Toronto-based vegan fast-food restaurant chain and food technology company Odd Burger Corporation is reporting another quarterly loss but its highest quarterly revenue this year in its latest financial results for its third quarter, ended June 30, 2024.
“We are extremely proud of our third quarter financial results where we posted our highest quarterly revenue this year of $879,367,” said James McInnes, Co-Founder and CEO of Odd Burger in a news release.
“We also recorded a record gross profit of $405,651 or 46.13 per cent, 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 per cent over the gross margin for the three months ended June 30th, 2023, and is the 6th consecutive quarterly increase in gross profit margin for the Company.”
Odd Burger said it 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 per cent 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 six units in Canada before year end, bringing the total number of expected units operational to 23,” it said.
Odd Burger said it 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 added.
“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,” said 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.
| Quarter Ended | June 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sept 30, 2023 |
| Revenue | $879,367 | $800,481 | $734,373 | $883,596 |
| Net Loss and Comprehensive Loss | $(120,467) | $(383,829) | $(275,808) | $(1,529,492) |
| Net Loss Per Share | $(0.001) | $(0.004) | $(0.003) | $(0.020) |
| Quarter Ended | June 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sept 30, 2022 |
| Revenue | $860,020 | $738,021 | $781,511 | $835,779 |
| Net and Comprehensive Loss | $(842,074) | $(972,560) | $(1,257,980) | $(1,135,848) |
| Net Loss Per Share | $(0.010) | $(0.010) | $(0.015) | $(0.010) |
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.
