What caused INTT's Q3 earnings to fall short of forecasts?

InTest's Q3 earnings fell short of forecasts due to a combination of factors: 1. **Revenue Shortfall**: The company's revenue for Q3 of Fiscal 2025 was below expectations. This shortfall can be attributed to a decline in sales from the semiconductor and industrial sectors, which amounted to a 26% decrease in semiconductor sales and a $3.7 million drop in industrial sales. 2. **Order Intake and Backlog**: While fourth quarter orders improved by 2% over the prior quarter, primarily driven by defense/aerospace and industrial markets, the overall order intake for Q3 was lower. Backlog at the end of Q2 2024 was $47.7 million, including $16.3 million associated with acquisitions, with approximately 50% of this backlog expected to ship beyond Q3 2024. 3. **Market Challenges**: The company is facing uncertainties related to tariffs and market competitiveness, which could affect customer investment and supply chain costs. These challenges, combined with the uncertainties surrounding end markets, have impacted the company's performance. In summary, IntTest's Q3 earnings fell short due to a combination of revenue shortfall, decline in certain market sectors, and market challenges.