Where Food Comes From Inc (WFCF) 2026 Q1 法說會逐字稿

Greetings. Welcome to Where Food Comes From first quarter 2026 earnings call. (Operator Instructions) Please note this conference is being recorded.

各位好。歡迎參加 Where Food Comes From 2026 年第一季財報電話會議。（接線員指示）請注意，本次會議將被錄音。

I will now turn the conference over to Jay Pfeiffer, Investor Relations. Thank you. You may begin.

現在我將把會議交給投資人關係部的 Jay Pfeiffer。謝謝。您可以開始了。

Good morning, and welcome to the Where Food Comes From 2026 first quarter earnings call. Joining me on the call today are CEO, John Saunders; and Chief Financial Officer, Dannette Henning.

各位早安，歡迎參加 Where Food Comes From 2026 年第一季財報電話會議。今天與我一同出席的有執行長 John Saunders，以及財務長 Dannette Henning。

During this call, we'll make forward-looking statements based on current expectations, estimates and projections that are subject to risk. Statements about financial performance, growth strategy, customers, business opportunities, market acceptance of our products and services and potential acquisitions are forward-looking statements. Listeners should not place undue reliance on these statements as there are many factors that could cause actual results to differ materially from our forward-looking statements. We encourage you to review our publicly filed documents as well as our news releases and website for more information.

在本次電話會議中，我們將根據目前的預期、估計與預測發表前瞻性陳述，且這些陳述具有風險。關於財務表現、成長策略、客戶、商機、我們產品與服務的市場接受度以及潛在併購的陳述，均屬前瞻性陳述。由於有許多因素可能導致實際結果與我們的前瞻性陳述存在重大差異，聽眾不應過度依賴這些陳述。我們鼓勵您查閱我們公開提交的文件，以及我們的新聞稿與網站，以取得更多資訊。

I'll now turn the call over to John Saunders. John, please go ahead.

現在我將把電話會議交給 John Saunders。John，請開始。

Hello, and thank you for joining the call today. This morning, in our first quarter results news release, we were pleased to announce year-over-year growth and a return to profitability. Verification and certification revenue increased 6% in the quarter to $4.4 million from $4.2 million, while product sales edged up slightly to $713,000 from $702,000. Total revenue increased nearly 2% year-over-year to $5.4 million. This growth, which we achieved despite persistent headwinds around tariffs and a smaller herd size was driven by steady new customer wins based on increasing demand for a range of certifications we provide.

大家好，感謝各位今天加入本次電話會議。今天早上，在我們第一季業績新聞稿中，我們很高興宣布年增成長並重返獲利。當季驗證與認證收入年增 6%，由 420 萬美元增至 440 萬美元；產品銷售則由 70.2 萬美元小幅上升至 71.3 萬美元。總營收年增近 2%，達 540 萬美元。儘管關稅與牛群規模縮小等不利因素持續存在，我們仍達成此成長，主要來自穩健的新客戶獲取，反映市場對我們所提供多項認證服務的需求持續增加。

And for all the challenges on the beef side, I'm happy to report that many of our new customers are for beef-related services. A highlight on the beef side has been the RaiseWell program that we launched in the first quarter of 2026. RaiseWell offers brands, high-end retailers and food service operators a great way to attract consumers seeking premium protein products that have been verified back to the source of origin as having been responsibly raised, meaning they have not been given antibiotics or added hormones and have complied with rigorous animal care requirements throughout the life of the animal. The RaiseWell launch has gone very well thus far. We secured Whole Foods market as the first major retailer to adopt the program for its beef supply, and we are generating meaningful revenue now.

儘管牛肉業務面臨各種挑戰，我很高興報告，我們許多新客戶仍是針對牛肉相關服務。牛肉端的一大亮點，是我們在 2026 年第一季推出的 RaiseWell 計畫。RaiseWell 為品牌、高端零售商與餐飲服務業者提供一個絕佳方式，以吸引尋求高端蛋白產品的消費者；這些產品已被驗證可追溯至原產地來源，並確認以負責任方式飼養，也就是未使用抗生素或添加荷爾蒙，且在動物一生中皆符合嚴格的動物照護要求。RaiseWell 的推出迄今進展非常順利。我們已取得 Whole Foods Market 作為首家採用該計畫、用於其牛肉供應的主要零售商，且目前已開始產生具實質意義的營收。

RaiseWell is also available for other proteins, including pork, Bison, lamb, poultry, eggs and dairy. In terms of product sales, we are experiencing lower volumes in line with fewer head of cattle being put through the system and temporary tag subsidies offered to ranchers. Despite that, our product revenue was slightly higher year-over-year, reflecting increased demand for premium tags that offer more features that our ranchers are looking for. As we mentioned last quarter, the cattle industry is going through an unusual period of disruption due to a confluence of many factors. But with this disruption comes many opportunities.

RaiseWell 也適用於其他蛋白來源，包括豬肉、野牛、羊肉、家禽、雞蛋與乳製品。就產品銷售而言，由於進入系統的牛隻頭數減少，以及對牧場主提供的臨時耳標補貼，我們的銷量正隨之下降。儘管如此，我們的產品收入仍較去年同期略高，反映市場對高階耳標的需求增加；這些耳標提供更多功能，符合牧場主的需求。如同我們上季所提到的，牛隻產業正因多項因素交織而處於一段不尋常的動盪期。但在這樣的動盪之中，也伴隨著許多機會。

One of those is a potential opportunity to demonstrate our unique capabilities in response to an animal disease outbreak. As you know, the Mexican cattle industry is experiencing an outbreak of what is known as New World screwworm. This outbreak has been steadily moving north and now involves several Mexican states border in Texas. (technical difficulty)

其中之一，是在動物疾病爆發時展現我們獨特能力的潛在機會。如各位所知，墨西哥牛隻產業正遭遇所謂「新世界螺旋蠅」（New World screwworm）疫情爆發。該疫情持續向北擴散，目前已波及數個與德州接壤的墨西哥州。（技術問題）

I think we're having an issue with John's line. John, can you hear me?

我想 John 的線路似乎出了問題。John，你聽得到我嗎？

Hello, all. I'm going to apologize. John Saunders is traveling internationally, and we believe we've lost connection with him. I'm Dannette Henning, the CFO. I'm going to go ahead and take over where he kind of left off. And here we go.

各位好，我先致歉。John Saunders 正在海外出差，我們認為已與他失去連線。我是財務長 Dannette Henning。我將接手他剛才中斷的部分。那我們開始。

So picking back up on where the Mexican cattle industry was experiencing an outbreak of what is known as New World screwworm. The outbreak has been steadily moving north and now involved a couple of Mexican states bordering Texas. The USDA is working hard to prevent the cross-border spread, but should a spread occur, we are ideally positioned to help manage the response. Our IMI Global unit maintains the most advanced animal traceability system. And with our growing partnership with CattleTrace, the producer-led private industry database, we can quickly deploy a system that enables contact, tracing and allow animal health officials to identify livestock and locations that may have been exposed to disease.

接續剛才提到墨西哥牛隻產業正遭遇所謂「新世界螺旋蠅」疫情爆發。該疫情持續向北擴散，目前已涉及幾個與德州接壤的墨西哥州。美國農業部（USDA）正努力防止跨境擴散，但若真的發生擴散，我們具備理想條件可協助管理應對。我們的 IMI Global 事業單位維持著最先進的動物可追溯系統。並且透過與 CattleTrace（由生產者主導的民間產業資料庫）日益深化的合作夥伴關係，我們能迅速部署一套系統，支援接觸追蹤，並讓動物衛生主管機關得以辨識可能暴露於疾病的牲畜與地點。

In the meantime, we are seeing solid growth in a number of non-beef business lines. Verifications for pork, dairy and egg operations all extended their growth momentum in the first quarter. Certification activity for organic, non-GMO, gluten-free, and upcycled also showed gains. And again, we continue to leverage our extensive solutions portfolio to our advantage through bundling incentives that save our customers time and money. In closing, we remain optimistic about our ability to profitably grow our business over the long term and accordingly plan to continue our stock repurchase program.

同時，我們在多項非牛肉業務線也看到穩健成長。豬肉、乳製品與蛋品營運的驗證服務在第一季皆延續其成長動能。有機、非基改、無麩質以及升級再造（upcycled）等認證活動也呈現增長。此外，我們持續透過提供綜合解決方案組合的優勢，運用「打包」激勵措施，為客戶節省時間與成本。最後，我們對於長期以具獲利性的方式成長業務仍保持樂觀，因此計畫持續推動股票回購計畫。

We bought back 24,469 shares of our common stock during the first quarter at a cost of $293,000. Total buybacks since planned inception, including private purchases are 1,399,121 shares at a cost of approximately $15.5 million.

我們在第一季以 29.3 萬美元的成本回購了 24,469 股普通股。自計畫啟動以來（包含私下購買）的累計回購為 1,399,121 股，成本約 1,550 萬美元。

And with that, I'll thank you again for joining the call today and open the call for questions. Operator?

以上，再次感謝各位今天加入本次電話會議，現在開放提問。接線員？

(Operator Instructions) There are no questions at this time. I would like to turn the conference back over to John for some closing remarks.

（接線員指示）目前沒有提問。我想把會議交回給 John 做一些結語。

Well, thank you all very much. I'm sorry. Thank you, Dannette, very much for finishing for me. I apologize to all of you for the technical difficulty. I want to say welcome to all the new shareholders, and we will make you very proud and look forward to talking to you in three months. Take care, everyone.

非常感謝各位。很抱歉。也非常感謝 Dannette 替我完成後續內容。我為技術問題向各位致歉。我想對所有新股東表示歡迎，我們一定會讓各位非常自豪，也期待三個月後再與各位交流。各位保重。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation. (Operator Instructions)

謝謝。今天的會議到此結束。您現在可以掛線，感謝您的參與。（接線員指示）