Borealis Foods Inc. Warrant (BRLSW) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed Jun 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BRLSW SEC filings page.
Borealis Foods Inc. Warrant (BRLSW) 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 margins are being overwhelmed by operating costs, persistent cash outflows, and a compressed balance sheet.
Gross margin recovery moved from-4.4% in FY2023 to11.7% in FY2025. Despite that improvement, operating margin remained-36.7% , showing that better product-level economics have not yet absorbed the unabsorbed cost base.
Operating cash flow improved from
Liquidity compression is the more immediate balance-sheet constraint: the current ratio fell from 0.5x in FY2024 to 0.1x in FY2025, making near-term obligations much larger relative to near-term assets. At FY2025, liabilities exceeded assets, leaving negative equity 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 Inc. Warrant'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.
Borealis Foods Inc. Warrant held $64K in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $6.6M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Borealis Foods Inc. Warrant scores 1/100 among other emerging companies.
Not available for Borealis Foods Inc. Warrant, and counted as zero in the overall score.
Borealis Foods Inc. Warrant spent $202K on research and development in fiscal year 2025, which was 0.5% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Borealis Foods Inc. Warrant scores 6/100 among other emerging companies.
Borealis Foods Inc. Warrant reported revenue of $30.1M in fiscal year 2025, against $27.7M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Borealis Foods Inc. Warrant scores 44/100 among other emerging companies.
Borealis Foods Inc. Warrant's operations used $6.6M of cash in fiscal year 2025, against $15.1M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Borealis Foods Inc. Warrant scores 76/100 among other emerging companies.
Borealis Foods Inc. Warrant's cash, cash equivalents and investments came to $64K at the end of fiscal year 2025, against $71.8M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Borealis Foods Inc. Warrant scores 1/100 among other emerging companies.
Borealis Foods Inc. Warrant 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 Inc. Warrant 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 Inc. Warrant 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 Inc. Warrant generated $7.4M in revenue in Q1 2026. This represents an increase of 7.6% from the same quarter a year earlier. Against the prior quarter it is down 17.6%.
Borealis Foods Inc. Warrant's EBITDA was -$1.7M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.2% from the same quarter a year earlier.
Borealis Foods Inc. Warrant reported -$3.5M in net income in Q1 2026. This represents an increase of 16.1% from the same quarter a year earlier. Against the prior quarter it is up 45.2%.
Borealis Foods Inc. Warrant earned -$0.16 per diluted share (EPS) in Q1 2026. This represents an increase of 20.0% from the same quarter a year earlier. Against the prior quarter it is up 46.7%.
Cash & Balance Sheet
Borealis Foods Inc. Warrant held $500K in cash as of Q1 2026; long-term debt is not reported for that period.
Not reported for Q1 2026.
Not reported for Q1 2026.
Margins & Returns
Borealis Foods Inc. Warrant's gross margin was 11.4% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is down 1.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.4 percentage points.
Borealis Foods Inc. Warrant's operating margin was -28.0% in Q1 2026, reflecting core business profitability. This is up 14.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.8 percentage points.
Borealis Foods Inc. Warrant's net profit margin was -47.7% in Q1 2026, showing the share of revenue converted to profit. This is up 13.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 24.0 percentage points.
Not reported for Q1 2026.
Capital Allocation
Borealis Foods Inc. Warrant invested $50K in research and development in Q1 2026. This represents a decrease of 3.8% from the same quarter a year earlier. Against the prior quarter it is up 8.7%.
Not reported for Q1 2026.
Not reported for Q1 2026.
BRLSW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.4M+7.6% | $8.9M+32.3% | $7.1M-7.6% | $7.2M+35.0% | $6.8M-13.3% | $6.8M-9.4% | $7.7M-0.5% | $5.3M-17.4% |
| Cost of Revenue | $6.5M+9.8% | $7.9M+21.2% | $6.1M-5.5% | $6.7M+36.1% | $5.9M-22.3% | $6.5M-5.7% | $6.4M-21.8% | $4.9M-34.5% |
| Gross Profit | $839K-6.8% | $1.1M+320.2% | $1.0M-18.3% | $515K+21.9% | $900K+270.9% | $251K-54.8% | $1.3M+367.0% | $422K+140.6% |
| R&D Expenses | $50K-3.8% | $46K-14.8% | $52K-7.1% | $52K+4.0% | $52K+40.5% | $54K-75.8% | $56K+51.4% | $50K |
| SG&A Expenses | $2.9M-24.0% | $3.9M-20.1% | $3.0M-39.4% | $3.9M-31.0% | $3.8M-47.1% | $4.9M-3.9% | $4.9M+24.0% | $5.6M+3.7% |
| Operating Income | -$2.1M+29.3% | -$2.8M+38.6% | -$1.9M+46.8% | -$3.4M+35.3% | -$2.9M+58.2% | -$4.6M-2.4% | -$3.6M+18.1% | -$5.2M+19.5% |
| EBITDA | -$1.7M+31.2% | N/A | -$517K+70.6% | N/A | -$2.4M+59.3% | -$5.5M-58.6% | -$1.8M+48.6% | -$4.8M+12.6% |
| Interest Expense | $1.5M+15.1% | $1.6M+26.8% | $1.9M+53.6% | $1.2M+11.8% | $1.3M-13.7% | $1.3M-25.6% | $1.2M-44.3% | $1.1M-40.2% |
| Income Tax | N/A | N/A | N/A | $14K-0.9% | N/A | N/A | $832 | $14K-7.2% |
| Net Income | -$3.5M+16.1% | -$6.4M+74.7% | -$3.8M+21.8% | -$4.6M+27.0% | -$4.2M+50.3% | -$25.3M+7.8% | -$4.8M+26.6% | -$6.3M+24.1% |
| EPS (Basic) | -$0.16+20.0% | -$0.30+76.0% | -$0.18+21.7% | $0.21-27.6% | -$0.20+59.2% | -$1.25+51.2% | -$0.23+62.3% | $0.29+137.7% |
| EPS (Diluted) | -$0.16+20.0% | -$0.30+76.0% | -$0.18+21.7% | $0.21-27.6% | -$0.20+59.2% | -$1.25 | -$0.23 | $0.29+137.7% |
| Diluted Shares (Avg) | 21M+0.2% | N/A | 21M+0.4% | 21M+0.1% | 21M+25.2% | 20M | 21M | 21M+99.2% |
BRLSW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $50.9M-12.8% | $52.6M-12.4% | $56.3M-9.1% | $57.3M-9.9% | $58.4M-17.0% | $60.0M-8.8% | $61.9M+186.5% | $63.6M+200.9% |
| Current Assets | $6.8M-35.4% | $8.1M-31.7% | $9.5M-29.5% | $9.9M-34.4% | $10.6M-52.3% | $11.8M-31.3% | $13.4M+16094.4% | $15.1M+610873.7% |
| Cash & Equivalents | $500K+159.7% | $64K-90.2% | $129K-82.1% | $207K-93.4% | $193K-97.7% | $653K-91.4% | $722K-92.0% | $3.1M-75.4% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $3.5M-54.4% | $4.6M-43.0% | $6.0M-31.5% | $7.0M-8.6% | $7.8M+13.9% | $8.0M+15.9% | $8.8M | $7.7M |
| Accounts Receivable | $1.7M-2.1% | $2.6M+34.7% | $2.6M-11.5% | $2.3M-8.9% | $1.8M-62.7% | $2.0M+10.7% | $2.9M | $2.5M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | N/A | N/A | $1.9M0.0% | $1.9M0.0% | $1.9M0.0% | $1.9M0.0% | $1.9M | $1.9M |
| Total Liabilities | $73.6M+16.5% | $71.8M+18.3% | $69.2M+21.8% | $66.4M+23.8% | $63.2M+16.8% | $60.7M-30.3% | $56.8M+56.2% | $53.7M+76.4% |
| Current Liabilities | $71.8M+100.3% | $69.8M+174.8% | $64.1M+111.6% | $39.4M+37.6% | $35.9M+24.5% | $25.4M-62.3% | $30.3M+396.2% | $28.7M+508.5% |
| Non-Current Liabilities | $1.8M-93.4% | $2.0M-94.4% | $5.1M-80.7% | $27.0M+7.9% | $27.4M+8.0% | $35.3M+78.0% | $26.5M-12.4% | $25.0M-2.7% |
| Total Equity | -$22.7M-370.5% | -$19.2M-2663.5% | -$12.9M-355.4% | -$9.2M-192.6% | -$4.8M-129.8% | -$696K+96.7% | $5.1M+134.3% | $9.9M+206.4% |
| Retained Earnings | -$113.3M-19.3% | -$109.8M-20.9% | -$103.4M-21.6% | -$99.6M-24.2% | -$95.0M-28.5% | -$90.8M-38.7% | -$85.0M-1311.6% | -$80.2M-1603.5% |
Not reported in any period shown, so not listed: Long-Term Debt.
BRLSW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$123K+91.0% | -$2.8M-246.4% | -$191K+94.2% | -$2.2M+48.1% | -$1.4M+79.7% | -$819K+58.0% | -$3.3M+32.6% | -$4.2M+20.0% |
| Depreciation & Amortization | $386K-19.7% | $433K-6.5% | $1.4M-24.3% | N/A | $481K-51.6% | $463K-53.6% | $1.9M+86.7% | $395K-58.9% |
| Stock-Based Compensation | N/A | N/A | $0-100.0% | $0 | $58K-95.4% | N/A | $1.3M+1173.0% | $0-100.0% |
| Capital Expenditures | N/A | N/A | N/A | N/A | $16K-97.1% | $132K-86.1% | $454K-31.4% | $514K-73.4% |
| Free Cash Flow | N/A | N/A | N/A | N/A | -$1.4M+81.0% | -$952K+67.2% | -$3.7M+32.5% | -$4.7M+34.3% |
| Investing Cash Flow | N/A | -$4K+97.8% | -$33K+93.4% | -$3K+99.6% | -$26K+94.7% | -$198K+79.1% | -$497K+24.9% | -$724K+62.5% |
| Financing Cash Flow | $539K-42.5% | $2.8M+192.6% | $146K-89.3% | $2.2M+1887.5% | $938K-88.1% | $949K-38.5% | $1.4M-23.2% | -$124K-101.7% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
BRLSW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 11.4%-1.7pp | 11.8%+8.1pp | 14.6%-1.9pp | 7.2%-0.8pp | 13.1%+10.1pp | 3.7%-3.7pp | 16.6%+22.7pp | 7.9%+24.1pp |
| Operating Margin | -28.0%+14.6pp | -31.7%+36.6pp | -27.1%+20.0pp | -46.7%+50.8pp | -42.6%+45.7pp | -68.4%-7.8pp | -47.1%+10.2pp | -97.5% |
| Net Margin | -47.7%+13.5pp | -71.7% | -53.2%+9.6pp | -64.0% | -61.2% | -374.7% | -62.8%+22.4pp | -118.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | -95.3% | -63.6% |
| Return on Assets | -6.9%+0.3pp | -12.2%+30.0pp | -6.7%+1.1pp | -8.0%+1.9pp | -7.2%+4.8pp | -42.2%-0.4pp | -7.8%+22.7pp | -9.9%+29.4pp |
| Current Ratio | 0.10-0.2x | 0.12-0.3x | 0.15-0.3x | 0.25-0.3x | 0.29-0.5x | 0.46+0.2x | 0.44+0.4x | 0.53+0.5x |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | 11.21 | 5.42 |
| Asset Turnover | 0.140.0x | 0.17+0.1x | 0.130.0x | 0.130.0x | 0.120.0x | 0.110.0x | 0.12-0.2x | 0.08-0.2x |
| FCF Margin | N/A | N/A | N/A | N/A | -20.3%+72.4pp | -14.1%+24.8pp | -48.4%+22.9pp | -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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Borealis Foods Inc. Warrant BRLSW | FY2025 | $30.1M | -$19.0M | -63.1% | N/A | 21/100 |
| BranchOut Food Inc. BOF | FY2025 | $13.7M | -$6.1M | -44.6% | $63.3M | 20/100 |
| CIMG Inc. IMG | FY2025 | $10.3M | -$4.9M | -47.4% | $3.4M | 17/100 |
| Coffee Holding Co., Inc. JVA | FY2025 | $96.3M | $1.4M | 1.5% | $22.0M | 51/100 |
Where Borealis Foods Inc. Warrant Ranks
Frequently Asked Questions
What is Borealis Foods Inc. Warrant's annual revenue?
Borealis Foods Inc. Warrant (BRLSW) 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 Inc. Warrant's revenue growing?
Borealis Foods Inc. Warrant (BRLSW) revenue grew by 8.7% year-over-year, from $27.7M to $30.1M in fiscal year 2025.
Is Borealis Foods Inc. Warrant profitable?
No, Borealis Foods Inc. Warrant (BRLSW) reported a net income of -$19.0M in fiscal year 2025, with a net profit margin of -63.1%.
What is Borealis Foods Inc. Warrant's EBITDA?
Borealis Foods Inc. Warrant (BRLSW) had EBITDA of -$9.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Borealis Foods Inc. Warrant's gross margin?
Borealis Foods Inc. Warrant (BRLSW) 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 Inc. Warrant's operating margin?
Borealis Foods Inc. Warrant (BRLSW) 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 Inc. Warrant's net profit margin?
Borealis Foods Inc. Warrant (BRLSW) 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 Inc. Warrant's operating cash flow?
Borealis Foods Inc. Warrant (BRLSW) 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 Inc. Warrant's total assets?
Borealis Foods Inc. Warrant (BRLSW) had $52.6M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Borealis Foods Inc. Warrant spend on research and development?
Borealis Foods Inc. Warrant (BRLSW) invested $202K in research and development during fiscal year 2025.
What is Borealis Foods Inc. Warrant's current ratio?
Borealis Foods Inc. Warrant (BRLSW) 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 Inc. Warrant's return on assets (ROA)?
Borealis Foods Inc. Warrant (BRLSW) 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 Inc. Warrant's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Borealis Foods Inc. Warrant (BRLSW) 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 Inc. Warrant's debt-to-equity ratio negative or not reported?
Borealis Foods Inc. Warrant (BRLSW) 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 Inc. Warrant's Piotroski F-Score?
Borealis Foods Inc. Warrant (BRLSW) 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 Inc. Warrant's earnings high quality?
Borealis Foods Inc. Warrant (BRLSW) 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 Inc. Warrant cover its interest payments?
Borealis Foods Inc. Warrant (BRLSW) 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 Inc. Warrant?
Borealis Foods Inc. Warrant (BRLSW) scores 21 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.