Odd Burger Announces Third Quarter Financial Results, Posts Highest Quarterly Revenue for the Year and Achieves Record Gross Profit

LONDON, ON, Aug. 30, 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 third quarter, ended June 30, 2024, have been posted with Canadian securities regulatory authorities at www.sedar.com.

“We are extremely proud of our third quarter financial results where we posted our highest quarterly revenue this year of $879,367,” says James McInnes, Co-Founder and CEO of Odd Burger. “We also recorded a record gross profit of $405,651 or 46.13%, which is the highest gross profit that the Company has achieved since reporting as a public company.  This represents an increase of $171,395 or 73.17% over the gross margin for the three months ended June 30^th, 2023, and is the 6^th consecutive quarterly increase in gross profit margin for the Company.”

The Company has also made significant improvements in its profitability, reporting a net loss of $(120,461) this quarter, which is the lowest quarter loss for the Company since being public.  This represents a decrease of 85.69% from the same quarter last year where the Company reported a net loss of $(842,074).

The Company continued to advance with its expansion initiatives in the third quarter and had two successful restaurant openings in Edmonton, AB and Ottawa, ON.  Both restaurants produced record turnouts for their grand opening events and have remained strong units since becoming operational.  The Company also launched its mobile operations division for food trucks and food trailers in Calgary, AB where it saw a very strong turnout in its debut event at the Calgary Stampede.  The Company is expected to open an additional 6 units in Canada before year end, bringing the total number of expected units operational to 23.

The Company also successfully launched its Consumer Packaged Goods (CPG) line at Whole Foods Market in the third quarter.  This represents the first major retailer to carry the Odd Burger CPG line across Ontario and is a significant step forward in expanding Odd Burger’s brand and diversifying its revenue model.

“It is clear that we are beginning to see the benefits of our franchise model and manufacturing division on our financials, specifically on our gross profit margin and net loss,” says James McInnes.  “We have a clear sight to becoming a profitable company now, especially with our next set of store openings nearing completion and already locked in.  We have a highly skilled and exceptional team, and I am confident in our ability to keep growing Odd Burger into the world’s largest and most profitable vegan fast food chain.”

SUMMARY OF QUARTERLY RESULTS

The following table sets forth unaudited selected financial information for each of the last eight quarters.

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

SOURCE Odd Burger Corporation

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