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Borealis Foods Inc.

BRLS

Borealis Foods Inc. • NASDAQ
$1.84 ▲ 0.82% (+0.01)
Market Cap $39.40 M
52w High $7.49
52w Low $1.77
Dividend Yield 0%
P/E -2.14
Volume 2.35K
Outstanding Shares 21.41M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.104B ▲ $2.965B ▲ $-3.781B ▼ -53.223% ▲ $-0.18 ▲ $-1.472B ▼
Q2-2025 $7.188M ▲ $3.871M ▲ $-4.6M ▼ -63.995% ▼ $-0.21 ▼ $-2.884M ▼
Q1-2025 $6.846M ▲ $3.817M ▼ $-4.188M ▲ -61.171% ▲ $-0.2 ▲ $-2.448M ▲
Q4-2024 $6.76M ▼ $4.873M ▼ $-5.766M ▼ -85.287% ▼ $-0.284 ▼ $-4.159M ▼
Q3-2024 $7.688M $4.894M $-4.832M -62.854% $-0.23 $-3.173M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $128.869M ▲ $56.298B ▲ $69.246B ▲ $-12.949B ▼
Q2-2025 $206.579K ▲ $57.275M ▼ $66.445M ▲ $-9.171M ▼
Q1-2025 $192.536K ▼ $58.398M ▼ $63.223M ▲ $-4.825M ▼
Q4-2024 $652.965K ▼ $60.006M ▼ $60.702M ▲ $-695.886K ▼
Q3-2024 $721.542K $61.912M $56.842M $5.07M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-12.56B ▼ $-3.757B ▼ $-61.296M ▼ $3.294B ▲ $128.662M ▲ $-3.753B ▼
Q2-2025 $-4.6M ▼ $-2.197M ▼ $-2.88K ▲ $2.214M ▲ $14.043K ▲ $-2.203M ▼
Q1-2025 $-4.188M ▲ $-1.373M ▼ $-25.744K ▲ $937.92K ▼ $-460.429K ▼ $-1.398M ▼
Q4-2024 $-5.766M ▼ $-819.425K ▲ $-198.485K ▲ $949.333K ▼ $-68.577K ▲ $-1.018M ▲
Q3-2024 $-4.832M $-3.267M $-496.842K $1.356M $-2.407M $-3.763M

Five-Year Company Overview

Income Statement

Income Statement Borealis looks more like an early‑stage food tech company than a mature packaged foods business. Revenue remains very small, and the company has consistently reported operating losses and negative net income. Margins are weak, with limited gross profit so far, which suggests the business has not yet reached scale or fully optimized its cost structure. Earnings per share have been negative and somewhat volatile year to year, underscoring that profitability is still a work in progress rather than an immediate reality.

Balance Sheet

Balance Sheet The balance sheet is thin, with a small asset base, low cash, and only a modest level of equity. Debt is present and meaningful relative to equity, which points to a leveraged capital structure and limited cushion if performance disappoints. Equity has fluctuated and at times has been very slim, suggesting the company relies on external financing and is still building a stronger capital foundation. Overall, financial flexibility appears constrained, so access to capital and careful balance sheet management are important risk areas.

Cash Flow

Cash Flow Cash generation is not yet established. Operating cash flow has generally been negative, indicating the core business is consuming cash rather than producing it. Free cash flow has also been negative most years, although capital spending has been relatively modest after an initial build‑out phase. This profile is consistent with a company still investing to grow and achieve scale, but it also means ongoing dependence on outside funding or balance sheet resources until operations turn sustainably cash‑positive.

Competitive Edge

Competitive Edge Borealis is trying to carve out a differentiated niche within instant and packaged foods by focusing on affordable, high‑protein, plant‑based meals. Its proprietary high‑protein dough, strong nutritional profile, and broad dietary compatibility give it a distinct product story versus traditional ramen. Vertical integration through its U.S. manufacturing subsidiary and significant production capacity can be an advantage in cost control, quality, and responsiveness to demand. Partnerships with major retailers and a well‑known chef, plus a mission around food security, strengthen brand recognition. At the same time, the company operates in a highly competitive category dominated by large, well‑funded incumbents, so execution and brand building are critical.

Innovation and R&D

Innovation and R&D Innovation is a central pillar of the strategy. The core technology – a high‑protein, plant‑based dough platform – underpins multiple brands and formats, from premium ramen to school‑focused products. Borealis is using this platform to expand into new categories, including snacks and additional meal formats, which could broaden its addressable market. It has also secured trademarks and is building partnerships with major food companies to co‑produce established brands, potentially accelerating adoption of its technology. The pipeline includes institutional channels such as schools, universities, hospitals, and aid programs, which may provide more stable, mission‑aligned demand but require careful product and regulatory execution.

Summary

Overall, Borealis is an early‑stage, food‑technology‑driven packaged foods company with a compelling mission and distinctive product concept, but still very early in financial maturity. The business has yet to demonstrate sustained profitability or strong cash generation, and the balance sheet is relatively thin, which heightens financial risk. On the positive side, the company has a clear technological angle, a vertically integrated production base, and growing commercial partnerships that, if scaled successfully, could improve economics over time. Future outcomes will depend heavily on its ability to convert its innovation and capacity into broader market penetration, stronger margins, and more resilient finances, while managing competition and capital needs carefully.

NEWS

September 8, 2025 · 9:28 PM UTC

Borealis Foods Receives National Recognition and Reports Strong Q2 Results

Read more