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- **Revenue Resilience**: $5.6M verification growth offsets hardware decline. 
- **Profitability**: Net income up 120% YoY to $1.1M. SG&A down 1% YoY. 
- **Shareholder Returns**: $14M buybacks, 1.3M shares retired. 
- **Growth Drivers**: Dairy, poultry, organic certs up 20%. 
- **Risks**: Tariffs, wage inflation, border closures. 
- **New Markets**: Upcycled, Fairlife protein drinks. 
- **Future Outlook**: 1-2 year herd recovery, 15% YoY growth in services. 
- **Balance Sheet**: $4.8M cash, no debt. 
- **SEO Success**: 1st page search rankings. 
- **AI Investments**: 6 new initiatives. 
- **Awards**: 74th in Time's Growth Leaders.

**【CEO Summary Section】**
- **Revenue Stability**: Total Q3 revenue $7 million, down 1.3% YoY, with verification/certification segment growing 1% to $5.6 million. Pork, dairy, egg verifications and CARE certified program gains offset hardware sales decline (12% YoY to $1.2 million). 
- **Profitability**: Gross margins stable, SG&A down 1% YoY to $5.7 million. Operating income $575k (down 5.4% YoY). Net income $1.1 million ($0.22/share) vs $0.09 YoY, driven by Progressive Beef sale gain ($946k) and digital assets ($48k).
- **Balance Sheet**: Cash $4.8 million (up from $2 million YoY). Repurchased 60k shares Q3, total buybacks $1 1.3 million shares ($14M returned to shareholders). 
- **Awards & Growth**: Ranked 74th in Time's America's Growth Leaders. New services like labeling gaining traction. 6 AI initiatives underway. Improved SEO driving 1st-page search rankings for 'third-party verification'.

**【Q&A Highlights】**
- **Herd Recovery Outlook**: Cattle prices rising may incentivize herd expansion,1-2 years out,2025. Challenges: Mexico border closures,12,585 shares returned. 
- **Alternative Growth Drivers**: Dairy,10% YoY, poultry 15% YoY. Organic, non-GMO, gluten-free certs up 20%.
- **Capital Allocation**: No debt, $4.8M cash. Will invest in new services,2025, potential acquisitions. 
- **Risks**: Tariffs, wage inflation, drought impacts. 
- **Strategic Focus**: Consumer trends (Upcycled, Fairlife protein drinks).

Where Food Comes From, Inc.(WFCF)-20251113-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

WFCF

WFCF fundamentals

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