UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _____________ Commission File No. 001-40314 WHERE FOOD COMES FROM, INC. (Exact name of registrant as specified in its charter) (State of incorporation or organiz ...

Financial Data and Key Metrics Changes - Total revenue for 2025 was reported at $24.9 million, with a net income of $1.5 million, translating to $0.30 per share [3] - The company experienced steady growth in new customer acquisitions and non-beef-related revenue streams, although this was offset by smaller herd sizes and tariffs affecting beef-related verification activities [3][4] Business Line Data and Key Metrics Changes - Verification and tag sales were impacted due to ranchers reducing investments in certain verifications amid shrinking cattle supply [4] - Non-beef-related business lines, including verifications for pork, dairy, and egg operations, showed year-over-year increases, contributing to overall revenue growth [11][12] Market Data and Key Metrics Changes - The U.S. cattle supply is at a 70-year low, leading to record high beef prices, which has affected the company's beef-related activities [4] - The company is optimistic about the cattle industry's recovery, expecting a rebuilding of cattle supply over the next couple of years [4][11] Company Strategy and Development Direction - The company is expanding its services portfolio with new certifications and protein programs to position itself for accelerated growth as the industry recovers [5] - The launch of the RaiseWell Certified program aims to enhance animal care standards and create traceable supply chains, targeting high-end retailers and food service operators [5][6][7] - Collaboration with Pangea and Walmart to introduce CARE Certified sustainable leather is another strategic initiative aimed at enhancing value and connecting with consumers focused on sustainability [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the current cattle industry disruption but expressed optimism about long-term prospects for the beef-related business [11] - The company believes its diverse solutions portfolio and customer base will continue to grow, maintaining that shares represent excellent value [12] Other Important Information - The company repurchased 183,016 shares in 2025, bringing total buybacks to 1,374,652 shares, valued at $15.2 million [12] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Financial Data and Key Metrics Changes - The company reported total revenue of $24.9 million and net income of $1.5 million, or $0.30 per share for 2025, indicating steady growth despite challenges in the beef-related verification activity [3] - The income statement for the first quarter 10-Q will reflect a reduction in compensation expense due to executive management returning their bonus compensation to the company [4] Business Line Data and Key Metrics Changes - Non-beef-related revenue streams continued to grow, with verifications for pork, dairy, and egg operations increasing year over year [11] - The CARE Certified program attracted new customers across various proteins, contributing to revenue growth [12] Market Data and Key Metrics Changes - The U.S. cattle supply is at a 70-year low, leading to record high beef prices, which has impacted verification and tag sales [4] - The company noted that the herd contraction phase of the cattle cycle may be nearing its bottom, with expectations for rebuilding the cattle supply over the next couple of years [4] Company Strategy and Development Direction - The company is expanding its services portfolio with new certifications and protein programs to position itself for accelerated growth as the recovery in the cattle industry gains momentum [5] - The launch of the RaiseWell Certified program aims to enhance animal care standards and create traceability in supply chains, with Whole Foods Market being the first major retailer to adopt it [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term prospects for the beef-related business despite current challenges, emphasizing the company's role in reshaping the industry during the rebuilding process [11] - The company believes its shares remain an excellent value and plans to continue stock repurchases in 2026, having repurchased 183,016 shares in 2025 [12] Other Important Information - The company is actively involved in animal disease traceability initiatives, collaborating with U.S. CattleTrace to enhance cattle traceability and support a secure U.S. beef supply [10] Q&A Session Summary Question: What are the long-term growth prospects for the company? - Management highlighted the steady growth in non-beef-related revenue streams and the potential for recovery in the beef sector, indicating a positive outlook for the future [11] Question: How is the company addressing the challenges in the beef industry? - The company is expanding its service offerings and focusing on new certifications to adapt to the changing market conditions and consumer demands [5][6]

Full Year Highlights – 2025 vs. 2024 Verification and certification revenue: $20.1M vs. $20.6MProduct sales: $3.6M vs. $3.8MTotal revenue: $24.9M vs. $25.7MNet income: $1.5M vs. $2.1MDiluted EPS: $0.30 vs. $0.40Cash generated from operations: $1.6M vs. $2.7MCash & cash equivalents: $3.2M vs. $2.0M at 2024 year-endStock buybacks: 183,016 sharesTotal buybacks since plan inception (including private purchases): 1,374,652 shares at purchase price of approximately $15.2 million Fourth Quarter Highlights – 2025 v ...

Core Viewpoint - Where Food Comes From, Inc. (WFCF) will release its 2025 financial results on February 26, 2026, before market opening, followed by a conference call at 10:00 a.m. Mountain Time [1] Company Overview - Where Food Comes From, Inc. is recognized as a trusted resource for third-party verification of food production practices in North America [2] - The company supports over 17,500 stakeholders in the food industry, including farmers, ranchers, processors, retailers, and restaurants, through various value-added services [2] - Its proprietary technology and patented business processes are utilized to verify food claims, optimize production practices, and enhance food supply chains with analytics and data-driven insights [2] - The company's labeling program, Where Food Comes From®, employs web-based customer education tools to connect consumers with the sources of their food, fostering meaningful engagement for clients [2]

CASTLE ROCK, Colo., Feb. 19, 2026 (GLOBE NEWSWIRE) -- Where Food Comes From, Inc. (WFCF) (Nasdaq: WFCF), a trusted resource for independent, third-party verification of food production practices in North America, today announced the adoption of RaiseWell® Certified for Beef by Whole Foods Market to support its commitment to farm animal welfare. The adoption marks a major milestone for the recently launched RaiseWell standard, positioning it as a market-ready, retailer-backed certification designed to meet t ...

Core Viewpoint - Where Food Comes From, Inc. (WFCF) is nearing its 52-week high of $13.78, closing at $11.36, amidst a mixed agricultural services and food certification industry backdrop [1] Company Overview - WFCF is a leading independent third-party verification and certification provider focused on validating food production practices across North America, covering livestock, crops, aquaculture, and finished food products [4] - The company generates most of its revenues from its Verification and Certification segment, which includes farm audits, certification programs, and a proprietary Source Verified retail labeling platform [5] - WFCF serves approximately 17,500 farmers, ranchers, processors, brands, and retailers, playing a critical role in the agricultural verification ecosystem [6] Financial Performance - As of Q3 2025, WFCF maintained total assets of $16.9 million and total equity of $10.3 million, with cash and cash equivalents increasing to $4.8 million and no debt [9] - In the first nine months of 2025, WFCF generated $2.3 million in operating cash flow, indicating the cash-generative nature of its certification-driven model despite modest revenue softness [10] - Revenues for the first nine months of 2025 declined year over year, but net income improved to $1.7 million from $1.2 million, driven by disciplined cost management and a gain from the Progressive Beef divestiture [12] Market Position and Challenges - WFCF's shares have declined 5% over the past year, outperforming the broader industry's 25.3% fall, but lagging behind competitors like Monro Muffler Brake, Inc. and Cimpress plc [2][3] - The U.S. cattle industry is in a contraction phase, leading to lower cattle volumes and reduced demand for beef-related verification services [11] - Trade uncertainties and macroeconomic challenges, including wage inflation and higher insurance expenses, have pressured margins [12] Valuation Insights - WFCF's stock trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) multiple of 22.11X, significantly above the broader industry average of 7.88X [14] - The premium valuation reflects WFCF's niche positioning, debt-free balance sheet, and stable cash generation, but cyclical headwinds may limit near-term upside potential [15] Conclusion - WFCF benefits from a defensive, certification-based business model, expanding diversification across agricultural categories, and a strong, debt-free balance sheet [16] - Despite solid fundamentals, the elevated valuation relative to peers suggests that investors may want to wait for a more attractive entry point [17]

Core Insights - Where Food Comes From, Inc. (WFCF) has launched RaiseWell Certified, a new third-party verification standard aimed at enhancing animal care, responsible raising practices, and supply-chain transparency in North America's protein markets [1][2] Group 1: Certification Framework - RaiseWell Certified establishes a structured framework requiring responsible animal raising at every life stage, with strict production rules including no antibiotics and no added growth hormones [2] - The standard emphasizes traceability, ensuring livestock and poultry are source-verified and tracked through the supply chain, thereby enhancing confidence for retailers and consumers [2] Group 2: Market Demand - The launch of RaiseWell Certified addresses the rising market demand for clear and verifiable food claims, particularly in responsibly raised protein categories [3] - The certification helps businesses differentiate themselves based on integrity and certified production methods, which is increasingly important as consumers seek products that align with their values [3][4] Group 3: Retail Support - RaiseWell Certified provides retailers and restaurants with certification assets that support premium positioning, including third-party verified claims and source-verified traceability [5] - The program includes on-pack seals that comply with USDA FSIS requirements, enhancing claim integrity and providing consumers with clarity about food origins [5] Group 4: Integration with Existing Standards - RaiseWell Certified integrates with WFCF's existing CARE Certified standard, which focuses on sustainability across animal care, environmental stewardship, and community [6] - This integration allows producers and retailers to bundle claims into a single, audit-ready package, supporting a unified verification strategy tailored to premium markets [6] Group 5: Strategic Goals - With RaiseWell Certified, WFCF aims to expand its portfolio to support growth in value-added protein markets and meet the rising demand for traceable, ethically raised products [7] - The certification is designed to strengthen trust for retailers, increase clarity for consumers, and help brands build loyalty through verified integrity [7]

Core Insights - Where Food Comes From, Inc. (WFCF) has launched the RaiseWell® Certified cattle verification standard, with the first certified cattle sold at the Superior Livestock Auction in Oklahoma City [1] - The RaiseWell Certified standard aims to meet the increasing consumer and retailer demand for responsibly raised proteins, providing verified claims for brands and retailers [2] - The standard emphasizes responsible animal raising practices, including no antibiotics or added growth hormones, and ensures traceability back to the source of origin [3] Company Overview - Where Food Comes From, Inc. is a trusted resource for third-party verification of food production practices, supporting over 17,500 stakeholders in the food supply chain [5] - The company utilizes proprietary technology and patented processes to verify food claims and optimize production practices, enhancing consumer engagement through educational tools [5]

Core Insights - Where Food Comes From, Inc. (WFCF) has launched RaiseWell® Certified, a new standard for animal care and verified natural raising practices aimed at enhancing transparency in supply chains [1][6] - The certification responds to increasing consumer and retailer demand for responsibly raised proteins, providing verified claims for brands and foodservice operators [2][3] Group 1: Certification Details - RaiseWell Certified mandates responsible animal raising practices throughout the animal's life, prohibiting antibiotics and added growth hormones, and ensuring traceability back to the source of origin [3][4] - The certification aims to align with consumer values, offering clarity on food sourcing and production practices [3][4] Group 2: Integration and Market Impact - RaiseWell Certified can be integrated with WFCF's existing CARE Certified standard, which focuses on animal care, environmental stewardship, and community [5] - This integration allows producers and retailers to bundle claims, creating a comprehensive, audit-ready package that includes various verified livestock-raising attributes [5][6] Group 3: Market Position and Services - The introduction of RaiseWell Certified represents a strategic expansion of WFCF's verification solutions, supporting growth in value-added protein markets and the demand for ethically raised products [6] - WFCF supports over 17,500 stakeholders in the food production industry, providing verification services and analytics to enhance production practices and consumer engagement [7]