Operations

Odd Burger achieves record revenue for Q3

Provided

August 30, 2022

Odd Burger has achieved record revenue of $787,585 for the third quarter, a 205% increase over the third quarter from the previous year and an increase of 23% from the previous quarter of this year, according to a press release. In addition, the Company improved its net loss by 73% from the third quarter from the previous year and improved its net loss 6% this quarter compared to the previous quarter of this year.

"I could not be more proud of our record breaking financial results this quarter," James McInnes, co-founder and CEO, said in the release. "Not only was our revenue the highest in our company's history for a single quarter, but our net loss was the lowest since our public listing. Our operations are becoming more efficient as we scale our business, which is a key metric as we drive toward profitability. We are also seeing incredibly strong support from our customers despite the current economic uncertainties and rising inflation, which indicates that our restaurants offer our customers incredible value. Odd Burger is seeing tremendous growth in our franchising operations, with 4 new Franchise Agreements signed in the past month alone — bringing our total number of locations operational or in active development up to 18. Our growth has been primarily accelerated by our strategy to utilize Area Representative Agreements that have locked in over 76 new locations over the next 8 years in Canada. We will continue to execute similar agreements to drive our growth in Canada, the U.S., and internationally, which will position Odd Burger as one of the world leaders in vegan fast food."