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Where Food Comes From , Inc. Reports 2021 Second Quarter and Six - Month Financial Results Second Quarter Highlights - 2021 vs. 2020 Revenue up 16 % to $ 5.1 million from $ 4.4 million Gross margin of 39.1 % compared to 47.6 % Net income declined to $ 0.2 million from $ 0.4 million Diluted EPS of $ 0.03 vs. $ 0.06 Adjusted EBITDA decreased to $ 0.5 million from $ 0.8 million Six - Month Highlights - 2021 vs. 2020 Revenue up 15 % to $ 9.6 million from $ 8.3 million Gross margin decreased to 40.4 % from 44.5 % Net income of $ 1.4 million vs. net income of $ 0.1 million Diluted EPS of $ 0.22 vs. $ 0.02 Adjusted EBITDA increased to $ 0.9 million from $ 0.7 million Cash generated from operations decreased to $ 1.6 million from $ 1.7 million Cash and cash equivalents increased to $ 5.3 million from $ 4.4 million Working capital increased to $ 4.9 million from $ 4.4 million CASTLE ROCK , Colorado - August 5 , 2021 - Where Food Comes From , Inc. ( WFCF ) ( Nasdaq : WFCF ) , the most trusted resource for independent , third - party verification of food production practices in North America , today announced its 2021 second quarter and six - month financial results . " The second quarter was notable for a resumption of audit activity with our pork , poultry , dairy , egg and organic customers who in 2020 were forced to limit third party visits to their operations due to Covid - 19 social distancing restrictions , " said John Saunders , Chairman and CEO . " With many of those customers reopening their operations , and with continued strong demand for our beef - related services and products , we achieved a 16 % year over year increase in revenue for the second quarter . Our gross margins came under pressure in the second quarter due to the change in revenue mix that included an increase in lower - margin audits , and to higher costs of delivering services due to a resumption in on - site audit activity . We also incurred increased compensation costs in the period due to higher headcount in combination with a resumption of bonus accruals that we did not have in the year ago second quarter when the impact of Covid - 19 resulted in decreased revenue . Nevertheless , we were solidly profitable in the second quarter and , despite the lingering impact of Covid - 19 year to date , posted solid profit growth through six months , exclusive of PPP loan forgiveness . " The second quarter also marked an important milestone for the Company when we up - listed to the Nasdaq Capital Market in April - a move we expect to result in increased exposure for the Company among institutional investors , ETFs and indexes . More recently we announced a one - time special cash dividend of $ 0.15 per share that returned approximately $ 914,000 to shareholders . That dividend followed the 2020 return of $ 1.37 million in value to shareholders in the form of share buybacks . All of these moves underscore the Board's commitment to building and returning value for our loyal stockholders . " Second Quarter Results - 2021 vs. 2020 Revenue in the second quarter ended June 30 , 2021 , was up 16 % year over year to $ 5.1 million from $ 4.4 million . The increase reflected growth across the Company's business lines and particularly a resumption of audit activity that had been postponed due to Covid - 19 .