The operational improvement (21% operating income growth, 310bps gross margin expansion) is being masked by non-cash digital asset volatility. Monitor Q3 for continued margin expansion and RaiseWell adoption; the aggressive buyback (65K shares in Q2) provides a floor. The stock's strong prior moves on neutral reports suggest momentum traders may already be positioned for the operational story.
Price Chart
Executive Summary
Where Food Comes From reported Q2 2026 revenue of $6.6M (+1% YoY) and operating income up 21% to $665K, but net income fell to $413K ($0.08 EPS) from $562K ($0.11) due to a $240K non-cash digital asset fair value swing. The company continues aggressive buybacks, returning $809K to shareholders in Q2, and highlighted growth in its RaiseWell Certified program with 270K+ cattle enrolled. The stock has rallied significantly on prior neutral reports, suggesting the market may be pricing in the operational improvements despite the headline EPS decline.
Key Financial Metrics
Key Facts
- Total revenue grew 1% YoY to $6.611M from $6.562M
- Operating income increased 21% to $665K from $549K
- Net income fell to $413K ($0.08 diluted EPS) from $562K ($0.11) due to $240K negative swing in digital asset fair value
- Gross margin improved to 40.6% from 37.5%
- Bought back 65,012 shares for $809K in Q2; $17.2M returned to shareholders over 7 years
- RaiseWell Certified program has 270K+ cattle enrolled, adopted by Whole Foods Market
Financial Impact
Net income declined $149K YoY due to non-cash digital asset valuation swing; operating income improved $116K
Risk Factors
- Digital asset fair value swings will continue to distort reported net income
- Beef industry headwinds (record high prices, smaller herd sizes) persist
- Cash from operations declined to $1.46M from $1.81M year-to-date
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3340339 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 21d ago | Press Release | $12.76 $13.36 | ▲ +4.70% | ▲ +4.28% | $14.98 (+17.40%) |
Oct 1, 2026 25d ago | EFFECT | $12.94 $13.99 | ▲ +8.11% | ▲ +6.81% | $14.98 (+15.77%) |
Sep 25, 2026 4w ago | S-3/A | $10.79 $12.73 | ▲ +17.96% | ▲ +18.18% | $14.98 (+38.81%) |
Sep 22, 2026 4w ago | S-3/A | $11.70 $10.90 | ▼ −6.84% | ▼ −5.65% | $14.98 (+28.03%) |
Sep 18, 2026 5w ago | S-3/A | $11.03 $10.79 | ▼ −2.16% | ▼ −3.43% | $14.98 (+35.81%) |
Sep 15, 2026 5w ago | 10-Q/A | $13.00 $11.03 | ▼ −15.15% | ▼ −15.97% | $14.98 (+15.23%) |
Sep 9, 2026 6w ago | 10-K/A | $12.70 $13.10 | ▼ −3.15% | ▼ −4.24% | $14.98 (−17.95%) |
Aug 10, 2026 11w ago | 8-K | $12.56 $12.34 | ▼ −1.71% | ▼ −1.67% | $14.98 (+19.32%) |
Aug 6, 2026 11w ago | S-3 | $12.69 $12.50 | ▼ −1.50% | ▼ −2.71% | $14.98 (+18.05%) |
Aug 6, 2026 11w ago | Press Release | $12.69 $12.50 | ▼ −1.50% | ▼ −2.71% | $14.98 (+18.05%) |
US Market Status
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