Where Food es From(US:WFCF)2025-11-13 17:55Revenue Performance - Total revenues for the three months ended September 30, 2025, were approximately $7.015 million, a decrease of 1.3% compared to $7.107 million for the same period in 2024[103] - Verification and certification service revenue for the nine months ended September 30, 2025, was approximately $15.070 million, down from $15.172 million in 2024, reflecting a decline of 0.7%[103] - Verification and certification service revenue for Q3 2025 increased by $0.1 million compared to Q3 2024, while the nine-month revenue decreased by $0.1 million compared to the same period in 2024[104] - Product sales for Q3 2025 decreased by 9.6% and by 0.5% for the nine months compared to the same periods in 2024[105] - Professional services revenue for Q3 2025 decreased by $35,000 and by $0.1 million for the nine months compared to the same periods in 2024[106] Income and Profitability - Net income for the nine months ended September 30, 2025, was approximately $1.739 million, an increase of 50% compared to $1.159 million for the same period in 2024[103] - Net income attributable to WFCF shareholders for Q3 2025 was approximately $1.1 million, compared to $0.5 million in Q3 2024, representing a significant increase[116] - The company recorded an unrealized gain of approximately $48,000 for Q3 2025 and $144,000 for the nine months[114] - The company recognized a gain of approximately $0.9 million from the sale of its investment in Progressive Beef recorded in the Other Income/Expense section for Q3 2025[113] Cash and Assets - Cash and cash equivalents increased to approximately $4.8 million as of September 30, 2025, compared to $2.0 million at December 31, 2024[93] - Net cash provided by operating activities for the nine months ended September 30, 2025, was approximately $2.3 million, a decrease from $2.8 million during the same period in 2024[94] - The company had total assets of approximately $16.854 million as of September 30, 2025, slightly down from $16.946 million at the end of 2024[103] - The company had no off-balance sheet arrangements as of September 30, 2025[102] Expenses and Costs - The company reported total costs of revenues for the nine months ended September 30, 2025, at approximately $11.509 million, compared to $11.323 million in 2024, indicating an increase of 1.6%[103] - Gross margin for Q3 2025 was 39.7%, down from 40.1% in Q3 2024, while the nine-month gross margin decreased from 41.8% to 40.1%[107] - Other operating expenses for Q3 2025 were approximately $2.0 million, consistent with Q3 2024, while nine-month expenses decreased from $5.8 million to $5.6 million[110] - The company experienced inflationary price increases from manufacturers affecting product costs, with product costs for the nine months at approximately $1.8 million in 2025 compared to $1.7 million in 2024[108] Strategic Focus - The company plans to focus on diversification and bundling opportunities in product offerings, as well as potential acquisitions to drive growth[100] Workforce Composition - The company’s workforce comprised 101 employees, with approximately 84% being female and other minority employees[85] Dividend Income - The company received dividend income from Progressive Beef of $50,000 for Q3 2025, down from $150,000 for the same period in 2024[112]