Building a Better Burger with the Works!
Contributed Opinion

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Odd Burger Corp. (ODD:TSX.V; ODDAF:OTC; IA9:FRA) is on the cusp of a major expansion into the U.S. market, leveraging a no-capex, low-risk franchise model that could reshape the $1.46 trillion fast-food industry.

Under the leadership of CEO James McInnes, Odd Burger has pioneered a scalable, automation-driven approach to fast food, integrating proprietary plant-based food technology, smart kitchen automation, and a vertically integrated supply chain to create an efficient, sustainable, and high-margin business model.

The company's expansion strategy is built on three core pillars: franchise expansion, retail growth in consumer-packaged goods (CPG), and food technology innovation. Odd Burger's franchise model enables rapid growth with low capital investment, allowing the company to scale efficiently while keeping costs under control. Its retail division is also expanding, with plant-based proteins and dairy alternatives already available in major grocery chains like Whole Foods and Goodness Me. Meanwhile, Odd Burger is advancing its food technology and automation systems, including its proprietary "OddOmation" system, which will enhance operational efficiency, reduce labor costs, and improve the customer experience.

CEO James McInnes on Odd Burger's Expansion Strategy: "We're not just a restaurant chain; we're a food technology company," says McInnes. He continued to say "Our franchise model allows us to scale rapidly without heavy capital expenditures. With automated smart kitchens, proprietary food manufacturing, and aggressive U.S. expansion plans, we're building the future of fast food."

Leadership and Board of Directors: A Strong Team Driving Growth

Odd Burger's success has been shaped by a visionary leadership team with deep expertise in franchising, finance, automation, and food technology. From its humble beginnings as a grassroots vegan initiative, Vasiliki McInnes, co-founder and Chief Operating Officer (COO), has played an instrumental role in growing the company into one of North America's fastest-expanding fast-food brands.

With a background in public health and policy development, Mrs. McInnes has been a driving force behind Odd Burger's operations, strategic planning, and supply chain management. Her leadership has helped streamline the company's vertically integrated food production system while ensuring Odd Burger remains committed to sustainability and ethical food sourcing.

Her continued confidence in the company's growth is reflected in her recent insider purchase of 50,000 shares on February 14, acquired at an average price of $0.3231 per share. This move underscores the commitment of Odd Burger's leadership team as they advance franchise expansion, retail distribution, and automation technology.

Odd Burger's board of directors is composed of seasoned executives with proven track records in franchise expansion, food distribution, and automation technology:

• James McInnes (CEO & Co-Founder), Entrepreneur, computer scientist, and automation specialist who co-founded Odd Burger with a vision to transform fast food.
• Vasiliki McInnes (COO & Co-Founder), Public health expert and operations leader who has played a key role in developing Odd Burger's food supply chain and restaurant strategy.
• Marc Goodman, Vice President & General Manager at 7-Eleven, overseeing over 620 locations. Goodman brings deep experience in franchise management, food service, and retail.
• Michael Fricker, Former CFO of Bento Sushi, is an accomplished financial executive, leading one of North America's largest food franchises with over 900 locations.
• Francois Arbour, Technology investor and entrepreneur with a strong background in AI, digital marketing, and e-commerce.
• Utsang Desai, Franchise specialist with expertise in sales, commercial real estate, and construction.

With this seasoned leadership team, Odd Burger is well-positioned to execute its franchise rollout, automation strategy, and retail expansion in the coming years.

More Than a Restaurant Chain: Odd Burger's Food Tech Advantage

Unlike traditional fast-food giants that rely on third-party suppliers, Odd Burger operates a vertically integrated business model that gives it control over costs, quality, and scalability. The company manufactures its own plant-based proteins and dairy alternatives, ensuring consistency and high product standards. These products are distributed through both its food service line and grocery retailers, creating multiple revenue streams.

Automation plays a critical role in Odd Burger's operations. The company's smart kitchens use advanced cooking technology to streamline food preparation, making operations more efficient and reducing reliance on labor. This automation allows Odd Burger to maintain competitive pricing while ensuring a consistent customer experience across all locations. Additionally, the company's vertically integrated supply chain reduces reliance on suppliers, providing cost stability and safeguarding against market fluctuations that often impact traditional fast-food chains.

Odd Burger's smart kitchen model is designed for maximum efficiency, with locations optimized for delivery and takeout. With store footprints well under 1,000 square feet, these compact restaurant locations significantly reduce overhead costs compared to traditional fast-food chains that require large-scale real estate investments.

Franchise Growth & U.S. Expansion

Odd Burger is scaling rapidly, with over 20 operational locations and an impressive 136 signed franchise agreements across North America. This expansion includes 40 locations in Florida and 20 locations in Washington State, marking the company's first major push into the U.S. market.

The franchise model is a key driver of growth, allowing Odd Burger to expand without requiring significant capital expenditures. Franchisees fund and operate their locations, which enables the company to grow its brand presence without taking on the financial risk of owning and managing each store. By leveraging data-driven site selection, Odd Burger ensures that new locations are strategically placed to maximize performance and profitability.

Beyond North America, Odd Burger has its sights set on international expansion, with India and Singapore emerging as key target markets. With a large population of vegetarian consumers and a growing demand for plant-based options, these regions present significant opportunities for the company's growth in the coming years.

Retail Expansion: Consumer Packaged Goods (CPG) Strategy

Odd Burger is not just expanding its restaurant footprint — it is also growing its consumer-packaged goods (CPG) division, offering plant-based proteins, sauces, and dairy alternatives to grocery stores. The retail business has seen remarkable growth, with sales increasing by 127% since January 2024.

Currently, Odd Burger's retail products are available in Whole Foods, Calgary Co-Op, Goodness Me, Sobey's, and various independent grocery chains, with discussions underway to expand distribution into major national retailers. By establishing itself in the grocery market, Odd Burger creates another revenue stream, reducing reliance on restaurant sales while increasing brand exposure to consumers who prefer to prepare plant-based meals at home.

McInnes sees the retail side as a major growth opportunity for the company, complementing its restaurant expansion while strengthening its position in the broader plant-based food industry.

Financial Performance & Investment Case

Odd Burger has demonstrated consistent revenue growth, reporting CA$3.1 million in revenue in 2024, with a strong 34% gross margin. New store openings have shown promising results, with locations like Vancouver generating nearly $1 million in annualized revenue, almost double the corporate store average.

Operational efficiency is also improving, with Odd Burger narrowing its net loss to $0.023, from $0.051 per share the year pervious, an improvement of 54%. Odd Burger has also had success in raising capital, with an oversubscribed CA$1M private placement bringing in CA$1.43M of capital into the company, in January 2025.

Why Odd Burger is an Attractive Investment Opportunity

Odd Burger's business strategy goes beyond fast food, as the company is also focused on deepening its vertically integrated supply chain, where its products may one day scale across the broader food system.

The rational for alternative food choices is recently becoming more compelling, with egg prices in the United States skyrocketing due to the Avian Flu, consumers will likely seek out more cost effective plant-based alternatives that are also better for their health and the environment, especially if there is a compelling financial reason to do so.

Odd Burger is uniquely positioned to test, commercialize, and scale both its technology and food, creating the potential for a significant growth path for the Company.

Technical Analysis: Bullish Outlook for Odd Burger (ODD.V)

Beyond strong fundamentals, Odd Burger's stock chart is flashing bullish breakout signals.

Currently trading at $0.32, Odd Burger's stock has formed a rounding bottom pattern, a classic bullish reversal signal. The stock is following an ascending trendline, indicating sustained buying interest and upward momentum. The shares appear to want to challenge their old two- and three-year highs and beyond.

Key price targets include $0.90, $1.20, and $2.20, with a long-term target of $2.60. The MACD indicator recently turned positive, confirming bullish momentum, while trading volume has been increasing, suggesting institutional accumulation. The Relative Strength Index (RSI) sits at 52.26, indicating neutral momentum with plenty of room for further upside.

If Odd Burger continues executing its franchise expansion and retail growth strategy, the stock has significant upside potential in both the near and long term.

What's Next for Odd Burger?

Odd Burger's growth trajectory is accelerating, with several key milestones on the horizon. In the coming year, the company expects to open its first U.S. franchise location, secure additional grocery distribution deals, and advance its OddOmation automation technology to enhance restaurant efficiency.

International expansion remains a strategic priority, with new partnerships and market entries expected as demand for plant-based fast food continues to rise.

Conclusion: Odd Burger is the Future of Fast Food

Odd Burger is not just a vegan restaurant; it's a tech-powered disruptor that is reshaping quick-service dining. By integrating automation, vertical integration, and plant-based innovation, the company is building a cost-efficient, scalable, and sustainable business model.

With a low-capex franchise strategy, strong retail expansion, and improving financial performance, Odd Burger is well-positioned to become a major player in the fast-food industry. As the demand for plant-based and tech-driven food solutions continues to grow, Odd Burger represents a compelling investment opportunity, making the shares well-priced at current levels.