Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 01, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001036262 | |
Entity Registrant Name | INTEST CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-36117 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 22-2370659 | |
Entity Address, Address Line One | 804 East Gate Drive, Suite 200 | |
Entity Address, City or Town | Mt. Laurel | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08054 | |
City Area Code | 856 | |
Local Phone Number | 505-8800 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | INTT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,131,366 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 15,428 | $ 13,434 |
Restricted cash | 516 | 1,142 |
Trade accounts receivable, net of allowance for credit losses of $497 and $496, respectively | 20,991 | 21,215 |
Inventories | 24,489 | 22,565 |
Prepaid expenses and other current assets | 2,445 | 1,695 |
Total current assets | 63,869 | 60,051 |
Property and equipment: | ||
Machinery and equipment | 6,742 | 6,625 |
Leasehold improvements | 3,424 | 3,242 |
Gross property and equipment | 10,166 | 9,867 |
Less: accumulated depreciation | (6,959) | (6,735) |
Net property and equipment | 3,207 | 3,132 |
Right-of-use assets, net | 5,506 | 5,770 |
Goodwill | 21,636 | 21,605 |
Net Carrying Amount | 18,046 | 18,559 |
Deferred tax assets | 684 | 280 |
Restricted certificates of deposit | 100 | 100 |
Other assets | 468 | 569 |
Total assets | 113,516 | 110,066 |
Current liabilities: | ||
Current portion of Term Note | 4,100 | 4,100 |
Current portion of operating lease liabilities | 1,714 | 1,645 |
Accounts payable | 7,801 | 7,394 |
Accrued wages and benefits | 3,257 | 3,907 |
Accrued professional fees | 743 | 884 |
Customer deposits and deferred revenue | 5,448 | 4,498 |
Accrued sales commissions | 1,249 | 1,468 |
Domestic and foreign income taxes payable | 2,273 | 1,409 |
Other current liabilities | 1,611 | 1,564 |
Total current liabilities | 28,196 | 26,869 |
Operating lease liabilities, net of current portion | 4,338 | 4,705 |
Term Note, net of current portion | 11,017 | 12,042 |
Contingent consideration | 1,042 | 1,039 |
Other liabilities | 425 | 455 |
Total liabilities | 45,018 | 45,110 |
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; 11,168,080 and 11,063,271 shares issued, respectively | 112 | 111 |
Additional paid-in capital | 32,673 | 31,987 |
Retained earnings | 35,671 | 32,854 |
Accumulated other comprehensive earnings | 289 | 218 |
Treasury stock, at cost; 36,329 and 34,308 shares, respectively | (247) | (214) |
Total stockholders' equity | 68,498 | 64,956 |
Total liabilities and stockholders' equity | $ 113,516 | $ 110,066 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 497 | $ 496 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 11,168,080 | 11,063,271 |
Treasury stock, shares (in shares) | 36,329 | 34,308 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | $ 31,919 | $ 24,081 |
Cost of revenue | 16,867 | 13,068 |
Gross profit | 15,052 | 11,013 |
Operating expenses: | ||
Selling expense | 4,455 | 3,456 |
Engineering and product development expense | 1,904 | 1,924 |
General and administrative expense | 5,175 | 4,831 |
Total operating expenses | 11,534 | 10,211 |
Operating income | 3,518 | 802 |
Interest expense | (182) | (137) |
Other income (expense) | 58 | (10) |
Earnings before income tax expense | 3,394 | 655 |
Income tax expense | 577 | 78 |
Net earnings | $ 2,817 | $ 577 |
Earnings per common share – basic (in dollars per share) | $ 0.26 | $ 0.05 |
Weighted average common shares outstanding – basic (in shares) | 10,755,729 | 10,617,271 |
Earnings per common share – diluted (in dollars per share) | $ 0.25 | $ 0.05 |
Weighted average common shares and common share equivalents outstanding – diluted (in shares) | 11,088,664 | 10,842,592 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net earnings | $ 2,817 | $ 577 |
Unrealized gain (loss) on interest rate swap agreement | (99) | 289 |
Foreign currency translation adjustments | 170 | (116) |
Comprehensive earnings | $ 2,888 | $ 750 |
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, 2021 | 10,910,460 | |||||
Balance at Dec. 31, 2021 | $ 109 | $ 29,931 | $ 24,393 | $ 594 | $ (204) | $ 54,823 |
Net earnings | 0 | 0 | 577 | 0 | 0 | 577 |
Other comprehensive earnings | 0 | 0 | 0 | 173 | 0 | 173 |
Amortization of deferred compensation related to stock-based awards | $ 0 | 372 | 0 | 0 | 0 | 372 |
Issuance of unvested shares of restricted stock (in shares) | 79,489 | |||||
Issuance of unvested shares of restricted stock | $ 1 | (1) | 0 | 0 | 0 | |
Shares issued under Employee Stock Purchase Plan (in shares) | 5,245 | |||||
Shares issued under Employee Stock Purchase Plan | $ 0 | 56 | 0 | 0 | 0 | 56 |
Balance (in shares) at Mar. 31, 2022 | 10,995,194 | |||||
Balance at Mar. 31, 2022 | $ 110 | 30,358 | 24,970 | 767 | (204) | 56,001 |
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 earnings | 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 |
Forfeiture of unvested shares of restricted stock (in shares) | (13,271) | |||||
Forfeiture of unvested shares of restricted stock | $ 0 | 0 | 0 | 0 | 0 | $ 0 |
Stock options exercised (in shares) | 25,200 | 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 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings | $ 2,817 | $ 577 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,176 | 1,279 |
Provision for excess and obsolete inventory | 135 | 123 |
Foreign exchange (gain) loss | (18) | 40 |
Amortization of deferred compensation related to stock-based awards | 474 | 372 |
Discount on shares sold under Employee Stock Purchase Plan | (8) | (8) |
Proceeds from sale of demonstration equipment, net of gain | 6 | 19 |
Deferred income tax benefit | (404) | (438) |
Changes in assets and liabilities: | ||
Trade accounts receivable | 291 | (832) |
Inventories | (2,038) | (2,177) |
Prepaid expenses and other current assets | (740) | (374) |
Other assets | 2 | (8) |
Operating lease liabilities | (423) | (346) |
Accounts payable | 403 | 1,592 |
Accrued wages and benefits | (654) | (1,179) |
Accrued professional fees | (142) | (520) |
Customer deposits and deferred revenue | 921 | (608) |
Accrued sales commissions | (221) | (20) |
Domestic and foreign income taxes payable | 864 | (395) |
Other current liabilities | 43 | 40 |
Other liabilities | (16) | 60 |
Net cash provided by (used in) operating activities | 2,484 | (2,787) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (334) | (335) |
Net cash used in investing activities | (334) | (335) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from shares sold under Employee Stock Purchase Plan | 40 | 48 |
Proceeds from stock options exercised | 165 | 0 |
Acquisition of treasury stock – shares surrendered by employees to satisfy tax liability | (33) | 0 |
Net cash used in financing activities | (853) | (835) |
Effects of exchange rates on cash | 71 | (27) |
Net cash provided by (used in) all activities | 1,368 | (3,984) |
Cash, cash equivalents and restricted cash at beginning of period | 14,576 | 21,195 |
Cash, cash equivalents and restricted cash at end of period | 15,944 | 17,211 |
Cash payments for: | ||
Domestic and foreign income taxes | 118 | 966 |
Term Note [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of Term Note | $ (1,025) | $ (883) |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | ( 1 NATURE OF OPERATIONS We are a global supplier of innovative test and process technology solutions for use in manufacturing and testing across a wide range of markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We have three The consolidated entity is comprised of inTEST Corporation and our wholly-owned subsidiaries. We manufacture our products in the U.S., Canada and the Netherlands. Marketing and support activities are conducted worldwide from our facilities in the U.S., Canada, Germany, Singapore, the Netherlands and the U.K. We operate our business worldwide and sell our products both domestically and internationally. All of our operating segments have multiple products that we design, manufacture and market to our customers. Due to a number of factors, our products have varying levels of gross margin. The mix of products we sell in any period is ultimately determined by our customers' needs. Therefore, the mix of products sold in any given period can change significantly from the prior period. In addition, we sell our products to a variety of different types of customers with varying levels of discounts and commission expense. As a result of changes in both the mix of products sold as well as customer mix in any given period, our consolidated gross margin can vary significantly from period to period. The semiconductor market (“semi” or the “semi market”) which includes both the broader semiconductor market, as well as the more specialized automated test equipment (“ATE”) and wafer production sectors within the broader semiconductor market, has historically been the largest single market in which we operate. The semi market is characterized by rapid technological change, competitive pricing pressures and cyclical as well as seasonal market patterns. The semi market is also subject to periods of significant expansion or contraction in demand. In addition to the semi market, we sell into a variety of other markets. Our intention is to continue diversifying our markets, our product offerings within the markets we serve and our customer base across all of our markets with the goal of reducing our dependence on any one Our Electronic Test segment sells its products to semiconductor manufacturers and third third December 2021, Our financial results are affected by a wide variety of factors, including, but not may may may not may not may not may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Use of Estimates The accompanying consolidated financial statements include our accounts and those of our wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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 Form 10 December 31, 2022 ( “2022 10 March 22, 2023 Reclassification Subsequent Events no three March 31, 2023. Business Combinations third Cash, Cash Equivalents and Restricted Cash Short-term investments that have maturities of three may not Restricted cash represents amounts deposited at our bank in the Netherlands to support a bank guarantee which one 2022. March 31, 2023 December 31, 2022, The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets and the consolidated statements of cash flows: March 31, 2023 December 31, 2022 Cash and cash equivalents $ 15,428 $ 13,434 Restricted cash 516 1,142 Total cash, cash equivalents and restricted cash $ 15,944 $ 14,576 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 not no three March 31, 2023 2022. Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, our credit facility, interest rate swaps and our liabilities for contingent consideration. Our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at cost which approximates fair value, due to the short maturities of the accounts. Our credit facility and our interest rate swap are discussed further below and in Note 9. 820 820 3 Goodwill, Intangible and Long-Lived Assets three We account for goodwill and intangible assets in accordance with ASC Topic 350 fourth may not not not not not The quantitative goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not Indefinite-lived intangible assets are assessed for impairment annually at the beginning of the fourth not not no Long-lived assets, which consist of finite-lived intangible assets, property and equipment and 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. We sell thermal management products including ThermoStreams, ThermoChambers, process chillers, refrigerators and freezers, which we sell under our Temptronic, Sigma, Thermonics and North Sciences product lines, and Ambrell Corporation’s (“Ambrell”) precision induction heating systems, including EKOHEAT® and EASYHEAT TM We lease certain of our equipment under short-term leasing agreements with original lease terms of six not Types of Contracts with Customers Our contracts with customers are generally structured as individual purchase orders which specify the exact products or services being sold or equipment being leased along with the selling price, service fee or monthly lease amount for each individual item on the purchase order. Payment terms and any other customer-specific acceptance criteria are also specified on the purchase order. We generally do not Contract Balances We record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for credit losses, is included in current assets on our balance sheet. To the extent that we do not As discussed above, we follow the guidance in ASC Topic 326 Costs to Obtain a Contract with a Customer The only costs we incur associated with obtaining contracts with customers are sales commissions that we pay to our internal sales personnel or third third not Product Warranties In connection with the sale of our products, we generally provide standard one two not not See Notes 5 13 Inventories Inventories are valued at cost on a first first not three not twenty-four three March 31, 2023 2022, Leases We account for leases in accordance with ASC Topic 842 may not not 842. not ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. None may not We have lease agreements which contain both lease and non-lease components, which are generally accounted for separately. In addition to the monthly rental payments due, most of our leases for our offices and warehouse facilities include non-lease components representing our portion of the common area maintenance, property taxes and insurance charges incurred by the landlord for the facilities which we occupy. These amounts are not Operating lease payments are included in cash outflows from operating activities on our consolidated statements of cash flows. Amortization of ROU assets is presented separately from the change in operating lease liabilities and is included in Depreciation and Amortization on our consolidated statements of cash flows. We have made an accounting policy election not 842 one See Note 8 Interest Rate Swap Agreement We are exposed to interest rate risk on our floating-rate debt. We have entered into an interest rate swap agreement to effectively convert our floating-rate debt to a fixed-rate basis for a portion of our floating rate debt, as discussed further in Notes 3 9. 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, 2023, not no March 31, 2023. March 31, 2023, Stock-Based Compensation 718 10. 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, 2023 2022 Weighted average common shares outstanding–basic 10,755,729 10,617,271 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 332,935 225,321 Weighted average common shares and common share equivalents outstanding–diluted 11,088,664 10,842,592 Average number of potentially dilutive securities excluded from calculation 154,429 318,574 Effect of Recently Adopted Amendments to Authoritative Accounting Guidance In June 2016, November 2019, December 15, 2022. first January 1, 2023. not |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 3 FAIR VALUE MEASUREMENTS ASC Topic 820 ASC 820 820 three Level 1 Level 2 not Level 3 To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Recurring Fair Value Measurements The interest rate swap agreement we entered into in connection with our Term Note, as discussed further in Notes 2 9 2 3 December 21, 2021, 3 2022 10 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, 2023 Contingent consideration liability – Acculogic $ (1,367 ) $ - $ - $ (1,367 ) Interest rate swap $ 429 $ - $ 429 $ - Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of December 31, 2022 Contingent consideration liability – Acculogic $ (1,363 ) $ - $ - $ (1,363 ) Interest rate swap $ 528 $ - $ 528 $ - Changes in the fair value of our Level 3 three March 31, 2023 Three Months Ended March 31, 2023 Balance at beginning of period $ 1,363 Impact of foreign currency translation adjustments 4 Balance at end of period $ 1,367 |
Note 4 - Goodwill and Intangibl
Note 4 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 4 GOODWILL AND INTANGIBLE ASSETS We have three Goodwill three March 31, 2023 Balance - January 1, 2023 $ 21,605 Impact of foreign currency translation adjustments 31 Balance - March 31, 2023 $ 21,636 Goodwill was comprised of the following at March 31, 2023 December 31, 2022: March 31, December 31, 2023 2022 Electronic Test $ 3,377 $ 3,369 Environmental Technologies 1,817 1,817 Process Technologies 16,442 16,419 Total goodwill $ 21,636 $ 21,605 Intangible Assets three March 31, 2023 Balance - January 1, 2023 $ 8,369 Impact of foreign currency translation adjustments 6 Balance - March 31, 2023 $ 8,375 Changes in the amount of the carrying value of finite-lived intangible assets for the three March 31, 2023 Balance - January 1, 2023 $ 10,190 Impact of foreign currency translation adjustments 25 Amortization (544 ) Balance - March 31, 2023 $ 9,671 Intangible assets were allocated to our reporting segments at March 31, 2023 December 31, 2022 March 31, December 31, 2023 2022 Electronic Test 4,019 4,139 Environmental Technologies 823 832 Process Technologies 13,204 13,588 Total intangible assets $ 18,046 $ 18,559 The following tables provide further detail about our intangible assets as of March 31, 2023 December 31, 2022: March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 16,334 $ 8,431 $ 7,903 Technology 2,863 1,095 1,768 Patents 590 590 - Backlog 494 494 - Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 20,691 11,020 9,671 Indefinite-lived intangible assets: Trademarks 8,375 - 8,375 Total intangible assets $ 29,066 $ 11,020 $ 18,046 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 16,313 $ 7,990 $ 8,323 Technology 2,855 988 1,867 Patents 590 590 - Backlog 492 492 - Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 20,660 10,470 10,190 Indefinite-lived intangible assets: Trademarks 8,369 - 8,369 Total intangible assets $ 29,029 $ 10,470 $ 18,559 We generally amortize our finite-lived intangible assets over their estimated useful lives based on the pattern in which the economic benefits of the intangible assets are expected to be consumed, or on a straight-line basis, if an alternate amortization method cannot be reliably determined. Any such alternate amortization method would be based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. None The following table sets forth the estimated annual amortization expense for each of the next five 2023 (remainder) $ 1,549 2024 $ 1,971 2025 $ 1,762 2026 $ 1,153 2027 $ 658 |
Note 5 - Revenue From Contracts
Note 5 - Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 5 REVENUE FROM CONTRACTS WITH CUSTOMERS The following tables provide additional information about our revenue from contracts with customers, including revenue by customer and product type and revenue by market. The information about revenue by customer and product type for the three March 31, 2022 13 Three Months Ended March 31, 2023 2022 Revenue by customer type: End user $ 21,594 $ 17,142 OEM/Integrator 10,215 6,939 $ 31,919 $ 24,081 Revenue by product type: Thermal test $ 5,820 $ 5,057 Thermal process 9,822 6,996 Semiconductor test 8,105 6,008 Video imaging 2,648 1,850 Flying probe and in-circuit testers 1,160 1,688 Service/other 4,364 2,482 $ 31,919 $ 24,081 Revenue by market: Semiconductor $ 17,683 $ 13,390 Industrial 3,137 2,799 Automotive (including Electric Vehicles) 2,597 2,756 Life Sciences 1,513 699 Defense/aerospace 2,839 1,493 Security 966 574 Other 3,184 2,370 $ 31,919 $ 24,081 There were no significant changes in the amount of the allowance for credit losses for the three March 31, 2023. |
Note 6 - Major Customers
Note 6 - Major Customers | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 6 MAJOR CUSTOMERS During the three March 31, 2023, No 10% three March 31, 2023. three March 31, 2022, no 10% |
Note 7 - Inventories
Note 7 - Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 7 INVENTORIES Inventories held at March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Raw materials $ 18,465 $ 16,888 Work in process 2,372 2,432 Inventory consigned to others 52 59 Finished goods 3,600 3,186 Total inventories $ 24,489 $ 22,565 |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 8 LEASES As previously discussed in Note 2, 842. 2031. three March 31, 2023 2022, Three Months Ended March 31, 2023 2022 Operating lease cost $ 400 $ 326 Short-term lease cost $ 3 $ 30 The following is additional information about our leases as of March 31, 2023: Range of remaining lease terms (in years) .3 to 8.1 Weighted average remaining lease term (in years) 4.8 Weighted average discount rate 4.4% Maturities of lease liabilities as of March 31, 2023 2023 $ 1,454 2024 1,892 2025 994 2026 694 2027 696 Thereafter 944 Total lease payments $ 6,674 Less imputed interest (622 ) Total $ 6,052 Cash Flow Information Total amortization of ROU assets for the three March 31, 2023 2022 During the three March 31, 2023, one |
Note 9 - Debt
Note 9 - Debt | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 9 DEBT Letters of Credit 30 not one March 31, 2023 December 31, 2022 L/C Lease Letters of Credit Amount Outstanding Facility Original L/C Issue Date Expiration Date Expiration Date Mar. 31, 2023 Dec. 31, 2022 Mt. Laurel, NJ 3/29/2010 4/30/2024 4/30/2031 $ 50 $ 50 Mansfield, MA 10/27/2010 12/31/2024 12/31/2024 50 50 $ 100 $ 100 Credit Facility On October 15, 2021 ( October 28, 2021, December 30, 2021, The Loan Agreement included a $25,000 non-revolving delayed draw term note (the “Term Note”) and a $10,000 revolving credit facility (the “Revolving Facility” and together with the Term Note, the “Credit Facility”). The Credit Facility had a five October 15, 2026, two On September 20, 2022, may March 31, 2023 September 19, 2027 ( March 31, 2023, not The principal balance of the Revolving Facility and the principal balance of any amount drawn under the Term Note accrues interest based on the secured overnight financing rate for U.S. government securities (“SOFR”) or a bank-defined base rate plus an applicable margin, depending on leverage. Each draw under the Term Note will have an option for us of either (i) up to a five five seven five three March 31, 2023 2022 not On October 28, 2021, five On December 29, 2021, not March 31, 2023, May 1, 2023, The following table sets forth the maturities of long-term debt for each of the next five 2023 (remainder) $ 3,075 2024 4,100 2025 4,100 2026 3,842 $ 15,117 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation Plan | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 10 STOCK-BASED COMPENSATION PLAN As of March 31, 2023, 15 2022 10 Our unvested restricted stock awards and stock options are accounted for based on their grant date fair value. As of March 31, 2023, The following table summarizes the compensation expense we recorded during the three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 Cost of revenue $ 19 $ 11 Selling expense 10 7 Engineering and product development expense 10 19 General and administrative expense 435 335 $ 474 $ 372 There was no compensation expense capitalized in three March 31, 2023 2022. Stock Options No may ten four three March 31, 2023 2022 2023 2022 Risk-free interest rate 3.94 % 1.81 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .57 .54 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, 2023 2022 The following table summarizes the activity related to stock options for the three March 31, 2023: Number of Shares Weighted Average Exercise Price Options outstanding, January 1, 2023 ( 167,886 580,419 $ 8.91 Granted 90,392 16.06 Exercised (25,200 ) 6.55 Canceled (23,859 ) 9.09 Options outstanding, March 31, 2023 ( 185,246 621,752 10.04 Restricted Stock Awards four one March 31, June 30, September 30, December 31 Since August 2020, On August 24, 2020, two third August 24, 2020. March 31, 2023, On March 10, 2021, third March 10, 2021. March 31, 2023, not first 2023 On June 14, 2021, two August 24, 2023 June 14, 2021. March 31, 2023, On October 1, 2021, January 1, 2025 October 1, 2021. March 31, 2023, On March 9, 2022, third March 9, 2022. March 31, 2023, On March 8, 2023, two third March 8, 2023. December 31, 2025 March 31, 2023, The following table summarizes the activity related to unvested restricted stock awards for the three March 31, 2023: Number of Shares Weighted Average Grant Date Fair Value Unvested shares outstanding, January 1, 2023 288,450 $ 7.80 Granted 90,588 16.06 Vested (21,066 ) 12.21 Forfeited (13,271 ) 9.88 Unvested shares outstanding, March 31, 2023 344,701 9.71 The total fair value of the restricted stock awards that vested during the three March 31, 2023 2022 |
Note 11 - Employee Stock Purcha
Note 11 - Employee Stock Purchase Plan | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Employee Stock Purchase Plan [Text Block] | ( 11 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, 2023, March 31, 2023, |
Note 12 - Employee Benefit Plan
Note 12 - Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 12 EMPLOYEE BENEFIT PLANS We have defined contribution 401 18 four three March 31, 2023 2022 All permanent employees of Ambrell are immediately eligible to participate in the Ambrell Corporation Savings & Profit Sharing Plan (the "Ambrell Plan") upon employment and are eligible for employer matching contributions after completing six three March 31, 2023 2022 |
Note 13 - Segment Information
Note 13 - Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 13 SEGMENT INFORMATION We have three third Our management team, including our CEO who is also our Chief Operating Decision Maker as defined under U.S. GAAP, evaluates the performance of our operating segments primarily on income from divisional operations which represents earnings before income tax expense and excludes interest expense, other income (expense), corporate expenses and acquired intangible amortization. Three Months Ended March 31, 2023 2022 Revenue: Electronic Test $ 10,371 $ 8,778 Environmental Technologies 8,042 6,993 Process Technologies 13,506 8,310 Total revenue $ 31,919 $ 24,081 Income from divisional operations: Electronic Test $ 2,578 $ 1,887 Environmental Technologies 1,013 802 Process Technologies 2,676 730 Total income from divisional operations 6,267 3,419 Corporate expenses (2,205 ) (1,835 ) Acquired intangible amortization (544 ) (782 ) Interest expense (182 ) (137 ) Other income (expense) 58 (10 ) Earnings before income tax expense $ 3,394 $ 655 March 31, December 31, 2023 2022 Identifiable assets: Electronic Test $ 31,303 $ 31,143 Environmental Technologies 18,362 18,040 Process Technologies 57,672 56,866 Corporate 6,179 4,017 $ 113,516 $ 110,066 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 March 31, 2023 2022 Revenue: U.S. $ 11,090 $ 9,234 Foreign 20,829 14,847 $ 31,919 $ 24,081 March 31, December 31, 2023 2022 Property and equipment: U.S. $ 2,537 $ 2,658 Foreign 670 474 $ 3,207 $ 3,132 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 Form 10 December 31, 2022 ( “2022 10 March 22, 2023 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events no three March 31, 2023. |
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 Restricted cash represents amounts deposited at our bank in the Netherlands to support a bank guarantee which one 2022. March 31, 2023 December 31, 2022, The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets and the consolidated statements of cash flows: March 31, 2023 December 31, 2022 Cash and cash equivalents $ 15,428 $ 13,434 Restricted cash 516 1,142 Total cash, cash equivalents and restricted cash $ 15,944 $ 14,576 |
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 not no three March 31, 2023 2022. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, our credit facility, interest rate swaps and our liabilities for contingent consideration. Our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at cost which approximates fair value, due to the short maturities of the accounts. Our credit facility and our interest rate swap are discussed further below and in Note 9. 820 820 3 |
Goodwill Intangible And Long Lived Assets [Policy Text Block] | Goodwill, Intangible and Long-Lived Assets three We account for goodwill and intangible assets in accordance with ASC Topic 350 fourth may not not not not not The quantitative goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not Indefinite-lived intangible assets are assessed for impairment annually at the beginning of the fourth not not no Long-lived assets, which consist of finite-lived intangible assets, property and equipment and 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. We sell thermal management products including ThermoStreams, ThermoChambers, process chillers, refrigerators and freezers, which we sell under our Temptronic, Sigma, Thermonics and North Sciences product lines, and Ambrell Corporation’s (“Ambrell”) precision induction heating systems, including EKOHEAT® and EASYHEAT TM We lease certain of our equipment under short-term leasing agreements with original lease terms of six not Types of Contracts with Customers Our contracts with customers are generally structured as individual purchase orders which specify the exact products or services being sold or equipment being leased along with the selling price, service fee or monthly lease amount for each individual item on the purchase order. Payment terms and any other customer-specific acceptance criteria are also specified on the purchase order. We generally do not Contract Balances We record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for credit losses, is included in current assets on our balance sheet. To the extent that we do not As discussed above, we follow the guidance in ASC Topic 326 Costs to Obtain a Contract with a Customer The only costs we incur associated with obtaining contracts with customers are sales commissions that we pay to our internal sales personnel or third third not Product Warranties In connection with the sale of our products, we generally provide standard one two not not See Notes 5 13 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at cost on a first first not three not twenty-four three March 31, 2023 2022, |
Lessee, Leases [Policy Text Block] | Leases We account for leases in accordance with ASC Topic 842 may not not 842. not ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. None may not We have lease agreements which contain both lease and non-lease components, which are generally accounted for separately. In addition to the monthly rental payments due, most of our leases for our offices and warehouse facilities include non-lease components representing our portion of the common area maintenance, property taxes and insurance charges incurred by the landlord for the facilities which we occupy. These amounts are not Operating lease payments are included in cash outflows from operating activities on our consolidated statements of cash flows. Amortization of ROU assets is presented separately from the change in operating lease liabilities and is included in Depreciation and Amortization on our consolidated statements of cash flows. We have made an accounting policy election not 842 one See Note 8 |
Derivatives, Policy [Policy Text Block] | Interest Rate Swap Agreement We are exposed to interest rate risk on our floating-rate debt. We have entered into an interest rate swap agreement to effectively convert our floating-rate debt to a fixed-rate basis for a portion of our floating rate debt, as discussed further in Notes 3 9. 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, 2023, not no March 31, 2023. March 31, 2023, |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation 718 10. |
Income Tax, Policy [Policy Text Block] | Income Taxes not not |
Earnings Per Share, Policy [Policy Text Block] | 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, 2023 2022 Weighted average common shares outstanding–basic 10,755,729 10,617,271 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 332,935 225,321 Weighted average common shares and common share equivalents outstanding–diluted 11,088,664 10,842,592 Average number of potentially dilutive securities excluded from calculation 154,429 318,574 |
New Accounting Pronouncements, Policy [Policy Text Block] | Effect of Recently Adopted Amendments to Authoritative Accounting Guidance In June 2016, November 2019, December 15, 2022. first January 1, 2023. not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Cash, Cash Equivalents and Restricted Cash [Table Text Block] | March 31, 2023 December 31, 2022 Cash and cash equivalents $ 15,428 $ 13,434 Restricted cash 516 1,142 Total cash, cash equivalents and restricted cash $ 15,944 $ 14,576 |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended March 31, 2023 2022 Weighted average common shares outstanding–basic 10,755,729 10,617,271 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 332,935 225,321 Weighted average common shares and common share equivalents outstanding–diluted 11,088,664 10,842,592 Average number of potentially dilutive securities excluded from calculation 154,429 318,574 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of March 31, 2023 Contingent consideration liability – Acculogic $ (1,367 ) $ - $ - $ (1,367 ) Interest rate swap $ 429 $ - $ 429 $ - Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of December 31, 2022 Contingent consideration liability – Acculogic $ (1,363 ) $ - $ - $ (1,363 ) Interest rate swap $ 528 $ - $ 528 $ - |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended March 31, 2023 Balance at beginning of period $ 1,363 Impact of foreign currency translation adjustments 4 Balance at end of period $ 1,367 |
Note 4 - Goodwill and Intangi_2
Note 4 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Changes in Goodwill [Table Text Block] | Balance - January 1, 2023 $ 21,605 Impact of foreign currency translation adjustments 31 Balance - March 31, 2023 $ 21,636 |
Schedule of Goodwill [Table Text Block] | March 31, December 31, 2023 2022 Electronic Test $ 3,377 $ 3,369 Environmental Technologies 1,817 1,817 Process Technologies 16,442 16,419 Total goodwill $ 21,636 $ 21,605 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Balance - January 1, 2023 $ 8,369 Impact of foreign currency translation adjustments 6 Balance - March 31, 2023 $ 8,375 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Balance - January 1, 2023 $ 10,190 Impact of foreign currency translation adjustments 25 Amortization (544 ) Balance - March 31, 2023 $ 9,671 |
Schedule Of Intangible Assets [Table Text Block] | March 31, December 31, 2023 2022 Electronic Test 4,019 4,139 Environmental Technologies 823 832 Process Technologies 13,204 13,588 Total intangible assets $ 18,046 $ 18,559 March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 16,334 $ 8,431 $ 7,903 Technology 2,863 1,095 1,768 Patents 590 590 - Backlog 494 494 - Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 20,691 11,020 9,671 Indefinite-lived intangible assets: Trademarks 8,375 - 8,375 Total intangible assets $ 29,066 $ 11,020 $ 18,046 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 16,313 $ 7,990 $ 8,323 Technology 2,855 988 1,867 Patents 590 590 - Backlog 492 492 - Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 20,660 10,470 10,190 Indefinite-lived intangible assets: Trademarks 8,369 - 8,369 Total intangible assets $ 29,029 $ 10,470 $ 18,559 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2023 (remainder) $ 1,549 2024 $ 1,971 2025 $ 1,762 2026 $ 1,153 2027 $ 658 |
Note 5 - Revenue From Contrac_2
Note 5 - Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2023 2022 Revenue by customer type: End user $ 21,594 $ 17,142 OEM/Integrator 10,215 6,939 $ 31,919 $ 24,081 Revenue by product type: Thermal test $ 5,820 $ 5,057 Thermal process 9,822 6,996 Semiconductor test 8,105 6,008 Video imaging 2,648 1,850 Flying probe and in-circuit testers 1,160 1,688 Service/other 4,364 2,482 $ 31,919 $ 24,081 Revenue by market: Semiconductor $ 17,683 $ 13,390 Industrial 3,137 2,799 Automotive (including Electric Vehicles) 2,597 2,756 Life Sciences 1,513 699 Defense/aerospace 2,839 1,493 Security 966 574 Other 3,184 2,370 $ 31,919 $ 24,081 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2023 December 31, 2022 Raw materials $ 18,465 $ 16,888 Work in process 2,372 2,432 Inventory consigned to others 52 59 Finished goods 3,600 3,186 Total inventories $ 24,489 $ 22,565 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2023 2022 Operating lease cost $ 400 $ 326 Short-term lease cost $ 3 $ 30 Range of remaining lease terms (in years) .3 to 8.1 Weighted average remaining lease term (in years) 4.8 Weighted average discount rate 4.4% |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2023 $ 1,454 2024 1,892 2025 994 2026 694 2027 696 Thereafter 944 Total lease payments $ 6,674 Less imputed interest (622 ) Total $ 6,052 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule Of Outstanding Letters Of Credit [Table Text Block] | L/C Lease Letters of Credit Amount Outstanding Facility Original L/C Issue Date Expiration Date Expiration Date Mar. 31, 2023 Dec. 31, 2022 Mt. Laurel, NJ 3/29/2010 4/30/2024 4/30/2031 $ 50 $ 50 Mansfield, MA 10/27/2010 12/31/2024 12/31/2024 50 50 $ 100 $ 100 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2023 (remainder) $ 3,075 2024 4,100 2025 4,100 2026 3,842 $ 15,117 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2023 2022 Cost of revenue $ 19 $ 11 Selling expense 10 7 Engineering and product development expense 10 19 General and administrative expense 435 335 $ 474 $ 372 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2023 2022 Risk-free interest rate 3.94 % 1.81 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .57 .54 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, 2023 ( 167,886 580,419 $ 8.91 Granted 90,392 16.06 Exercised (25,200 ) 6.55 Canceled (23,859 ) 9.09 Options outstanding, March 31, 2023 ( 185,246 621,752 10.04 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Unvested shares outstanding, January 1, 2023 288,450 $ 7.80 Granted 90,588 16.06 Vested (21,066 ) 12.21 Forfeited (13,271 ) 9.88 Unvested shares outstanding, March 31, 2023 344,701 9.71 |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2023 2022 Revenue: Electronic Test $ 10,371 $ 8,778 Environmental Technologies 8,042 6,993 Process Technologies 13,506 8,310 Total revenue $ 31,919 $ 24,081 Income from divisional operations: Electronic Test $ 2,578 $ 1,887 Environmental Technologies 1,013 802 Process Technologies 2,676 730 Total income from divisional operations 6,267 3,419 Corporate expenses (2,205 ) (1,835 ) Acquired intangible amortization (544 ) (782 ) Interest expense (182 ) (137 ) Other income (expense) 58 (10 ) Earnings before income tax expense $ 3,394 $ 655 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended March 31, 2023 2022 Revenue: U.S. $ 11,090 $ 9,234 Foreign 20,829 14,847 $ 31,919 $ 24,081 |
Long-Lived Assets by Geographic Areas [Table Text Block] | March 31, December 31, 2023 2022 Property and equipment: U.S. $ 2,537 $ 2,658 Foreign 670 474 $ 3,207 $ 3,132 |
Asset [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | March 31, December 31, 2023 2022 Identifiable assets: Electronic Test $ 31,303 $ 31,143 Environmental Technologies 18,362 18,040 Process Technologies 57,672 56,866 Corporate 6,179 4,017 $ 113,516 $ 110,066 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Number of Operating Segments | 3 | 3 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) € in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | May 31, 2018 USD ($) | |
Restricted Cash | $ 516 | $ 1,142 | ||||
Number of Operating Segments | 3 | 3 | ||||
Inventory Write-down | $ 135 | $ 123 | ||||
Deferred Grant Proceeds | 286 | |||||
City of Rochester and State of New York [Member] | ||||||
Contingent Liability, Repayment of State and Local Grant Funds Received | $ 87 | $ 550 | ||||
Covenant, Future Amount Receivable | 193 | |||||
Bank Guarantee on Customer Order Deposit [Member] | ||||||
Restricted Cash | $ 516 | $ 1,142 | € 476 | € 1,067 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 15,428 | $ 13,434 |
Restricted cash | 516 | 1,142 |
Total cash, cash equivalents and restricted cash | $ 15,944 | $ 14,576 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Weighted average common shares outstanding–basic (in shares) | 10,755,729 | 10,617,271 |
Unvested shares of restricted stock and employee stock options (in shares) | 332,935 | 225,321 |
Weighted average common shares and common share equivalents outstanding–diluted (in shares) | 11,088,664 | 10,842,592 |
Average number of potentially dilutive securities excluded from calculation (in shares) | 154,429 | 318,574 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements - Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Interest Rate Swap [Member] | ||
Interest rate swap | $ 429 | |
Interest rate swap | $ 528 | |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 0 | |
Interest rate swap | 0 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 429 | |
Interest rate swap | 528 | |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 0 | |
Interest rate swap | 0 | |
Acculogic [Member] | ||
Contingent consideration liability | (1,367) | (1,363) |
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 | $ (1,367) | $ (1,363) |
Note 3 - Fair Value Measureme_4
Note 3 - 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, 2023 USD ($) | |
Balance | $ 1,363 |
Impact of foreign currency translation adjustments | 4 |
Balance | $ 1,367 |
Note 4 - Goodwill and Intangi_3
Note 4 - Goodwill and Intangible Assets - Changes in Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Balance | $ 21,605 |
Impact of foreign currency translation adjustments | 31 |
Balance | $ 21,636 |
Note 4 - Goodwill and Intangi_4
Note 4 - Goodwill and Intangible Assets - Component of Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill | $ 21,636 | $ 21,605 |
Electronic Test [Member] | ||
Goodwill | 3,377 | 3,369 |
Environmental Technologies [Member] | ||
Goodwill | 1,817 | 1,817 |
Process Technologies [Member] | ||
Goodwill | $ 16,442 | $ 16,419 |
Note 4 - Goodwill and Intangi_5
Note 4 - 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, 2023 USD ($) | |
Balance | $ 8,369 |
Impact of foreign currency translation adjustments | 6 |
Balance | $ 8,375 |
Note 4 - Goodwill and Intangi_6
Note 4 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Intangible Assets (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Balance | $ 10,190 |
Impact of foreign currency translation adjustments | 25 |
Amortization | (544) |
Balance | $ 9,671 |
Note 4 - Goodwill and Intangi_7
Note 4 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Net Carrying Amount | $ 18,046 | $ 18,559 |
Finite-lived, Gross Carrying Amount | 20,691 | 20,660 |
Finite-lived, Accumulated Amortization | 11,020 | 10,470 |
Net Carrying Amount, finite-lived | 9,671 | 10,190 |
Indefinite-lived, Gross Carrying Amount | 8,375 | 8,369 |
Net Carrying Amount, indefinite-lived | 8,375 | 8,369 |
Intangible Assets, Gross Carrying Amount | 29,066 | 29,029 |
Net Carrying Amount | 18,046 | 18,559 |
Trademarks [Member] | ||
Indefinite-lived, Gross Carrying Amount | 8,375 | 8,369 |
Net Carrying Amount, indefinite-lived | 8,375 | 8,369 |
Customer Relationships [Member] | ||
Finite-lived, Gross Carrying Amount | 16,334 | 16,313 |
Finite-lived, Accumulated Amortization | 8,431 | 7,990 |
Net Carrying Amount, finite-lived | 7,903 | 8,323 |
Patented Technology [Member] | ||
Finite-lived, Gross Carrying Amount | 2,863 | 2,855 |
Finite-lived, Accumulated Amortization | 1,095 | 988 |
Net Carrying Amount, finite-lived | 1,768 | 1,867 |
Patents [Member] | ||
Finite-lived, Gross Carrying Amount | 590 | 590 |
Finite-lived, Accumulated Amortization | 590 | 590 |
Net Carrying Amount, finite-lived | 0 | 0 |
Customer Backlog [Member] | ||
Finite-lived, Gross Carrying Amount | 494 | 492 |
Finite-lived, Accumulated Amortization | 494 | 492 |
Net Carrying Amount, finite-lived | 0 | 0 |
Computer Software, Intangible Asset [Member] | ||
Finite-lived, Gross Carrying Amount | 270 | 270 |
Finite-lived, Accumulated Amortization | 270 | 270 |
Net Carrying Amount, finite-lived | 0 | 0 |
Trade Names [Member] | ||
Finite-lived, Gross Carrying Amount | 140 | 140 |
Finite-lived, Accumulated Amortization | 140 | 140 |
Net Carrying Amount, finite-lived | 0 | 0 |
Electronic Test [Member] | ||
Net Carrying Amount | 4,019 | 4,139 |
Net Carrying Amount | 4,019 | 4,139 |
Environmental Technologies [Member] | ||
Net Carrying Amount | 823 | 832 |
Net Carrying Amount | 823 | 832 |
Process Technologies [Member] | ||
Net Carrying Amount | 13,204 | 13,588 |
Net Carrying Amount | $ 13,204 | $ 13,588 |
Note 4 - Goodwill and Intangi_8
Note 4 - Goodwill and Intangible Assets - Future Amortization Expense (Details) | Mar. 31, 2023 USD ($) |
2023 (remainder) | $ 1,549 |
2024 | 1,971 |
2025 | 1,762 |
2026 | 1,153 |
2027 | $ 658 |
Note 5 - Revenue From Contrac_3
Note 5 - Revenue From Contracts With Customers (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | $ 0 |
Note 5 - Revenue From Contrac_4
Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | $ 31,919 | $ 24,081 |
Semiconductor Market [Member] | ||
Revenue | 17,683 | 13,390 |
Industrial Market [Member] | ||
Revenue | 3,137 | 2,799 |
Automotive [Member] | ||
Revenue | 2,597 | 2,756 |
Life Sciences [Member] | ||
Revenue | 1,513 | 699 |
Defense/ Aerospace [Member] | ||
Revenue | 2,839 | 1,493 |
Security [Member] | ||
Revenue | 966 | 574 |
Other Multi Markets [Member] | ||
Revenue | 3,184 | 2,370 |
Thermal Testing Products [Member] | ||
Revenue | 5,820 | 5,057 |
Thermal Process [Member] | ||
Revenue | 9,822 | 6,996 |
Semiconductor Production Test Products [Member] | ||
Revenue | 8,105 | 6,008 |
Video Imaging [Member] | ||
Revenue | 2,648 | 1,850 |
Flying Probe and In-circuit Testers [Member] | ||
Revenue | 1,160 | 1,688 |
Service and Other Products [Member] | ||
Revenue | 4,364 | 2,482 |
End User [Member] | ||
Revenue | 21,594 | 17,142 |
OEM and Integrators [Member] | ||
Revenue | $ 10,215 | $ 6,939 |
Note 6 - Major Customers (Detai
Note 6 - Major Customers (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Number of Major Customers | 1 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Texas Instruments Incorporated [Member] | |
Concentration Risk, Percentage | 13% |
Note 7 - Inventories - Inventor
Note 7 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Raw materials | $ 18,465 | $ 16,888 |
Work in process | 2,372 | 2,432 |
Inventory consigned to others | 52 | 59 |
Finished goods | 3,600 | 3,186 |
Total inventories | $ 24,489 | $ 22,565 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Mar. 31, 203 | |
Operating Lease, Right-of-Use Asset, Periodic Reduction | $ 391,000 | $ 309,000 | ||
Operating Lease, Right-of-Use Asset | 5,506,000 | $ 5,770,000 | ||
Environmental Technologies in Germany [Member] | ||||
Lessee, Operating Lease, Term of Contract (Month) | 25 months | |||
Operating Lease, Right-of-Use Asset | $ 90,000 | |||
Process Technologies [Member] | ||||
Lessee, Operating Lease, Term of Contract (Month) | 36 months | |||
Operating Lease, Right-of-Use Asset | $ 30 |
Note 8 - Leases - Lease Costs (
Note 8 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating lease cost | $ 400 | $ 326 |
Short-term lease cost | $ 3 | $ 30 |
Weighted average remaining lease term (in years) (Year) | 4 years 9 months 18 days | |
Weighted average discount rate | 4.40% | |
Minimum [Member] | ||
Range of remaining lease terms (in years) (Year) | 3 months 18 days | |
Maximum [Member] | ||
Range of remaining lease terms (in years) (Year) | 8 years 1 month 6 days |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
2023 | $ 1,454 |
2024 | 1,892 |
2025 | 994 |
2026 | 694 |
2027 | 696 |
Thereafter | 944 |
Total lease payments | 6,674 |
Less imputed interest | (622) |
Total | $ 6,052 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Dec. 29, 2021 | Oct. 28, 2021 | Oct. 15, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | May 01, 2023 | Dec. 31, 2022 | Sep. 20, 2022 | |
Interest Expense | $ 182 | $ 137 | ||||||
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 | $ 182 | $ 137 | ||||||
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% | 6.70% | ||||||
October 2021 Agreement [Member] | M&T Bank [Member] | Term Note [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.90% | |||||||
Amended Loan Agreement [Member] | M&T Bank [Member] | ||||||||
Long-Term Line of Credit, Total | $ 0 | |||||||
Amended Loan Agreement [Member] | M&T Bank [Member] | Term Note [Member] | ||||||||
Debt Instrument, Face Amount | $ 50,500 | |||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 30,000 |
Note 9 - Debt - Outstanding Let
Note 9 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Letters of Credit Amount Outstanding | $ 100 | $ 100 |
Mt Laurel [Member] | ||
Line of Credit, Issue Date | Mar. 29, 2010 | |
Line of Credit, Expiration Date | Apr. 30, 2024 | |
Lease Expiration Date | Apr. 30, 2031 | |
Letters of Credit Amount Outstanding | $ 50 | 50 |
Mansfield [Member] | ||
Line of Credit, Issue Date | Oct. 27, 2010 | |
Line of Credit, Expiration Date | Dec. 31, 2024 | |
Lease Expiration Date | Dec. 31, 2024 | |
Letters of Credit Amount Outstanding | $ 50 | $ 50 |
Note 9 - Debt - Future Maturiti
Note 9 - Debt - Future Maturities of Long-term Debt (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
2023 (remainder) | $ 3,075 |
2024 | 4,100 |
2025 | 4,100 |
2026 | 3,842 |
Long-Term Debt | $ 15,117 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation Plan (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 08, 2023 | Mar. 09, 2022 | Oct. 01, 2021 | Jun. 14, 2021 | Mar. 10, 2021 | Aug. 24, 2020 | Aug. 31, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 4,537 | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 days | ||||||||||
Share-based Payment Arrangement, Amount Capitalized | $ 0 | $ 0 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.32 | $ 5.19 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 381,000 | $ 188,000 | |||||||||
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) | 90,588 | ||||||||||
Restricted Stock [Member] | Vesting Based On Performance Metrics [Member] | Restricted Stock Vesting in Three Years [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% | ||||||||||
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% | 150% | |||||||||
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% | ||||||||||
Restricted Stock [Member] | President [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 141,610 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value | $ 650,000 | ||||||||||
Restricted Stock [Member] | President [Member] | Restricted Stock Vesting in Three Years [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 75,162 | ||||||||||
Restricted Stock [Member] | President [Member] | Restricted Stock Vesting in Four Years [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 66,448 | ||||||||||
Restricted Stock [Member] | President [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Restricted Stock Vesting in Three Years [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||
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% | ||||||||||
Restricted Stock [Member] | President [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Restricted Stock Vesting in Four Years [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||
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, Expected to Forfeit, Outstanding, Number (in shares) | 6,000 | ||||||||||
Restricted Stock [Member] | Members of The Senior Management [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting 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% | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 12,000 | ||||||||||
Restricted Stock [Member] | Members of The Senior Management [Member] | Vesting Based On Performance Metrics [Member] | Restricted Stock Vesting on January 1, 2025 [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% | ||||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 7,941 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value | $ 133,000 | ||||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | Restricted Stock Vesting in Four Years [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,988 | ||||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | Restricted Stock Vesting on August 24, 2023 [Member] | |||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 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) | 5,953 | ||||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Restricted Stock Vesting in Four Years [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||
Restricted Stock [Member] | Chief Executive Officer and Chief Financial Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% | 100% | |||||||||
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, Grants in Period, Value | $ 303 | $ 200,000 |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation Plan - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement, Expense | $ 474 | $ 372 |
Cost of Sales [Member] | ||
Share-Based Payment Arrangement, Expense | 19 | 11 |
Selling and Marketing Expense [Member] | ||
Share-Based Payment Arrangement, Expense | 10 | 7 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expense | 10 | 19 |
General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expense | $ 435 | $ 335 |
Note 10 - Stock-based Compens_5
Note 10 - Stock-based Compensation Plan - Stock Options Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member] | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Risk-free interest rate | 3.94% | 1.81% |
Dividend yield | 0% | 0% |
Expected common stock market price volatility factor | 57% | 54% |
Weighted average expected life of stock options (years) (Year) | 6 years 3 months | 6 years 3 months |
Note 10 - Stock-based Compens_6
Note 10 - Stock-based Compensation Plan - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Options outstanding, number of shares (in shares) | 580,419 |
Granted, number of shares (in shares) | 90,392 |
Granted (in dollars per share) | $ / shares | $ 16.06 |
Exercised, number of shares (in shares) | (25,200) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 6.55 |
Canceled, number of shares (in shares) | (23,859) |
Canceled, weighted average exercise price (in dollars per share) | $ / shares | $ 9.09 |
Options outstanding, number of shares (in shares) | 621,752 |
Options outstanding, March 31, 2023 (185,246 exercisable) (in dollars per share) | $ / shares | $ 10.04 |
Note 10 - Stock-based Compens_7
Note 10 - Stock-based Compensation Plan - Stock Option Activity (Details) (Parentheticals) - shares | Mar. 31, 2023 | Jan. 01, 2023 |
Options exercisable (in shares) | 185,246 | 167,886 |
Note 10 - Stock-based Compens_8
Note 10 - Stock-based Compensation Plan - Unvested Stock Activity (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Unvested shares outstanding (in shares) | shares | 288,450 |
Unvested shares outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 7.80 |
Granted, number of shares (in shares) | shares | 90,588 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 16.06 |
Vested, number of shares (in shares) | shares | (21,066) |
Vested, weighted average exercise price (in dollars per share) | $ / shares | $ 12.21 |
Forfeited, number of shares (in shares) | shares | (13,271) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 9.88 |
Unvested shares outstanding (in shares) | shares | 344,701 |
Unvested shares outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.71 |
Note 11 - Employee Stock Purc_2
Note 11 - Employee Stock Purchase Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 23, 2021 | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 48 | $ 56 | ||
Share Price (in dollars per share) | $ 20.74 | $ 20.74 | ||
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) | 2,292,000 | 33,445 | ||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 40 | $ 281 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 17.63 | $ 17.63 | ||
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 | $ 49 |
Note 12 - Employee Benefit Pl_2
Note 12 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
401(k) Plan [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10% | ||
Defined Contribution Plan Maximum Annual Employer Matching Contribution Per Emplyee Amount | $ 5 | ||
Defined Contribution Plan Employer Matching Contribution Vesting Period (Year) | 4 years | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 239 | $ 216 | |
The Ambrell Plan [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 133 | $ 101 | |
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 |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Number of Reportable Segments | 3 |
Note 13 - Segment Information -
Note 13 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net revenues | $ 31,919 | $ 24,081 |
Earnings before income tax expense | 3,394 | 655 |
Earnings before income tax expense | 3,394 | 655 |
Acquired intangible amortization | (544) | (782) |
Interest expense | 182 | 137 |
Other income (expense) | 58 | (10) |
Operating Segments [Member] | ||
Net revenues | 31,919 | 24,081 |
Earnings before income tax expense | 6,267 | 3,419 |
Earnings before income tax expense | 6,267 | 3,419 |
Operating Segments [Member] | Electronic Test [Member] | ||
Net revenues | 10,371 | 8,778 |
Earnings before income tax expense | 2,578 | 1,887 |
Earnings before income tax expense | 2,578 | 1,887 |
Operating Segments [Member] | Environmental Technologies [Member] | ||
Net revenues | 8,042 | 6,993 |
Earnings before income tax expense | 1,013 | 802 |
Earnings before income tax expense | 1,013 | 802 |
Operating Segments [Member] | Process Technologies [Member] | ||
Net revenues | 13,506 | 8,310 |
Earnings before income tax expense | 2,676 | 730 |
Earnings before income tax expense | 2,676 | 730 |
Corporate, Non-Segment [Member] | ||
Earnings before income tax expense | (2,205) | (1,835) |
Earnings before income tax expense | $ (2,205) | $ (1,835) |
Note 13 - Segment Information_3
Note 13 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Identifiable Assets | $ 113,516 | $ 110,066 |
Corporate, Non-Segment [Member] | ||
Identifiable Assets | 6,179 | 4,017 |
Electronic Test [Member] | ||
Identifiable Assets | 31,303 | 31,143 |
Environmental Technologies [Member] | ||
Identifiable Assets | 18,362 | 18,040 |
Process Technologies [Member] | ||
Identifiable Assets | $ 57,672 | $ 56,866 |
Note 13 - Segment Information_4
Note 13 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | $ 31,919 | $ 24,081 |
UNITED STATES | ||
Revenue | 11,090 | 9,234 |
Non-US [Member] | ||
Revenue | $ 20,829 | $ 14,847 |
Note 13 - Segment Information_5
Note 13 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property and Equipment | $ 3,207 | $ 3,132 |
UNITED STATES | ||
Property and Equipment | 2,537 | 2,658 |
Non-US [Member] | ||
Property and Equipment | $ 670 | $ 474 |