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Financials · BRLS

Borealis Foods Inc. (BRLS) financials

For the twelve months ended Mar 31, 2026, Borealis Foods Inc. reported $32.03M of revenue and -$18.30M of net income.

Revenue, TTM
$32.03M
Revenue growth, YoY
+15.1%
Net income, TTM
-$18.30M
Net margin
-57.1%
EPS, diluted, TTM
-$0.85
Cash
$500.0K
Total debt
$5.43M
P/S
0.61
Market cap
$19.5M
Annual revenue$31.48M
FY2023FY2025
Annual net income-$18.98M
FY2022FY2025
Annual free cash flow-$16.74M
FY2023FY2024

BRLS revenue and earnings growth

BRLS revenueQ1 2026$7.78M

Quarter YoY
+7.7%
QoQ
-16.4%
FY YoY
+8.2%

BRLS revenue was $7.78M in fiscal Q1 2026 (ended Mar 31, 2026), up 7.7% from a year earlier and down 16.4% from the prior quarter. For the full fiscal 2025 it was $31.48M, up 8.2% from fiscal 2024.

BRLS net incomeQ1 2026-$3.51M

BRLS net income was -$3.51M in fiscal Q1 2026 (ended Mar 31, 2026), compared with -$4.19M a year earlier. For the full fiscal 2025 it was -$18.98M, compared with -$25.33M in fiscal 2024.

BRLS EPSQ1 2026-$0.16

BRLS diluted EPS was -$0.16 in fiscal Q1 2026 (ended Mar 31, 2026), compared with -$0.20 a year earlier. For the full fiscal 2025 it was -$0.89, compared with -$1.25 in fiscal 2024.

BRLS free cash flowQ1 2025-$1.39M

BRLS free cash flow was -$1.39M in fiscal Q1 2025 (ended Mar 31, 2025), compared with -$7.32M a year earlier. For the full fiscal 2024 it was -$16.74M, compared with -$22.47M in fiscal 2023.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
Revenue$31.48M$29.10M$31.38M-
Cost of revenue$26.57M$25.48M$31.29M-
Gross profit$3.51M$2.19M-$1.30M$175.95M
Research and development$202.0K$197.0K$460.0K-
Selling, general and admin$14.55M$22.59M$18.65M-
Operating income-$11.04M-$20.40M-$19.95M-$2.89M
Interest expense$5.99M$5.06M$7.28M-
Pre-tax income-$19.05M-$25.46M--
Income tax-$66.7K-$134.9K-$336.0K-
Net income-$18.98M-$25.33M-$27.48M-$302.5K
EPS, basic-$0.89-$1.25-$2.56-
EPS, diluted-$0.89-$1.25-$2.56-
Diluted shares21.4M20.3M10.8M-

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
Cash and equivalents$64.0K$653.0K$7.62M$5.15M
Receivables$2.65M$1.97M$1.78M-
Inventory$4.58M$8.05M$6.95M-
Current assets$8.06M$11.80M$17.18M$916.8K
Goodwill-$1.92M$1.92M-
Total assets$52.57M$60.01M$65.79M$179.45M
Current liabilities$69.82M$25.41M$67.30M$2.50M
Long-term debt-$3.00M$3.00M-
Total debt-$3.00M$3.00M-
Total liabilities$71.80M$60.70M$87.13M-
Shareholders' equity-$19.23M-$695.9K-$21.35M$4.64M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
Operating cash flow-$6.60M-$15.09M-$18.01M-$2.11M
Capital expenditures-$1.65M$4.47M-
Free cash flow--$16.74M-$22.47M-
Investing cash flow-$65.7K-$1.91M-$4.47M-
Financing cash flow$6.08M$10.03M$24.94M$1.66M
Share repurchases--$159.45M-
Stock-based compensation-$1.27M$492.3K-
Depreciation and amortization$1.84M$2.32M$3.94M-

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
Revenue growth, YoY8.2%-7.3%--
Gross margin11.2%7.5%-4.2%-
Operating margin-35.1%-70.1%-63.6%-
Net margin-60.3%-87.0%-87.6%-
Free cash flow margin--57.5%-71.6%-
Return on equity----6.5%
Return on assets-36.1%-42.2%-41.8%-0.2%
Current ratio0.120.460.260.37

Source: XBRL data Borealis Foods Inc. files with the SEC, latest filing dated Sep 30, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

BRLS peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
BRLS$32.03M+15.1%-$18.30M-57.1%$19.5M
MDLZ$39.90B+6.0%$4.08B10.2%$83.56B
ADM$84.06B+1.0%$2.48B3.0%$33.30B
KHC$24.78B-1.5%-$3.47B-14.0%$29.13B
BG$93.47B+55.5%$1.16B1.2%$19.04B
GIS$18.30B-4.5%-$894.80M-4.9%$18.99B
SJM$9.16B+5.1%$229.50M2.5%$13.95B
MKC.V$7.69B+13.2%$1.49B19.4%$13.12B
MKC$7.69B+13.2%$1.49B19.4%$13.02B

BRLS FAQ

8 questions
  • What is BRLS revenue?
    Borealis Foods Inc. (BRLS) reported $32.03M of revenue for the twelve months ended Mar 31, 2026. That is up 15.1% from the year before. Revenue for fiscal 2025 was $31.48M.
  • Is BRLS profitable?
    No. Borealis Foods Inc. reported a net loss of $18.30M for the twelve months ended Mar 31, 2026.
  • How much cash and debt does BRLS have?
    Borealis Foods Inc. reported $500.0K in cash and cash equivalents and $5.43M of debt on its most recent balance sheet in SEC filings.
  • How fast is BRLS revenue growing?
    Borealis Foods Inc.'s revenue changed +8.2% in fiscal 2025, to $31.48M.
  • What is BRLS gross margin?
    Borealis Foods Inc.'s gross profit was $3.45M on $32.03M of revenue for the twelve months ended Mar 31, 2026, a gross margin of 10.8%.
  • What is BRLS earnings per share?
    Diluted earnings per share were -$0.85 for the twelve months ended Mar 31, 2026, from SEC filings, restated for any stock split those filings show.
  • When did BRLS last report financial results?
    The latest statements here come from Borealis Foods Inc.'s 10-K/A filed on Sep 30, 2026, covering the period ended Dec 31, 2025.
  • Where does this BRLS financial data come from?
    Quantisnow builds these statements from the structured XBRL data Borealis Foods Inc. files with the SEC. It is provided for information only and is not investment advice.