Where Food Comes From, Inc. ( (WFCF) ) has released its Q3 earnings. Here is a breakdown of the information Where Food Comes From, Inc. presented to its investors.
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Where Food Comes From, Inc. is a leading company in North America providing independent, third-party verification of food production practices. The company leverages proprietary technology to support a wide array of clients from farmers to restaurants with value-added services aimed at optimizing production practices and verifying food claims.
In its latest earnings report, Where Food Comes From, Inc. highlighted a modest increase in total revenue for both the third quarter and the first nine months of 2024 compared to 2023. Despite challenges in the beef verification sector, the company’s diverse service offerings have maintained a steady revenue growth.
Key financial metrics for the third quarter show a 2% increase in verification and certification revenue and a 9% rise in product sales, bringing total revenue to $7.1 million, a slight increase from $7 million in the previous year. However, net income saw a 32% decline to $492,000, and adjusted EBITDA fell by 29% to $0.8 million. Over the nine months, total revenue rose by 4% to $19.1 million, with cash from operations increasing by 6% to $2.8 million.
Looking ahead, Where Food Comes From, Inc. remains optimistic about its growth potential, especially with the adoption of electronic tags in the cattle industry, which could expand participation in its verification programs. The company continues to focus on its stock buyback program, having repurchased 216,039 shares in 2024.
