secwatch.observer — SEC 8-K summary
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Issuer:     Where Food Comes From, Inc. (WFCF)
CIK:        0001360565
Form:       8-K
Filed at:   2023-02-27T23:59:59+00:00
Accession:  0001493152-23-006080
Event type: earnings
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

WFCF reports FY2022 revenue up 13% to $24.8M; net income $2.0M vs $3.0M (incl $1M PPP forgiveness)
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- Full year revenue $24.8M (+13% YoY); net income $2.0M ($0.33 diluted EPS) vs $3.0M ($0.48) in prior year which included $1.0M PPP loan forgiveness.
- Adjusted EBITDA $3.8M vs $3.7M; cash from operations $2.7M vs $3.0M.
- Software & consulting revenue up 40% to $2.9M driven by large Japanese government project.
- Company repurchased $3.5M of stock in 2022 (307,884 shares at avg $11.23); Q4 repurchases $1.2M.
- Q4 revenue $6.1M (+5% YoY); net income $490K vs $742K; adjusted EBITDA $1.0M vs $1.3M; gross profit down 6% on higher labor costs.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1360565/000149315223006080/0001493152-23-006080-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1360565/000149315223006080/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-006080

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer