<p>Where Food Comes From, Inc. ((WFCF)) 已召開其第四季度財報電話會議。請繼續閲讀以瞭解會議的主要亮點。</p>
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<p>Where Food Comes From, Inc. 在最新的財報電話會議上採取了謹慎自信的語氣，結合了穩健的盈利能力和積極的多元化，同時坦誠地談到了牛肉行業面臨的嚴重逆風。管理層強調了新項目、重要合作伙伴關係和持續的股票回購，但也承認歷史性的牛隻短缺和工廠中斷對近期牛肉相關收入造成了壓力。</p>
<h2>全年業績顯示行業動盪中的盈利能力</h2>
<p>Where Food Comes From 在 2025 財年結束時實現了 2490 萬美元的收入和 150 萬美元的淨收入，或每股 0.30 美元，強調儘管牛肉市場面臨異常嚴峻的背景，業務依然保持盈利。該業績反映了非牛肉領域的韌性和嚴格的成本控制，即使關鍵的牛肉驗證項目也面臨壓力。</p>
<h2>資本回報彰顯對長期價值的信心</h2>
<p>公司繼續積極回報資本，在 2025 年回購了 183,016 股，自該計劃開始以來，總回購和私人購買達到 1,374,652 股。這一活動代表了 1520 萬美元回饋給股東，管理層表示計劃在 2026 年繼續回購股票，強調其對內在價值和未來增長的信心。</p>
<h2>非牛肉領域的多元化增長</h2>
<p>管理層強調，豬肉、乳製品和蛋類業務的驗證工作同比增長，幫助抵消了牛肉相關業務的疲軟。對有機、非轉基因、無麩質和再利用聲明的認證活動也有所增加，逐步減少了公司對單一蛋白質領域的依賴，拓寬了收入基礎。</p>
<h2>RaiseWell 認證目標是倫理和可追溯的蛋白質</h2>
<p>一項關鍵的戰略舉措是 RaiseWell 認證，這是一項專注於動物護理和可追溯性的全新標準，涵蓋自然飼養實踐、無抗生素或添加激素以及驗證的來源。該計劃的推出始於牛肉，但旨在擴展到家禽、雞蛋、乳製品和豬肉，創建一個與消費者對透明蛋白質來源需求相一致的多物種框架。</p>
<h2>Whole Foods 的認可驗證了 RaiseWell 戰略</h2>
<p>Whole Foods Market 成為首個採用 RaiseWell 的大型零售商，為該項目的市場吸引力提供了強有力的證明。這一認可可能會激發其他零售商和品牌的興趣，可能加速採用並確立 RaiseWell 在肉類和乳製品類別中的高端標準。</p>
<h2>CARE 認證皮革開啓新的可追溯渠道</h2>
<p>公司詳細介紹了與 Pangea、沃爾瑪和 Prime Pursuits 的合作，通過 “透明運動” 計劃向美國汽車品牌提供 CARE 認證的可持續皮革。該舉措實現了皮革的高級可追溯性，併為牧場主提供了潛在的新收入渠道，將驗證能力擴展到汽車供應鏈。</p>
<h2>為動物疾病可追溯性領導地位做好準備</h2>
<p>Where Food Comes From 通過 IMI Global 擔任美國 CattleTrace 的管理員，並自我推銷為國家動物疾病可追溯性解決方案的領先提供商。通過與行業和政府利益相關者密切合作，公司將動物疾病追蹤（ADT）定位為一個長期戰略增長引擎，可能受益於未來的監管和行業變化。</p>
<h2>管理層行動表明對成本的嚴格控制</h2>
<p>在一項顯著的治理舉措中，執行管理層在一個包裝廠關閉後返還了酌情獎金，這一事件影響了收入和獎金指標，有效降低了銷售、一般和行政費用。此舉將有利於即將發佈的第一季度 10-Q，並展示了在應對意外的運營挫折時，願意將薪酬與業績對齊的決心。</p>
<h2>牛肉部門因歷史性牛羣收縮而受到擠壓</h2>
<p>美國的牛隻供應已降至 70 年來的最低水平，乾旱和生產成本上升迫使牧場主縮減牛羣並削減投資。因此，許多生產者推遲了對驗證項目和標籤的支出，給公司的牛肉相關驗證收入帶來了壓力，並暴露出其對牛羣週期的敏感性。</p>
<h2>包裝廠關閉對第四季度和預測造成壓力</h2>
<p>一家關鍵包裝廠的意外關閉對第四季度收入產生了重大影響，特別是在 NHTC 自然和歐盟出口認證項目中。該關閉還擾亂了用於設定酌情獎金的內部預測，突顯了集中運營衝擊如何影響財務結果和管理激勵計劃。</p>
<h2>關税和創紀錄的牛肉價格抑制驗證需求</h2>
<p>管理層指出，關税和創紀錄的牛肉價格是抑制牧場主購買驗證和標籤的額外因素。由於生產者受到成本和不確定回報的擠壓，一些人選擇推遲或減少參與高端項目，進一步抑制了核心牛肉驗證服務的近期需求。</p>
<h2>短期牛肉前景因週期性不確定性而蒙上陰影</h2>
<p>高管們認為牛羣接近底部，並預計在未來幾年內將恢復，但他們警告説時機和速度尚不確定。在恢復獲得動力之前，牛肉部門將繼續暴露於行業週期性之中，使牛肉驗證和標籤銷售的收益面臨進一步的短期波動風險。</p>
<h2>指導方針在今天的謹慎與明天的樂觀之間取得平衡</h2>
<p>管理層將其前景描述為短期內謹慎，但在多年的視角上持樂觀態度，指出當前由於 70 年來最低的牛隻供應和第四季度工廠關閉，導致牛肉驗證和標籤銷售面臨壓力。他們預計，牛羣重建以及 ADT 和 RaiseWell 的擴展將推動長期的加速增長，同時持續的股票回購和向非牛肉服務的多元化將在過渡期間支持股東回報。</p>
<p>Where Food Comes From 的財報電話會議描繪了一幅公司在嚴重的牛肉低迷中運作，同時為更廣泛的蛋白質、認證和可追溯性增長播下種子的畫面。投資者面臨着一種複雜但引人入勝的局面：短期內牛肉收益的逆風與有紀律的資本回報、戰略零售和行業合作伙伴關係，以及不斷增長的非牛肉和 ADT 項目組合形成對比，這些可能在週期轉變時帶來回報。</p>

WFCF

<p>Where Food Comes From, Inc. (WFCF) 舉行了第四季度財報電話會議，儘管牛肉行業面臨挑戰，但公司仍實現了 2490 萬美元的收入和 150 萬美元的淨利潤，展現出穩健的盈利能力。公司正在多元化收入來源，專注於非牛肉領域，並推出了 RaiseWell 認證標準，以確保道德的蛋白質採購。然而，歷史性的牛隻短缺和屠宰廠關閉對牛肉相關收入造成了壓力。管理層仍然致力於股票回購和成本控制，同時預計未來幾年牛羣可能會恢復</p>

<p>Where Food Comes From, Inc. ((WFCF)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Where Food Comes From, Inc. ((WFCF)) 已召開其第四季度財報電話會議。請繼續閲讀以瞭解會議的主要亮點。</p>
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<li>通過最新的新聞和分析保持市場領先，最大化您的投資組合潛力</li>
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</div><p>Where Food Comes From, Inc. struck a cautiously confident tone on its latest earnings call, pairing solid profitability and aggressive diversification with blunt talk about severe headwinds in the beef industry. Management highlighted new programs, marquee partnerships and ongoing share buybacks, but also acknowledged that a historic cattle shortage and plant disruptions are weighing on near-term beef-related revenue.</p>
<div class="lb-trans"><p>Where Food Comes From, Inc. 在最新的財報電話會議上採取了謹慎自信的語氣，結合了穩健的盈利能力和積極的多元化，同時坦誠地談到了牛肉行業面臨的嚴重逆風。管理層強調了新項目、重要合作伙伴關係和持續的股票回購，但也承認歷史性的牛隻短缺和工廠中斷對近期牛肉相關收入造成了壓力。</p>
</div><h2>Full-Year Results Show Profitability Amid Industry Turmoil</h2>
<div class="lb-trans"><h2>全年業績顯示行業動盪中的盈利能力</h2>
</div><p>Where Food Comes From closed fiscal 2025 with revenue of $24.9 million and net income of $1.5 million, or $0.30 per share, underscoring that the business remains firmly profitable despite an unusually tough backdrop in beef. The performance reflects resilience in non-beef segments and disciplined cost control even as key beef verification programs faced pressure.</p>
<div class="lb-trans"><p>Where Food Comes From 在 2025 財年結束時實現了 2490 萬美元的收入和 150 萬美元的淨收入，或每股 0.30 美元，強調儘管牛肉市場面臨異常嚴峻的背景，業務依然保持盈利。該業績反映了非牛肉領域的韌性和嚴格的成本控制，即使關鍵的牛肉驗證項目也面臨壓力。</p>
</div><h2>Capital Returns Underscore Confidence in Long-Term Value</h2>
<div class="lb-trans"><h2>資本回報彰顯對長期價值的信心</h2>
</div><p>The company continued to return capital aggressively, repurchasing 183,016 shares in 2025 and bringing total repurchases and private purchases to 1,374,652 shares since the program began. That activity represents $15.2 million returned to shareholders, and management signaled plans to keep buying stock in 2026, highlighting its conviction in intrinsic value and future growth.</p>
<div class="lb-trans"><p>公司繼續積極回報資本，在 2025 年回購了 183,016 股，自該計劃開始以來，總回購和私人購買達到 1,374,652 股。這一活動代表了 1520 萬美元回饋給股東，管理層表示計劃在 2026 年繼續回購股票，強調其對內在價值和未來增長的信心。</p>
</div><h2>Diversification Gains in Non-Beef Segments</h2>
<div class="lb-trans"><h2>非牛肉領域的多元化增長</h2>
</div><p>Management emphasized that verification work for pork, dairy and egg operations grew year-over-year, helping offset weakness in beef-related business. Certification activity for organic, non-GMO, gluten-free and upcycled claims also increased, steadily reducing the company’s reliance on a single protein sector and broadening its revenue base.</p>
<div class="lb-trans"><p>管理層強調，豬肉、乳製品和蛋類業務的驗證工作同比增長，幫助抵消了牛肉相關業務的疲軟。對有機、非轉基因、無麩質和再利用聲明的認證活動也有所增加，逐步減少了公司對單一蛋白質領域的依賴，拓寬了收入基礎。</p>
</div><h2>RaiseWell Certified Targets Ethical and Traceable Protein</h2>
<div class="lb-trans"><h2>RaiseWell 認證目標是倫理和可追溯的蛋白質</h2>
</div><p>A key strategic initiative is RaiseWell Certified, a new standard focused on animal care and traceability that covers natural raising practices, no antibiotics or added hormones and verified source-of-origin. The rollout begins in beef but is designed to extend to poultry, eggs, dairy and pork, creating a multi-species framework aligned with consumer demand for transparent protein sourcing.</p>
<div class="lb-trans"><p>一項關鍵的戰略舉措是 RaiseWell 認證，這是一項專注於動物護理和可追溯性的全新標準，涵蓋自然飼養實踐、無抗生素或添加激素以及驗證的來源。該計劃的推出始於牛肉，但旨在擴展到家禽、雞蛋、乳製品和豬肉，創建一個與消費者對透明蛋白質來源需求相一致的多物種框架。</p>
</div><h2>Whole Foods Endorsement Validates RaiseWell Strategy</h2>
<div class="lb-trans"><h2>Whole Foods 的認可驗證了 RaiseWell 戰略</h2>
</div><p>Whole Foods Market became the first major retailer to adopt RaiseWell, providing a powerful proof point for the program’s market appeal. This endorsement is likely to spur interest from additional retailers and brands, potentially accelerating adoption and establishing RaiseWell as a premium standard across meat and dairy categories.</p>
<div class="lb-trans"><p>Whole Foods Market 成為首個採用 RaiseWell 的大型零售商，為該項目的市場吸引力提供了強有力的證明。這一認可可能會激發其他零售商和品牌的興趣，可能加速採用並確立 RaiseWell 在肉類和乳製品類別中的高端標準。</p>
</div><h2>CARE Certified Leather Opens New Traceability Channel</h2>
<div class="lb-trans"><h2>CARE 認證皮革開啓新的可追溯渠道</h2>
</div><p>The company detailed a collaboration with Pangea, alongside Walmart and Prime Pursuits, to deliver CARE Certified sustainable leather to U.S. automotive brands via the Transparency in Motion program. This initiative enables advanced traceability for leather and offers ranchers potential new revenue channels, extending verification capabilities beyond food into automotive supply chains.</p>
<div class="lb-trans"><p>公司詳細介紹了與 Pangea、沃爾瑪和 Prime Pursuits 的合作，通過 “透明運動” 計劃向美國汽車品牌提供 CARE 認證的可持續皮革。該舉措實現了皮革的高級可追溯性，併為牧場主提供了潛在的新收入渠道，將驗證能力擴展到汽車供應鏈。</p>
</div><h2>Positioning for Leadership in Disease Traceability</h2>
<div class="lb-trans"><h2>為動物疾病可追溯性領導地位做好準備</h2>
</div><p>Where Food Comes From, through IMI Global, serves as administrator for U.S. CattleTrace and is pitching itself as a leading provider of national animal disease traceability solutions. By working closely with industry and government stakeholders, the company is positioning ADT as a long-term strategic growth engine that could benefit from future regulatory and industry shifts.</p>
<div class="lb-trans"><p>Where Food Comes From 通過 IMI Global 擔任美國 CattleTrace 的管理員，並自我推銷為國家動物疾病可追溯性解決方案的領先提供商。通過與行業和政府利益相關者密切合作，公司將動物疾病追蹤（ADT）定位為一個長期戰略增長引擎，可能受益於未來的監管和行業變化。</p>
</div><h2>Management Actions Signal Discipline on Costs</h2>
<div class="lb-trans"><h2>管理層行動表明對成本的嚴格控制</h2>
</div><p>In a notable governance move, executive management returned discretionary bonuses after a packing-plant closure hurt revenue and bonus metrics, effectively reducing SG&amp;A expense. The reversal will benefit the upcoming first-quarter 10-Q and demonstrates a willingness to align compensation with performance while responding swiftly to unexpected operational setbacks.</p>
<div class="lb-trans"><p>在一項顯著的治理舉措中，執行管理層在一個包裝廠關閉後返還了酌情獎金，這一事件影響了收入和獎金指標，有效降低了銷售、一般和行政費用。此舉將有利於即將發佈的第一季度 10-Q，並展示了在應對意外的運營挫折時，願意將薪酬與業績對齊的決心。</p>
</div><h2>Beef Segment Squeezed by Historic Herd Contraction</h2>
<div class="lb-trans"><h2>牛肉部門因歷史性牛羣收縮而受到擠壓</h2>
</div><p>The U.S. cattle supply has fallen to a 70-year low, driven by drought and rising production costs that have forced ranchers to shrink herds and cut investment. As a result, many producers have deferred spending on verification programs and tags, pressuring the company’s beef-related verification revenue and exposing its sensitivity to herd cycles.</p>
<div class="lb-trans"><p>美國的牛隻供應已降至 70 年來的最低水平，乾旱和生產成本上升迫使牧場主縮減牛羣並削減投資。因此，許多生產者推遲了對驗證項目和標籤的支出，給公司的牛肉相關驗證收入帶來了壓力，並暴露出其對牛羣週期的敏感性。</p>
</div><h2>Packing-Plant Closure Weighs on Q4 and Forecasts</h2>
<div class="lb-trans"><h2>包裝廠關閉對第四季度和預測造成壓力</h2>
</div><p>An unexpected shutdown of a key packing plant materially hit fourth-quarter revenue, particularly in NHTC Natural and EU export certification programs. The closure also disrupted internal projections used to set discretionary bonuses, underscoring how concentrated operational shocks can ripple through both financial results and management incentive planning.</p>
<div class="lb-trans"><p>一家關鍵包裝廠的意外關閉對第四季度收入產生了重大影響，特別是在 NHTC 自然和歐盟出口認證項目中。該關閉還擾亂了用於設定酌情獎金的內部預測，突顯了集中運營衝擊如何影響財務結果和管理激勵計劃。</p>
</div><h2>Tariffs and Record Beef Prices Curb Verification Demand</h2>
<div class="lb-trans"><h2>關税和創紀錄的牛肉價格抑制驗證需求</h2>
</div><p>Management pointed to tariffs and record-high beef prices as additional forces discouraging ranchers from purchasing verifications and tags. With producers squeezed by costs and uncertain returns, some are opting to delay or reduce participation in premium programs, further dampening near-term demand in core beef verification services.</p>
<div class="lb-trans"><p>管理層指出，關税和創紀錄的牛肉價格是抑制牧場主購買驗證和標籤的額外因素。由於生產者受到成本和不確定回報的擠壓，一些人選擇推遲或減少參與高端項目，進一步抑制了核心牛肉驗證服務的近期需求。</p>
</div><h2>Near-Term Beef Outlook Clouded by Cyclical Uncertainty</h2>
<div class="lb-trans"><h2>短期牛肉前景因週期性不確定性而蒙上陰影</h2>
</div><p>Executives believe the cattle herd is nearing a bottom and expect rebuilding over the next couple of years, but they cautioned that timing and pace are uncertain. Until that recovery gains traction, the beef segment will remain exposed to industry cyclicality, leaving earnings from beef verification and tag sales vulnerable to further short-term volatility.</p>
<div class="lb-trans"><p>高管們認為牛羣接近底部，並預計在未來幾年內將恢復，但他們警告説時機和速度尚不確定。在恢復獲得動力之前，牛肉部門將繼續暴露於行業週期性之中，使牛肉驗證和標籤銷售的收益面臨進一步的短期波動風險。</p>
</div><h2>Guidance Balances Caution Today with Optimism Tomorrow</h2>
<div class="lb-trans"><h2>指導方針在今天的謹慎與明天的樂觀之間取得平衡</h2>
</div><p>Management framed its outlook as cautious in the near term but optimistic over a multi-year horizon, noting current pressure on beef verification and tag sales from the 70-year-low cattle supply and the Q4 plant closure. They expect herd rebuilding and ADT and RaiseWell expansion to drive accelerated growth over time, while ongoing share repurchases and diversification into non-beef services support shareholder returns during the transition.</p>
<div class="lb-trans"><p>管理層將其前景描述為短期內謹慎，但在多年的視角上持樂觀態度，指出當前由於 70 年來最低的牛隻供應和第四季度工廠關閉，導致牛肉驗證和標籤銷售面臨壓力。他們預計，牛羣重建以及 ADT 和 RaiseWell 的擴展將推動長期的加速增長，同時持續的股票回購和向非牛肉服務的多元化將在過渡期間支持股東回報。</p>
</div><p>Where Food Comes From’s earnings call painted a picture of a company managing through a severe beef downturn while planting seeds for broader growth across proteins, certifications and traceability. Investors are left with a mixed but intriguing setup: near-term earnings headwinds in beef weighed against disciplined capital returns, strategic retail and industry partnerships and a growing portfolio of non-beef and ADT initiatives that could pay off as cycles turn.</p>
<div class="lb-trans"><p>Where Food Comes From 的財報電話會議描繪了一幅公司在嚴重的牛肉低迷中運作，同時為更廣泛的蛋白質、認證和可追溯性增長播下種子的畫面。投資者面臨着一種複雜但引人入勝的局面：短期內牛肉收益的逆風與有紀律的資本回報、戰略零售和行業合作伙伴關係，以及不斷增長的非牛肉和 ADT 項目組合形成對比，這些可能在週期轉變時帶來回報。</p>
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Where Food Comes From 的財報電話會議在風險與增長之間取得平衡