Odd Burger Corporation (ODD, ODDAF), a franchised vegan fast-food restaurant chain and food technology company, reported strong financial results for its third quarter ended June 30, 2024. The company achieved its highest quarterly revenue to date, reaching $879,367, and also recorded a record gross profit of $405,651, representing a 46.13% margin. This marks the sixth consecutive quarterly increase in gross profit margin for the company.
The company’s focus on expansion and operational efficiency contributed to these impressive results. Odd Burger opened two new restaurants in Edmonton, AB, and Ottawa, ON, both of which saw strong grand opening turnouts and have continued to perform well. The company also launched its mobile operations division in Calgary, AB, with a successful debut at the Calgary Stampede. With plans to open six more units in Canada before the end of the year, Odd Burger is on track to have 23 restaurants operational by year-end.
Another significant milestone for Odd Burger was the successful launch of its CPG line at Whole Foods Market in Ontario. This marked the first major retailer to carry Odd Burger’s CPG line, a crucial step in expanding the brand and diversifying revenue streams.
James McInnes, Co-Founder and CEO of Odd Burger, expressed his satisfaction with the company’s performance, stating, “We are extremely proud of our third quarter financial results. 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.” He added, “We have a clear sight to becoming a profitable company now, especially with our next set of store openings nearing completion. 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.”
Looking forward, Odd Burger continues to demonstrate its commitment to innovation and expansion. The company’s focus on creating healthy, sustainable, and delicious fast food options is resonating with consumers, and its franchise model and CPG line are expected to drive continued growth in the coming years.
