Full Year Highlights – 2025 vs. 2024
- Verification and certification revenue:
$20.1M vs.$20.6M - Product sales:
$3.6M vs.$3.8M - Total revenue:
$24.9M vs.$25.7M - Net income:
$1.5M vs.$2.1M - Diluted EPS:
$0.30 vs.$0.40 - Cash generated from operations:
$1.6M vs.$2.7M - Cash & cash equivalents:
$3.2M vs.$2.0M at 2024 year-end - Stock buybacks: 183,016 shares
- Total buybacks since plan inception (including private purchases): 1,374,652 shares at purchase price of approximately
$15.2 million
Fourth Quarter Highlights – 2025 vs. 2024
- Verification and certification revenue:
$5.0M vs.$5.4M - Product sales:
$0.7M vs.$0.9M - Total revenue:
$6.0M vs.$6.7M - Net loss of
$0.2M vs. net income of$1.0M - Diluted EPS: (
$0.04 ) vs.$0.18 - Stock buybacks: 66,469 shares
“Record high beef prices driven by trade restrictions and smaller herd sizes continued to impact our beef-related verification revenue as some legacy customers have cut back on verification activity. Although the US cattle supply is at its lowest level in 70 years, there are indications that this downtrend will stabilize later in 2026 and begin to rebound next year,” said
“In anticipation of the eventual recovery of the US Cattle industry, we are also expanding the number of beef certifications we offer,” Saunders added. “Early this year we launched RaiseWell® Certified, a new standard that addresses consumer and retailer demand for responsibly raised proteins. This week we announced that
“Given the diversity of our solutions portfolio and our optimism about overall business prospects, we believe our shares remain an excellent value at these levels and we expect to continue repurchasing stock in 2026. In 2025 we repurchased 183,016 shares, raising total share buybacks and private purchases since plan inception to 1,374,652 at price of
Full Year Results – 2025 vs. 2024
Total revenue for the full year decreased to
- Verification and certification services was
$20.1 million vs.$20.6 million . - Product revenue was
$3.6 million vs.$3.8 million . - Professional services revenue was
$1.2 million vs.$1.4 million .
Gross profit in 2025 declined to
SG&A expense decreased slightly year over year to
Net income for the year, inclusive of a
The Company generated
Cash and cash equivalents increased 59% year over year to
The Company bought back a total of 183,016 shares in 2025. Total buybacks since plan inception, including private purchases, are 1,374,652 shares at a purchase price of approximately
Fourth Quarter Results – 2025 vs. 2024
Total revenue in the fourth quarter ended
- Verification and certification services decreased to
$5.0 million from$5.4 million . - Product revenue decreased to
$0.7 million from$0.9 million . - Professional services revenue of
$0.3 million vs.$0.4 million .
Gross profit in the fourth quarter was
Selling, general and administrative expense increased to
The Company reported a net loss in the fourth quarter of
The Company bought back 66,469 shares of its common stock in the fourth quarter.
The Company will conduct a conference call today at
Call-in numbers for the conference call:
Domestic Toll Free: 1-877-407-8289
International: 1-201-689-8341
Conference Code: 13758965
Phone replay:
A telephone replay of the conference call will be available through
Domestic Toll Free: 1-877-660-6853
International: 1-201-612-7415
Conference Code: 13758965
About
CAUTIONARY STATEMENT
This news release contains "forward-looking statements" within the meaning of the
Company Contacts:
Chief Executive Officer
303-895-3002
Director Investor Relations
303-880-9000
jpfeiffer@wherefoodcomesfrom.com
| Statements of Income | |||||||||||||||||||
| Three months ended | Year ended | ||||||||||||||||||
| (Amounts in thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Revenues: | (Unaudited) | (Unaudited) | (Audited) | (Audited) | |||||||||||||||
| Verification and certification service revenue | $ | 5,032 | $ | 5,380 | $ | 20,102 | $ | 20,552 | |||||||||||
| Product sales | 748 | 922 | 3,616 | 3,803 | |||||||||||||||
| Professional services | 262 | 360 | 1,174 | 1,391 | |||||||||||||||
| Total revenues | 6,042 | 6,662 | 24,892 | 25,746 | |||||||||||||||
| Costs of revenues: | |||||||||||||||||||
| Costs of verification and certification services | 3,189 | 3,018 | 12,214 | 11,849 | |||||||||||||||
| Costs of products | 475 | 569 | 2,301 | 2,313 | |||||||||||||||
| Costs of professional services | 211 | 274 | 869 | 1,022 | |||||||||||||||
| Total costs of revenues | 3,875 | 3,861 | 15,384 | 15,184 | |||||||||||||||
| Gross profit | 2,167 | 2,801 | 9,508 | 10,562 | |||||||||||||||
| Selling, general and administrative expenses | 2,227 | 2,046 | 8,302 | 8,355 | |||||||||||||||
| (Loss) / Income from operations | (60 | ) | 755 | 1,206 | 2,207 | ||||||||||||||
| Other income/(expense): | |||||||||||||||||||
| Dividend income from Progressive Beef | - | 250 | 100 | 400 | |||||||||||||||
| Interest income | 8 | 6 | 24 | 35 | |||||||||||||||
| Gain on sale of assets | - | - | 946 | 1 | |||||||||||||||
| (Loss) / Gain on FMV of digital assets | (185 | ) | 345 | (41 | ) | 345 | |||||||||||||
| Loss on foreign currency exchange | - | (1 | ) | (3 | ) | (5 | ) | ||||||||||||
| Interest expense | (1 | ) | (1 | ) | (3 | ) | (4 | ) | |||||||||||
| (Loss) / Income before income taxes | (238 | ) | 1,354 | 2,229 | 2,979 | ||||||||||||||
| Income tax (benefit) / expense | (35 | ) | 393 | 693 | 859 | ||||||||||||||
| Net (loss) / income | $ | (203 | ) | $ | 961 | $ | 1,536 | $ | 2,120 | ||||||||||
| Per share - net (loss) / income: | |||||||||||||||||||
| Basic | $ | (0.04 | ) | $ | 0.18 | $ | 0.30 | $ | 0.40 | ||||||||||
| Diluted | $ | (0.04 | ) | $ | 0.18 | $ | 0.30 | $ | 0.40 | ||||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||
| Basic | 5,097 | 5,264 | 5,152 | 5,318 | |||||||||||||||
| Diluted | 5,111 | 5,281 | 5,165 | 5,334 | |||||||||||||||
| Balance Sheets (Audited) | |||||||||||
| (Amounts in thousands, except per share amounts) | 2025 | 2024 | |||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 3,200 | $ | 2,012 | |||||||
| Accounts receivable, net of allowance | 1,678 | 1,826 | |||||||||
| Inventory | 792 | 1,002 | |||||||||
| Prepaid expenses and other current assets | 605 | 705 | |||||||||
| Total current assets | 6,275 | 5,545 | |||||||||
| Property and equipment, net | 648 | 737 | |||||||||
| Right-of-use assets, net | 498 | 2,067 | |||||||||
| Equity investments | 200 | 1,191 | |||||||||
| Intangible and other assets, net | 1,420 | 1,810 | |||||||||
| Digital assets | 613 | 654 | |||||||||
| 2,946 | 2,946 | ||||||||||
| Deferred tax assets, net | 299 | 356 | |||||||||
| Total assets | $ | 12,899 | $ | 15,306 | |||||||
| Liabilities and Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 451 | $ | 468 | |||||||
| Accrued expenses and other current liabilities | 655 | 611 | |||||||||
| Deferred revenue | 1,545 | 1,748 | |||||||||
| Current portion of finance lease obligations | 12 | 15 | |||||||||
| Current portion of operating lease obligations | 422 | 337 | |||||||||
| Total current liabilities | 3,085 | 3,179 | |||||||||
| Finance lease obligations, net of current portion | 13 | 25 | |||||||||
| Operating lease obligation, net of current portion | 496 | 2,169 | |||||||||
| Total liabilities | 3,594 | 5,373 | |||||||||
| Commitments and contingencies | |||||||||||
| Equity: | |||||||||||
| Common stock | 5 | 7 | |||||||||
| Additional paid-in-capital | 23 | 11,381 | |||||||||
| (1,783 | ) | (13,462 | ) | ||||||||
| Retained earnings | 11,060 | 12,007 | |||||||||
| Total equity | 9,305 | 9,933 | |||||||||
| Total liabilities and stockholders' equity | $ | 12,899 | $ | 15,306 | |||||||
