Q2 2024 Where Food Comes From Inc Earnings Call Transcript
Key Points
- Total revenue in the second quarter increased by 4% to $6.4 million, driven by a 10% increase in verification and certification services.
- Gross profit in the second quarter rose to $2.7 million from $2.5 million, indicating improved profitability.
- The company generated $1.9 million in cash from operations through the first six months, up from $1.3 million in the same period last year.
- The Upcycled Certified program has emerged as one of the fastest-growing certification standards, with significant potential for future growth.
- The company continues to expand its product and services portfolio, strengthening its business and providing multiple revenue streams.
- Product revenue declined by 13% to $0.8 million, reflecting ongoing challenges in RFID tag sales due to smaller herd sizes.
- Professional services revenue also decreased to $0.3 million from $0.4 million year over year.
- Selling, general, and administrative expenses increased to $2.1 million from $1.8 million, impacting overall profitability.
- Operating income declined to $0.6 million from $0.7 million, leading to an 8% decrease in net income.
- Adjusted EBITDA in the second quarter was 8% lower at $0.8 million compared to $0.9 million in the previous year.
Greetings, and welcome to the Where Food Comes From second-quarter earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jay Pfeiffer, Investor Relations. Thank you, Jay. You may begin.
Good morning, and welcome to the Where Food Comes From 2024 second-quarter earnings call. Joining me on the call today are CEO, John Saunders; President, Leann Saunders; and Chief Financial Officer, 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 current, future financial performance, growth strategy, customers, business opportunities, market acceptance of our business, 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
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