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Borealis Foods Inc.(BRLS)Earnings, Financials & Key Ratios
BRLS•NASDAQ
$1.60
$34M mkt cap·Price updated May 6, 2026
AboutBorealis Foods Inc. engages in the distribution of plant-based protein food products. The company's product includes Chef Woo, a high-protein meat alternative; and Ramen Express, vegetarian ramen noodles. Borealis Foods Inc. was incorporated in 2020 and is based in Oakville, Canada.Show more
- Revenue$28M
- EBITDA-$18M-264.3%
- Net Income-$25M-761.1%
- EPS (Diluted)-1.25-733.3%
- Gross Margin7.91%
- EBITDA Margin-65.35%
- Operating Margin-73.75%
- Net Margin-91.54%
- ROE-365.45%-1092.5%
- ROIC-61.97%-376.1%
- Interest Coverage-4.03
BRLS Key Insights
Borealis Foods Inc. (BRLS) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
No significant strengths identified
✗Weaknesses
- ✗Negative free cash flow
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
BRLS Price & Volume
Borealis Foods Inc. (BRLS) stock price & volume — 10-year historical chart
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BRLS Growth Metrics
Borealis Foods Inc. (BRLS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years26.61%
TTM33.43%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM10.12%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM17.01%
Return on Capital
10 Years-52.87%
5 Years-52.87%
3 Years-61.99%
Last Year-83.02%
BRLS Peer Comparison
Borealis Foods Inc. (BRLS) competitors in Protein foods and meat alternatives — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 SMPL | 1.27B | 12.78 | 12.53 | 8.98% | 6.26% | 5.23% | 12.39% | 0.17 |
 HAIN | 81.67M | 0.72 | -0.12 | -10.17% | -36.12% | -164.68% | 1.64 | |
 NOMD | 1.32B | 9.29 | 8.70 | -2.17% | 4.51% | 5.35% | 22.42% | 0.92 |
 CPB | 6.23B | 20.91 | 10.40 | 6.4% | 5.48% | 13.98% | 11.31% | 1.85 |
 GIS | 18.44B | 34.55 | 8.43 | -1.87% | 12.05% | 23.67% | 12.44% | 1.66 |
 K | 29.03B | 83.44 | 21.51 | -2.84% | 10.56% | 31.71% | 3.9% | 1.63 |
 POST | 4.97B | 103.71 | 18.82 | 2.97% | 3.82% | 8.47% | 9.81% | 2.05 |
 THS | 1.46B | 24.43 | 47.90 | -2.26% | -7.25% | -19.15% | 8.63% | 1.01 |
Compare BRLS vs Peers
Borealis Foods Inc. (BRLS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
BRLS Income Statement
Borealis Foods Inc. (BRLS) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|
| Sales/Revenue | 13.63M | 25.59M | 0 | 27.67M | 27.9M |
| Revenue Growth % | - | 87.71% | -100% | - | 33.43% |
| Cost of Goods Sold | 13.85M | 33.66M | 0 | 25.48M | 25.19M |
| COGS % of Revenue | 101.56% | 131.53% | - | 92.09% | - |
| Gross Profit | -212.99K▲ 0% | -8.07M▼ 3688.8% | 0▲ 100.0% | 2.19M▲ 0% | 2.71M▲ 0% |
| Gross Margin % | -1.56% | -31.53% | - | 7.91% | 9.7% |
| Gross Profit Growth % | - | -3688.81% | 100% | - | - |
| Operating Expenses | 10M | 14.99M | 5.13M | 22.59M | 15.53M |
| OpEx % of Revenue | 73.32% | 58.59% | - | 81.66% | - |
| Selling, General & Admin | 10M | 14.99M | 5.13M | 22.59M | 18M |
| SG&A % of Revenue | 73.32% | 58.59% | - | 81.66% | - |
| Research & Development | 0 | 0 | 0 | 0 | 1.1M |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -2.1M |
| Operating Income | -10.21M▲ 0% | -23.06M▼ 125.9% | -5.13M▲ 77.8% | -20.4M▼ 297.7% | -12.82M▲ 0% |
| Operating Margin % | -74.88% | -90.12% | - | -73.75% | -45.95% |
| Operating Income Growth % | - | -125.92% | 77.75% | -297.68% | - |
| EBITDA | -8.11M | -19.61M | -4.96M | -18.08M | -10.95M |
| EBITDA Margin % | -59.49% | -76.63% | - | -65.35% | -39.25% |
| EBITDA Growth % | - | -141.79% | 74.69% | -264.32% | 26.98% |
| D&A (Non-Cash Add-back) | 2.1M | 3.45M | 167.9K | 2.32M | 1.87M |
| EBIT | -9.84M | -2.89M | -2.94M | -20.4M | -12.83M |
| Net Interest Income | -264.72K | 4.01K | 5.16K | -5.06M | -5.64M |
| Interest Income | 0 | 4.01K | 5.16K | 0 | 0 |
| Interest Expense | 264.72K | 0 | 0 | 5.06M | 5.64M |
| Other Income/Expense | 106.55K | 22.76M | 2.19M | -5.06M | -5.65M |
| Pretax Income | -10.1M▲ 0% | -26.23M▼ 159.6% | -2.94M▲ 88.8% | -25.46M▼ 765.6% | -18.47M▲ 0% |
| Pretax Margin % | -74.1% | -102.48% | - | -92.02% | -66.21% |
| Income Tax | 19.54K | 55.59K | 0 | -134.9K | -135.86K |
| Effective Tax Rate % | -0.19% | -0.21% | 0% | 0.53% | 0.74% |
| Net Income | -10.12M▲ 0% | -26.28M▼ 159.7% | -2.94M▲ 88.8% | -25.33M▼ 761.1% | -18.33M▲ 0% |
| Net Margin % | -74.24% | -102.7% | - | -91.54% | -65.72% |
| Net Income Growth % | - | -159.67% | 88.81% | -761.06% | 10.12% |
| Net Income (Continuing) | -10.12M | -302.54K | -2.94M | -25.33M | -18.33M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.46▲ 0% | -1.20▼ 160.9% | -0.15▲ 87.5% | -1.25▼ 733.3% | -0.86▲ 0% |
| EPS Growth % | - | -160.87% | 87.5% | -733.33% | 17.01% |
| EPS (Basic) | -0.46 | -1.20 | -0.15 | -1.25 | - |
| Diluted Shares Outstanding | 21.86M | 21.86M | 19.47M | 20.31M | 21.41M |
| Basic Shares Outstanding | 21.86M | 21.86M | 19.47M | 20.31M | 21.41M |
| Dividend Payout Ratio | - | - | - | - | - |
BRLS Balance Sheet
Borealis Foods Inc. (BRLS) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|
| Total Current Assets | 11.57M | 15.84M | 122.72K | 11.8M | 9.47M |
| Cash & Short-Term Investments | 2.91M | 5.15M | 93.11K | 652.97K | 128.87K |
| Cash Only | 2.91M | 5.15M | 93.11K | 652.97K | 128.87K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.13M | 2.59M | 0 | 1.97M | 2.57M |
| Days Sales Outstanding | 57.13 | 36.98 | - | 25.93 | 28.26 |
| Inventory | 6.1M | 6.28M | 0 | 8.05M | 6M |
| Days Inventory Outstanding | 160.77 | 68.15 | - | 115.27 | 104.31 |
| Other Current Assets | 0 | 6.05M | 0 | 0 | 0 |
| Total Non-Current Assets | 45.81M | 48.93M | 21.92M | 48.21M | 46.83M |
| Property, Plant & Equipment | 43.85M | 46.84M | 0 | 45.8M | 44.36M |
| Fixed Asset Turnover | 0.31x | 0.55x | - | 0.60x | 0.62x |
| Goodwill | 1.92M | 1.92M | 0 | 1.92M | 1.92M |
| Intangible Assets | 0 | 0 | 0 | 319.31K | 383.71K |
| Long-Term Investments | 175.95M | 178.53M | 21.92M | 0 | 0 |
| Other Non-Current Assets | 46.5K | 171.03K | 0 | 169.69K | 848.74K |
| Total Assets | 57.38M▲ 0% | 64.77M▲ 12.9% | 22.04M▼ 66.0% | 60.01M▲ 172.2% | 56.3M▲ 0% |
| Asset Turnover | 0.24x | 0.40x | - | 0.46x | 0.48x |
| Asset Growth % | - | 12.87% | -65.97% | 172.21% | 136.23% |
| Total Current Liabilities | 17.38M | 43.02M | 7.49M | 25.41M | 64.12M |
| Accounts Payable | 7.25M | 158.64K | 0 | 11.53M | 14.03M |
| Days Payables Outstanding | 191.07 | 1.72 | - | 165.17 | 190.53 |
| Short-Term Debt | 3.19M | 1.5M | 3.99M | 5.46M | 30.32M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | -552.38K | 3.5M | 0 | 0 |
| Current Ratio | 0.67x | 0.37x | 0.02x | 0.46x | 0.46x |
| Quick Ratio | 0.32x | 0.22x | 0.02x | 0.15x | 0.15x |
| Cash Conversion Cycle | 26.82 | 103.41 | - | -23.97 | -57.96 |
| Total Non-Current Liabilities | 11.92M | 17.11M | 0 | 35.3M | 5.13M |
| Long-Term Debt | 10M | 13M | 0 | 25.08M | 3M |
| Capital Lease Obligations | 0 | 2.19M | 0 | 1.16M | 3.64M |
| Deferred Tax Liabilities | 1.92M | 1.92M | 0 | 1.46M | 5.84M |
| Other Non-Current Liabilities | 0 | -17.11M | 0 | 7.6M | 7.6M |
| Total Liabilities | 29.3M | 60.13M | 7.49M | 60.7M | 69.25M |
| Total Debt | 13.19M | 41.18M | 3.99M | 32.28M | 34.62M |
| Net Debt | 10.28M | 36.03M | 3.89M | 31.63M | 34.49M |
| Debt / Equity | 0.47x | 8.88x | 0.27x | - | -2.67x |
| Debt / EBITDA | - | - | - | - | -3.16x |
| Net Debt / EBITDA | - | - | - | - | -3.15x |
| Interest Coverage | -37.16x | - | - | -4.03x | -2.28x |
| Total Equity | 28.08M▲ 0% | 4.64M▼ 83.5% | 14.56M▲ 213.7% | -695.89K▼ 104.8% | -12.95M▲ 0% |
| Equity Growth % | - | -83.48% | 213.75% | -104.78% | -782.59% |
| Book Value per Share | 1.28 | 0.21 | 0.75 | -0.03 | -0.60 |
| Total Shareholders' Equity | 28.08M | 4.64M | 14.56M | -695.89K | -12.95M |
| Common Stock | 461 | 461 | 461 | 0 | 0 |
| Retained Earnings | -11.7M | -37.99M | -7.36M | -90.79M | -103.36M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 175.95M | 178.53M | -461 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
BRLS Cash Flow Statement
Borealis Foods Inc. (BRLS) cash flow — operating, investing & free cash flow history
| Line item | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|
| Cash from Operations | -6.78M | -2.11M | -18.01M | -15.09M | -15.09M |
| Operating CF Margin % | -49.77% | -8.23% | - | -54.54% | - |
| Operating CF Growth % | - | 68.96% | -755.06% | 16.19% | 135.46% |
| Net Income | -10.12M | -302.54K | -27.48M | -25.33M | -18.33M |
| Depreciation & Amortization | 2.1M | 3.45M | 3.94M | 2.32M | 1.87M |
| Stock-Based Compensation | 0 | 514.49K | 492.3K | 1.27M | 315.84K |
| Deferred Taxes | 0 | 0 | -351.12K | -106.31K | 0 |
| Other Non-Cash Items | 433.8K | -6.55M | 2.18M | 1.04M | 464.9K |
| Working Capital Changes | 805.33K | 776.88K | 3.21M | 5.71M | 11.1M |
| Change in Receivables | -765.91K | -1.57M | 705.95K | -213.21K | 116.81K |
| Change in Inventory | -3.45M | 421.34K | -649K | -1.8M | 2.71M |
| Change in Payables | 0 | 0 | 0 | 8.02M | 1.52M |
| Cash from Investing | -21.21M | 0 | -4.47M | -1.91M | -259.81K |
| Capital Expenditures | -21.21M | -3.38M | -4.47M | -1.65M | -187.08K |
| CapEx % of Revenue | 155.56% | 13.21% | - | 5.97% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 3.06K |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 3.38M | 636.98K | -255.73K | -75.79K |
| Cash from Financing | 27.52M | 1.66M | 24.94M | 10.03M | 4.25M |
| Debt Issued (Net) | 10.61M | 1.5M | 26.37M | 10.03M | 539.55K |
| Equity Issued (Net) | 18.65M | 0 | -159.45M | 0 | -4.31M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -159.45M | 0 | -4.31M |
| Other Financing | -1.74M | 163.13K | 158.02M | 0 | 8.02M |
| Net Change in Cash | -467.65K▲ 0% | -442.59K▲ 5.4% | 2.47M▲ 657.9% | -6.96M▼ 382.0% | -592.67K▲ 0% |
| Free Cash Flow | -27.99M▲ 0% | -2.11M▲ 92.5% | -22.47M▼ 967.2% | -17.06M▲ 24.1% | -4.84M▲ 0% |
| FCF Margin % | -205.33% | -8.23% | - | -61.66% | -17.36% |
| FCF Growth % | - | 92.48% | -967.15% | 24.08% | -313.44% |
| FCF per Share | -1.28 | -0.10 | -1.15 | -0.84 | -0.84 |
| FCF Conversion (FCF/Net Income) | 0.67x | 0.08x | 6.12x | 0.60x | 0.26x |
| Interest Paid | 311.84K | 3.1M | 2.91M | 2.64M | 1.09M |
| Taxes Paid | 0 | 0 | 15.09K | 14.95K | -13.15K |
BRLS Key Ratios
Borealis Foods Inc. (BRLS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|
| Return on Equity (ROE) | -160.63% | -30.65% | -365.45% | 265.32% |
| Return on Invested Capital (ROIC) | -43.77% | -13.02% | -61.97% | -61.97% |
| Gross Margin | -31.53% | - | 7.91% | 9.7% |
| Net Margin | -102.7% | - | -91.54% | -65.72% |
| Debt / Equity | 8.88x | 0.27x | - | -2.67x |
| Interest Coverage | - | - | -4.03x | -2.28x |
| FCF Conversion | 0.08x | 6.12x | 0.60x | 0.26x |
| Revenue Growth | 87.71% | -100% | - | 33.43% |
BRLS SEC Filings & Documents
Borealis Foods Inc. (BRLS) SEC filings — annual & quarterly reports (10-K, 10-Q)
BRLS Frequently Asked Questions
Borealis Foods Inc. (BRLS) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Borealis Foods Inc. (BRLS) reported $27.9M in revenue for fiscal year 2024. This represents a 105% increase from $13.6M in 2021.
Borealis Foods Inc. (BRLS) grew revenue by 0.0% over the past year. Growth has been modest.
Borealis Foods Inc. (BRLS) reported a net loss of $18.3M for fiscal year 2024.
Dividend & Returns
Borealis Foods Inc. (BRLS) has a return on equity (ROE) of -365.4%. Negative ROE indicates the company is unprofitable.
Borealis Foods Inc. (BRLS) had negative free cash flow of $4.8M in fiscal year 2024, likely due to heavy capital investments.
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Borealis Foods Inc. (BRLS) financial analysis — history, returns, DCA and operating performance tools
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Dividend History
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Earnings History
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Price History
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Revenue History
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Financial Ratios
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