Odd Burger Reports Record Revenue and Files Year End Financials, Management Discussion and Analysis

Rhea-AI Summary

Odd Burger Corporation (OTCQB: ODDAF) announced impressive financial results for the fiscal year ending September 30, 2022, showcasing record revenue growth. Yearly revenue increased by 115.5%, reaching $2,952,028, up from $1,169,334 in 2021. The fourth quarter also marked the highest revenue at $835,779, compared to $384,745 a year prior. While operating loss improved by 17.1%, the total annual loss stood at (4,285,736). Despite inflationary pressures, the company anticipates growth with over 10 new locations in Canada and plans for U.S. expansion.

Positive

• Yearly revenue rose by 115.5% to $2,952,028 from $1,169,334.
• Fourth quarter revenue reached a record $835,779, a significant increase from $384,745.
• Gross margin improved by 86.4%, reaching $412,235 compared to $55,806 in the previous year.
• Operating loss improved by 17.1% year-over-year.

Negative

• Total annual loss of $4,285,736 remains a concern.
• Despite revenue growth, significant inflation and market conditions present ongoing challenges.

LONDON, ON, Jan. 31, 2023 /PRNewswire/ - Odd Burger Corporation ("Odd Burger" or the "Company") (TSX: ODD) (OTCQB: ODDAF) (FSE: IA9) is pleased to announce its financial results for the fiscal year and the fourth quarter, ended September 30, 2022 have been posted with Canadian securities regulatory authorities at www.sedar.com.

"We are thrilled to announce that Odd Burger has achieved record revenue for our 2022 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 $2,952,028 from $1,169,334 the previous year, an improvement of 115.5%, while operating loss also improved by 17.1% compared to the previous year. In addition, gross margin for the year was $412,235 compared to $55,806, an improvement of 86.4% from the previous year," says James McInnes, CEO and Co-Founder of Odd Burger.

"Despite challenging economic conditions our customers continue to love our food and brand, and continue to see the tremendous value that Odd Burger brings to their community. We have been faced with significant increases in costs due to inflation, tightening labour markets and challenging capital market conditions, yet have overcome many of these challenges through innovation, improvements in efficiency and strategic partnerships. Our most important partners are our franchisees and area representatives, who are assisting in our growth while allowing us to achieve an asset-light business model. We are anticipating an exciting year of growth ahead, with more than 10 additional locations under active development in Canada alone, and expansion set to commence in the U.S. and overseas. Odd Burger is positioned to become a global brand with the potential to transform the fast-food industry into a leader in sustainability and environmental stewardship."

The financial results for the year and the fourth quarter ending September 30, 2022:

SUMMARY OF ANNUAL RESULTS

	Year 2022	Year 2021	Fourth Quarter 2022	Fourth Quarter 2021
Total Revenue	$2,952,028	$1,169,334	$835,779	$384,745
Loss and Comprehensive Loss	(4,285,736)	(5,171,271)	(1,135,848)	(1,113,144)
Per Share – basic and diluted	($0.05)	($0.07)	($0.01)	($0.02)

 

SUMMARY OF QUARTERLY RESULTS:

The following table sets forth the unaudited selected financial information for the last eight quarters:

Quarter Ended	September 30, 2022	June 30, 2022	March 31, 2022	December 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)
Quarter Ended	September 30, 2021	June 30, 2021	March 31, 2021	December 31, 2020
Revenue	$384,745	$257,401	$258,839	$268,349
Net and Comprehensive Loss	(1,113,144)	(3,541,281)	(382,476)	(134,370)
Net Loss Per Share	($0.02)	($0.04)	($0.01)	$0.00

 

About Odd Burger Corporation 

Odd Burger Corporation is a chain of company-owned and franchised vegan fast-food restaurants as well as a food technology company that manufactures and distributes a proprietary line of plant-based protein and dairy alternatives to its locations. 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. 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 

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SOURCE Odd Burger Corporation

FAQ

What were Odd Burger's annual revenue results for 2022?

Odd Burger reported an annual revenue of $2,952,028 for 2022, up 115.5% from $1,169,334 in 2021.

How did Odd Burger perform in the fourth quarter of 2022?

In the fourth quarter of 2022, Odd Burger achieved record revenue of $835,779, compared to $384,745 in the same quarter of 2021.

What are the negative impacts reported in Odd Burger's latest financial results?

Odd Burger reported a total annual loss of $4,285,736 and faces challenges due to inflation and tight market conditions.

What is the future growth outlook for Odd Burger Corporation?

Odd Burger anticipates growth with over 10 new locations in Canada and plans to expand into the U.S. and overseas.