Q1 revenue up 39% to $6.2M; operating income up six-fold; adjusted EBITDA up 156%

Where Food Comes From, Inc.

2022-Q1 EPS reported $0.08 revenue$6,156,000

Revenue $6.2M vs $4.4M YoY; verification & certification up 16% to $3.8M.
Software/consulting revenue surged 201% to $1.4M driven by Japanese government seafood contract.
Operating income $0.6M ($0.1M in Q1 2021); net income $0.5M ($0.08/share) excluding PPP loan forgiveness.
Adjusted EBITDA $0.9M (+156%); cash from ops $1.1M; cash balance $6.1M, no debt.
Repurchased 33,550 shares in Q1 2022 vs 80,775 shares in all of 2021.

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