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Where Food Comes From , Inc. Reports 2021 Third Quarter and Nine - Month Financial Results Third Quarter Highlights - 2021 vs. 2020 ● Revenue increased 6 % to $ 6.5 million from $ 6.2 million ● ● ● Nine - Month Highlights - 2021 vs. 2020 ● Net income increased 19 % to $ 0.9 million from $ 0.7 million Revenue increased 11 % to $ 16.1 million from $ 14.5 million Net income increased 164 % to $ 2.2 million from $ 0.8 million Diluted EPS increased to $ 0.36 from $ 0.13 Adjusted EBITDA increased 20 % to $ 2.4 million from $ 2.0 million Cash generated from operations increased 39 % to $ 3.0 million from $ 2.2 million Cash and cash equivalents increased to $ 5.6 million from $ 4.4 million at 2020 year - end Working capital increased 15 % to $ 5.0 million from $ 4.4 million at 2020 year - end CASTLE ROCK , Colorado - November 4 , 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 third quarter and nine - month financial results . ● Diluted EPS increased to $ 0.14 from $ 0.12 Adjusted EBITDA increased 18 % to $ 1.5 million from $ 1.3 million " We carried our revenue growth momentum into the third quarter as demand for beef verifications remained strong and our pork , poultry , dairy and egg verification customers continued to re - open their facilities and resume verification activity that was suspended in 2020 due to the pandemic , " said John Saunders , Chairman and CEO . " We also achieved double digit growth in net income and adjusted EBITDA while continuing to generate solid cash flows and build our cash and cash equivalents balance - the latter despite returning more than $ 900,000 in cash to investors in the form of a special dividend in the third quarter . We are optimistic about prospects for continued profitable growth and solid cash flow generation in the fourth quarter and beyond . " Third Quarter Results - 2021 vs. 2020 Revenue in the third quarter ended September 30 , 2021 , was up 6 % year over year to $ 6.5 million from $ 6.2 million . The increase reflected growth of the Company's verification and certification business . ● Revenue mix included : Verification and certification services , up 9 % to $ 4.7 million from $ 4.3 million . Product revenue , flat at $ 1.4 million . Software and related consulting revenue , nearly flat at $ 0.5 million . Gross profit in the third quarter increased to $ 2.9 million from $ 2.8 million in the same period last year . Gross margin was nearly flat at 44.7 % versus 44.6 % .