Odd Burger (ODD) Q3 2024 earnings summary

Executive summary

• Achieved highest quarterly revenue of $879,367 for the year ended June 30, 2024, with record gross profit of $405,651 (46.13% margin), marking the sixth consecutive quarterly increase in gross profit margin.

• Net loss reduced to $120,461, the lowest since becoming public, down 85.69% from $842,074 in the same quarter last year.

• Opened two new restaurants in Edmonton and Ottawa, both with strong grand opening results; launched mobile operations in Calgary and CPG line at Whole Foods Market in Ontario.

Financial highlights

• Revenue for Q3 2024 was $879,367, nearly flat compared to $883,596 in Q3 2023.

• Gross profit reached $405,651, up 73.17% year-over-year, with a gross margin of 46.13%.

• Net loss per share improved to $(0.001) from $(0.010) year-over-year.

• Six consecutive quarters of increasing gross profit margin.

Outlook and guidance

• Plans to open six additional units in Canada by year-end, targeting 23 operational units.

• Management expresses confidence in achieving profitability with upcoming store openings and continued expansion.