Where Food Comes From (NASDAQ:WFCF) Q1 2024 Earnings Conference Call May 2, 2024 12:00 PM ET Corporate Participants Jay Pfeiffer - Director, Investor Relations John Saunders - Chief Executive Officer Conference Call Participants Operator Greetings and welcome to the Where Food Comes From First Quarter Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being ...

Exhibit 99.1 Where Food Comes From, Inc. Reports 2024 First Quarter Financial Results First Quarter Highlights – 2024 vs. 2023 CASTLE ROCK, Colo., May 02, 2024 (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, 2024. Operating income was 68% higher at $261,000 vs. $155,000. Net income increased 47% to $17 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Commission File No. 001-40314 WHERE FOOD COMES FROM, INC. (exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Colorado 43-1802805 (I.R.S. Employer Identification No.) 202 6 Street, Suite 400 Castle Rock, CO 80104 (Address of principal executive offices, including zip code) Registrant's telephone number, including area code: (303) 895-3002 Indicate by check mark ...

Financial Data and Key Metrics Changes - Total revenue in Q4 2023 increased by 10% to $6.7 million from $6.1 million in Q4 2022 [5] - Net income in Q4 increased by 58% to $776,000 or $0.14 per diluted share compared to $490,000 or $0.08 per diluted share in Q4 2022 [6] - Adjusted EBITDA in Q4 increased by 31% to $1.3 million from $1 million [7] - Total revenue for 2023 increased slightly to $25.1 million from $24.8 million in 2022 [8] - Net income for the year increased by 8% to $2.2 million or $0.39 per diluted share compared to $2 million or $0.33 per diluted share in the prior year [9] - Cash and cash equivalents balance at year-end 2023 declined to $2.6 million from $4.4 million in 2022 [10] Business Line Data and Key Metrics Changes - Verification and certification revenue in Q4 was up 17% to $5.5 million from $4.7 million [5] - Product revenue in Q4 remained flat at $0.9 million [5] - For the full year, Verification Services revenue increased by 10% to $19.4 million from $17.6 million, while product revenue decreased by 8% to $4 million from $4.4 million [8] Market Data and Key Metrics Changes - The company experienced inflationary pressures and cyclical cattle trends impacting revenue and profitability throughout the year [4] - The U.S. cattle industry is critical to the company's business, and it is expected to face a cattle cycle every seven to eight years [30] Company Strategy and Development Direction - The company aims to expand its business mix with valuable programs and capabilities, focusing on consumer branding and certification standards [11][32] - Recent acquisitions, such as the Upcycled Certified program, are expected to become a meaningful component of the revenue mix over time [16][18] - The company is actively pursuing new standards and programs to attract new customers, particularly in the dairy auditing and organic certification sectors [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong fourth quarter performance, which helped offset year-long headwinds [4] - The company anticipates continued growth driven by new regulations and standards in the industry [29] - There is a focus on increasing visibility and consumer awareness of the company's certification programs [32] Other Important Information - The company bought back more than $3.9 million of its shares in 2023 [11] - The company generated $2.8 million in cash from operations in 2023, compared to $2.7 million in 2022 [10] Q&A Session Summary Question: What led to the growth this quarter and future aspirations? - Management noted that new trends, such as Prop 12 and changes in organic certification, contributed to the growth in Q4 [28][29] Question: Is the opportunity set more with retail or restaurants? - Management indicated that both retail and food service opportunities are important, with retail being crucial for making a significant impact [33][34]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _____________ Commission File No. 001-40314 WHERE FOOD COMES FROM, INC. (Exact name of registrant as specified in its charter) (State of incorporation or organization) (I.R.S. Employer Identification No.) Colorado 43-1802805 202 6 Street, Suite 400 Castle Ro ...

Financial Data and Key Metrics Changes - Total revenue in Q3 2023 declined 4% to $7 million from $7.3 million in Q3 2022, primarily due to lower hardware revenue [10] - Verification and certification revenue increased 4% in Q3 to $5.4 million from $5.2 million, while product revenue decreased by $367,000 to $1.2 million [10] - Net income for Q3 was $723,000 or $0.13 per diluted share, compared to $785,000 or $0.13 per diluted share in Q3 2022 [11] - Adjusted EBITDA in Q3 was down slightly at $1.2 million from $1.3 million [11] - Year-to-date total revenue decreased 2% to $18.4 million from $18.8 million in the same period last year [12] Business Line Data and Key Metrics Changes - Verification and certification services revenue increased 8% year-to-date to $13.9 million from $12.9 million [13] - Product revenue decreased 10% year-to-date to $3.1 million from $3.5 million [13] - Consulting revenue was $1.3 million compared to $2.4 million in the prior year period, impacted by a one-time contract booked in Q1 2022 [13] Market Data and Key Metrics Changes - The company is experiencing headwinds due to smaller herd sizes related to cyclical cattle trends, affecting tag sales and overall revenue [5][8] - Customer retention rate is over 90%, indicating strong customer loyalty [9] Company Strategy and Development Direction - The acquisition of the Smart Catch program aims to accelerate its rollout and expand its scope, focusing on sustainability in seafood [15][16] - The company is exploring expansion opportunities in the seafood supply chain and other products beyond seafood [20] Management's Comments on Operating Environment and Future Outlook - Management noted an increased focus on sustainability, particularly regarding carbon footprint and supply chain traceability [24] - The company is actively involved in pilot projects under the USDA's Climate-Smart program, emphasizing its role in maintaining product traceability [24] Other Important Information - The company returned $855,000 to stockholders through stock buybacks in Q3, with year-to-date buybacks totaling nearly $3 million [6] - Cash and cash equivalents declined to $3.8 million from $4.4 million at the end of 2022, primarily due to share repurchases [14] Q&A Session Summary Question: Update on potential regulations driving demand for tags - Management indicated no significant movement other than the closure of a USDA comment period, with results expected early next year [22] Question: Future excitement and focus areas - Management expressed excitement about the increased focus on sustainability and the importance of carbon footprint tracking in supply chains [23] Question: Changes in competitive dynamics within auditing - Management noted no significant changes but highlighted challenges in finding qualified auditor staff as a limiting factor [25] Question: Capital allocation strategy - Management stated they are looking for M&A opportunities while continuing aggressive stock buybacks in the absence of other opportunities [26] Question: Update on the ADT program - Management confirmed ongoing collaboration with industry groups and continued momentum in traceability initiatives [28]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Commission File No. 001-40314 WHERE FOOD COMES FROM, INC. (exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Colorado 43-1802805 (I.R.S. Employer Identification No.) 202 6 Street, Suite 400 Castle Rock, CO 80104 (Address of principal executive offices, including zip code) Registrant's telephone number, including area code: (303) 895-3002 Indicate by check mark ...

Where Food Comes From, Inc. (NASDAQ:WFCF) Q2 2023 Earnings Conference Call August 10, 2023 12:00 PM ET Company Participants Jay Pfeiffer - Investor Relations John Saunders - Chief Executive Officer Leann Saunders - President Dannette Henning - Chief Financial Officer Conference Call Participants John Nelson - Private Investor Operator Greetings and welcome to Where Food Comes From Second Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now l ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly period ended June 30, 2023 (State or other jurisdiction of incorporation or organization) Colorado 43-1802805 (I.R.S. Employer Identification No.) 202 6 Street, Suite 400 Castle Rock, CO 80104 (Address of principal executive offices, including ...

Where Food Comes From, Inc. (NASDAQ:WFCF) Q1 2023 Earnings Conference Call May 15, 2023 ET Company Participants Jay Pfeiffer - Manager, Investor Relations John Saunders - Co-Founder, Chief Executive Officer & Chairman Conference Call Participants Operator Hello, and welcome to the Where Food Comes From First Quarter 2023 Earnings Conference Call. [Operator Instructions] A question-and-answer session will follow the formal presentation. As a reminder this conference is being recorded. It's now my pleasure to ...