Here are the 10-K annual reports from Borealis Foods Inc. (BRLS) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow BRLS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BRLS filings page.
Borealis Foods Inc. filed Amendment No. 2 to its 2025 annual report, setting out the complete financial statements and exhibit information. For 2025, net revenue was $30,079,571 versus $27,668,894 in 2024; net loss was $18,978,618 versus $25,327,198. Net cash used in operations was $6,598,823, compared with $15,089,543.
At December 31, 2025, cash was $63,859 and negative working capital was approximately $61,762,000. Borealis reported that these conditions raise substantial doubt about its ability to continue as a going concern, and that management’s mitigation plans could not be assessed as probable of being effectively implemented.
After year-end, Borealis repaid the FrontWell facility using an Oxus Capital term loan of up to $17,000,000, bearing interest at 12% per annum and maturing April 27, 2031. The related subscription agreement states that Borealis was obligated to raise not less than $70,000,000 in equity at no less than $9.00 per share by June 30, 2026, from investors acceptable to Oxus Capital.
Borealis Foods Inc. filed Amendment No. 1 to its annual report for the year ended December 31, 2025. The change is narrowly focused on responding to a July 15, 2026 SEC Division of Corporation Finance comment letter and updating the independent auditors’ reports. The underlying 2025 and 2024 financial statements, notes, and other disclosures remain unchanged.
The 2025 audit report by Carr, Riggs & Ingram, L.L.C. now explicitly identifies Borealis Foods Inc. and Subsidiaries and includes an emphasis paragraph stating that a substantial amount of debt coming due within the next 12 months and a negative cash flow position raise substantial doubt about the company’s ability to continue as a going concern. The 2024 report by Berkowitz Pollack Brant similarly includes a going‑concern paragraph and a critical audit matter on the February 7, 2024 reverse recapitalization with Oxus Acquisition Corp. As context, the aggregate market value of Common Shares held by non‑affiliates was about $37.9 million based on a $5.91 share price on April 15, 2025, and 21,463,306 Common Shares were outstanding as of the amendment date.
Borealis Foods Inc. reports in its Annual Report that it has minimal cash, heavy debt and substantial doubt about its ability to continue as a going concern. As of December 31, 2025, it held about $0.06 million in cash and had a working capital deficit of roughly $61.76 million, with an accumulated deficit of about $109.8 million.
The company’s senior secured term loan of up to $17.0 million is held by related party Oxus Capital and carries 12% interest, creating potential conflicts of interest and tight covenants. About $33.3 million of shareholder debt will automatically convert into common shares on or after July 1, 2026 if Borealis does not complete equity financings totaling $70 million at $9.00 per share, which could heavily dilute existing holders.
Borealis highlights macro and geopolitical pressures, including the 2026 Iran war and closure of the Strait of Hormuz, which have driven up energy, packaging and ingredient costs. It also notes noncompliance with certain Nasdaq listing requirements, intense competition in the instant noodle and plant-based categories, and significant execution risks around scaling its plant-based, high-protein ramen platform.