Revenue Rises 6.2% as Franchise Expansion Reshapes Plant-Based Fast Food

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Odd Burger Corp. (ODD:TSX.V; ODDAF:OTC; IA9:FRA) has released its financial results for the first quarter ended December 31, 2024, showing an increase in revenue alongside a narrowing net loss compared to the prior quarter. The company reported revenue of CA$727,294, reflecting a 6.2% increase from the previous quarter. However, revenue was nearly flat compared to the same period in the prior year, which stood at CA$734,373. The increase in franchise revenues, up 219.5% year-over-year, was offset by the transition of certain corporate-owned units into franchise operations, which generate lower per-unit revenue but support long-term growth.

The company's gross margin improved to 36.6%, up from 33.3% in the same quarter last year, driven by its focus on franchise expansion. Selling, general, and administrative (SG&A) expenses totaled CA$359,159, increasing from the previous year primarily due to a reversal of expected credit losses in the prior period. Despite this, net loss for the quarter was reduced by 79.8% over the prior quarter, standing at CA$272,476 compared to a loss of CA$1,347,896 in the previous three-month period.

Odd Burger has continued expanding its consumer-packaged goods (CPG) segment while strengthening its national footprint. The company now operates 20 units across Canada, reinforcing its position as a leader in the vegan fast-food space. CEO and Co-Founder James McInnes emphasized the company's focus on technological advancements and revenue growth, stating in the announcement, "Our focus for the past year has been on building a national chain and expanding our footprint. We have been very successful with this strategy, and our consumer-packaged goods (CPG) line is now rapidly growing."

A key development in Odd Burger's strategic growth is the presence of Marc Goodman, Vice President and General Manager of 7-Eleven Canada, on its leadership team. Goodman's experience in food service operations and convenience retail aligns with Odd Burger's focus on plant-based fast food. Given 7-Eleven's role in the grab-and-go market, his involvement may provide valuable insights into expanding distribution opportunities and enhancing Odd Burger's presence in the convenience food sector.

The Growth and Challenges of Plant-Based Food

According to The Food Institute on February 6, the plant-based food industry had made progress in delivering better-tasting products, but consumer adoption had plateaued. While 68% of global consumers expressed interest in eating more plant-based foods, only 20% reported doing so regularly in 2024, down from 23% the previous year. The report, "Grains of Truth 2024," found that affordability, flavor, and convenience were primary barriers. Chris Coulter, CEO of GlobeScan, stated, "This is a crucial moment in our global dietary shift. Consumers are ready for change, but barriers like price, convenience, flavor, and trust remain." The report suggested that government intervention, such as subsidies and tax incentives, could play a role in making plant-based foods more accessible.

Technical Analyst Clive Maund assessed Odd Burger as a "Strong Buy," citing its technological approach to plant-based fast food. 

On February 27, Pet Food Industry reported that plant-based proteins appeared in 52% of pet foods in the U.S. market in 2024. While this represented only 1.8% year-over-year growth, plant-based pet foods had experienced a 7.8% compound annual growth rate over the previous four years.

Despite this expansion, a Kansas State University survey found that vegan or vegetarian pet food ranked last among preferred attributes, with only 2.6% of respondents selecting it. The article noted that consumers had similar hesitations about plant-based human foods, with concerns over affordability, artificial ingredients, and excessive processing. Lu Ann Williams, global insights director for Innova Market Insights, stated, "Taste and texture expectations are not being met," reinforcing that manufacturers faced ongoing challenges in product acceptance.

According to Market.US 2025 Report, the plant-based sector remained in a transitional phase as companies worked to address long-standing concerns about affordability and product formulation. The report indicated that nearly 25% of global consumers hesitated to buy plant-based products they perceived as overly processed. A separate survey by GlobeScan found that while 68% of consumers wanted to eat more plant-based foods, only 20% did so regularly in 2024, down from previous years. The study highlighted a growing consumer preference for plant-based foods with a "natural" claim, which saw a 23% average annual increase from 2020 to 2024. However, affordability remained a major hurdle, with research showing that plant-based diets were roughly 19% cheaper than traditional diets, though consumer perception did not always align with this reality.

In a March 3 article, Green Queen reported that the Canadian government had provided CA$5 million in funding to plant-based seafood via Konscious Foods, through PacifiCan's Business Scale-up and Productivity program. The funding aimed to help the company expand its operations, create jobs, and increase exports. Rechie Valdez, Canada's small business minister, said, "PacifiCan's support means that businesses such as Konscious Foods can continue to grow locally, creating quality jobs here at home, feeding our communities, and competing on the global stage." The investment reflected broader government support for plant-based innovation in Canada, which accounted for 12% of all food tech investments. Michael Watt, president and COO of Konscious Foods, said, "This investment has allowed us to grow quickly, win on a global stage and accelerate the next wave of innovation."

Expanding Efficiency: Odd Burger's Growth Strategy and Market Position

Odd Burger's strategic direction, as outlined on its website, centers on expanding its franchise network and CPG offerings, positioning itself as an innovator in plant-based fast food. The company operates a vertically integrated supply chain, manufacturing plant-based proteins and sauces in-house, allowing for cost efficiencies and product consistency across its franchise locations.

With its streamlined smart kitchens and focus on automation, Odd Burger aims to increase efficiency and improve unit economics. The company's recently released Q1 financials demonstrate a move toward profitability, with narrowing losses and stable revenues. As it continues to refine its franchise model and scale operations, investors will be watching for additional milestones related to new unit openings and increased penetration in the CPG market.

As Odd Burger expands its footprint, its focus on sustainable, technology-driven solutions in the fast-food industry positions it uniquely within the growing market for plant-based options. The company's ongoing initiatives and leadership expertise suggest potential catalysts that could influence its market position in the coming quarters.

Odd Burger's Expansion Potential Backed by Analysts, Leadership, and Automation

*According to a February 19 analysis by John Newell of John Newell & Associates, Odd Burger Corporation was positioned for significant expansion, particularly in the U.S. market. He highlighted the company's no-capex, low-risk franchise model, which he described as having the potential to "reshape the $1.46 trillion fast-food industry."

Newell noted that Odd Burger had integrated smart kitchen automation and proprietary plant-based food technology, supporting a scalable and high-margin business model. He also pointed to the company's strategic focus on three core areas: franchise expansion, consumer-packaged goods (CPG) retail growth, and food technology innovation. CEO James McInnes emphasized Odd Burger's broader vision, stating, "We're not just a restaurant chain; we're a food technology company," while highlighting how the company's automated smart kitchens and vertically integrated supply chain positioned it for sustainable expansion.

*On February 20, Technical Analyst Clive Maund assessed Odd Burger as a "Strong Buy," citing its technological approach to plant-based fast food. He described the company's vertically integrated business model as a key differentiator, allowing it to control costs and maintain quality across both its restaurant and CPG segments. Maund noted that Odd Burger's automation initiatives, including the "OddOmation" system, had the potential to increase efficiency and enhance customer experience. He also highlighted the expertise of the company's leadership, stating that Odd Burger had "attracted an exceptionally experienced management team" that included Marc Goodman, Vice President and General Manager at 7-Eleven, overseeing over 620 locations. Maund emphasized that the company's compact, automation-driven locations and franchise strategy positioned it for scalability, with expansion into the U.S. and international markets.

Ownership and Share Structure

According to Odd Burger, about 62% of the company is owned by insiders, and in addition,10% of shareholders are close to management, while less than 1% is owned by institutions. The rest is retail.

Top shareholders include co-founders James and Vasiliki McInnes, who both hold 23.74%, BoxOne Ventures Inc. with 14.2%, board member Francois Arbor with 2.23%, and board member Utsang Desai with 0.37%, Reuters reported.

The company said it has 98.4 million shares outstanding. Its market cap is CA$30.46 million and has traded in a 52-week range between CA$0.11 and CA$0.38.