Where Food Comes From (WFCF) Company Report

Where Food Comes From, Inc. reported Q3 2025 total revenue of $7.0 million and net income of $1.1 million, or $0.22 per diluted share, which included a $946,000 gain on the sale of its Progressive Beef interest.
For the nine months ended September 30, 2025, total revenue was $18.9 million and net income was $1.7 million, or $0.34 per diluted share.
The company's cash and cash equivalents more than doubled to $4.8 million by the end of Q3 2025 from $2.0 million at 2024 year-end, supported by solid cash generation and the Progressive Beef sale.
WFCF repurchased 60,721 shares in Q3 2025, contributing to 116,547 shares bought back year-to-date, and management emphasized a focus on growth and capital allocation for new opportunities.
Despite a slight revenue decrease due to tariffs and cyclical herd size reductions impacting beef verification, the company experienced steady growth in pork, dairy, egg, non-GMO, Gluten Free, Organic, and Upcycled verification and certification services.

Nov 14, 2025, 8:15 PM

Where Food Comes From Reports Q3 2025 Earnings, Driven by Asset Sale Gain

WFCF

Earnings

Share Buyback

New Projects/Investments

Where Food Comes From (WFCF) reported Q3 2025 net income of $1.1 million, or $0.22 per share, a significant increase from $500,000 or $0.09 per share in the prior year, largely driven by a $946,000 gain from the sale of Progressive Beef ownership.
Total revenue for Q3 2025 was $7 million, a slight year-over-year decline, as a 1% increase in verification and certification segment revenue to $5.6 million helped offset lower hardware sales impacted by smaller herd sizes.
The company maintains a strong balance sheet with $4.8 million in cash and cash equivalents and no debt, and continued its share buyback program, retiring an additional 60,721 shares in Q3.
Despite headwinds from smaller beef herd sizes, WFCF is focusing on growth by expanding verification services for pork, dairy, and egg operations, and increasing certification activities for organic, non-GMO, gluten-free, and upcycled products, positioning itself as a growth company.

Nov 13, 2025, 5:00 PM

Where Food Comes From Reports Q4 and Full Year 2024 Results

WFCF

Earnings

Share Buyback

New Projects/Investments

Where Food Comes From (WFCF) reported Q4 2024 total revenue of $6.7 million, which was flat year-over-year, and full-year 2024 total revenue of $25.7 million, representing a 2% increase from the prior year.
Net income for Q4 2024 increased to $961,000, or $0.18 per diluted share, primarily due to an $80,000 increase in Progressive Beef dividend income and a $345,000 gain from the fair market value of Bitcoin holdings. Full-year net income was $2.1 million, or $0.40 per diluted share, a slight decrease from $2.2 million in 2023, mainly due to a $530,000 increase in SG&A expenses for marketing and strategic hires.
The company repurchased 273,057 shares for $3.3 million in 2024, contributing to a total of $13.9 million returned to stockholders over the past 21 quarters through buybacks, private purchases, and a special dividend.
While the traditional beef-related source and age business was impacted by cyclical herd size reductions, the company experienced rising demand in other service offerings, with the Upcycled Certified program growing 17% year-over-year in 2024.

Feb 20, 2025, 5:00 PM

Where Food Comes From Reports Q4 and Full Year 2024 Results

WFCF

Earnings

Share Buyback

New Projects/Investments

Where Food Comes From (WFCF) reported Q4 2024 total revenue of $6.7 million, which was flat year-over-year. Net income increased to $961,000 or $0.18 per diluted share, benefiting from an $80,000 increase in Progressive Beef dividend income and a $345,000 gain in the fair market value of Bitcoin holdings.
For the full year 2024, total revenue increased 2% to $25.7 million, driven by a 6% rise in verification and certification services. Net income for the year was $2.1 million or $0.40 per diluted share, a slight decrease from $2.2 million in 2023.
The company's traditional beef-related Source & Age business saw a decline due to cyclical herd size reductions, but this was largely offset by rising demand in other service offerings, with the Upcycled Certified program experiencing a 17% year-over-year increase in 2024.
WFCF generated $2.7 million in cash from operations in 2024 and ended the year with $2 million in cash and cash equivalents. The company repurchased 273,057 shares for $3.3 million at approximately $11.97 per share during the year.