Where Food Comes From, Inc. Reports 2026 First Quarter Financial Results

About this update from Where Food Comes From, Inc.

First Quarter Highlights – 2026 vs. 2025 Verification and certification revenue increased to $4.4 million from $4.2 million Product sales increased slightly to $713,000 from $702,000 Total revenue increased to $5.4 million from $5.3 million Net income of $92,000 , or $0.02 per share, up from $31,000 , or $0.01 per share Company bought back 24,469 shares of its common stock at a cost of $293,000 Total buybacks since plan inception (including private purchases): 1,399,121 shares at a cost of approximately $15.5 million CASTLE ROCK, Colo. , May 14, 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 first quarter ended March 31, 2026 . “We are pleased with our year-over-year revenue growth and return to profitability in the first quarter,” said John Saunders , CEO. “Despite continued headwinds related to smaller herd sizes and tariffs, we are adding new customers for beef-related services and making good progress with our new RaiseWell™ Certified program that Whole Foods Market adopted in the first quarter for its beef supply. We will expand RaiseWell over time to support poultry, eggs, dairy, and pork production as well. We are also adding customers for non-beef related services such as Upcycled Certified – our fastest growing service – and a variety of certifications for other food categories. Based on growing consumer demand for more information and transparency in the food supply chain, we remain bullish about future growth prospects and the overall trajectory of our industry.” First Quarter Results – 2026 vs. 2025 Total revenue in the first quarter ended March 31, 2026 , increased to $5.4 million from $5.3 million . Revenue mix included: Verification and certification services revenue of $4.4 million vs. $4.2 million . Product revenue up slightly to $713,000 from $702,000 . Professional services revenue declined to $228,000 from $389,000 . Gross margins were lower at 39% versus 42% year over year due to higher insurance and personnel costs. Selling, general and administrative expense was 15% lower at $1.7 million compared to $2.1 million due to management’s decision to forego 2025 bonus compensation following fourth quarter results. Net income in the first quarter was $92,000 , or $0.02 per diluted share, vs. $31,000 , or $0 .01per diluted share. Cash provided by operations in the first quarter was $523,000 vs. $632,000 . The Company bought back 24,469 shares of its common stock during the first quarter at a cost of $293,000 . Total buybacks since plan inception (including private purchases) are 1,399,121 shares at a cost of approximately $15.5 million . Management will conduct a conference call today at 10:00 a.m. Mountain Time to discuss these financial results. Dial-in numbers for the conference call: Domestic Toll Free: 1-877-407-8289International: 1-201-689-8341Conference Code: 13760621 Phone replay: A telephone replay of the conference call will be available through May 28, 2026 , as follows:Domestic Toll Free: 1-877-660-6853International: 1-201-612-7415Conference Code: 13760621 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, expectations for growth of the business and industry, 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 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: Jay Pfeiffer Director, Investor Relations303-880-9000 [email protected] Where Food Comes From, Inc. Statements of Income (Unaudited) Three months ended March 31 , (Amounts in thousands, except per share amounts) 2026 2025 Revenues: Verification and certification service revenue $ 4,424 $ 4,182 Product sales 713 702 Professional services 228 389 Total revenues 5,365 5,273 Costs of revenues: Costs of verification and certification services 2,721 2,395 Costs of products 438 428 Costs of professional services 163 255 Total costs of revenues 3,322 3,078 Gross profit 2,043 2,195 Selling, general and administrative expenses 1,745 2,053 Income from operations 298 142 Other income/(expense): Interest income 6 4 Fair market value loss on digital assets (135 ) (76 ) Gain on sale of assets 17 - Interest expense (1 ) (1 ) Income before income taxes 185 69 Income tax expense 93 38 Net income $ 92 $ 31 Per share - net income: Basic $ 0.02 $ 0.01 Diluted $ 0.02 $ 0.01 Weighted average number of common shares outstanding: Basic 5,057 5,212 Diluted 5,070 5,230 Where Food Comes From, Inc. Balance Sheets (Unaudited) March 31 , 2026 December 31 , 2025 (Amounts in thousands, except per share amounts) Assets Current assets: Cash and cash equivalents $ 3,281 $ 3,200 Accounts receivable, net of allowance 2,056 1,678 Inventory 842 792 Prepaid expenses and other current assets 648 605 Total current assets 6,827 6,275 Property and equipment, net 739 648 Right-of-use assets, net 437 498 Equity investments 200 200 Intangible and other assets, net 1,332 1,420 Digital assets 478 613 Goodwill , net 2,946 2,946 Deferred tax assets, net 267 299 Total assets $ 13,226 $ 12,899 Liabilities and Equity Current liabilities: Accounts payable $ 569 $ 451 Accrued expenses and other current liabilities 1,088 655 Deferred revenue 1,532 1,545 Current portion of finance lease obligations 12 12 Current portion of operating lease obligations 422 422 Total current liabilities 3,623 3,085 Finance lease obligations, net of current portion 10 13 Operating lease obligation, net of current portion 393 496 Total liabilities 4,026 3,594 Commitments and contingencies Equity: Common stock 5 5 Additional paid-in-capital 119 23 Treasury stock (2,076 ) (1,783 ) Retained earnings 11,152 11,060 Total equity 9,200 9,305 Total liabilities and stockholders' equity $ 13,226 $ 12,899 Source: Where Food Comes From

View stock analysis, news, and events for Where Food Comes From, Inc.