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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION We have three operating segments which are also our reportable segments and reporting units: Electronic Test (which includes our semiconductor test equipment, flying probe and in-circuit testers and the operations of Alfamation™ which we acquired on March 12, 2024 - see “Note (3) Acquisition”), Environmental Technologies (which includes our thermal test, process and storage products) and Process Technologies (which includes our induction heating and video imaging products). We operate our business worldwide and sell our products both domestically and internationally. All of our segments sell to semiconductor manufacturers, third-party test and assembly houses and ATE manufacturers and to a variety of markets outside of the semi market, including the auto/EV, defense/aerospace, industrial, life sciences, safety/security and other markets. 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, restructuring costs and acquired intangible amortization.
| Three Months Ended June 30, 2025
(in thousands) | Electronic Test |  | Environmental Technologies |  | Process Technologies |  | Corporate & Other |  | Consolidated
Revenue | $ | 13,733 |  |  | $ | 7,215 |  |  | $ | 7,182 |  |  | $ | — |  |  | $ | 28,130 |
Cost of revenue | 7,418 |  |  | 4,534 |  |  | 4,205 |  |  | — |  |  | 16,157 |
Other divisional costs | 4,755 |  |  | 2,070 |  |  | 2,578 |  |  | — |  |  | 9,403 |
Division operating income (loss) | 1,560 |  |  | 611 |  |  | 399 |  |  | — |  |  | 2,570 |
Acquired intangible amortization |  |  |  |  |  |  | 850 |  |  | 850 |
Restructuring costs |  |  |  |  |  |  | 216 |  |  | 216 |
Corporate expenses |  |  |  |  |  |  | 2,431 |  |  | 2,431 |
Operating (loss) income | 1,560 |  |  | 611 |  |  | 399 |  |  | (3,497) |  |  | (927) |
Interest expense |  |  |  |  |  |  | (119) |  |  | (119) |
Other income |  |  |  |  |  |  | 463 |  |  | 463 |
(Loss) earnings before income tax (benefit) expense | $ | 1,560 |  |  | $ | 611 |  |  | $ | 399 |  |  | $ | (3,153) |  |  | $ | (583) |
Supplemental Disclosures: |  |  |  |  |  |  |  |  |
Depreciation | $ | 152 |  |  | $ | 62 |  |  | $ | 61 |  |  | $ | 39 |  |  | $ | 314 |
Stock-based compensation | 86 |  |  | 81 |  |  | 68 |  |  | 200 |  |  | 435 |
Capital expenditures | 63 |  |  | 24 |  |  | 9 |  |  | 366 |  |  | 462 |
Total assets | $ | 76,259 |  |  | $ | 21,944 |  |  | $ | 49,975 |  |  | $ | 1,475 |  |  | $ | 149,653 |
| Three Months Ended June 30, 2024
(in thousands) | Electronic Test |  | Environmental Technologies |  | Process Technologies |  | Corporate & Other |  | Consolidated
Revenue | $ | 16,159 |  |  | $ | 8,273 |  |  | $ | 9,559 |  |  | $ | — |  |  | $ | 33,991 |
Cost of revenue | 9,462 |  |  | 5,016 |  |  | 5,716 |  |  | — |  |  | 20,194 |
Other divisional costs | 4,954 |  |  | 2,264 |  |  | 2,873 |  |  | — |  |  | 10,091 |
Division operating income (loss) | 1,743 |  |  | 993 |  |  | 970 |  |  | — |  |  | 3,706 |
Acquired intangible amortization |  |  |  |  |  |  | 897 |  |  | 897 |
Corporate expenses |  |  |  |  |  |  | 2,473 |  |  | 2,473 |
Operating income (loss) | 1,743 |  |  | 993 |  |  | 970 |  |  | (3,370) |  |  | 336 |
Interest expense |  |  |  |  |  |  | (253) |  |  | (253) |
Other income |  |  |  |  |  |  | 213 |  |  | 213 |
Earnings (loss) before income tax expense (benefit) | $ | 1,743 |  |  | $ | 993 |  |  | $ | 970 |  |  | $ | (3,410) |  |  | $ | 296 |
Supplemental Disclosures: |  |  |  |  |  |  |  |  |
Depreciation | $ | 154 |  |  | $ | 80 |  |  | $ | 100 |  |  | $ | 22 |  |  | $ | 356 |
Stock-based compensation | 53 |  |  | 48 |  |  | 52 |  |  | 411 |  |  | 564 |
Capital expenditures | 106 |  |  | 122 |  |  | 17 |  |  | 71 |  |  | 316 |
Total assets | $ | 81,668 |  |  | $ | 21,827 |  |  | $ | 55,460 |  |  | $ | 1,599 |  |  | $ | 160,554 |
| Six Months Ended June 30, 2025
($ in thousands) | Electronic Test |  | Environmental Technologies |  | Process Technologies |  | Corporate & Other |  | Consolidated
Revenue | $ | 26,992 |  |  | $ | 13,483 |  |  | $ | 14,292 |  |  | $ | — |  |  | $ | 54,767 |
Cost of revenue | 14,731 |  |  | 8,697 |  |  | 8,310 |  |  | — |  |  | 31,738 |
Other divisional costs | 10,020 |  |  | 4,430 |  |  | 5,376 |  |  | — |  |  | 19,826 |
Division operating income (loss) | 2,241 |  |  | 356 |  |  | 606 |  |  | — |  |  | 3,203 |
Acquired intangible amortization |  |  |  |  |  |  | 1,663 |  |  | 1,663 |
Restructuring costs |  |  |  |  |  |  | 529 |  |  | 529 |
Corporate expenses |  |  |  |  |  |  | 4,819 |  |  | 4,819 |
Operating (loss) income | 2,241 |  |  | 356 |  |  | 606 |  |  | (7,011) |  |  | (3,808) |
Interest expense |  |  |  |  |  |  | (271) |  |  | (271) |
Other income |  |  |  |  |  |  | 707 |  |  | 707 |
(Loss) earnings before income tax expense | $ | 2,241 |  |  | $ | 356 |  |  | $ | 606 |  |  | $ | (6,575) |  |  | $ | (3,372) |
Supplemental Disclosures: |  |  |  |  |  |  |  |  |
Depreciation | $ | 306 |  |  | $ | 127 |  |  | $ | 123 |  |  | $ | 74 |  |  | $ | 630 |
Stock-based compensation | 140 |  |  | 49 |  |  | 120 |  |  | 549 |  |  | 858 |
Capital expenditures | 197 |  |  | 106 |  |  | 15 |  |  | 373 |  |  | 691 |
Total assets | $ | 76,259 |  |  | $ | 21,944 |  |  | $ | 49,975 |  |  | $ | 1,475 |  |  | $ | 149,653 |
| Six Months Ended June 30, 2024
($ in thousands) | Electronic Test |  | Environmental Technologies |  | Process Technologies |  | Corporate & Other |  | Consolidated
Revenue | $ | 27,275 |  |  | $ | 15,101 |  |  | $ | 21,439 |  |  | $ | — |  |  | $ | 63,815 |
Cost of revenue | 15,008 |  |  | 9,549 |  |  | 12,385 |  |  | — |  |  | 36,942 |
Other divisional costs | 8,711 |  |  | 4,544 |  |  | 6,123 |  |  | — |  |  | 19,378 |
Division operating income | 3,556 |  |  | 1,008 |  |  | 2,931 |  |  | — |  |  | 7,495 |
Acquired intangible amortization |  |  |  |  |  |  | 1,492 |  |  | 1,492 |
Corporate expenses |  |  |  |  |  |  | 5,175 |  |  | 5,175 |
Operating income (loss) | 3,556 |  |  | 1,008 |  |  | 2,931 |  |  | (6,667) |  |  | 828 |
Interest expense |  |  |  |  |  |  | (393) |  |  | (393) |
Other income |  |  |  |  |  |  | 648 |  |  | 648 |
Earnings (loss) before income tax expense | $ | 3,556 |  |  | $ | 1,008 |  |  | $ | 2,931 |  |  | $ | (6,412) |  |  | $ | 1,083 |
Supplemental Disclosures: |  |  |  |  |  |  |  |  |
Depreciation | $ | 242 |  |  | $ | 144 |  |  | $ | 200 |  |  | $ | 43 |  |  | $ | 629 |
Stock-based compensation | 106 |  |  | 86 |  |  | 34 |  |  | 687 |  |  | 913 |
Capital expenditures | 142 |  |  | 351 |  |  | 87 |  |  | 76 |  |  | 656 |
Total assets | $ | 81,668 |  |  | $ | 21,827 |  |  | $ | 55,460 |  |  | $ | 1,599 |  |  | $ | 160,554 |
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 |  | Six Months Ended
|  | June 30, |  | June 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue: |  |  |  |  |  |  |  |
U.S. |  | $ | 12,372 |  |  | $ | 14,423 |  |  | $ | 25,038 |  |  | $ | 24,900 |
Foreign |  | 15,758 |  |  | 19,568 |  |  | 29,729 |  |  | 38,915 |
|  | $ | 28,130 |  |  | $ | 33,991 |  |  | $ | 54,767 |  |  | $ | 63,815 |
(in thousands) |  | June 30, 2025 |  | December 31, 2024
Property and equipment: |  |  |  |
U.S. |  | $ | 2,113 |  |  | $ | 2,280 |
Foreign |  | 2,564 |  |  | 2,177 |
|  | $ | 4,677 |  |  | $ | 4,457 |

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- Definition The entire disclosure for reporting segments including data and tables. 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