The following is a summary of the Where Food Comes From (WFCF) 2023 Year-End Earnings Call Transcript:
Financial Performance:
Where Food Comes From reported Q4 revenue of $6.7 million, up 10% from the same quarter of the previous year.
Gross profit for the Q4 was $3 million, up 8% from the previous year Q4.
Net income in Q4 increased by 58% year-over-year to $776,000 or $0.14 per diluted share.
For the full year of 2023, revenue increased slightly to $25.1 million.
Net income for the full year increased by 8% to $2.2 million or $0.39 per diluted share.
Business Progress:
The company expanded its business through establishment of valuable programs and partnerships throughout 2023.
It capitalized on growth trends in dairy auditing and organics, with expectations of these trends continuing in 2024.
The company acquired the Upcycled Certified program and invested in BlueTrace, indicating focus on food traceability.
As part of its growth strategy, it plans to attract new customers by focusing on the increasing demand for upcycled food ingredients.
The company also intends to enhance growth by broadening the Where Food Comes From brand to more consumers.
More details: Where Food Comes From IR
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