Mr. James McInnes reports

ODD BURGER ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

Odd Burger Corp. has posted its financial results for its first quarter ended Dec. 31, 2023, with Canadian securities regulatory authorities on SEDAR+.

"We are extremely proud of our first quarter financial results where we recorded our lowest quarterly loss in over two years," said James McInnes, co-founder and chief executive officer. "Through continued improvements in efficiency, we were able to reduce our quarterly loss to $275,808, a decrease of 81.9 per cent from the previous quarter and a 78.1-per-cent decrease from the same quarter last year. In addition, we recorded our highest gross margin since operating as a public company, with gross margins for the quarter coming in at 33.3 per cent of revenue, compared to 15.4 per cent from the same quarter last year, an increase of 103.3 per cent."

"This quarter, our focus was on improving profitability and we were extremely successful in this endeavour, despite increased pressure on discretionary consumer spending which weighed on our top-line revenue. These financial results demonstrate that Odd Burger is well positioned to become profitable this year, and, with more franchise locations opening, expanded CPG [consumer packaged goods] distribution points and a better-utilized manufacturing facility, we are excited about achieving this goal."

Summary of quarterly results

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

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 consumer packaged goods (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, 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 through its CPG line. Odd Burger is traded on the TSX Venture Exchange under the symbol ODD and on the OTCQB under the symbol ODDAF.

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