Borealis Foods Financials
Borealis Foods (BRLS) reported $30.6M in revenue over the twelve months to Mar 31, 2026, up 15.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).
Improving gross economics have not offset a still loss-making cost structure and increasingly constrained balance-sheet liquidity.
From FY2023 to FY2025, gross margin moved from-4.4% to11.7% , but operating margin remained negative in FY2025. That gap shows improvement at the gross-profit layer was still overwhelmed by operating costs and financing charges before reaching earnings.
Operating cash-flow losses narrowed from
FY2025 liabilities of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Borealis Foods's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Borealis Foods, and counted as zero in the overall score.
Borealis Foods scores -4.26, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($22.8M) relative to total liabilities ($71.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Borealis Foods passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Borealis Foods reported a net loss of $19.0M while operations used $6.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Borealis Foods reported an operating loss of $11.0M against $6.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Borealis Foods generated $30.1M in revenue in fiscal year 2025. This represents an increase of 8.7% from the prior year.
Borealis Foods's EBITDA was -$9.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 49.1% from the prior year.
Borealis Foods reported -$19.0M in net income in fiscal year 2025. This represents an increase of 25.1% from the prior year.
Borealis Foods earned -$0.89 per diluted share (EPS) in fiscal year 2025. This represents an increase of 28.8% from the prior year.
Cash & Balance Sheet
Borealis Foods held $64K in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Borealis Foods's gross margin was 11.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.8 percentage points from the prior year.
Borealis Foods's operating margin was -36.7% in fiscal year 2025, reflecting core business profitability. This is up 37.1 percentage points from the prior year.
Borealis Foods's net profit margin was -63.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 28.4 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Borealis Foods invested $202K in research and development in fiscal year 2025. This represents an increase of 2.5% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
BRLS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.4M-17.6% | $8.9M+25.9% | $7.1M-1.2% | $7.2M+5.0% | $6.8M+1.3% | $6.8M-12.1% | $7.7M+44.4% | $5.3M |
| Cost of Revenue | $6.5M-17.2% | $7.9M+30.1% | $6.1M-9.1% | $6.7M+12.2% | $5.9M-8.7% | $6.5M+1.5% | $6.4M+30.8% | $4.9M |
| Gross Profit | $839K-20.6% | $1.1M+1.5% | $1.0M+102.1% | $515K-42.8% | $900K+258.0% | $251K-80.3% | $1.3M+201.5% | $422K |
| R&D Expenses | $50K+8.7% | $46K-11.5% | $52K0.0% | $52K0.0% | $52K-3.7% | $54K-3.6% | $56K+12.0% | $50K |
| SG&A Expenses | $2.9M-25.5% | $3.9M+31.3% | $3.0M-23.4% | $3.9M+1.4% | $3.8M-21.7% | $4.9M-0.4% | $4.9M-12.8% | $5.6M |
| Operating Income | -$2.1M+27.4% | -$2.8M-47.4% | -$1.9M+42.6% | -$3.4M-15.0% | -$2.9M+36.9% | -$4.6M-27.6% | -$3.6M+30.2% | -$5.2M |
| Interest Expense | $1.5M-11.8% | $1.6M-11.4% | $1.9M+51.1% | $1.2M-2.5% | $1.3M-2.8% | $1.3M+7.3% | $1.2M+9.9% | $1.1M |
| Income Tax | N/A | N/A | N/A | $14K | N/A | N/A | $832-94.1% | $14K |
| Net Income | -$3.5M+45.2% | -$6.4M-69.5% | -$3.8M+17.8% | -$4.6M-9.9% | -$4.2M+83.5% | -$25.3M-424.1% | -$4.8M+23.3% | -$6.3M |
| EPS (Diluted) | -$0.16+46.7% | -$0.30-66.7% | -$0.18-185.7% | $0.21+205.0% | -$0.20+84.0% | -$1.25-443.5% | -$0.23-179.3% | $0.29 |
BRLS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $50.9M-3.1% | $52.6M-6.6% | $56.3M-1.7% | $57.3M-1.9% | $58.4M-2.7% | $60.0M-3.1% | $61.9M-2.6% | $63.6M |
| Current Assets | $6.8M-15.3% | $8.1M-14.9% | $9.5M-4.6% | $9.9M-6.1% | $10.6M-10.4% | $11.8M-12.1% | $13.4M-11.3% | $15.1M |
| Cash & Equivalents | $500K+681.3% | $64K-50.3% | $129K-37.6% | $207K+7.3% | $193K-70.5% | $653K-9.5% | $722K-76.9% | $3.1M |
| Inventory | $3.5M-22.9% | $4.6M-23.6% | $6.0M-14.3% | $7.0M-9.7% | $7.8M-3.7% | $8.0M-8.0% | $8.8M+14.2% | $7.7M |
| Accounts Receivable | $1.7M-34.2% | $2.6M+2.9% | $2.6M+11.0% | $2.3M+30.4% | $1.8M-9.5% | $2.0M-32.4% | $2.9M+14.2% | $2.5M |
| Goodwill | N/A | N/A | $1.9M0.0% | $1.9M0.0% | $1.9M0.0% | $1.9M0.0% | $1.9M0.0% | $1.9M |
| Total Liabilities | $73.6M+2.6% | $71.8M+3.7% | $69.2M+4.2% | $66.4M+5.1% | $63.2M+4.2% | $60.7M+6.8% | $56.8M+5.9% | $53.7M |
| Current Liabilities | $71.8M+2.9% | $69.8M+8.9% | $64.1M+62.6% | $39.4M+9.9% | $35.9M+41.2% | $25.4M-16.1% | $30.3M+5.7% | $28.7M |
| Total Equity | -$22.7M-18.1% | -$19.2M-48.5% | -$12.9M-41.2% | -$9.2M-90.1% | -$4.8M-593.4% | -$696K-113.7% | $5.1M-48.8% | $9.9M |
| Retained Earnings | -$113.3M-3.2% | -$109.8M-6.2% | -$103.4M-3.8% | -$99.6M-4.8% | -$95.0M-4.6% | -$90.8M-6.8% | -$85.0M-6.0% | -$80.2M |
Not reported in any period shown, so not listed: Long-Term Debt.
BRLS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$123K+95.7% | -$2.8M-1389.6% | -$191K+91.3% | -$2.2M-60.1% | -$1.4M-67.5% | -$819K+74.9% | -$3.3M+22.8% | -$4.2M |
| Capital Expenditures | N/A | N/A | N/A | N/A | $16K-87.7% | $132K-70.9% | $454K-11.7% | $514K |
| Free Cash Flow | N/A | N/A | N/A | N/A | -$1.4M-45.9% | -$952K+74.4% | -$3.7M+21.6% | -$4.7M |
| Investing Cash Flow | N/A | -$4K+86.5% | -$33K-1035.5% | -$3K+88.8% | -$26K+87.0% | -$198K+60.1% | -$497K+31.4% | -$724K |
| Financing Cash Flow | $539K-80.6% | $2.8M+1808.6% | $146K-93.4% | $2.2M+136.0% | $938K-1.2% | $949K-30.0% | $1.4M+1195.1% | -$124K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
BRLS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 11.4%-0.4pp | 11.8%-2.8pp | 14.6%+7.5pp | 7.2%-6.0pp | 13.1%+9.4pp | 3.7%-12.8pp | 16.6%+8.6pp | 7.9% |
| Operating Margin | -28.0%+3.8pp | -31.7%-4.6pp | -27.1%+19.6pp | -46.7%-4.1pp | -42.6%+25.8pp | -68.4%-21.3pp | -47.1%+50.4pp | -97.5% |
| Net Margin | -47.7%+24.0pp | -71.7%-18.5pp | -53.2%+10.8pp | -64.0%-2.8pp | -61.2% | -374.7% | -62.8% | -118.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | -95.3%-31.7pp | -63.6% |
| Return on Assets | -6.9%+5.3pp | -12.2%-5.5pp | -6.7%+1.3pp | -8.0%-0.9pp | -7.2%+35.0pp | -42.2%-34.4pp | -7.8%+2.1pp | -9.9% |
| Current Ratio | 0.100.0x | 0.120.0x | 0.15-0.1x | 0.250.0x | 0.29-0.2x | 0.460.0x | 0.44-0.1x | 0.53 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | 11.21+5.8x | 5.42 |
| FCF Margin | N/A | N/A | N/A | N/A | -20.3%-6.2pp | -14.1%+34.3pp | -48.4%+40.8pp | -89.2% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Note: Shareholder equity is negative (-$19.2M), 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 (0.12), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Borealis Foods Ranks
Frequently Asked Questions
What is Borealis Foods's annual revenue?
Borealis Foods (BRLS) reported $30.1M in total revenue for fiscal year 2025. This represents a 8.7% 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 grew by 8.7% year-over-year, from $27.7M to $30.1M in fiscal year 2025.
Is Borealis Foods profitable?
No, Borealis Foods (BRLS) reported a net income of -$19.0M in fiscal year 2025, with a net profit margin of -63.1%.
What is Borealis Foods's EBITDA?
Borealis Foods (BRLS) had EBITDA of -$9.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Borealis Foods's gross margin?
Borealis Foods (BRLS) had a gross margin of 11.7% in fiscal year 2025, 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 -36.7% in fiscal year 2025, 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 -63.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Borealis Foods's operating cash flow?
Borealis Foods (BRLS) recorded an outflow of $6.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Borealis Foods's total assets?
Borealis Foods (BRLS) had $52.6M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Borealis Foods spend on research and development?
Borealis Foods (BRLS) invested $202K in research and development during fiscal year 2025.
What is Borealis Foods's current ratio?
Borealis Foods (BRLS) had a current ratio of 0.12 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Borealis Foods's return on assets (ROA)?
Borealis Foods (BRLS) had a return on assets of -36.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Borealis Foods's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Borealis Foods (BRLS) held $64K in cash, cash equivalents and investments, and reported an operating cash outflow of $6.6M over that year. Dividing the one by the other, the reported balance equals about 0 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Borealis Foods's debt-to-equity ratio negative or not reported?
Borealis Foods (BRLS) has negative shareholder equity of -$19.2M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Altman Z-Score?
Borealis Foods (BRLS) has an Altman Z-Score of -4.26, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Borealis Foods's Piotroski F-Score?
Borealis Foods (BRLS) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $19.0M while operations used $6.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $11.0M against $6.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 22 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.