Where Food Comes From Q4 net income up 58%; verification revenue +17% to $5.5M

Where Food Comes From, Inc.

2023-FY EPS reported $0.39 revenue$25,135,000

Q4 total revenue +10% to $6.7M; verification revenue +17% to $5.5M; product revenue flat at $0.9M.
Q4 net income $776K ($0.14 diluted EPS) vs $490K ($0.08); adjusted EBITDA +31% to $1.3M.
FY 2023 total revenue $25.1M (up slightly); net income +8% to $2.2M ($0.39 diluted EPS).
Bought back >$3.9M stock in FY; cash from ops $2.8M; cash & equivalents $2.6M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Where Food Comes From, Inc. reported the fourth quarter and full-year ended December 31, 2023 results: revenue $6.7 million, net income $776,000, EPS $0.14 per diluted share.

Period: the fourth quarter and full-year ended December 31, 2023
Revenue: $6.7 million
Net income: $776,000
EPS: $0.14 per diluted share
Result: reported results

Exact text from the filing

Total revenue in the fourth quarter ended December 31, 2023, increased 10% to $6.7 million from $6.1 million.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Where Food Comes From, Inc. reported Full Year Results – 2023 vs. 2022 results: revenue $25.1 million, net income $2.2 million, EPS $0.39 per diluted share.

Period: Full Year Results – 2023 vs. 2022
Revenue: $25.1 million
Net income: $2.2 million
EPS: $0.39 per diluted share
Result: reported results

Exact text from the filing

Verification and certification revenue up 10% to $19.4 million from $17.6 million ● Product sales decline 8% to $4.0 million from $4.4 million ● Total revenue up slightly to $25.1 million from $24.8 million ● Net income increases 8% to $2.2 million from $2.0 million ● Diluted EPS of $0.39 vs. $0.33 ● Adjusted EBITDA flat at $3.8 million ● Cash generated from

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Source: SEC EDGAR

accession 0001493152-24-006957

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