LONDON, ON, March 27, 2024 /CNW/ - Odd Burger Corporation ("Odd Burger" or the "Company") (TSXV:ODD) (OTCQB: ODDAF) (FSE:IA9) is pleased to announce that its financial results for the fiscal year and the fourth quarter, ended September 30, 2023 have been posted with Canadian securities regulatory authorities at www.sedar.com.
Odd Burger Corporation Logo (CNW Group/Odd Burger Corporation)
"We are excited to announce that Odd Burger has achieved record revenue for our 2023 year-end financial results and that we have had our highest quarterly revenue of all time in our fourth quarter. Odd Burger increased yearly revenue to $3,243,091 from $2,952,028 the previous year, an improvement of 10.0% while cash flows used in operating activities decreased to $1,249,932 in 2023 from $2,522,012 the previous year, a decrease of 50.4%. In addition, gross margin in 2023 was $843,839 or 26.0% of revenue compared to $554,725 or 18.8% of revenue the year previous, an improvement of 34.3%," says James McInnes, CEO and Co-Founder of Odd Burger.
"We had an incredibly successful year, despite very challenging economic conditions including high inflation, rapidly rising interest rates and lower discretionary spending from consumers. The key to our success has been improving efficiency at our manufacturing facility and corporate restaurant locations and driving growth through expanding our franchise operations. Odd Burger currently has 13 operational locations, with 9 additional locations under construction and 136 locations under development quotas with area representatives in both Canada and the U.S. We also launched our consumer packaged goods (CPG) line into select retailers, which has been extremely well received since launch. In addition to our franchise operations, we see our CPG line as a key component to our future growth, and we are focused on finding ways to expand our production capacity to meet demand without incurring significant capital expenditures. We believe that the alternative protein industry has tremendous potential, and we see Odd Burger as a driving force of innovation and leadership."
The financial results for the year and the fourth quarter ending September 30, 2023:
SUMMARY OF ANNUAL RESULTS
Year 2023
Year 2022
Q4 2023
Q4 2022
Total Revenue
$3,243,091
$2,952,028
$883,596
$835,779
Loss and Comprehensive Loss
($4,602,106)
($4,285,736)
(1,529,492)
(1,135,848)
Per Share – basic and diluted
($0.05)
($0.05)
($0.02)
($0.01)
SUMMARY OF QUARTERLY RESULTS:
The following table sets forth selected financial information for each of the last eight quarters:
Quarter Ended
Sept 30, 2023
June 30, 2023
March 31, 2023
Dec 31, 2022
Revenue
$883,596
$839,963
$738,021
$781,511
Net Loss and Comprehensive Loss
$(1,529,492)
$(842,074)
$(972,561)
$(1,257,979)
Net Loss Per Share
$(0.02)
$(0.01)
$(0.01)
$(0.01)
Quarter Ended
Sept 30, 2022
June 30,2022
March 31, 2022
Dec 31, 2021
Revenue
$835,779
$787,585
$641,508
$687,156
Net and Comprehensive Loss
$(1,135,848)
$(938,552)
$(1,002,704)
$(1,208,632)
Net Loss Per Share
$(0.01)
$(0.01)
$(0.01)
$(0.01)
The following is an update on the status of the management cease trade order granted on January 30, 2024 by its principal regulator, the Ontario Securities Commission, under National Policy 12-203 - Management Cease Trade Orders. The Company expects to file the interim financial statements for the period ended December 31, 2023, on or before April 1, 2024.
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 forward-looking 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
