Vegan Fast Food Co. Achieves Record Revenue

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Vegan fast food company Odd Burger Corp. (ODD:TSX.V; ODDAF:OTC; IA9:FRA) announced that its financial results for the third quarter ending June 30 have been filed with Canadian securities regulatory authorities.

In a news release, Odd Burger said it achieved its highest quarterly revenue to date and reported positive EBITDA, indicating that the company's core operations are now profitable.

Financial Highlights of Q3 2025 include (unaudited):

• Revenue: CA$1,044,646 — a record for the company, reflecting a 42.8% increase over Q2 2025 and an 18.8% rise compared to Q3 2024.
• EBITDA: CA$40,407 — an improvement of CA$282,426 from a negative EBITDA of CA$(242,019) in Q2 2025, marking a significant milestone in the company's profitability journey.
• Gross margin: CA$443,575 (42.5%) — up from 34.0% in Q2 2025, driven by higher franchise revenue and better pricing in retail sales channels.
• Net Loss: CA$(147,905) — a 60% improvement over the Q2 2025 net loss of $(372,300).
• Salaries and wages: CA$126,658 — reduced by 57% compared to Q3 2024 due to more efficient staffing strategies.
• SG&A Expenses: CA$222,912 — decreased by $130,569 from Q2 2025.

"Achieving positive EBITDA this quarter marks a critical milestone for Odd Burger," said James McInnes, CEO and Co-Founder of Odd Burger. "It validates the strength of our business model and demonstrates that we can scale efficiently while maintaining operational discipline. Surpassing CA$1 million in quarterly revenue for the first time — paired with strong gross margins — highlights both the growing demand for our offering and the exceptional execution by our team."

Summary of Quarterly Results

In Q3 2025, revenue increased by CA$313,309 (42.8%) compared to Q2 2025 and by CA$165,279 (18.8%) over Q3 2024, primarily due to new food processing sales to franchise and consumer packaged goods (CPG) channels, Odd Burger noted.

The gross margin climbed to CA$443,575 (42.5%), up from $248,421 (34.0%) in Q2 2025, although slightly down from $406,651 (46.1%) in Q3 2024, the company said. The margin improvement over Q2 is attributed to higher franchise revenue and increased pricing in CPG distribution.

Salaries and wages for Q3 2025 were CA$126,658, which is CA$55,535 higher than in Q2 but CA$166,364 lower than in Q3 2024, reflecting more streamlined staffing. Professional fees amounted to CA$211,433, rising from CA$179,818 in Q2 and CA$42,818 in Q3 2024, mainly due to legal and investor relations expenses.

SG&A expenses were CA$222,912 — down CA$130,569 from Q2, but up CA$108,535 from Q3 2024, largely because of the reversal of a $207,747 expected credit loss related to a re-leased franchise location in the prior year, Odd Burger said in its release.

The net loss for Q3 2025 was CA$147,905, an improvement of CA$224,395 from Q2 2025. Compared to Q3 2024’s net loss of CA$120,461, the result is relatively unchanged. EBITDA reached CA$40,407, up CA$282,426 from Q2’s negative CA$242,019 EBITDA, but CA$77,161 lower than Q3 2024.

Analyst: Products Have 'Universal Appeal'

Odd Burger Corp. announced in June that it has formed a partnership with Vegan Supply, one of North America's largest online vegan grocery retailers, to distribute its range of plant-based CPG.

This agreement broadens Odd Burger's retail presence through both online and physical store locations in British Columbia.

The partnership will make Odd Burger's entire retail product line, including the Crispy ChickUn Fillet, Breakfast Sausage, Smash Burger, ChickUn Pretenders, and Chickpea Burger, available on Vegan Supply's online platform and at its Vancouver and Surrey stores, the company said.

Before that, Odd Burger announced a distribution agreement between its manufacturing division, Preposterous Foods, and Dot Foods Canada.

*Technical Analyst Clive Maund highlighted this deal on May 22 as a significant advancement for the company's growth strategy.

He expressed ongoing optimism about the company, noting that Odd Burger had laid a strong foundation for success after years of research, investment, and leadership development. He described the company's food products as having "universal appeal" and highlighted the efficiency of its business model, which includes a compact restaurant footprint, automated cooking technology, and minimal staffing needs. He stressed that the company had "entered the mainstream" and was "rapidly expanding within Canada and also soon into the U.S. and international markets."

The analyst also praised Odd Burger's vertically integrated food production strategy and growth in the consumer packaged goods sector, noting that its products were "seeing very rapid sales growth." He mentioned that the company's automation initiative, ODD-O-MATION, would soon allow customers to digitally save and replicate orders across locations, with a prototype expected by late 2025 or early 2026.

Finally, Maund provided a technical analysis of the company's trading history, referencing a long-term base pattern and noting that the stock had "stabilized above the CA$0.20 level" with positive accumulation trends. He considered the company well-positioned for upward movement, identifying CA$0.38 and CA$0.60 as potential price targets based on chart resistance levels.

The Catalyst: A Growing Market

According to a report by Grand View Research, the global vegan food market was valued at US$16.55 billion in 2022 and is projected to reach US$37.5 billion by 2030. The research highlighted a compound annual growth rate of 10.7% from 2023 to 2030, driven by increasing health awareness, ethical considerations, and a growing demand for plant-based alternatives.

In 2022, North America accounted for the largest revenue share, exceeding 37.2%, while offline distribution channels like supermarkets and specialty stores made up more than 83.8% of total sales. The research firm noted that "changing food habits and evolving trends in the food and beverage industry" are supporting categories such as vegan cheese, which is expected to grow at a 10.5% CAGR.

However, operational challenges persist. A report from Bloomberg Law on May 29 examined the financial difficulties faced by some plant-based restaurants, particularly those using premium ingredients and operating in high-cost areas.

Meredith Marin of Vegan Hospitality said, "Certain specialty cheeses or specialty meats are generally more expensive," which can be challenging depending on the business model.

However, the report also recognized that interest in plant-based food continues to rise, with non-vegans increasingly exploring the market. Catherine Beideman Heitzenrater of Duane Morris LLP pointed out that "when customers have uncertainty and they're really watching every dollar, the cost of things becomes more important," indicating that pricing strategy and broader appeal are crucial for brands navigating economic fluctuations.

The Catalyst: A Mainstream Global Phenomenon

On June 24, Expert Market Research reported that the vegan food market reached approximately US$277 billion in 2024 and is expected to grow to nearly US$70.85 billion by 2034. The report identified three main drivers of this growth: health consciousness, environmental sustainability, and ethical consumption.

The firm noted that plant-based diets appeal not only to vegans but also to "flexitarians and meat-reducers," attributing part of the momentum to advancements in plant-based food technology and the increasing availability of meat and dairy alternatives. Expert Market Research emphasized that "vegan food has transitioned from a niche lifestyle to a mainstream global phenomenon."

Ownershiup 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 nearly 23% each, BoxOne Ventures Inc. with 13.62%, and board member Francois Arbor with 2.14%.

The company said it has 98.44 million shares outstanding. Its market cap is CA$16.7 million and has traded in a 52-week range between CA$0.13 and CA$0.38.