Here are the 10-Q quarterly reports from Borealis Foods Inc. Warrant (BRLSW) 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-Q covers the quarterly report filed between annual reports, so if you follow BRLSW 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 BRLSW filings page.
Borealis Foods Inc. reported Q1 2026 net revenue of $7.37 million, up 8% from $6.85 million a year earlier, but remained unprofitable. Gross profit was $0.84 million (11% margin) and net loss narrowed to $3.51 million from $4.19 million as SG&A fell 24% to $2.90 million.
Operating cash outflow improved to only $0.12 million, and Adjusted EBITDA was a smaller loss of $0.18 million versus $0.56 million. However, the balance sheet is highly leveraged: as of March 31, 2026, cash was $0.48 million, total liabilities were $73.65 million versus $50.95 million of assets, and working capital deficit was about $65.02 million.
Subsequent events reshaped the capital structure. A $17.0 million term loan from major shareholder Oxus Capital refinanced the FrontWell facility, and a separate $3.0 million unsecured convertible note was issued. A Conversion Agreement could automatically turn approximately $29.1 million of related-party debt plus $4.3 million of interest into equity if a $70 million equity raise at $9.00 per share is not completed by July 1, 2026. Management concludes that substantial doubt about the company’s ability to continue as a going concern persists.
Borealis Foods Inc. reported interim results showing revenue growth alongside continued losses and significant liquidity pressure. Net revenue was $7,188,269 for the three months and $14,033,939 for the six months ended June 30, 2025, up from $5,325,280 and $13,220,713 in comparable 2024 periods. Gross profit for the three and six months was $514,885 and $1,414,687, respectively. The company recorded consolidated pre-tax losses of $4,586,139 for the quarter and $8,773,727 for the six months, producing basic and diluted loss per share of $(0.21) and $(0.41) for the three- and six-month periods. Total current liabilities were $39,423,539 and total liabilities $66,445,391 as of June 30, 2025, with material related-party notes of $18,854,580 outstanding. The independent auditor expressed substantial doubt about the company’s ability to continue as a going concern and the filing discloses material weaknesses in internal control. Cash equivalents were reported as none at June 30, 2025.