Where Food Comes From, Inc. Reports 2025 Financial Results
Rhea-AI Summary
Where Food Comes From (Nasdaq: WFCF) reported full-year 2025 revenue of $24.9M versus $25.7M in 2024 and net income of $1.5M or $0.30 diluted EPS. Cash from operations was $1.6M and cash & equivalents rose to $3.2M. The company repurchased 183,016 shares in 2025, bringing total buybacks to 1,374,652 shares at approximately $15.2M. Management highlighted product expansion including the new RaiseWell standard and adoption by Whole Foods Market, plus CARE Certified growth and collaboration on sustainable leather and Cattle Trace initiatives.
Positive
- Net income declined but remained positive at $1.5M for 2025
- Cash & equivalents increased 59% to $3.2M year-over-year
- Share repurchases of 183,016 shares in 2025; total 1,374,652 shares bought at ~$15.2M
- New RaiseWell standard launched and adopted by Whole Foods Market
Negative
- Full-year gross profit fell from $10.6M to $9.5M (~10.4% decline)
- Q4 revenue declined >10% to $6.0M from $6.7M year-over-year
- Q4 net loss of $0.2M versus prior-year Q4 net income of $1.0M
Key Figures
Market Reality Check
Peers on Argus
WFCF was up 1.54% pre-news while peers were mixed (e.g., PMEC up 7.95%, SST down 4.75%). Momentum scanner only flagged PMEC, suggesting stock-specific rather than sector-wide drivers.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Positive | -2.8% | Q3 net income rose to $1.1M helped by $946K asset sale gain. |
| Aug 07 | Q2 2025 earnings | Positive | -0.9% | Q2 revenue and net income both increased year over year. |
| Aug 05 | Q2 call scheduled | Neutral | +0.5% | Announcement of timing and access details for Q2 2025 call. |
| May 08 | Q1 2025 earnings | Negative | -0.3% | Q1 revenue and net income declined amid beef verification headwinds. |
| May 05 | Q1 call scheduled | Neutral | -2.4% | Scheduling release and conference call for Q1 2025 results. |
Earnings-related headlines often see mild downside or mixed reactions, including two negative moves following fundamentally positive quarters.
Across 2025–2026, WFCF combined new certification launches with steady, if uneven, earnings. Q1 2025 revenue slipped to $5.3M and net income to $31,000, while Q2 saw revenue increase to $6.6M and net income rise 15%. Q3 2025 net income jumped to $1.1M helped by a $946,000 gain. Despite this, shares tended to edge down around earnings (average move about -1.18%), framing today’s full-year and Q4 release within a pattern of cautious reactions.
Historical Comparison
Over the past year, WFCF earnings headlines produced an average move of -1.18%, signaling generally cautious trading responses to financial updates.
2025 earnings releases show early-year revenue and profit pressure in Q1, followed by improving Q2–Q3 net income supported by asset-sale gains and ongoing share repurchases.
Market Pulse Summary
This announcement details full-year 2025 and Q4 performance, with total revenue of $24.9M and net income of $1.5M, both down year over year, alongside a Q4 net loss. At the same time, cash and equivalents rose to $3.2M and the company repurchased 183,016 shares in 2025. Set against a 2025 pattern of cautious share reactions to earnings, investors may watch revenue mix, profitability trends, and buyback cadence in upcoming quarters.
Key Terms
diluted eps financial
gross profit financial
cash and cash equivalents financial
sg&a financial
AI-generated analysis. Not financial advice.
Full Year Highlights – 2025 vs. 2024
- Verification and certification revenue:
$20.1M vs.$20.6M - Product sales:
$3.6M vs.$3.8M - Total revenue:
$24.9M vs.$25.7M - Net income:
$1.5M vs.$2.1M - Diluted EPS:
$0.30 vs.$0.40 - Cash generated from operations:
$1.6M vs.$2.7M - Cash & cash equivalents:
$3.2M vs.$2.0M at 2024 year-end - Stock buybacks: 183,016 shares
- Total buybacks since plan inception (including private purchases): 1,374,652 shares at purchase price of approximately
$15.2 million
Fourth Quarter Highlights – 2025 vs. 2024
- Verification and certification revenue:
$5.0M vs.$5.4M - Product sales:
$0.7M vs.$0.9M - Total revenue:
$6.0M vs.$6.7M - Net loss of
$0.2M vs. net income of$1.0M - Diluted EPS: (
$0.04) vs.$0.18 - Stock buybacks: 66,469 shares
CASTLE ROCK, Colo., Feb. 26, 2026 (GLOBE NEWSWIRE) -- Where Food Comes From, Inc. (WFCF) (Nasdaq: WFCF), the most trusted resource for independent, third-party verification of food production practices in North America, today announced financial results for its fourth quarter and full-year ended December 31, 2025.
“Record high beef prices driven by trade restrictions and smaller herd sizes continued to impact our beef-related verification revenue as some legacy customers have cut back on verification activity. Although the US cattle supply is at its lowest level in 70 years, there are indications that this downtrend will stabilize later in 2026 and begin to rebound next year,” said John Saunders, Chairman and CEO. “In the meantime, much of the decline in beef related verification activity has been offset by strong demand for our growing portfolio of non-beef certifications – particularly in non-GMO, Gluten Free, Organic and Upcycled product offerings.
“In anticipation of the eventual recovery of the US Cattle industry, we are also expanding the number of beef certifications we offer,” Saunders added. “Early this year we launched RaiseWell® Certified, a new standard that addresses consumer and retailer demand for responsibly raised proteins. This week we announced that Whole Foods Market, a pioneer in advancing farm animal welfare, became the first retailer to adopt RaiseWell for its beef supply. The RaiseWell program will be expanded to include poultry, eggs, dairy and pork, and we are optimistic that this new offering will become a significant contributor to revenue over time. RaiseWell seamlessly integrates with our CARE Certified® program, which was also a bright spot for us in terms of new customer and revenue growth in 2025. In addition, we recently announced a collaboration with automotive leather supplier Pangea, Prime Pursuits and Walmart to introduce CARE Certified sustainable leather to US automotive brands while providing beef producers with an additional way to add value. We are also actively engaging with federal government entities regarding our Cattle Trace partnership addressing the animal disease traceability issue. We are confident that these activities and other programs we are developing will position us to leverage the beef industry’s eventual recovery and accelerate growth as time goes on.
“Given the diversity of our solutions portfolio and our optimism about overall business prospects, we believe our shares remain an excellent value at these levels and we expect to continue repurchasing stock in 2026. In 2025 we repurchased 183,016 shares, raising total share buybacks and private purchases since plan inception to 1,374,652 at price of
Full Year Results – 2025 vs. 2024
Total revenue for the full year decreased to
- Verification and certification services was
$20.1 million vs.$20.6 million . - Product revenue was
$3.6 million vs.$3.8 million . - Professional services revenue was
$1.2 million vs.$1.4 million .
Gross profit in 2025 declined to
SG&A expense decreased slightly year over year to
Net income for the year, inclusive of a
The Company generated
Cash and cash equivalents increased
The Company bought back a total of 183,016 shares in 2025. Total buybacks since plan inception, including private purchases, are 1,374,652 shares at a purchase price of approximately
Fourth Quarter Results – 2025 vs. 2024
Total revenue in the fourth quarter ended December 31, 2025, decreased to
- Verification and certification services decreased to
$5.0 million from$5.4 million . - Product revenue decreased to
$0.7 million from$0.9 million . - Professional services revenue of
$0.3 million vs.$0.4 million .
Gross profit in the fourth quarter was
Selling, general and administrative expense increased to
The Company reported a net loss in the fourth quarter of
The Company bought back 66,469 shares of its common stock in the fourth quarter.
The Company will conduct a conference call today at 10:00 a.m. Mountain Time.
Call-in numbers for the conference call:
Domestic Toll Free: 1-877-407-8289
International: 1-201-689-8341
Conference Code: 13758965
Phone replay:
A telephone replay of the conference call will be available through March 5, 2026, as follows:
Domestic Toll Free: 1-877-660-6853
International: 1-201-612-7415
Conference Code: 13758965
About Where Food Comes From, Inc.
Where Food Comes From, Inc. is America’s trusted resource for third party verification of food production practices. Through proprietary technology and patented business processes, the Company estimates that it supports more than 17,500 farmers, ranchers, vineyards, wineries, processors, retailers, distributors, trade associations, consumer brands and restaurants with a wide variety of value-added services. Where Food Comes From solutions are used to verify food claims, optimize production practices and enable food supply chains with analytics and data driven insights. In addition, the Company’s Where Food Comes From® retail and restaurant labeling program uses web-based customer education tools to connect consumers to the sources of the food they purchase, increasing meaningful consumer engagement for our clients.
CAUTIONARY STATEMENT
This news release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, based on current expectations, estimates and projections that are subject to risk. Forward-looking statements are inherently uncertain, and actual events could differ materially from the Company’s predictions. Important factors that could cause actual events to vary from predictions include those discussed in our SEC filings. Specifically, statements in this news release about industry leadership; plans to continue buying back stock; whether WFCF shares represent a good value; expectations for an industry recovery and accelerated growth; expectations for Cattle Trace to be successful; and demand for, and impact and efficacy of, the Company’s products and services on the marketplace are forward-looking statements that are subject to a variety of factors, including availability of capital, personnel and other resources; competition; governmental regulation of the agricultural industry; the market for beef and other commodities; and other factors. Financial results for 2025 and the Company’s pace of stock buybacks are not necessarily indicative of future results. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update its forward-looking statements to reflect new information or developments. For a more extensive discussion of the Company’s business, please refer to the Company’s SEC filings at www.sec.gov.
Company Contacts:
John Saunders
Chief Executive Officer
303-895-3002
Jay Pfeiffer
Director Investor Relations
303-880-9000
jpfeiffer@wherefoodcomesfrom.com
| Where Food Comes From, Inc. | |||||||||||||||||||
| Statements of Income | |||||||||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||||||||
| (Amounts in thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Revenues: | (Unaudited) | (Unaudited) | (Audited) | (Audited) | |||||||||||||||
| Verification and certification service revenue | $ | 5,032 | $ | 5,380 | $ | 20,102 | $ | 20,552 | |||||||||||
| Product sales | 748 | 922 | 3,616 | 3,803 | |||||||||||||||
| Professional services | 262 | 360 | 1,174 | 1,391 | |||||||||||||||
| Total revenues | 6,042 | 6,662 | 24,892 | 25,746 | |||||||||||||||
| Costs of revenues: | |||||||||||||||||||
| Costs of verification and certification services | 3,189 | 3,018 | 12,214 | 11,849 | |||||||||||||||
| Costs of products | 475 | 569 | 2,301 | 2,313 | |||||||||||||||
| Costs of professional services | 211 | 274 | 869 | 1,022 | |||||||||||||||
| Total costs of revenues | 3,875 | 3,861 | 15,384 | 15,184 | |||||||||||||||
| Gross profit | 2,167 | 2,801 | 9,508 | 10,562 | |||||||||||||||
| Selling, general and administrative expenses | 2,227 | 2,046 | 8,302 | 8,355 | |||||||||||||||
| (Loss) / Income from operations | (60 | ) | 755 | 1,206 | 2,207 | ||||||||||||||
| Other income/(expense): | |||||||||||||||||||
| Dividend income from Progressive Beef | - | 250 | 100 | 400 | |||||||||||||||
| Interest income | 8 | 6 | 24 | 35 | |||||||||||||||
| Gain on sale of assets | - | - | 946 | 1 | |||||||||||||||
| (Loss) / Gain on FMV of digital assets | (185 | ) | 345 | (41 | ) | 345 | |||||||||||||
| Loss on foreign currency exchange | - | (1 | ) | (3 | ) | (5 | ) | ||||||||||||
| Interest expense | (1 | ) | (1 | ) | (3 | ) | (4 | ) | |||||||||||
| (Loss) / Income before income taxes | (238 | ) | 1,354 | 2,229 | 2,979 | ||||||||||||||
| Income tax (benefit) / expense | (35 | ) | 393 | 693 | 859 | ||||||||||||||
| Net (loss) / income | $ | (203 | ) | $ | 961 | $ | 1,536 | $ | 2,120 | ||||||||||
| Per share - net (loss) / income: | |||||||||||||||||||
| Basic | $ | (0.04 | ) | $ | 0.18 | $ | 0.30 | $ | 0.40 | ||||||||||
| Diluted | $ | (0.04 | ) | $ | 0.18 | $ | 0.30 | $ | 0.40 | ||||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||
| Basic | 5,097 | 5,264 | 5,152 | 5,318 | |||||||||||||||
| Diluted | 5,111 | 5,281 | 5,165 | 5,334 | |||||||||||||||
| Where Food Comes From, Inc. | |||||||||||
| Balance Sheets (Audited) | |||||||||||
| December 31, | December 31, | ||||||||||
| (Amounts in thousands, except per share amounts) | 2025 | 2024 | |||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 3,200 | $ | 2,012 | |||||||
| Accounts receivable, net of allowance | 1,678 | 1,826 | |||||||||
| Inventory | 792 | 1,002 | |||||||||
| Prepaid expenses and other current assets | 605 | 705 | |||||||||
| Total current assets | 6,275 | 5,545 | |||||||||
| Property and equipment, net | 648 | 737 | |||||||||
| Right-of-use assets, net | 498 | 2,067 | |||||||||
| Equity investments | 200 | 1,191 | |||||||||
| Intangible and other assets, net | 1,420 | 1,810 | |||||||||
| Digital assets | 613 | 654 | |||||||||
| Goodwill, net | 2,946 | 2,946 | |||||||||
| Deferred tax assets, net | 299 | 356 | |||||||||
| Total assets | $ | 12,899 | $ | 15,306 | |||||||
| Liabilities and Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 451 | $ | 468 | |||||||
| Accrued expenses and other current liabilities | 655 | 611 | |||||||||
| Deferred revenue | 1,545 | 1,748 | |||||||||
| Current portion of finance lease obligations | 12 | 15 | |||||||||
| Current portion of operating lease obligations | 422 | 337 | |||||||||
| Total current liabilities | 3,085 | 3,179 | |||||||||
| Finance lease obligations, net of current portion | 13 | 25 | |||||||||
| Operating lease obligation, net of current portion | 496 | 2,169 | |||||||||
| Total liabilities | 3,594 | 5,373 | |||||||||
| Commitments and contingencies | |||||||||||
| Equity: | |||||||||||
| Common stock | 5 | 7 | |||||||||
| Additional paid-in-capital | 23 | 11,381 | |||||||||
| Treasury stock | (1,783 | ) | (13,462 | ) | |||||||
| Retained earnings | 11,060 | 12,007 | |||||||||
| Total equity | 9,305 | 9,933 | |||||||||
| Total liabilities and stockholders' equity | $ | 12,899 | $ | 15,306 | |||||||
FAQ
What were Where Food Comes From (WFCF) full-year 2025 revenue and earnings?
How much cash did Where Food Comes From (WFCF) generate and hold at year-end 2025?
What stock repurchase activity did Where Food Comes From (WFCF) report for 2025?
Why did verification revenue decline for Where Food Comes From (WFCF) in 2025?
What new product or program did Where Food Comes From (WFCF) introduce in early 2026?
