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Where Food Comes From (WFCF) investor relations material
Where Food Comes From Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Service diversification and growth in pork, dairy, egg, non-GMO, gluten-free, organic, and upcycled certifications offset declines in core beef verification due to smaller herd sizes and tariffs, maintaining revenue stability in a challenging macro and industry environment.
Third-party food verification services remain the core business, supporting over 17,500 clients across North America, with continued focus on ESG and human capital initiatives.
Customer retention rates remained above 90%, supporting revenue stability.
The company experienced seasonal and cyclical impacts, with the cattle industry in a contraction phase affecting revenue streams.
Inclusion in Time Magazine's America's Growth Leaders 2026 ranking highlights industry leadership and innovation.
Financial highlights
Q3 total revenue was $7.0 million, down $92,000 year-over-year; nine-month revenue was $18.85 million, slightly down from $19.08 million.
Net income for Q3 rose to $1.1 million ($0.22/share) from $0.5 million ($0.09/share), aided by a $946,000 gain from the Progressive Beef sale; nine-month net income increased to $1.74 million ($0.34/share) from $1.16 million ($0.21/share).
Verification and certification segment revenue for Q3 grew 1% to $5.6 million; nine months: $15.07 million, nearly flat year-over-year.
Hardware/product sales declined to $1.2 million in Q3 from $1.3 million; professional services revenue also saw slight declines.
Cash and cash equivalents at quarter-end were $4.8 million, up from $2.0 million at 2024 year-end.
Outlook and guidance
Management expects continued resilience and growth opportunities through diversification, bundling, and potential acquisitions, driven by consumer demand for verified food attributes.
Expectation of slow recovery in herd sizes, with supply likely to increase after another year, but uncertainty remains due to generational turnover, drought, and trade issues.
Ongoing innovation with new services and AI initiatives aimed at efficiency and customer engagement.
The company believes its capital resources and cash flow are sufficient to finance current operations and future growth.
Forward-looking statements caution about risks from tariffs, herd size cycles, and macroeconomic factors.
Border closure impact on beef supply recovery?
Key non-beef growth areas for next year
What's the M&A strategy for growth?
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Next Where Food Comes From earnings date
Q4 202519 Feb, 2026
Next Where Food Comes From earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Where Food Comes From, Inc., provides verification and certification solutions for the agriculture, livestock, and food industries in the United States. It designs, implements, and manages processes and systems that verify the production claims of its customers through on-site audits, laboratory testing and other verification services.
The company verifies its customers claims regarding sustainable production methods; organic farming; antibiotic-free meat; third party animal welfare audits; non-GMO crops; traceability; and carbon free crops. It serves beef producers, partner feed yards, brand owners, grain handlers, growing operations and elevators, food service companies and restaurants, retail grocers and natural product retailers & distributors. Where Food Comes From, Inc. was founded in 1996 and is headquartered in Castle
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