Borealis Foods Inc. (BRLS) 10-Year Financial Performance & Capital Metrics

BRLS • • Industrial / General

Consumer DefensivePackaged FoodsPlant-Based & Alternative ProteinsPlant-Based Meat Alternatives

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 Margin 7.91%
EBITDA Margin -65.35%
Operating Margin -73.75%
Net Margin -91.54%
ROE -365.45% -1092.5%
ROIC -61.97% -376.1%
Debt/Equity -
Interest Coverage -4.03

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 3 (bottom 3%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y26.61%

TTM33974.68%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-18505.28%

EPS CAGR

10Y-

5Y-

3Y-

TTM17.01%

ROCE

10Y Avg-52.87%

5Y Avg-52.87%

3Y Avg-61.99%

Latest-83.02%

Peer Comparison

Plant-Based Meat Alternatives

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
STKHSteakholder Foods Ltd.	3.13M	2.31	-0.02		-803%	-195.33%	0.61
BYNDBeyond Meat, Inc.	471.71M	1.04	-0.43	-4.93%	-81.81%
BRLSBorealis Foods Inc.	23.61M	1.10	-0.88		-53.27%	-365.45%

Profit & Loss

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	13.63M	25.59M	0	27.67M
Revenue Growth %	-	0.88%	-1%	-
Cost of Goods Sold+	13.85M	33.66M	0	25.48M
COGS % of Revenue	1.02%	1.32%	-	0.92%
Gross Profit+	-212.99K	-8.07M	0	2.19M
Gross Margin %	-0.02%	-0.32%	-	0.08%
Gross Profit Growth %	-	-36.89%	1%	-
Operating Expenses+	10M	14.99M	5.13M	22.59M
OpEx % of Revenue	0.73%	0.59%	-	0.82%
Selling, General & Admin	10M	14.99M	5.13M	22.59M
SG&A % of Revenue	0.73%	0.59%	-	0.82%
Research & Development	0	0	0	0
R&D % of Revenue	-	-	-	-
Other Operating Expenses	0	0	0	0
Operating Income+	-10.21M	-23.06M	-5.13M	-20.4M
Operating Margin %	-0.75%	-0.9%	-	-0.74%
Operating Income Growth %	-	-1.26%	0.78%	-2.98%
EBITDA+	-8.11M	-19.61M	-4.96M	-18.08M
EBITDA Margin %	-0.59%	-0.77%	-	-0.65%
EBITDA Growth %	-	-1.42%	0.75%	-2.64%
D&A (Non-Cash Add-back)	2.1M	3.45M	167.9K	2.32M
EBIT	-9.84M	-2.89M	-2.94M	-20.4M
Net Interest Income+	-264.72K	4.01K	5.16K	-5.06M
Interest Income	0	4.01K	5.16K	0
Interest Expense	264.72K	0	0	5.06M
Other Income/Expense	106.55K	22.76M	2.19M	-5.06M
Pretax Income+	-10.1M	-26.23M	-2.94M	-25.46M
Pretax Margin %	-0.74%	-1.02%	-	-0.92%
Income Tax+	19.54K	55.59K	0	-134.9K
Effective Tax Rate %	1%	1%	1%	0.99%
Net Income+	-10.12M	-26.28M	-2.94M	-25.33M
Net Margin %	-0.74%	-1.03%	-	-0.92%
Net Income Growth %	-	-1.6%	0.89%	-7.61%
Net Income (Continuing)	-10.12M	-302.54K	-2.94M	-25.33M
Discontinued Operations	0	0	0	0
Minority Interest	0	0	0	0
EPS (Diluted)+	-0.46	-1.20	-0.15	-1.25
EPS Growth %	-	-1.61%	0.88%	-7.33%
EPS (Basic)	-0.46	-1.20	-0.15	-1.25
Diluted Shares Outstanding	21.86M	21.86M	19.47M	20.31M
Basic Shares Outstanding	21.86M	21.86M	19.47M	20.31M
Dividend Payout Ratio	-	-	-	-

Balance Sheet

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	11.57M	15.84M	122.72K	11.8M
Cash & Short-Term Investments	2.91M	5.15M	93.11K	652.97K
Cash Only	2.91M	5.15M	93.11K	652.97K
Short-Term Investments	0	0	0	0
Accounts Receivable	2.13M	2.59M	0	1.97M
Days Sales Outstanding	57.13	36.98	-	25.93
Inventory	6.1M	6.28M	0	8.05M
Days Inventory Outstanding	160.77	68.15	-	115.27
Other Current Assets	0	6.05M	0	0
Total Non-Current Assets+	45.81M	48.93M	21.92M	48.21M
Property, Plant & Equipment	43.85M	46.84M	0	45.8M
Fixed Asset Turnover	0.31x	0.55x	-	0.60x
Goodwill	1.92M	1.92M	0	1.92M
Intangible Assets	0	0	0	319.31K
Long-Term Investments	175.95M	178.53M	21.92M	0
Other Non-Current Assets	46.5K	171.03K	0	169.69K
Total Assets+	57.38M	64.77M	22.04M	60.01M
Asset Turnover	0.24x	0.40x	-	0.46x
Asset Growth %	-	0.13%	-0.66%	1.72%
Total Current Liabilities+	17.38M	43.02M	7.49M	25.41M
Accounts Payable	7.25M	158.64K	0	11.53M
Days Payables Outstanding	191.07	1.72	-	165.17
Short-Term Debt	3.19M	1.5M	3.99M	5.46M
Deferred Revenue (Current)	0	0	0	0
Other Current Liabilities	0	-552.38K	3.5M	0
Current Ratio	0.67x	0.37x	0.02x	0.46x
Quick Ratio	0.32x	0.22x	0.02x	0.15x
Cash Conversion Cycle	26.82	103.41	-	-23.97
Total Non-Current Liabilities+	11.92M	17.11M	0	35.3M
Long-Term Debt	10M	13M	0	25.08M
Capital Lease Obligations	0	2.19M	0	1.16M
Deferred Tax Liabilities	1.92M	1.92M	0	1.46M
Other Non-Current Liabilities	0	-17.11M	0	7.6M
Total Liabilities	29.3M	60.13M	7.49M	60.7M
Total Debt+	13.19M	41.18M	3.99M	32.28M
Net Debt	10.28M	36.03M	3.89M	31.63M
Debt / Equity	0.47x	8.88x	0.27x	-
Debt / EBITDA	-	-	-	-
Net Debt / EBITDA	-	-	-	-
Interest Coverage	-38.56x	-	-	-4.03x
Total Equity+	28.08M	4.64M	14.56M	-695.89K
Equity Growth %	-	-0.83%	2.14%	-1.05%
Book Value per Share	1.28	0.21	0.75	-0.03
Total Shareholders' Equity	28.08M	4.64M	14.56M	-695.89K
Common Stock	461	461	461	0
Retained Earnings	-11.7M	-37.99M	-7.36M	-90.79M
Treasury Stock	0	0	0	0
Accumulated OCI	175.95M	178.53M	-461	0
Minority Interest	0	0	0	0

Cash Flow

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-6.78M	-2.11M	-18.01M	-15.09M
Operating CF Margin %	-0.5%	-0.08%	-	-0.55%
Operating CF Growth %	-	0.69%	-7.55%	0.16%
Net Income	-10.12M	-302.54K	-27.48M	-25.33M
Depreciation & Amortization	2.1M	3.45M	3.94M	2.32M
Stock-Based Compensation	0	514.49K	492.3K	1.27M
Deferred Taxes	0	0	-351.12K	-106.31K
Other Non-Cash Items	433.8K	-6.55M	2.18M	1.04M
Working Capital Changes	805.33K	776.88K	3.21M	5.71M
Change in Receivables	-765.91K	-1.57M	705.95K	-213.21K
Change in Inventory	-3.45M	421.34K	-649K	-1.8M
Change in Payables	0	0	0	8.02M
Cash from Investing+	-21.21M	0	-4.47M	-1.91M
Capital Expenditures	-21.21M	-3.38M	-4.47M	-1.65M
CapEx % of Revenue	1.56%	0.13%	-	0.06%
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	0	3.38M	636.98K	-255.73K
Cash from Financing+	27.52M	1.66M	24.94M	10.03M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	0	0	0	0
Share Repurchases	-	-	-	-
Other Financing	-1.74M	163.13K	158.02M	0
Net Change in Cash	-	-	-	-
Free Cash Flow+	-27.99M	-2.11M	-22.47M	-17.06M
FCF Margin %	-2.05%	-0.08%	-	-0.62%
FCF Growth %	-	0.92%	-9.67%	0.24%
FCF per Share	-1.28	-0.10	-1.15	-0.84
FCF Conversion (FCF/Net Income)	0.67x	0.08x	6.12x	0.60x
Interest Paid	311.84K	3.1M	2.91M	2.64M
Taxes Paid	0	0	15.09K	14.95K

Key Ratios

Metric	2021	2022	2023	2024
Return on Equity (ROE)	-36.04%	-160.63%	-30.65%	-365.45%
Return on Invested Capital (ROIC)	-19.95%	-43.77%	-13.02%	-61.97%
Gross Margin	-1.56%	-31.53%	-	7.91%
Net Margin	-74.24%	-102.7%	-	-91.54%
Debt / Equity	0.47x	8.88x	0.27x	-
Interest Coverage	-38.56x	-	-	-4.03x
FCF Conversion	0.67x	0.08x	6.12x	0.60x
Revenue Growth	-	87.71%	-100%	-

Frequently Asked Questions

Growth & Financials

Borealis Foods Inc. (BRLS) reported $7.12B in revenue for fiscal year 2024. This represents a 52160% 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 $3.80B 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 $3.76B in fiscal year 2024, likely due to heavy capital investments.

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