Borealis Foods Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Borealis Foods has an operating margin of -73.8%, meaning the company retains $-74 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -66.5% the prior year.
Borealis Foods's revenue declined 7.7% year-over-year, from $30.0M to $27.7M. This contraction results in a growth score of 7/100.
Borealis Foods's current ratio of 0.46 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.
While Borealis Foods generated -$15.1M in operating cash flow, capex of $1.7M consumed most of it, leaving -$16.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Borealis Foods passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Borealis Foods generates $0.60 in operating cash flow (-$15.1M OCF vs -$25.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Borealis Foods earns $-4.0 in operating income for every $1 of interest expense (-$20.4M vs $5.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Borealis Foods (BRLS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Borealis Foods generated $27.7M in revenue in fiscal year 2024. This represents a decrease of 7.7% from the prior year.
Borealis Foods's EBITDA was -$18.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 12.9% from the prior year.
Borealis Foods generated -$16.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 25.5% from the prior year.
Borealis Foods reported -$25.3M in net income in fiscal year 2024. This represents an increase of 7.8% from the prior year.
Borealis Foods earned $-1.25 per diluted share (EPS) in fiscal year 2024. This represents an increase of 51.2% from the prior year.
Borealis Foods held $653K in cash against $0 in long-term debt as of fiscal year 2024.
Borealis Foods had 21M shares outstanding in fiscal year 2024.
Borealis Foods's gross margin was 7.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 12.3 percentage points from the prior year.
Borealis Foods's operating margin was -73.8% in fiscal year 2024, reflecting core business profitability. This is down 7.2 percentage points from the prior year.
Borealis Foods's net profit margin was -91.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 0.1 percentage points from the prior year.
Borealis Foods invested $197K in research and development in fiscal year 2024. This represents a decrease of 57.2% from the prior year.
Borealis Foods invested $1.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 63.0% from the prior year.
BRLS Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.1M-1.2% | $7.2M+5.0% | $6.8M+1.3% | $6.8M-12.1% | $7.7M+44.4% | $5.3M-32.6% | $7.9M+5.9% | $7.5M |
| Cost of Revenue | $6.1M-9.1% | $6.7M+12.2% | $5.9M-8.7% | $6.5M+1.5% | $6.4M+30.8% | $4.9M-35.9% | $7.7M+10.9% | $6.9M |
| Gross Profit | $1.0M+102.1% | $515K-42.8% | $900K+258.0% | $251K-80.3% | $1.3M+201.5% | $422K+74.1% | $243K-56.4% | $557K |
| R&D Expenses | $52K0.0% | $52K0.0% | $52K-3.7% | $54K-3.6% | $56K+12.0% | $50K+35.1% | $37K-83.4% | $223K |
| SG&A Expenses | $3.0M-23.4% | $3.9M+1.4% | $3.8M-21.7% | $4.9M-0.4% | $4.9M-12.8% | $5.6M-22.2% | $7.2M+42.3% | $5.1M |
| Operating Income | -$1.9M+42.6% | -$3.4M-15.0% | -$2.9M+36.9% | -$4.6M-27.6% | -$3.6M+30.2% | -$5.2M+25.6% | -$7.0M-54.5% | -$4.5M |
| Interest Expense | $1.9M+51.1% | $1.2M-2.5% | $1.3M-2.8% | $1.3M+7.3% | $1.2M+9.9% | $1.1M-24.7% | $1.5M-16.2% | $1.7M |
| Income Tax | N/A | $14K | N/A | N/A | $832-94.1% | $14K | N/A | -$351K |
| Net Income | -$3.8M+17.8% | -$4.6M-9.9% | -$4.2M+83.5% | -$25.3M-424.1% | -$4.8M+23.3% | -$6.3M+25.3% | -$8.4M+69.3% | -$27.5M |
| EPS (Diluted) | $-0.18-185.7% | $0.21+205.0% | $-0.20+84.0% | $-1.25-443.5% | $-0.23-179.3% | $0.29+159.2% | $-0.49+80.9% | $-2.56 |
BRLS Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $56.3M-1.7% | $57.3M-1.9% | $58.4M-2.7% | $60.0M-3.1% | $61.9M-2.6% | $63.6M-9.6% | $70.3M+6.9% | $65.8M |
| Current Assets | $9.5M-4.6% | $9.9M-6.1% | $10.6M-10.4% | $11.8M-12.1% | $13.4M-11.3% | $15.1M-31.7% | $22.2M+29.1% | $17.2M |
| Cash & Equivalents | $129K-37.6% | $207K+7.3% | $193K-70.5% | $653K-9.5% | $722K-76.9% | $3.1M-61.9% | $8.2M+7.8% | $7.6M |
| Inventory | $6.0M-14.3% | $7.0M-9.7% | $7.8M-3.7% | $8.0M-8.0% | $8.8M+14.2% | $7.7M+12.6% | $6.8M-2.0% | $6.9M |
| Accounts Receivable | $2.6M+11.0% | $2.3M+30.4% | $1.8M-9.5% | $2.0M-32.4% | $2.9M+14.2% | $2.5M-46.6% | $4.8M+168.6% | $1.8M |
| Goodwill | $1.9M0.0% | $1.9M0.0% | $1.9M0.0% | $1.9M0.0% | $1.9M0.0% | $1.9M0.0% | $1.9M0.0% | $1.9M |
| Total Liabilities | $69.2M+4.2% | $66.4M+5.1% | $63.2M+4.2% | $60.7M+6.8% | $56.8M+5.9% | $53.7M-0.8% | $54.1M-37.9% | $87.1M |
| Current Liabilities | $64.1M+62.6% | $39.4M+9.9% | $35.9M+41.2% | $25.4M-16.1% | $30.3M+5.7% | $28.7M-0.5% | $28.8M-57.2% | $67.3M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$12.9M-41.2% | -$9.2M-90.1% | -$4.8M-593.4% | -$696K-113.7% | $5.1M-48.8% | $9.9M-38.9% | $16.2M+175.9% | -$21.3M |
| Retained Earnings | -$103.4M-3.8% | -$99.6M-4.8% | -$95.0M-4.6% | -$90.8M-6.8% | -$85.0M-6.0% | -$80.2M-8.5% | -$73.9M-12.9% | -$65.5M |
BRLS Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$191K+91.3% | -$2.2M-60.1% | -$1.4M-67.5% | -$819K+74.9% | -$3.3M+22.8% | -$4.2M+37.5% | -$6.8M-247.2% | -$1.9M |
| Capital Expenditures | N/A | N/A | $16K-87.7% | $132K-70.9% | $454K-11.7% | $514K-6.7% | $551K-42.0% | $950K |
| Free Cash Flow | N/A | N/A | -$1.4M-45.9% | -$952K+74.4% | -$3.7M+21.6% | -$4.7M+35.1% | -$7.3M-152.5% | -$2.9M |
| Investing Cash Flow | -$33K-1035.5% | -$3K+88.8% | -$26K+87.0% | -$198K+60.1% | -$497K+31.4% | -$724K-48.6% | -$487K+48.7% | -$950K |
| Financing Cash Flow | $146K-93.4% | $2.2M+136.0% | $938K-1.2% | $949K-30.0% | $1.4M+1195.1% | -$124K-101.6% | $7.9M+408.4% | $1.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BRLS Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.6%+7.5pp | 7.2%-6.0pp | 13.1%+9.4pp | 3.7%-12.8pp | 16.6%+8.6pp | 7.9%+4.9pp | 3.1%-4.4pp | 7.5% |
| Operating Margin | -27.1%+19.6pp | -46.7%-4.1pp | -42.6%+25.8pp | -68.4%-21.3pp | -47.1%+50.4pp | -97.5%-9.1pp | -88.3%-27.8pp | -60.5% |
| Net Margin | -53.2%+10.8pp | -64.0%-2.8pp | -61.2%+313.5pp | -374.7%-311.8pp | -62.8%+55.4pp | -118.3%-11.5pp | -106.8%+261.7pp | -368.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -6.7%+1.3pp | -8.0%-0.9pp | -7.2%+35.0pp | -42.2%-34.4pp | -7.8%+2.1pp | -9.9%+2.1pp | -12.0%+29.8pp | -41.8% |
| Current Ratio | 0.15-0.1 | 0.25-0.0 | 0.29-0.2 | 0.46+0.0 | 0.44-0.1 | 0.53-0.2 | 0.77+0.5 | 0.26 |
| Debt-to-Equity | -5.35+1.9 | -7.25+5.9 | -13.10+74.1 | -87.23-98.4 | 11.21+5.8 | 5.42+2.1 | 3.34+7.4 | -4.08 |
| FCF Margin | N/A | N/A | -20.3%-6.2pp | -14.1%+34.3pp | -48.4%+40.8pp | -89.2%+3.5pp | -92.7%-53.8pp | -38.9% |
Note: Shareholder equity is negative (-$696K), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.46), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Borealis Foods's annual revenue?
Borealis Foods (BRLS) reported $27.7M in total revenue for fiscal year 2024. This represents a -7.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Borealis Foods's revenue growing?
Borealis Foods (BRLS) revenue declined by 7.7% year-over-year, from $30.0M to $27.7M in fiscal year 2024.
Is Borealis Foods profitable?
No, Borealis Foods (BRLS) reported a net income of -$25.3M in fiscal year 2024, with a net profit margin of -91.5%.
What is Borealis Foods's earnings per share (EPS)?
Borealis Foods (BRLS) reported diluted earnings per share of $-1.25 for fiscal year 2024. This represents a 51.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Borealis Foods's EBITDA?
Borealis Foods (BRLS) had EBITDA of -$18.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Borealis Foods's gross margin?
Borealis Foods (BRLS) had a gross margin of 7.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Borealis Foods's operating margin?
Borealis Foods (BRLS) had an operating margin of -73.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Borealis Foods's net profit margin?
Borealis Foods (BRLS) had a net profit margin of -91.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Borealis Foods's free cash flow?
Borealis Foods (BRLS) generated -$16.7M in free cash flow during fiscal year 2024. This represents a 25.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Borealis Foods's operating cash flow?
Borealis Foods (BRLS) generated -$15.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Borealis Foods's total assets?
Borealis Foods (BRLS) had $60.0M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Borealis Foods's capital expenditures?
Borealis Foods (BRLS) invested $1.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Borealis Foods spend on research and development?
Borealis Foods (BRLS) invested $197K in research and development during fiscal year 2024.
How many shares does Borealis Foods have outstanding?
Borealis Foods (BRLS) had 21M shares outstanding as of fiscal year 2024.
What is Borealis Foods's current ratio?
Borealis Foods (BRLS) had a current ratio of 0.46 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Borealis Foods's debt-to-equity ratio?
Borealis Foods (BRLS) had a debt-to-equity ratio of -87.23 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Borealis Foods's return on assets (ROA)?
Borealis Foods (BRLS) had a return on assets of -42.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Borealis Foods's cash runway?
Based on fiscal year 2024 data, Borealis Foods (BRLS) had $653K in cash against an annual operating cash burn of $15.1M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Borealis Foods's debt-to-equity ratio negative or unusual?
Borealis Foods (BRLS) has negative shareholder equity of -$696K as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Borealis Foods's Piotroski F-Score?
Borealis Foods (BRLS) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Borealis Foods's earnings high quality?
Borealis Foods (BRLS) has an earnings quality ratio of 0.60x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Borealis Foods cover its interest payments?
Borealis Foods (BRLS) has an interest coverage ratio of -4.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Borealis Foods?
Borealis Foods (BRLS) scores 2 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.