Where Food Comes From’s 2025 Revenue Drops to $24.9M; Q4 Loss Prompts Buybacks
Where Food Comes From’s 2025 revenue dipped to $24.9M from $25.7M as net income fell to $1.5M ($0.30 EPS) from $2.1M ($0.40), while cash rose to $3.2M. Q4 saw a $0.2M loss on $6.0M revenue, prompting 183,016 share repurchases and launch of RaiseWell® certification with Whole Foods.
1. Full Year 2025 Financials
Where Food Comes From recorded total revenue of $24.9 million in 2025, down from $25.7 million in 2024, driven by declines in verification and certification services ($20.1M vs. $20.6M) and product sales ($3.6M vs. $3.8M). Net income fell to $1.5 million, or $0.30 per diluted share, compared with $2.1 million, or $0.40 per diluted share, and cash from operations declined to $1.6 million.
2. Fourth Quarter Results
In Q4 2025, revenue decreased to $6.0 million from $6.7 million, with verification services down to $5.0 million and product revenue to $0.7 million. The company reported a net loss of $0.2 million, or $0.04 per diluted share, compared with net income of $1.0 million, or $0.18 per share, in the same quarter a year earlier.
3. Share Repurchase Program
During 2025, the company repurchased 183,016 shares, bringing total buybacks since program inception to 1,374,652 shares at an aggregate cost of approximately $15.2 million. The board indicated plans to continue repurchasing stock in 2026 given the strong cash position and perceived valuation.
4. Expansion of Certification Services
The company launched RaiseWell® Certified, targeting responsibly raised proteins, with Whole Foods Market as the first adopter for beef. It is expanding the program to poultry, eggs, dairy and pork, and integrating it with its CARE Certified® sustainability standard, while pursuing partnerships in sustainable leather and federal traceability initiatives.