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Odd Burger (ODD) investor relations material
Odd Burger Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Odd Burger Corporation reported a net loss of $2.13M for the year ended September 30, 2024, a significant improvement from the $4.60M net loss in 2023, driven by cost reductions and improved gross margin.
Total revenue declined 4.4% year-over-year to $3.10M, primarily due to transitioning corporate stores to franchised locations and a slight decrease in franchise revenue.
The company continues to focus on a franchise-driven growth model, with 18 locations open and 7 more under development, and 136 units committed through area representative agreements.
Management highlights material uncertainty regarding the company's ability to continue as a going concern due to recurring losses, negative cash flows, and a working capital deficit.
Financial highlights
Revenue for FY2024 was $3.10M, down from $3.24M in FY2023; food sales declined by $143.7K, offset by a modest increase in manufacturing revenue.
Gross margin improved to 33.4% from 26.0% year-over-year, reflecting operational efficiencies and cost controls.
Operating expenses dropped 37.6% to $3.33M, with significant reductions in SG&A, salaries, and professional fees.
Net loss per share improved to $0.02 from $0.05 year-over-year.
Cash used in operating activities was $621.6K, a reduction from $1.25M in the prior year.
Outlook and guidance
The company expects franchise revenue to grow in FY2025 as more locations are franchised and area representative agreements are executed.
Management plans to continue expanding through franchising, reducing capital requirements and focusing on food manufacturing growth via Preposterous Foods.
Additional capital raises are anticipated to support ongoing operations and expansion.
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