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.
Q4 2024 earnings summary27 Jan, 2025

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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Frequently asked questions

Odd Burger Corporation is a Canadian company that operates in the plant-based food technology sector. It manufactures and distributes plant-based proteins and dairy alternatives through its proprietary food service product line. These products are supplied to both company-owned and franchised vegan fast-food restaurants under the Odd Burger brand. The company also sells its offerings through food trailers and trucks. In addition to its fast-food business, Odd Burger has expanded into retail, distributing packaged products in select grocery stores. The company focuses on providing sustainable, plant-based alternatives in the food and beverage industry. Odd Burger is headquartered in London, Canada, and its shares are listed on the Toronto Stock Exchange.

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