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Where Food Comes From, Inc. reports developments in independent, third-party verification of food production practices, including verification and certification services, product revenue, professional services, and food-supply-chain analytics. The company works with farmers, ranchers, vineyards, wineries, processors, retailers, distributors, trade associations, consumer brands, restaurants, and other food-chain participants to verify claims and production practices.
Recurring news themes include financial results, earnings calls, certification-standard launches, retailer and supply-chain adoption, and capital actions such as share repurchases. Company updates also cover programs such as RaiseWell® Certified, CARE Certified®, non-GMO, Gluten Free, Organic, and Upcycled certifications, as well as verification activity across beef, pork, dairy, eggs, crops, agricultural products, aquaculture, and specialty food categories.
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Where Food Comes From (WFCF) has made an equity investment in BlueTrace, a seafood traceability technology provider. BlueTrace offers a cloud-based solution tailored for compliance and profitability in the shellfish industry. With over 350 customers across the U.S. and Canada, the company aims to expand its seafood traceability services as regulations become stricter. The investment follows BlueTrace's successful stock offering, intended to support its growth. WFCF plans to leverage its expertise to enhance blueTrace's initiatives and increase market reach, addressing the growing demand for traceability in seafood due to the Food Safety Modernization Act.
Where Food Comes From, Inc. (WFCF) reported a 13% revenue increase for 2022, reaching $24.8 million compared to $21.9 million in 2021. However, net income fell to $2.0 million from $3.0 million the previous year due to the absence of PPP loan forgiveness. Diluted EPS was $0.33, down from $0.48. Despite challenges such as inflation and labor costs, the company accelerated its share buyback program, purchasing $3.5 million of stock. In Q4 2022, revenue increased to $6.1 million, but net income decreased to $490,000.