Odd Burger Reduces Operating Loss by More Than 20% Compared to the Previous Quarter
Odd Burger Corporation Announces Second Quarter 2022 Results
Odd Burger Corporation (TSX: ODD) (OTCQB: ODDAF) (FSE: IA9) announced its financial results for its second quarter, ended March 31, 2022, have been posted with Canadian securities regulatory authorities at www.sedar.com.
CEO James McInnes stated, "We are pleased to report that our second quarter revenue was 148% higher than the second quarter from the year previous. Furthermore, we reduced our operating loss by more than 20% compared to the previous quarter, proving that our efforts to drive towards profitability are effective. The second quarter was strategically a very significant period for us, as we prioritized our franchise growth strategy and signed our largest franchise deal to date for the development of 36 locations in Alberta and British Columbia with Sai-Genesh Enterprises. We continue to work on similar development agreements in territories across Canada and in the US, building an incredibly robust franchise development pipeline that will lock in a clear growth trajectory for our company. The opening of our Whitby location in April 2022 to record sales proves again that the market is craving something different. With 16 restaurant sites now under development or operational in addition to our development agreements, we are positioned for tremendous growth over the next year. Our focus on franchising will greatly reduce our capital needs, while also pushing forward the rapid growth of our brand, positioning Odd Burger as one of the leading vegan fast-food chains in the world."
SUMMARY OF QUARTERLY RESULTS
The following table sets forth unaudited selected financial information for each of the last eight quarters.
| Quarter Ended | March 31, | December 31, | September 30, | June 30, |
| Revenue | $641,508 | $687,156 | $384,745 | $257,401 |
| Net and Comprehensive Loss | (1,002,704) | (1,208,632) | (1,113,144) | (3,541,281) |
| Net Loss Per Share | $(0.01) | $(0.01) | $(0.01) | $(0.04) |
| Quarter Ended | March 31, | December 31, | September 30, | June 30, |
| Revenue | $258,515 | $268,349 | $206,364 | $145,652 |
| Net and Comprehensive Loss | (382,475) | (134,370) | (2,451,760) | (81,123) |
| Net Loss Per Share | $(0.01) | $(0.00) | $(0.05) | $(0.00) |
Market-Making Services Engagement
Under the agreement, the Company will pay Red Cloud $5,000 per month during the term, payable quarterly in advance. The term of engagement is ongoing and may be terminated by either party on 30 days' prior written notice. The Company and Red Cloud have an arm's length relationship, but Red Cloud and/or its clients may have an interest, directly or indirectly, in the securities of ODD. The agreement is principally for the purposes of maintaining market stability and liquidity for the Company's common shares and is not a formal market making agreement. There are no performance factors contained in the agreement between Red Cloud and the Company and Red Cloud will not receive any shares or options from the Company as compensation for services it will render.
About Red Cloud Securities
Red Cloud Securities Inc. is registered as an Investment Dealer in Ontario, Quebec. Alberta and British Columbia and is a member of the Investment Industry Organization of Canada (IIROC). It is focused on providing unique comprehensive capital market services and innovative financing alternatives to the junior resource sector. The company was founded by capital markets professionals who designed the firm to service small public and private companies. This solution is a comprehensive platform that provides a full range of unconflicted corporate access services. Offering these services as a unified platform provides the ultimate value proposition for issuer clients.
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.
