TORONTO, Feb. 28, 2022 /CNW/ - Odd Burger
Corporation ("Odd Burger" or the "Company") (TSX: ODD)
(OTCQB: ODDAF) (FSE: IA9) is pleased to announce its financial
results for its first quarter, ended December 31, 2021 have been posted with Canadian
securities regulatory authorities at www.sedar.com. The Company's
first quarter revenue was a record: approximately 79% higher than
its previous quarter, and nearly 156% higher than the first quarter
from the year previous.
CEO James McInnes stated,
"Financial results from our first quarter demonstrate the
tremendous success of our brand and our ability to drive sales in
diverse markets. We are now operational in six different
cities, with franchise agreements secured in cities across
Canada. Our traction is quickly accelerating, and, through a
franchise model, Odd Burger will be able to further extend this
growth with minimal capital requirements. Furthermore, with
the launch of Preposterous Foods, we now have a whole new revenue
stream that could have a significant impact on our future growth by
offering our manufactured food products to other restaurants and
major chains. It's an exciting time to be in the plant-based
food sector and we can't wait to continue to disrupt the
traditional food system."
SUMMARY OF QUARTERLY RESULTS
The following table sets forth unaudited selected financial
information for each of the last eight quarters.
Quarter
Ended
|
December 31
2021
|
September 30
2021
|
June 30
2021
|
March 31
2021
|
Revenue
|
$687,156
|
$384,475
|
$257,401
|
$258,839
|
Net and
Comprehensive Loss
|
(1,208,632)
|
(1,098,144)
|
(3,541,281)
|
(382,476)
|
Net Loss Per
Share
|
$(0.01)
|
$(0.01)
|
$(0.04)
|
$(0.01)
|
|
|
|
|
|
Quarter
Ended
|
December 31
2020
|
September 30
2020
|
June 30
2020
|
March 31
2020
|
Revenue
|
$268,349
|
$206,364
|
$145,652
|
$349,814
|
Net and
Comprehensive Loss
|
(134,370)
|
(2,451,760)
|
(81,123)
|
(119,378)
|
Net Loss Per
Share
|
$(0.00)
|
$(0.05)
|
$(0.00)
|
$(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 line of plant-based protein and dairy alternatives
under the brand Preposterous Foods to foodservice channels. 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, on the OTCQB under ODDAF, and the Frankfurt Stock Exchange
under IA9. 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 a number of 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 make reference 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/odd-burger-corporation-announces-record-first-quarter-revenue-files-first-quarter-financials-and-management-discussion-and-analysis-301491025.html
SOURCE Odd Burger Corporation