LONDON, ON, May 28, 2024 /CNW/ - Odd Burger Corporation ("Odd Burger" or the "Company") (TSXV: ODD) (OTCQB: ODDAF) (FSE: IA9) is pleased to announce its financial results for its second quarter, ended March 31, 2024, have been posted with Canadian securities regulatory authorities at www.sedar.com.
Odd Burger Corporation Logo (CNW Group/Odd Burger Corporation)
"We are very proud of our second quarter results where we posted a record gross profit of $298,162, which represents a gross margin of 37.25% of sales," says James McInnes, Co-Founder and CEO. "Last quarter we reported a record gross margin that was 33.3% of sales, and to increase that by an additional 11.86% is a testament to our continued improvements in efficiency and success in the scaling our operations. Furthermore, our topline revenue increased by 8.46% from the same quarter last year, and our net loss improved by $588,731, or 60.53%."
"We are laser focused on driving Odd Burger towards profitability and we are making tremendous progress towards this goal. Our restaurant opening in Edmonton, AB on May 11th, 2024 had a record-breaking turnout, and sales in the weeks that followed at this location doubled our expectations. With 5 additional franchise locations coming this summer alone, expanded CPG distribution points, and a better utilized manufacturing facility, we believe that profitability is within reach and will continue to improve as we scale our business."
SUMMARY OF QUARTERLY RESULTS
The following table sets forth unaudited selected financial information for each of the last eight quarters.
Quarter Ended
Mar 31, 2024
Dec 31, 2023
Sept 30, 2023
June 30, 2023
Revenue
$800,481
$734,373
$883,596
$839,963
Net Loss and Comprehensive Loss
$(383,829)
$(275,808)
$(1,529,492)
$(842,074)
Net Loss Per Share
$(0.004)
$(0.003)
$(0.020)
$(0.010)
Quarter Ended
Mar 31, 2023
Dec 31, 2022
Sept 30, 2022
June 30, 2022
Revenue
$738,021
$781,511
$835,779
$787,585
Net and Comprehensive Loss
$(972,560)
$(1,257,980)
$(1,135,848)
$(938,552)
Net Loss Per Share
$(0.010)
$(0.015)
$(0.010)
$(0.010)
About Odd Burger Corporation
Odd Burger Corporation is a franchised vegan fast-food restaurant chain and food technology company that manufactures a proprietary line of plant-based protein and dairy alternatives. Its manufactured products are distributed to Odd Burger restaurant locations through its foodservice line and also sold at grocery retailers through its consumer-packaged goods (CPG) line. Odd Burger restaurants operate as smart kitchens, which use state-of-the art cooking technology and automation solutions to deliver a delicious food experience to customers craving healthier and more sustainable fast food. With small store footprints optimized for delivery and takeout, advanced cooking technology, competitive pricing, a vertically integrated supply chain along with healthier ingredients, Odd Burger is revolutionizing the fast-food industry by creating guilt-free fast food that can be enjoyed at its restaurant locations or at home though its CPG line. Odd Burger Corporation is traded on the TSX Venture Exchange under the symbol "ODD" and on the OTCQB under the symbol "ODDAF". For more information visit https://www.oddburger.com.
Forward-Looking Information
This news release contains forward-looking information for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward looking information contained or referred to in this news release includes statements relating to future restaurant openings, potential franchisees, demand for our products and other similar statements. Forward-looking information is based on several factors and assumptions which have been used to develop such information, but which may prove to be incorrect including, but not limited to material assumptions with respect to the continued strong demand for the Company's products, the availability of sufficient financing on reasonable terms to fund the Company's capital requirements and the ability to obtain necessary equipment, production inputs and labour. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forwardlooking information because the Company can give no assurance that such expectations will prove to be correct. Risks and uncertainties that could cause actual results, performance or achievements of the Company to differ materially from those expressed or implied in such forward-looking information include, among others, negative cash flow and future financing requirements to sustain and grow operations, limited history of operations and revenues and no history of earnings or dividends, expansion of facilities, competition, availability of raw materials, dependence on senior management and key personnel, general business risk and liability, regulation of the food industry, change in laws, regulations and guidelines, compliance with laws, unfavourable publicity or consumer perception, product liability and product recalls, risks related to intellectual property, difficulties with forecasts, management of growth and litigation, as well as the impact of, uncertainties and risks associated with the ongoing COVID-19 pandemic, many of which are beyond the control of the Company. For a more comprehensive discussion of the risks faced by the Company, please refer to the Company's Annual Information Form filed with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
Non-GAAP Measures
This news release may refer to certain non-GAAP measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release
