Mr. James McInnes reports

ODD BURGER REPORTS RECORD REVENUE AND FILES YEAR END FINANCIALS, MANAGEMENT DISCUSSION AND ANALYSIS

Odd Burger Corp.'s financial results for the fiscal year and the fourth quarter ended Sept. 30, 2023, have been posted with Canadian securities regulatory authorities on SEDAR+.

"We are excited to announce that Odd Burger has achieved record revenue for our 2023 year-end financial results and that we have had our highest quarterly revenue of all time in our fourth quarter. Odd Burger increased yearly revenue to $3,243,091 from $2,952,028 the previous year, an improvement of 10.0 per cent while cash flows used in operating activities decreased to $1,249,932 in 2023 from $2,522,012 the previous year, a decrease of 50.4 per cent. In addition, gross margin in 2023 was $843,839 or 26.0 per cent of revenue, compared to $554,725 or 18.8 per cent of revenue the year previous, an improvement of 34.3 per cent," says James McInnes, chief executive officer and co-founder of Odd Burger.

"We had an incredibly successful year, despite very challenging economic conditions, including high inflation, rapidly rising interest rates and lower discretionary spending from consumers. The key to our success has been improving efficiency at our manufacturing facility and corporate restaurant locations, and driving growth through expanding our franchise operations. Odd Burger currently has 13 operational locations, with nine additional locations under construction and 136 locations under development quotas with area representatives in both Canada and the U.S. We also launched our consumer packaged goods (CPG) line into select retailers, which has been extremely well received since launch. In addition to our franchise operations, we see our CPG line as a key component to our future growth and we are focused on finding ways to expand our production capacity to meet demand without incurring significant capital expenditures. We believe that the alternative protein industry has tremendous potential, and we see Odd Burger as a driving force of innovation and leadership."

The financial results for the year and the fourth quarter ending Sept. 30, 2023, are detailed in an attached table.

Summary of quarterly results

An attached table sets forth selected financial information for each of the last eight quarters.

The following is an update on the status of the management cease trade order granted on Jan. 30, 2024, by its principal regulator, the Ontario Securities Commission, under National Policy 12-203, Management Cease Trade Orders. The company expects to file the interim financial statements for the period ended Dec. 31, 2023, on or before April 1, 2024.

About Odd Burger Corp.

Odd Burger is a franchised vegan fast-food restaurant chain and food technology company that manufactures a proprietary line of plant-based protein and dairy alternatives. Its manufactured products are distributed to Odd Burger restaurant locations through its food service line and also sold at grocery retailers through its CPG line. Odd Burger restaurants operate as smart kitchens, which use state-of-the-art cooking technology and automation solutions to deliver a delicious food experience to customers craving healthier and more sustainable fast food. With small-store footprints optimized for delivery and takeout, advanced cooking technology, competitive pricing, and a vertically integrated supply chain, along with healthier ingredients, Odd Burger is revolutionizing the fast-food industry by creating guilt-free fast food that can be enjoyed at its restaurant locations or at home though its CPG line. Odd Burger is traded on the TSX Venture Exchange under the symbol ODD and on the OTCQB under the symbol ODDAF.

Non-GAAP (generally accepted accounting principles) measures

This news release may refer to certain non-GAAP measures. These measures are not recognized measures under IFRS (international financial reporting standards), do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable with similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the company's results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the company's financial information reported under IFRS.

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