NASDAQ : BRLS
Borealis Foods Inc. — Financial statements
Consumer Staples · Packaged Foods · Canada
Last price 1.14 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 24.47M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Borealis Foods Inc. (BRLS) reported revenue of 30.60M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 30.60M | 30.08M | 27.67M | 29.98M | 25.59M | 13.63M |
| Cost of Revenue | 25.40M | 24.73M | 23.16M | 27.35M | 33.66M | 13.85M |
| Gross Profit | 5.20M | 5.35M | 4.51M | 2.63M | -8.07M | -212.99K |
| Selling, General & Admin | 13.43M | 14.35M | 20.89M | 12.77M | 14.99M | 10.00M |
| Research & Development | 202.00K | 202.00K | 197.00K | 460.00K | ||
| Operating Expenses | 15.38M | 16.39M | 23.41M | 17.17M | 14.99M | 10.00M |
| Operating Income | -10.18M | -11.04M | -18.90M | -14.54M | -23.06M | -10.21M |
| Interest Expense | -6.18M | -5.99M | -5.06M | -7.28M | -3.22M | -264.72K |
| Currency Exchange Gain (Loss) | -6.04K | -15.94K | 3.55K | 72.89K | 1.95K | -3.73K |
| Other Non Operating Income (Expenses) | 300.23K | |||||
| EBT Excluding Unusual Items | -16.36M | -17.04M | -23.96M | -21.44M | -26.28M | -10.48M |
| Merger & Restructuring Charges | -1.51M | -5.41M | ||||
| Gain (Loss) on Sale of Assets | -962.66K | 50.00K | ||||
| Asset Writedown | -2.01M | -2.01M | ||||
| Other Unusual Items | 375.00K | |||||
| Pretax Income | -18.37M | -19.05M | -25.46M | -27.82M | -26.23M | -10.10M |
| Income Tax Expense | -66.71K | -66.71K | -134.90K | -336.03K | 55.59K | 19.54K |
| Net Income | -18.30M | -18.98M | -25.33M | -27.48M | -26.28M | -10.12M |
| Net Income to Common | -18.30M | -18.98M | -25.33M | -27.48M | -26.28M | -10.12M |
| Shares Outstanding (Basic) | 21.44M | 21.43M | 20.31M | 10.75M | 162.35M | |
| Shares Outstanding (Diluted) | 21.44M | 21.43M | 20.31M | 10.75M | 162.35M | |
| EPS (Basic) | -0.85 | -0.89 | -1.25 | -2.56 | -0.16 | |
| EPS (Diluted) | -0.85 | -0.89 | -1.25 | -2.56 | -0.16 | |
| Free Cash Flow | -5.33M | -6.60M | -16.74M | -22.47M | -27.43M | -27.99M |
| Free Cash Flow Per Share | -0.25 | -0.31 | -0.82 | -2.09 | -0.17 | |
| Gross Margin | 16.98% | 17.79% | 16.31% | 8.78% | -31.53% | -1.56% |
| Operating Margin | -33.27% | -36.69% | -68.30% | -48.48% | -90.12% | -74.88% |
| Profit Margin | -59.81% | -63.09% | -91.54% | -91.64% | -102.70% | -74.24% |
| Free Cash Flow Margin | -17.43% | -21.94% | -60.50% | -74.94% | -107.20% | -205.33% |
| EBITDA | -8.43M | -9.19M | -16.58M | -10.60M | -19.61M | -8.11M |
| EBITDA Margin | -27.56% | -30.57% | -59.91% | -35.35% | -76.63% | -59.49% |
| D&A For EBITDA | 1.75M | 1.84M | 2.32M | 3.94M | 3.45M | 2.10M |
| EBIT | -10.18M | -11.04M | -18.90M | -14.54M | -23.06M | -10.21M |
| EBIT Margin | -33.27% | -36.69% | -68.30% | -48.48% | -90.12% | -74.88% |
| Revenue as Reported | 30.60M | 30.08M | 27.67M | 29.98M | ||
| Advertising Expenses | 2.35M | 5.73M | 2.24M | 127.00K | 115.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 479.86K | 63.86K | 652.97K | 7.62M | 5.15M | 2.91M |
| Cash & Short-Term Investments | 479.86K | 63.86K | 652.97K | 7.62M | 5.15M | 2.91M |
| Accounts Receivable | 1.74M | 2.65M | 1.97M | 1.78M | 2.59M | 1.13M |
| Other Receivables | 761.00K | 1.14M | 1.00M | |||
| Receivables | 1.74M | 3.41M | 3.10M | 1.78M | 2.59M | 2.13M |
| Inventory | 3.53M | 4.58M | 8.05M | 6.95M | 6.28M | 6.10M |
| Prepaid Expenses | 1.07M | -384.00 | -389.00 | 845.88K | 1.82M | 436.17K |
| Total Current Assets | 6.82M | 8.06M | 11.80M | 17.18M | 15.84M | 11.57M |
| Property, Plant & Equipment | 43.65M | 44.05M | 45.80M | 46.52M | 46.84M | 43.85M |
| Goodwill | 1.92M | 1.92M | 1.92M | 1.92M | ||
| Other Intangible Assets | 298.04K | 298.04K | 319.31K | |||
| Other Long-Term Assets | 169.69K | 169.69K | 169.69K | 169.69K | 171.03K | 46.50K |
| Total Assets | 50.95M | 52.57M | 60.01M | 65.79M | 64.77M | 57.38M |
| Accounts Payable | 17.36M | 16.05M | 11.53M | 10.89M | 8.71M | 7.25M |
| Short-Term Debt | 7.83M | |||||
| Current Portion of Long-Term Debt | 53.78M | 53.09M | 13.28M | 47.98M | 25.43M | 3.19M |
| Current Portion of Leases | 706.25K | 682.46K | 593.96K | 609.15K | 552.38K | |
| Other Current Liabilities | 8.33M | 6.95M | ||||
| Total Current Liabilities | 71.85M | 69.82M | 25.41M | 67.30M | 43.02M | 17.38M |
| Long-Term Debt | 32.68M | 16.51M | 13.00M | 10.00M | ||
| Long-Term Leases | 423.28K | 607.99K | 1.16M | 1.75M | 2.19M | |
| Long-Term Deferred Tax Liabilities | 1.38M | 1.38M | 1.46M | 1.57M | 1.92M | 1.92M |
| Total Liabilities | 73.65M | 71.80M | 60.70M | 87.13M | 60.13M | 29.30M |
| Additional Paid-In Capital | 90.58M | 90.54M | 90.10M | 44.12M | 42.63M | 39.79M |
| Retained Earnings | -113.28M | -109.77M | -90.79M | -65.47M | -37.99M | -11.70M |
| Shareholders' Equity | -22.70M | -19.23M | -695.89K | -21.35M | 4.64M | 28.08M |
| Total Liabilities & Equity | 50.95M | 52.57M | 60.01M | 65.79M | 64.77M | 57.38M |
| Total Debt | 54.91M | 54.38M | 47.71M | 74.68M | 41.18M | 13.19M |
| Net Cash (Debt) | -54.43M | -54.31M | -47.06M | -67.06M | -36.03M | -10.28M |
| Net Cash Per Share | -2.54 | -2.53 | -2.32 | -6.24 | -0.22 | |
| Filing Date Shares Outstanding | 21.46M | 21.46M | 21.38M | 163.46M | 162.35M | |
| Total Common Shares Outstanding | 21.46M | 21.46M | 21.38M | 163.46M | 162.35M | |
| Working Capital | -65.02M | -61.76M | -13.61M | -50.12M | -27.18M | -5.81M |
| Book Value Per Share | -1.06 | -0.90 | -0.03 | -0.13 | 0.03 | |
| Tangible Book Value | -23.00M | -19.53M | -2.93M | -23.26M | 2.72M | 26.17M |
| Tangible Book Value Per Share | -1.07 | -0.91 | -0.14 | -0.14 | 0.02 | |
| Buildings | 10.11M | 10.11M | 10.11M | 10.11M | 10.11M | 10.28M |
| Machinery | 48.63M | 48.63M | 48.52M | 42.59M | 40.94M | 15.91M |
| Construction In Progress | 760.39K | 760.39K | 879.22K | 5.08M | 3.52M | 21.92M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -18.30M | -18.98M | -25.33M | -27.48M | -26.28M | -10.12M |
| Depreciation & Amortization | 1.75M | 1.84M | 2.32M | 3.94M | 3.45M | 2.10M |
| Other Amortization | 422.26K | 498.73K | 310.96K | 121.50K | ||
| Loss (Gain) From Sale of Assets | 962.66K | -50.00K | ||||
| Asset Writedown & Restructuring Costs | 2.01M | 2.01M | ||||
| Stock-Based Compensation | 425.88K | 443.92K | 1.27M | 492.30K | 514.49K | |
| Provision & Write-off of Bad Debts | 63.00K | -17.65K | 23.22K | 111.05K | 113.38K | 313.38K |
| Other Operating Activities | -701.02K | -797.23K | 597.14K | 637.51K | -607.33K | 120.41K |
| Change in Accounts Receivable | -26.47K | -664.83K | -213.21K | 705.95K | -1.57M | -765.91K |
| Change in Inventory | 4.84M | 4.18M | -1.80M | -649.00K | 421.34K | -3.45M |
| Change in Accounts Payable | 4.32M | 4.52M | 8.02M | 2.18M | 1.46M | 5.47M |
| Change in Other Net Operating Assets | -138.46K | 370.84K | -291.87K | 978.80K | -1.51M | -449.00K |
| Operating Cash Flow | -5.35M | -6.60M | -15.09M | -18.01M | -24.05M | -6.78M |
| Capital Expenditures | 16.23K | -1.65M | -4.47M | -3.38M | -21.21M | |
| Sale of Property, Plant & Equipment | 3.08K | 3.08K | 50.00K | |||
| Sale (Purchase) of Intangibles | -59.30K | -68.82K | -319.31K | |||
| Other Investing Activities | 63.58K | |||||
| Investing Cash Flow | -39.99K | -65.74K | -1.91M | -4.47M | -3.33M | -21.21M |
| Long-Term Debt Issued | 8.41M | 10.60M | 42.00M | 25.43M | 11.30M | |
| Long-Term Debt Repaid | -14.20M | -565.99K | -15.63M | -509.45K | -688.96K | |
| Net Debt Issued (Repaid) | -6.53M | -5.79M | 10.03M | 26.37M | 24.92M | 10.61M |
| Issuance of Common Stock | 1.00M | 18.65M | ||||
| Other Financing Activities | 12.21M | 11.87M | -1.43M | 3.70M | -1.74M | |
| Financing Cash Flow | 5.68M | 6.08M | 10.03M | 24.94M | 29.62M | 27.52M |
| Net Cash Flow | 287.32K | -589.11K | -6.96M | 2.47M | 2.24M | -467.65K |
| Free Cash Flow | -5.33M | -6.60M | -16.74M | -22.47M | -27.43M | -27.99M |
| Free Cash Flow Margin | -17.43% | -21.94% | -60.50% | -74.94% | -107.20% | -205.33% |
| Free Cash Flow Per Share | -0.25 | -0.31 | -0.82 | -2.09 | -0.17 | |
| Levered Free Cash Flow | 678.83K | -251.32K | -13.98M | -18.57M | -15.02M | |
| Unlevered Free Cash Flow | 4.12M | 2.99M | -11.12M | -14.14M | -13.01M | |
| Cash Interest Paid | 1.60M | 1.04M | 2.64M | 2.91M | 3.10M | 311.84K |
| Cash Income Tax Paid | 13.99K | 13.99K | 14.95K | 15.09K | ||
| Change in Working Capital | 8.99M | 8.40M | 5.71M | 3.21M | -1.19M | 805.33K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 25.00M | 42.93M | 127.48M | 74.22M | 225.84M | 216.00M |
| Enterprise Value | 79.43M | 96.55M | 173.44M | 132.64M | ||
| Last Close Price | 1.14 | 2.00 | 5.96 | 11.31 | 10.33 | 9.88 |
| PS Ratio | 0.80 | 1.43 | 4.61 | 2.48 | 8.82 | 15.84 |
| PB Ratio | -2.23 | -183.20 | -3.48 | 48.68 | 7.69 | |
| P/TBV Ratio | 82.96 | 8.26 | ||||
| EV/Sales Ratio | 2.58 | 3.21 | 6.27 | 4.42 | ||
| Debt / Equity Ratio | -2.42 | -2.83 | -68.56 | -3.50 | 8.88 | 0.47 |
| Net Debt / Equity Ratio | -2.40 | -2.82 | -67.62 | -3.14 | 7.77 | 0.37 |
| Net Debt / EBITDA Ratio | -6.45 | -5.91 | -2.84 | -6.33 | -1.84 | -1.27 |
| Net Debt / FCF Ratio | -10.21 | -8.23 | -2.81 | -2.98 | -1.31 | -0.37 |
| Asset Turnover | 0.56 | 0.53 | 0.44 | 0.46 | 0.42 | |
| Inventory Turnover | 4.50 | 3.92 | 3.09 | 4.13 | 5.44 | |
| Quick Ratio | 0.03 | 0.05 | 0.15 | 0.14 | 0.18 | 0.29 |
| Current Ratio | 0.10 | 0.12 | 0.46 | 0.26 | 0.37 | 0.67 |
| Return on Equity (ROE) | -160.63% | |||||
| Return on Assets (ROA) | -11.64% | -12.25% | -18.78% | -13.92% | -23.60% | |
| Return on Capital Employed (ROCE) | 48.70% | 64.00% | -54.60% | 957.90% | -106.00% | -25.50% |
| Earnings Yield | -73.28% | -44.21% | -19.87% | -37.03% | -11.64% | -4.69% |
| FCF Yield | -21.70% | -15.37% | -13.13% | -30.28% | -12.15% | -12.96% |
| Buyback Yield / Dilution | -0.26% | -5.51% | -88.93% | 93.38% |