Where Food Comes From, Inc. Reports 2024 Fourth Quarter and Full Year Financial Results

Core Insights - Where Food Comes From, Inc. (WFCF) reported a 2% increase in total revenue for 2024, reaching $25.7 million compared to $25.1 million in 2023, despite challenges in the beef sector due to herd contraction [4][9] - The company achieved a net income of $2.1 million, or $0.40 per diluted share, slightly down from $2.2 million, or $0.39 per diluted share in the previous year [10] - The company continued its stock buyback program, repurchasing 273,057 shares at a cost of $3.3 million, contributing to a total of $13.9 million returned to shareholders since the program's inception [5][11] Fourth Quarter Highlights - Total revenue for the fourth quarter was flat at $6.7 million, with verification and certification revenue slightly down to $5.4 million from $5.5 million [6][7] - Net income for the fourth quarter increased to $961,000, or $0.18 per diluted share, compared to $776,000, or $0.14 per diluted share in the same quarter of 2023, aided by a $345,000 gain in the fair market value of bitcoin [8][10] - Gross profit in the fourth quarter declined by 7% to $2.8 million from $3.0 million [8] Full Year Highlights - Gross profit for the full year increased slightly to $10.6 million from $10.5 million, while selling, general and administrative expenses rose to $8.4 million from $7.8 million [10] - Cash generated from operations was $2.7 million in 2024, down from $2.8 million in 2023 [10] - The company reported a decrease in cash and cash equivalents to $2.0 million at year-end 2024, compared to $2.6 million at the end of 2023 [19] Revenue Breakdown - Verification and certification services revenue for the full year increased by 6% to $20.6 million from $19.4 million, while product sales decreased by 5% to $3.8 million from $4.0 million [14] - Professional services revenue for the full year was down 19% to $1.4 million from $1.7 million [14]