Where Food Comes From, Inc. Q4 FY2025 earnings call

• Announced 2025 financial results with total revenue $24.9M and net income $1.5M or $0.30 per share. • Impact of packing plant closing on fourth quarter revenue and bonus compensation. • Herd sizes shrinking leading to record beef prices and impact on verification and tag sales. • Launch of RaiseWell Certified, with Whole Foods Market adopting it as the first major retailer. • Collaboration with Pangea and Walmart for Transparency in Motion program for sustainable leather. • Work on animal disease traceability in beef sector. • Non-beef business lines growing with diverse solutions portfolio and bundling services.

In 2025, total revenue was $24.9 million. Beef-related verification activity was impacted by smaller herd sizes and tariffs. Non-beef-related revenue streams grew, with verifications for pork, dairy, egg operations increasing year-over-year, and CARE Certified program attracting new customers in various proteins. Revenue contribution details: Beef-related was affected negatively, while non-beef lines contributed positively through growth in different verifications and certification activities.

• Believes shares remain excellent value at current levels. • Expect to continue repurchasing stock in 2026. • Repurchased 183,016 shares in 2025, with total share buybacks and private purchases since inception at 1,374,652 shares totaling $15.2M returned to shareholders.

• Smaller herd sizes and tariffs impacting beef-related verification activity. • Unexpected closing of a packing plant affecting revenue and bonus projections. • Ranchers reducing investment in verifications due to market conditions. • U.S. not having mandatory animal disease traceability program which is a risk factor.

Q: No questions at this time, A: Operator indicated no questions and turned the floor back to John Saunders for closing remarks