WFCF earnings analysis
What we found in WFCF's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Where Food Comes From, Inc. (WFCF) reported a mixed performance for Q1 2026, with revenue of $5.365 million, a 7% increase from Q1 2025. Gross margin slightly decreased to 38.0% from 41.6%. The diluted EPS improved to $0.02, up from $0.01 in the same quarter last year, while the operating income rose significantly to $298,000 from $142,000.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increase
- Total revenue for Q1 2026 reached $5.365 million, up 7% from $5 million in Q1 2025.
- Operating Income Growth
- Operating income improved to $298,000, significantly higher than the $142,000 reported in Q1 2025.
- Net Income Nearly Triples
- Net income rose to $92,000 compared to $31,000 in Q1 2025, reflecting stronger profitability.
- Improved EPS
- Diluted EPS increased to $0.02, up from $0.01 in the same quarter last year.
- Controlled SG&A Expenses
- Other operating expenses decreased to $1.6 million in Q1 2026 from $1.9 million in Q1 2025.
- Stable Cash Position
- Cash and cash equivalents increased slightly to $3.3 million, compared to $3.2 million at December 31, 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Cyclical Industry Pressures
- The company is experiencing contraction in the cattle industry, a trend that has impacted service revenues.
- Increasing Cost of Goods Sold
- Costs of verification services increased to 61.5% of revenue from 57.3% in Q1 2025 due to inflationary pressures.
- Trade and Tariff Uncertainties
- Rapidly changing trade and tariff conditions could negatively impact profitability and revenue.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.02
- Gross margin
- 38.0%
- Operating margin
- 5.6%
- Segment
- Verification and certification services: $4.424M
- Segment
- Professional services: Decreased by < $0.2M
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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