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 30th, 2023, and is the 6th 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 ...
