A Toronto-based burger chain is gearing up to open multiple new locations in the city despite recording another quarterly loss in its financial results for its third quarter.
Odd Burger manufactures a line of plant-based protein and dairy alternatives and also boasts multiple restaurants throughout Ontario, which offer vegan burgers, mock chicken wraps, salads, and desserts using non-dairy milk.
Despite recording a net loss of $120,000 in its third quarter, the company also recorded its highest quarterly revenue ($879,367).
“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,” said James McInnes, Co-Founder and CEO of Odd Burger.
“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.”
The loss is still the lowest for the company since being public, and represents a decrease of 85.69 per cent from the same quarter last year where the company reported a net loss of $842,074.
The company still expects to open an additional six units in Canada before the year ends, bringing the total number of expected units operational to 23.
Odd Burger already boasts several locations throughout Ontario in Oakville, Oshawa, Vaughan, Waterloo, and Toronto, and has plans to open more restaurants on Church Street, Broadview Avenue, and Kingston Road soon.
