Ellie Horvath
Key Takeaways:
- Odd Burger Corporation (TSX: ODD) (OTCQB: ODDAF) (FSE: IA9) announces its financial results for the second quarter, ended March 31, 2023, showcasing significant improvements and growth.
- The company achieved a record gross margin of $169,070, representing 22.6% of gross sales, and increased total revenue by 16.7% compared to the previous year.
- Odd Burger continues to expand its franchise agreements and is on track to open eight new locations by the end of the year, contributing to its mission of providing sustainable and delicious vegan fast food.
Odd Burger Corporation, a prominent chain of vegan fast-food restaurants and a food technology company, reveals its impressive financial performance for the second quarter of the fiscal year, concluding on March 31, 2023. The company’s financial results have been filed with Canadian securities regulatory authorities and are available on www.sedar.com.
A Focus on Operational Efficiency Drives Strong Results
James McInnes, Co-Founder and CEO of Odd Burger Corporation, highlights the company’s emphasis on driving operational efficiency, resulting in remarkable achievements during the second quarter. McInnes states, “Our focus this quarter was on driving efficiency in our operations, and we were certainly successful in achieving this goal. Our quarterly gross margin was the highest on record at $169,070 or 22.6% of gross sales, compared to $2,658, or 0.04% the previous year.” This substantial increase in gross margin signifies the company’s commitment to optimizing its operations and enhancing profitability.
Impressive Financial Results
Odd Burger Corporation’s second quarter financial results demonstrate significant growth and success. The company reported a total revenue of $749,075, reflecting a robust 16.7% increase compared to the previous year’s figure of $641,508. The positive revenue growth underscores the popularity and demand for Odd Burger’s vegan fast-food offerings.
Expansion and Franchise Agreements
Odd Burger continues to expand its presence across Canada through franchise agreements. The company currently has 14 Franchise Agreements signed, with eight locations under active construction. These new franchise locations are expected to open their doors by the end of the year, allowing Odd Burger to reach more communities and provide sustainable and delicious food options.
James McInnes expresses his excitement about the expansion efforts, stating, “We are excited to continue working with our valued franchise partners to bring more sustainable and delicious food to all of these new communities.” Odd Burger’s commitment to partnering with franchisees aligns with its mission to make plant-based fast food accessible to a wider audience.
Odd Burger’s Vision and Innovative Approach
Odd Burger Corporation operates as a chain of company-owned and franchised vegan fast-food restaurants while also serving as a food technology company. The company manufactures and distributes a proprietary line of plant-based protein and dairy alternatives to its locations. Notably, Odd Burger restaurants operate as smart kitchens, leveraging state-of-the-art cooking technology and automation solutions to deliver a delicious food experience to customers craving healthier and more sustainable fast food.
By optimizing store footprints for delivery and takeout, implementing advanced cooking technology, maintaining competitive pricing, and establishing a vertically integrated supply chain, Odd Burger is revolutionizing the fast-food industry. The company’s focus on providing guilt-free fast food, enriched with healthier ingredients, caters to the increasing demand for sustainable dining options.
