Where Food Comes From, Inc. (WFCF) reported its 2020 financial results, revealing a 3% decline in revenue to $20.1 million largely due to the pandemic's impact on non-beef protein audits. Despite this, the company achieved a record net income of $1.4 million, maintaining a diluted EPS of $0.22. The gross margin improved to 44.5%, although adjusted EBITDA fell to $3.0 million. Cash reserves rose significantly to $4.4 million. While the outlook for 2021 indicates continued challenges, the company is optimistic about its growth prospects in sustainability and food quality initiatives.
Where Food Comes From (WFCF) has been named the exclusive Certification Body for the new Upcycled Certification Standard aimed at reducing food waste and promoting the upcycled food economy. This standard is essential as over 40% of food grown is wasted annually, totaling 62.5 million tons in the U.S. alone. The upcycled food industry is projected to exceed $46 billion in value, with consumer interest growing. WFCF's role in this movement aligns it with significant sustainability trends, enhancing its market positioning and potential revenue growth.
Where Food Comes From, Inc. (WFCF) announced it will release its 2020 fourth quarter and full-year financial results on February 18, 2021, prior to market opening. A conference call will follow at 10:00 a.m. MT (12:00 p.m. ET) for investors to discuss the results. Dial-in numbers include a domestic toll-free number and an international number. The call will be available for replay through March 4, 2021. Where Food Comes From provides third-party verification services for the food industry, serving over 15,000 clients.