Odd Burger Corporation, the company behind the vegan fast food chain Odd Burger, has announced a non-brokered private placement to raise up to $4 million via convertible debentures.
As explained in the announcement, the debentures have a 36-month maturity and carry a 15% annual interest rate. Additionally, they can be converted into common shares at $0.25 each and may be forcibly converted if share prices increase significantly.
Odd Burger is a franchised vegan fast-food chain with a vertically integrated supply chain and 17 operational stores across Canada. The first Odd Burger restaurant opened in London, Ontario, in December 2016, becoming the country’s first vegan-fast food restaurant.
Today, the firm focuses on smart kitchens, advanced cooking technology, competitive pricing, and high-quality ingredients to offer healthier options that fuel sustainable diets. The funds raised will support its expansion, distribution of plant-based products, real estate development, and general corporate needs.
Increase in gross profit margin
At the end of August, Odd Burger Corporation announced its Q3 2024 financial results, highlighting its economic strength with the highest quarterly revenue of the year, amounting to $879,367.
James McInnes, co-founder and CEO of Odd Burger, said, “We also recorded a record gross profit of $405,651 or 46.13%, which is the highest gross profit that the Company has achieved since reporting as a public company. This represents an increase of $171,395 or 73.17% over the gross margin for the three months ended June 30th, 2023, and is the 6th consecutive quarterly increase in gross profit margin for the Company.”
Additionally, Odd Burger reported a net loss of $(120,461) for the quarter — an 85.69% decrease from the net loss of $(842,074) reported in the same quarter last year — marking the lowest quarterly loss since going public.
Odd Burger Corporation trades on the TSX Venture Exchange under the symbol “ODD” and the OTCQB under “ODDAF.”
Plant-based foods made convenient
In Q3, Odd Burger inaugurated two restaurants, one in Edmonton, Alberta, and the other in Ottawa, Ontario. According to the company, both restaurants achieved record turnouts during their openings and have remained strong locations. As part of its expansion strategy, six more stores will open in Canada before the year ends, bringing the total operational units to 23.
Besides the new restaurants, a new mobile operations division for food trucks and food trailers was launched in Calgary, Alberta, receiving strong attendance at its debut event at the Calgary Stampede.
“Our goal has always been to make eating plant-based foods convenient and affordable for consumers”
Another significant expansion has been launching its CPG line at Whole Foods Market in Ontario this June, marking an important step in diversifying revenue streams. The retail range includes five exciting alternatives to meat: the Crispy ChickUn Fillet, Chickpea Burger, Smash Burger, ChickUn Pretenders, and Breakfast Sausage.
At the time of the retail launch at Whole Foods, McInnes shared, “We are thrilled to have our retail products available at Whole Foods Market. Our goal has always been to make eating plant-based foods convenient and affordable for consumers, and we believe that providing an option to make our food at home, in collaboration with Whole Foods Market, is an incredible opportunity to achieve this mission.”
