | 1.90% | |||||
Debt Instrument, Short-term, Variable Interest Rate Debt [Member] | Alfamation [Member] | ||||||
Debt, Weighted Average Interest Rate | 5% |
Note 10 - Debt - Outstanding Le
Note 10 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
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, 2025 | |
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 | Mar. 31, 2024 USD ($) |
2024 (remainder) | $ 3,075 |
2025 | 4,100 |
2026 | 3,842 |
Long-Term Debt | 11,017 |
Alfamation [Member] | |
2024 (remainder) | 4,987 |
2025 | 2,085 |
2026 | 1,293 |
Long-Term Debt | 9,420 |
2027 | 807 |
2028 | $ 248 |
Note 11 - Stock-based Compens_3
Note 11 - Stock-based Compensation Plan (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 15 Months Ended | ||||||||||
Mar. 06, 2024 USD ($) shares | Jan. 16, 2024 USD ($) shares | May 08, 2023 USD ($) shares | Mar. 08, 2023 USD ($) shares | Mar. 09, 2022 USD ($) shares | Mar. 08, 2022 | Oct. 01, 2021 shares | Mar. 10, 2021 shares | Aug. 31, 2020 | Mar. 31, 2024 USD ($) $ / shares shares | Dec. 31, 2023 | Mar. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 | Mar. 31, 2024 USD ($) shares | |
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) | $ / shares | $ 6.55 | $ 9.32 | ||||||||||||
Number of Operating Segments | 2 | 3 | ||||||||||||
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) | 138,838 | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 39,790 | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 463 | $ 381 | ||||||||||||
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] | 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, Options, Nonvested Options Forfeited, Number of Shares (in shares) | 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 | 75% | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 6,000 | 6,000 | ||||||||||||
Performance-Based Restricted Stock [Member] | Members of The Senior Management [Member] | Share-Based Payment Arrangement, Vesting on Third Anniversary of Grant Date [Member] | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 12,000 | |||||||||||||
Performance-Based Restricted Stock [Member] | Members of The Senior Management [Member] | Share-Based Payment Arrangement, Tranche Two [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) | 6,000 | 6,000 | ||||||||||||
Performance-Based Restricted Stock [Member] | Members of The Senior Management [Member] | Vesting on January 1, 2025, Based on Performance Metrics [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0% | 50% | ||||||||||||
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 [Member] | Chief Executive Officer and Chief Financial Officer [Member] | ||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0% | 0% | ||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150% | 150% | ||||||||||||
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 | ||||||||||||
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% | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Probable Final Vesting Percentage | 0% | 50% | ||||||||||||
Performance-Based Restricted Stock [Member] | President of Environmental Technologies [Member] | ||||||||||||||
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% | |||||||||||||
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] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% | |||||||||||||
Performance-Based Restricted Stock [Member] | President of Process Technologies [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 8,231 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value | $ | $ 100 | |||||||||||||
Performance-Based Restricted Stock [Member] | President of Process Technologies [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||||||
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 [Member] | Chief Executive Officer, Chief Financial Officer, and Division Presidents [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 33,539 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value | $ | $ 380 | |||||||||||||
Performance-Based Restricted Stock [Member] | Chief Executive Officer, Chief Financial Officer, and Division Presidents [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, Award Vesting Rights Percentage Lower Range | 0% | |||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150% | |||||||||||||
The 2023 Stock Incentive Plan [Member] | ||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 4,813 | $ 4,813 | ||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | |||||||||||||
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% |
Note 11 - Stock-based Compens_4
Note 11 - Stock-based Compensation Plan - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Expense | $ 349 | $ 474 |
Cost of Sales [Member] | ||
Share-Based Payment Arrangement, Expense | 31 | 19 |
Selling and Marketing Expense [Member] | ||
Share-Based Payment Arrangement, Expense | 11 | 10 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expense | 4 | 10 |
General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expense | $ 303 | $ 435 |
Note 11 - Stock-based Compens_5
Note 11 - Stock-based Compensation Plan - Stock Options Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member] | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Risk-free interest rate | 3.98% | 3.94% |
Dividend yield | 0% | 0% |
Expected common stock market price volatility factor | 57% | 57% |
Weighted average expected life of stock options (years) (Year) | 6 years 3 months | 6 years 3 months |
Note 11 - Stock-based Compens_6
Note 11 - Stock-based Compensation Plan - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Options outstanding, number of shares (in shares) | shares | 505,006 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 10.46 |
Granted, number of shares (in shares) | shares | 165,364 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 11.33 |
Exercised, number of shares (in shares) | shares | (4,925) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 3.69 |
Canceled, number of shares (in shares) | shares | (23,401) |
Canceled, weighted average exercise price (in dollars per share) | $ / shares | $ 10.27 |
Options outstanding, number of shares (in shares) | shares | 642,044 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 10.74 |
Note 11 - Stock-based Compens_7
Note 11 - Stock-based Compensation Plan - Stock Option Activity (Details) (Parentheticals) - shares | Mar. 31, 2024 | Dec. 31, 2023 |
Options exercisable (in shares) | 228,364 | 171,735 |
Note 11 - Stock-based Compens_8
Note 11 - Stock-based Compensation Plan - Unvested Stock Activity (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Unvested shares outstanding (in shares) | shares | 189,784 |
Unvested shares outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 11.51 |
Granted, number of shares (in shares) | shares | 138,838 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 11.38 |
Vested, number of shares (in shares) | shares | (39,790) |
Vested, weighted average exercise price (in dollars per share) | $ / shares | $ 11.52 |
Forfeited, number of shares (in shares) | shares | (11,200) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 12.29 |
Unvested shares outstanding (in shares) | shares | 277,632 |
Unvested shares outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 11.41 |
Note 12 - Employee Stock Purc_2
Note 12 - Employee Stock Purchase Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 30 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Jun. 23, 2021 | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 54 | $ 48 | |||
Share Price (in dollars per share) | $ 13.25 | $ 13.25 | $ 13.25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Discount Amount | $ 8 | $ 8 | |||
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) | 4,104 | 47,037 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 46 | $ 460 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 11.26 | $ 11.26 | $ 11.26 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Discount from Market Price, Purchase Date | 15% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount Amount | $ 8 | ||||
Share-Based Payment Arrangement, Expense | $ 81 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Deferred Compensation Liability, Classified, Noncurrent | $ 1,596 | |
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 | $ 389 | $ 372 |
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 | $ 389 | $ 372 |
Note 14 - Segment Information_2
Note 14 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Number of Reportable Segments | 3 |
Note 14 - Segment Information -
Note 14 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net revenues | $ 29,824 | $ 31,919 |
Earnings before income tax expense | 787 | 3,394 |
Acquired intangible amortization | (595) | (544) |
Interest expense | (140) | (182) |
Other income (expense) | 435 | 58 |
Operating Segments [Member] | ||
Net revenues | 29,824 | 31,919 |
Earnings before income tax expense | 3,789 | 6,267 |
Operating Segments [Member] | Electronic Test [Member] | ||
Net revenues | 11,116 | 10,371 |
Earnings before income tax expense | 1,813 | 2,578 |
Operating Segments [Member] | Environmental Technologies [Member] | ||
Net revenues | 6,828 | 8,042 |
Earnings before income tax expense | 15 | 1,013 |
Operating Segments [Member] | Process Technologies [Member] | ||
Net revenues | 11,880 | 13,506 |
Earnings before income tax expense | 1,961 | 2,676 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||
Earnings before income tax expense | $ (2,702) | $ (2,205) |
Note 14 - Segment Information_3
Note 14 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Identifiable Assets | $ 159,527 | $ 134,829 |
Electronic Test [Member] | ||
Identifiable Assets | 75,508 | 32,505 |
Environmental Technologies [Member] | ||
Identifiable Assets | 16,624 | 16,772 |
Process Technologies [Member] | ||
Identifiable Assets | 57,815 | 56,842 |
Corporate Segment [Member] | ||
Identifiable Assets | $ 9,580 | $ 28,710 |
Note 14 - Segment Information_4
Note 14 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 29,824 | $ 31,919 |
UNITED STATES | ||
Revenue | 10,477 | 11,090 |
Non-US [Member] | ||
Revenue | $ 19,347 | $ 20,829 |
Note 14 - Segment Information_5
Note 14 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property and Equipment | $ 4,771 | $ 3,190 |
UNITED STATES | ||
Property and Equipment | 2,502 | 2,502 |
Non-US [Member] | ||
Property and Equipment | $ 2,269 | $ 688 |