InTest is a small-cap manufacturer of test and process equipment sold to manufacturers across a range of industries. The company operates through three segments: Electronic Test, Environmental Technologies, and Process Technologies. Electronic Test includes semiconductor back-end test interface hardware (manipulators and docking systems), Acculogic flying probe systems for printed circuit board testing, and Alfamation functional test platforms for automotive electronics. Environmental Technologies makes thermal test products, including ThermoStream temperature forcing systems and thermal chambers used to stress-test components. Process Technologies is anchored by Ambrell, which makes induction heating systems used in industrial processes like annealing, brazing, and forging. InTest sells engineered capital equipment, most of which is custom or semi-custom, through direct sales staff in North America and Europe and distributors in Asia. The company has no recurring subscription revenue, though it is building out calibration and maintenance services. The semiconductor market has historically been InTest's largest end market, but the company has deliberately diversified toward Auto/EV, Defense/Aerospace, Industrial, and Life Sciences. InTest's Vision 2030 strategy focuses on three levers: continued market diversification away from semiconductors, geographic expansion into Southeast Asia via a new Penang facility, and M&A targeting complementary businesses in adjacent markets. The business is capital-light, targeting capex of 1-2% of revenue, with meaningful operating leverage tied to volume.