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BRLSW

Borealis Foods Inc.

BRLSW

Borealis Foods Inc. • NASDAQ
$0.06 ▲ 14.75% (+0.01)
Market Cap $1.37 M
52w High $0.07
52w Low $0.06
Dividend Yield 0%
P/E 0
Volume 15.95K
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 is still in a very early revenue stage. Sales are tiny and have not yet shown a clear growth ramp. The company has been consistently unprofitable, with operating and net losses every year shown. Margins are negative, meaning the current scale of the business does not yet cover its costs. Losses have moved around rather than following a smooth improvement path, which is common for young, scaling companies but underscores that the economic model is not yet proven at commercial scale.

Balance Sheet

Balance Sheet The balance sheet is very light, with a small asset base and limited cash historically. Debt is present and has fluctuated, while reported equity has moved up and down and in some years is very thin. This suggests a company still reliant on external funding and balance-sheet support, with limited cushion if operations remain loss-making. Overall, financial flexibility looks modest, making access to capital and careful cost control important factors to watch.

Cash Flow

Cash Flow Cash generation is not yet in place. Operating cash flow has been negative in most years, meaning the core business consumes rather than produces cash. Free cash flow is also negative, even though spending on long‑term assets has not been large recently. In practical terms, the business has been burning cash and likely depends on financing or new capital to fund operations and growth until it reaches sufficient scale and healthier margins.

Competitive Edge

Competitive Edge Strategically, Borealis is trying to build a niche in affordable, high‑protein, plant‑based ramen and related products, which sets it apart from both traditional instant noodles and more premium health foods. Its focus on serving budget‑constrained consumers, schools, and prisons gives it access to markets that are stable but often ignored by typical "better-for-you" brands. Large‑scale manufacturing capacity and relationships with major retailers and institutional buyers are important strengths. At the same time, the broader packaged food space is very competitive, established brands are powerful, and dependence on a few large customers and contracts is a key business risk.

Innovation and R&D

Innovation and R&D The company’s main innovation is its high‑protein, plant‑based dough technology, designed to deliver much better nutrition than standard ramen while staying affordable. This sits at the core of its Chef Woo and Ramen Express brands and is supported by a long list of dietary and ethical certifications. The technology appears scalable and adaptable to other formats like snacks, pizza dough, and pasta, which could open new product lines over time. The moat here depends on continued product differentiation, taste, cost efficiency, and maintaining retailer and institutional interest as competitors respond.

Summary

Borealis Foods is an early‑stage, mission‑driven food company with a distinctive focus on affordable, nutritious ramen and institutional channels. On the qualitative side, it has an interesting product concept, growing brand recognition, and a potentially scalable technology platform with room to expand into other carbohydrate-based foods. On the financial side, the business is still very small, consistently loss‑making, and reliant on outside capital, with a thin balance sheet and ongoing cash burn. The long‑term story depends on whether the company can turn its innovation, capacity, and contracts into sustained revenue growth, better margins, and more durable cash generation while navigating a highly competitive packaged food market.