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WFCF

Where Food Comes From, Inc.

WFCF

Where Food Comes From, Inc. • NASDAQ
$12.73 ▲ 0.00% (+0.00)
Market Cap $65.79 M
52w High $13.78
52w Low $9.26
Dividend Yield 0%
P/E 24.48
Volume 198
Outstanding Shares 5.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.015M ▲ $2.111M ▲ $1.146M ▲ 16.336% ▲ $0.22 ▲ $1.775M ▲
Q2-2025 $6.562M ▲ $1.911M ▼ $562K ▲ 8.564% ▲ $0.11 ▲ $932K ▲
Q1-2025 $5.273M ▼ $2.053M ▲ $31K ▼ 0.588% ▼ $0.006 ▼ $243K ▼
Q4-2024 $6.662M ▼ $2.046M ▼ $961K ▲ 14.425% ▲ $0.18 ▲ $1.535M ▲
Q3-2024 $7.107M $2.166M $492K 6.923% $0.092 $830K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.759M ▲ $16.854M ▲ $6.555M ▼ $10.299M ▲
Q2-2025 $3.201M ▲ $16.624M ▲ $6.653M ▲ $9.971M ▲
Q1-2025 $2.238M ▲ $15.212M ▼ $5.621M ▲ $9.591M ▼
Q4-2024 $2.012M ▼ $15.306M ▼ $5.373M ▼ $9.933M ▲
Q3-2024 $2.757M $16.946M $7.492M $9.454M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.146M ▲ $501K ▼ $1.779M ▲ $-722K ▼ $1.558M ▲ $443K ▼
Q2-2025 $562K ▲ $1.181M ▲ $-34K ▼ $-184K ▲ $963K ▲ $1.147M ▲
Q1-2025 $31K ▼ $632K ▲ $-29K ▲ $-377K ▲ $226K ▲ $603K ▲
Q4-2024 $961K ▲ $-50K ▼ $-40K ▼ $-655K ▲ $-745K ▼ $-79K ▼
Q3-2024 $492K $912K $-28K $-727K $157K $873K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $0 ▲$0 ▲$0 ▲$0 ▲
Professional Services
Professional Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Verification and Certification Service Revenue
Verification and Certification Service Revenue
 $10.00M ▲$0 ▼$10.00M ▲$10.00M ▲
Product Sales
Product Sales
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement The company looks small but reasonably steady. Revenue has inched up over the last several years, and gross profit has moved with it, suggesting the core service offering is holding its value. Profitability sits close to break-even but generally on the positive side, with earnings per share trending upward over time but bouncing around from year to year. That pattern is typical of a niche, smaller-scale business: not a big profit engine, but also not showing signs of structural weakness in its basic economics. The main risk is that, at this modest scale, a few lost contracts or a jump in costs could quickly dent profitability.

Balance Sheet

Balance Sheet The balance sheet appears simple and conservative. Assets and shareholder equity have stayed fairly stable, and there is essentially no financial debt, which reduces financial risk. Cash levels look modest, which suggests the business relies mostly on ongoing cash generation rather than a large cash cushion. Overall, this is more of a “steady and lean” balance sheet than a highly fortified one: low leverage, but also limited dry powder for very large investments or acquisitions without outside funding.

Cash Flow

Cash Flow Reported cash flows round to roughly neutral, which usually means the company is more or less funding its operations from what it brings in, without large excess cash piling up or being burned. Capital spending looks very light, consistent with a software-and-services model that does not require heavy equipment or property. The upside is flexibility and low ongoing investment needs; the trade-off is that there isn’t a lot of extra cash being generated to rapidly scale or to withstand prolonged downturns without making adjustments.

Competitive Edge

Competitive Edge Where Food Comes From operates in a specialized niche: verifying and tracing food claims such as origin, sustainability, and animal welfare. Its edge comes from trust, reputation, and long-standing relationships across a large network of farmers, processors, and retailers. The combination of multiple certification programs, proprietary traceability tools, and a recognized brand makes it harder for a newcomer to replicate the same breadth and credibility. At the same time, the niche nature of the market and the possibility of larger tech or ag players entering the space are ongoing competitive risks.

Innovation and R&D

Innovation and R&D Innovation is a clear focus, but it is applied and practical rather than laboratory-style research. The SureHarvest division acts as the technology engine, with proprietary systems for traceability, sustainability tracking, and farm management. The company is layering new capabilities on top of this, including several artificial intelligence initiatives aimed at automating audits, analyzing data more deeply, and giving consumers richer information through QR codes. This approach uses the firm’s accumulated data and domain expertise as raw material for new tools. The key uncertainty is execution: as a relatively small player, turning these AI and software ideas into widely adopted, profitable products will be the main challenge.

Summary

Overall, Where Food Comes From looks like a small, specialized technology-enabled services company that has found a defensible niche at the intersection of food, sustainability, and data. Its financial profile is steady but modest: revenues and profits are positive and fairly stable, with a clean, low-debt balance sheet but limited excess cash. Strategically, the company’s strength lies in its credibility as an independent verifier, its broad certification portfolio, and its proprietary traceability platforms. Looking ahead, its push into AI and deeper data analytics offers upside potential if it can successfully commercialize those tools and maintain its reputation advantage, while managing the usual risks of scale, competition, and dependence on evolving consumer and regulatory trends around food transparency.

NEWS

November 13, 2025 · 9:00 AM UTC

Where Food Comes From, Inc. Reports 2025 Third Quarter Financial Results

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November 11, 2025 · 12:00 PM UTC

Where Food Comes From Schedules 2025 Third Quarter Earnings Call

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November 11, 2025 · 9:00 AM UTC

Where Food Comes From Named to TIME Magazine's “America's Growth Leaders 2026” Top 100 List

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