Odd Burger Corporation (OTCMKTS:ODDAF) (TSX:ODD) Stock Continues to Trend Lower: But Why?
Odd Burger Corporation (OTCMKTS:ODDAF) (TSX:ODD) fell 5%, and 13% in a week. The company has announced its Q4 and fiscal 2021 financial results for the period ending September 30, 2021.
Market Stats
On Monday, ODDAF stock ended lower by 4.66% to $0.45 with more than 60k shares, compared to its average volume of 5.7K shares. The stock has moved within a range of $0.4500 – 0.4800 after opening trading at $0.4740.
Quick Recap
CEO James McInnes stated that the 2021 financial results demonstrate that the company is a frontrunner in the plant-based market as Odd Burger expands operations beyond Canada. In addition, McInnes said that the mission to disrupt the fast-food market through advanced tech, sustainable food, and straightforward, cost-effective dining concept has proven to be highly successful.
Most importantly, the company has more than doubled its number of stores in a matter of months, recruited franchisees throughout Canada, and effectively scaled its food manufacturing facilities to match demand. Currently, there are 16 restaurants locations operational or under development, and the company anticipates massive growth this year. In the fourth quarter, the company grew revenue by around 50% sequentially and almost 86% YoY. Therefore, in the coming weeks, investors should watch ODDAF.
Key Quote
CEO James McInnes stated, “The financial results from 2021 show that Odd Burger is a leader in the plant-based fast food market as we scale our operations across Canada and beyond. Our goal of disrupting the fast-food industry with superior technology, sustainable food and a simple, cost-effective restaurant model is proving to be extremely successful. In a matter of months, we have over doubled our number of locations, secured franchisees across Canada, and have been able to successfully scale our food manufacturing operations to meet demand.
