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Where Food Comes From, Inc. (WFCF) is a leading independent, third-party food verification company dedicated to ensuring transparency and authenticity in food production practices. Renowned as the ultimate food experts, WFCF rigorously verifies the quality of food, how it’s grown and raised, and the standards adhered to by farmers, ranchers, and producers. They visit farms and ranches, scrutinizing plants, animals, and records, and cross-checking collected data against specific standards or claims. This meticulous approach ensures that everyone involved in the food chain—from growers to consumers—can trust the information about the food they consume.
WFCF operates under various verification divisions, including IMI Global, Validus Verification Services, International Certification Services, and others. These divisions offer a comprehensive suite of services such as food production audits and certification processes to validate the claims made by food producers and processors. The company supports over 17,500 farmers, ranchers, vineyards, wineries, processors, retailers, distributors, trade associations, and restaurants. By providing these value-added services, WFCF helps clients optimize their production practices and enhance food supply chains with data-driven insights and analytics.
Financially, WFCF has demonstrated robust growth. For the second quarter of 2023, the company reported a 15% increase in revenue year-over-year, reaching $6.1 million, and a remarkable 140% increase in net income. The third quarter saw a slight decline in revenue due to external factors such as cyclical herd contraction but sustained profitability. Despite inflationary pressures and other challenges, WFCF has continued to invest in its share repurchase program and has made strategic acquisitions to expand its service offerings.
Recent achievements include being named the exclusive verifier for the Bee Friendly Farming Certification and acquiring the Smart Catch program, which promotes sustainability in seafood. These initiatives, along with the company's diverse certification portfolio, position WFCF as a pivotal player in the food verification industry, connecting consumers to the sources of their food and promoting sustainable practices.
You can learn more about Where Food Comes From, Inc. and their verification divisions at:
Where Food Comes From (WFCF) reported its Q4 and full-year 2024 results. Full-year revenue increased 2% to $25.7 million, with verification and certification services up 6% to $20.6 million. Net income slightly decreased to $2.1 million ($0.40 per diluted share) from $2.2 million in 2023.
Q4 total revenue remained flat at $6.7 million, while net income increased to $961,000 ($0.18 per diluted share) from $776,000, boosted by a $345,000 gain in bitcoin holdings. The company continued its shareholder value return program, repurchasing 273,057 shares in 2024 for $3.3 million.
Despite challenges from cyclical herd contraction affecting the beef business, growth in CARE Certified and Upcycled programs offset the impact. The company's SG&A expenses increased by $530,000 to support marketing initiatives and technical talent acquisition.
Where Food Comes From (WFCF), North America's leading provider of independent, third-party food production verification services, has announced its schedule for releasing 2024 full-year financial results. The company will release its financial results before market opening on Thursday, February 20, 2025.
A conference call will be held the same day at 10:00 a.m. Mountain Time (12:00 p.m. Eastern). Investors can join using the following dial-in numbers: Domestic Toll Free: 1-877-407-8289 or International: 1-201-689-8341 (Conference Code: 13751753). A phone replay will be available through March 6, 2025.
Where Food Comes From (WFCF) reported strong growth in its Upcycled Certified® Program, with a 17% year-over-year increase in certifications for 2024. The program, which certifies sustainable food production practices, has expanded to 105 companies, including major players like Del Monte, Kerry, and Hershey-backed Blue Stripes.
In 2024, certified companies diverted approximately 1.2 million tons of food waste, equivalent to 248 million bags of groceries. The program now certifies 568 products, with pet foods, snack foods, and beverages leading the categories. WFCF's Upcycled Certified has become the fastest-growing certification seal in the food industry, operating in 14 countries.
The total upcycled industry is valued at $46 billion, with significant growth potential. Market research shows that 62% of consumers are willing to pay more for products that fight food waste, and 70% showed increased purchase intent when seeing the Upcycled Certified® seal on packaging.
Where Food Comes From (WFCF) reported mixed Q3 2024 results with total revenue up 1% to $7.1 million. Verification and certification revenue increased 2% to $5.5 million, while product sales rose 9% to $1.3 million. However, net income declined 32% to $492,000, with diluted EPS of $0.09. For the nine-month period, total revenue grew 4% to $19.1 million, though net income decreased 16% to $1.2 million. The company continued its stock buyback program, repurchasing 66,620 shares in Q3 and 216,039 shares year-to-date. Cash generated from operations increased 6% to $2.8 million.
Where Food Comes From (WFCF), North America's leading third-party food production verification provider, has announced its upcoming 2024 third quarter financial results release. The results will be disclosed before market opening on Tuesday, November 12, 2024, followed by a conference call at 10:00 a.m. Mountain Time. The company has provided both domestic and international dial-in numbers for the conference call, with a replay available through November 26, 2024.
Where Food Comes From, Inc. (WFCF) reported its 2024 second quarter and six-month financial results. Highlights include:
- Q2 total revenue up 4% to $6.4 million
- Q2 net income down 8% to $489,000
- Q2 diluted EPS flat at $0.09
- Six-month total revenue up 5% to $12.0 million
- Six-month net income up 2% to $667,000
- Six-month diluted EPS of $0.12 vs. $0.11
The company saw growth in verification and certification services, but experienced a decline in product sales. WFCF's diversified portfolio, including new initiatives like Upcycled Food Certification, helped navigate challenges such as inflation and cyclical herd contraction.
Where Food Comes From, Inc. (WFCF), a leading provider of third-party verification for food production practices in North America, has announced its upcoming 2024 second quarter earnings release. The company will disclose its financial results on Thursday, August 8, 2024, before the market opens. Following the release, WFCF will host a conference call at 10:00 a.m. Mountain Time (12:00 p.m. Eastern) to discuss the results.
Investors and interested parties can join the call using the provided dial-in numbers. A phone replay of the conference call will be available until August 22, 2024, allowing those unable to attend the live call to access the information later.
Where Food Comes From, Inc. (WFCF) reported a strong first quarter in 2024 with revenue up 6% to $5.6 million. Verification and certification revenue increased by 17%, while product sales decreased by 25%. Net income rose by 47% to $178,000, and diluted EPS increased to $0.03. Adjusted EBITDA was up 8% to $432,000. The company repurchased over 116,000 shares of common stock worth $1.5 million. Despite challenges like drought conditions affecting herd sizes, WFCF continues to show growth and profitability, investing in new service offerings and returning value to shareholders.
Where Food Comes From, Inc. will release its 2024 first quarter financial results on May 2, 2024, followed by a conference call. The company is known for independent food production verification in North America.
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