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Borealis Foods Inc.(BRLS)Earnings, Financials & Key Ratios
BRLS•NASDAQ
Price updated Jun 17, 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$30M+8.7%
- EBITDA-$9M+49.1%
- Net Income-$19M+25.1%
- EPS (Diluted)-0.89+28.8%
- Gross Margin11.67%+47.5%
- EBITDA Margin-30.57%+53.2%
- Operating Margin-36.69%+50.2%
- Net Margin-63.09%+31.1%
BRLS Key Insights
Borealis Foods Inc. (BRLS) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓High quality earnings: Operating CF exceeds net income
✗Weaknesses
- ✗Weak Piotroski F-Score: 3/9
- ✗Negative free cash flow
- ✗Trading more than 30% below 52-week high
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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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 Years5.54%
TTM8.71%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM25.07%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM31.21%
Return on Capital
10 Years-42.34%
5 Years-42.34%
3 Years-37.17%
Last Year-0.22%
BRLS Recent Earnings
Borealis Foods Inc. (BRLS) EPS & revenue vs analyst estimates — last 4 quarters
Q3 2026Latest
Jun 2, 2026Metric
Actual
Est
EPS
$0.30
—
Rev
—
—
Q4 2025
Nov 19, 2025Metric
Actual
Est
EPS
$0.18
—
Rev
$7M
—
Q3 2025
Aug 19, 2025Metric
Actual
Est
EPS
$0.21
—
Rev
$7M
—
Q2 2025
Apr 21, 2025Metric
Actual
Est
EPS
$0.28
—
Rev
$7M
—
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q3 2026Latest | Jun 2, 2026 | $0.30 | — |
| Q4 2025 | Nov 19, 2025 | $0.18 | $7M |
| Q3 2025 | Aug 19, 2025 | $0.21 | $7M |
| Q2 2025 | Apr 21, 2025 | $0.28 | $7M |
Based on last 12 quarters of dataView full earnings history →
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 | 1.21B | 12.14 | 11.90 | 8.98% | 6.26% | 5.23% | 0.17 | |
 HAIN | 52M | 0.58 | -0.10 | -10.17% | -35.47% | -140.7% | 1.64 | |
 NOMD | 1.43B | 10.04 | 9.51 | -2.17% | 4.45% | 5.27% | 0.92 | |
 CPB | 6.3B | 21.11 | 10.50 | 6.4% | 6.12% | 15.3% | 1.85 | |
 GIS | 17.8B | 33.36 | 8.14 | -1.87% | 12.05% | 23.67% | 1.66 | |
 K | 29.03B | 83.44 | 21.51 | -2.84% | 10.56% | 31.71% | 1.63 | |
 POST | 4.03B | 88.96 | 16.15 | 2.97% | 4.01% | 9.37% | 2.05 | |
 THS | 1.46B | 24.43 | 47.90 | -2.26% | -7.25% | -19.15% | 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
| Metric | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|
Sales/Revenue | 13.63M | 25.59M | 0 | 27.67M | 30.08M |
Revenue Growth % | - | 87.71% | -100% | - | 8.71% |
Cost of Goods Sold | 13.85M | 33.66M | 0 | 25.48M | 26.57M |
COGS % of Revenue | 101.56% | 131.53% | - | 92.09% | 88.33% |
Gross Profit | -212.99K▲ 0% | -8.07M▼ 3688.8% | 0▲ 100.0% | 2.19M▲ 0% | 3.51M▲ 60.4% |
Gross Margin % | -1.56% | -31.53% | - | 7.91% | 11.67% |
Gross Profit Growth % | - | -3688.81% | 100% | - | 60.37% |
Operating Expenses | 10M | 14.99M | 5.13M | 22.59M | 14.55M |
OpEx % of Revenue | 73.32% | 58.59% | - | 81.66% | 48.36% |
Selling, General & Admin | 10M | 14.99M | 5.13M | 22.59M | 0 |
SG&A % of Revenue | 73.32% | 58.59% | - | 81.66% | - |
Research & Development | 0 | 0 | 0 | 0 | 0 |
R&D % of Revenue | - | - | - | - | - |
Other Operating Expenses | 0 | 0 | 0 | 0 | 14.55M |
Operating Income | -10.21M▲ 0% | -23.06M▼ 125.9% | -5.13M▲ 77.8% | -20.4M▼ 297.7% | -11.04M▲ 45.9% |
Operating Margin % | -74.88% | -90.12% | - | -73.75% | -36.69% |
Operating Income Growth % | - | -125.92% | 77.75% | -297.68% | 45.92% |
EBITDA | -8.11M | -19.61M | -4.96M | -18.08M | -9.19M |
EBITDA Margin % | -59.49% | -76.63% | - | -65.35% | -30.57% |
EBITDA Growth % | - | -141.79% | 74.69% | -264.32% | 49.15% |
D&A (Non-Cash Add-back) | 2.1M | 3.45M | 167.9K | 2.32M | 1.84M |
EBIT | -9.84M | -2.89M | -2.94M | -20.4M | -13.06M |
Net Interest Income | -264.72K | 4.01K | 5.16K | -5.06M | -5.99M |
Interest Income | 0 | 4.01K | 5.16K | 0 | 0 |
Interest Expense | 264.72K | 0 | 0 | 5.06M | 5.99M |
Other Income/Expense | 106.55K | 22.76M | 2.19M | -5.06M | -8.01M |
Pretax Income | -10.1M▲ 0% | -26.23M▼ 159.6% | -2.94M▲ 88.8% | -25.46M▼ 765.6% | -19.05M▲ 25.2% |
Pretax Margin % | -74.1% | -102.48% | - | -92.02% | -63.32% |
Income Tax | 19.54K | 55.59K | 0 | -134.9K | -66.71K |
Effective Tax Rate % | -0.19% | -0.21% | 0% | 0.53% | 0.35% |
Net Income | -10.12M▲ 0% | -26.28M▼ 159.7% | -2.94M▲ 88.8% | -25.33M▼ 761.1% | -18.98M▲ 25.1% |
Net Margin % | -74.24% | -102.7% | - | -91.54% | -63.09% |
Net Income Growth % | - | -159.67% | 88.81% | -761.06% | 25.07% |
Net Income (Continuing) | -10.12M | -302.54K | -2.94M | -25.33M | -18.98M |
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% | -0.89▲ 28.8% |
EPS Growth % | - | -160.87% | 87.5% | -733.33% | 28.8% |
EPS (Basic) | -0.46 | -1.20 | -0.15 | -1.25 | -0.89 |
Diluted Shares Outstanding | 21.86M | 21.86M | 19.47M | 20.31M | 21.43M |
Basic Shares Outstanding | 21.86M | 21.86M | 19.47M | 20.31M | 21.43M |
Dividend Payout Ratio | - | - | - | - | - |
BRLS Balance Sheet
Borealis Foods Inc. (BRLS) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|
Total Current Assets | 11.57M | 15.84M | 122.72K | 11.8M | 8.06B |
Cash & Short-Term Investments | 2.91M | 5.15M | 93.11K | 652.97K | 63.86M |
Cash Only | 2.91M | 5.15M | 93.11K | 652.97K | 63.86M |
Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
Accounts Receivable | 2.13M | 2.59M | 0 | 1.97M | 2.65M |
Days Sales Outstanding | 57.13 | 36.98 | - | 25.93 | 32.13 |
Inventory | 6.1M | 6.28M | 0 | 8.05M | 4.58B |
Days Inventory Outstanding | 160.77 | 68.15 | - | 115.27 | 62.96K |
Other Current Assets | 0 | 6.05M | 0 | 0 | 3.41B |
Total Non-Current Assets | 45.81M | 48.93M | 21.92M | 48.21M | 44.52B |
Property, Plant & Equipment | 43.85M | 46.84M | 0 | 45.8M | 44.05B |
Fixed Asset Turnover | 0.31x | 0.55x | - | 0.60x | 0.00x |
Goodwill | 1.92M | 1.92M | 0 | 1.92M | 0 |
Intangible Assets | 0 | 0 | 0 | 319.31K | 298.04M |
Long-Term Investments | 175.95M | 178.53M | 21.92M | 0 | 0 |
Other Non-Current Assets | 46.5K | 171.03K | 0 | 169.69K | 169.69M |
Total Assets | 57.38M▲ 0% | 64.77M▲ 12.9% | 22.04M▼ 66.0% | 60.01M▲ 172.2% | 52.57B▲ 87513.3% |
Asset Turnover | 0.24x | 0.40x | - | 0.46x | 0.00x |
Asset Growth % | - | 12.87% | -65.97% | 172.21% | 87513.34% |
Total Current Liabilities | 17.38M | 43.02M | 7.49M | 25.41M | 69.82B |
Accounts Payable | 7.25M | 158.64K | 0 | 11.53M | 16.05M |
Days Payables Outstanding | 191.07 | 1.72 | - | 165.17 | 220.46 |
Short-Term Debt | 3.19M | 1.5M | 3.99M | 5.46M | 23.14B |
Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
Other Current Liabilities | 0 | -552.38K | 3.5M | 0 | 46.63B |
Current Ratio | 0.67x | 0.37x | 0.02x | 0.46x | 0.12x |
Quick Ratio | 0.32x | 0.22x | 0.02x | 0.15x | 0.05x |
Cash Conversion Cycle | 26.82 | 103.41 | - | -23.97 | 62.77K |
Total Non-Current Liabilities | 11.92M | 17.11M | 0 | 35.3M | 1.99B |
Long-Term Debt | 10M | 13M | 0 | 25.08M | 0 |
Capital Lease Obligations | 0 | 2.19M | 0 | 1.16M | 0 |
Deferred Tax Liabilities | 1.92M | 1.92M | 0 | 1.46M | 1.38B |
Other Non-Current Liabilities | 0 | -17.11M | 0 | 7.6M | 607.99M |
Total Liabilities | 29.3M | 60.13M | 7.49M | 60.7M | 71.8B |
Total Debt | 13.19M | 41.18M | 3.99M | 32.28M | 32.28M |
Net Debt | 10.28M | 36.03M | 3.89M | 31.63M | -31.57M |
Debt / Equity | 0.47x | 8.88x | 0.27x | - | - |
Debt / EBITDA | - | - | - | - | - |
Net Debt / EBITDA | - | - | - | - | - |
Interest Coverage | -37.16x | - | - | -4.03x | -2.18x |
Total Equity | 28.08M▲ 0% | 4.64M▼ 83.5% | 14.56M▲ 213.7% | -695.89K▼ 104.8% | -19.23B▼ 2763368.0% |
Equity Growth % | - | -83.48% | 213.75% | -104.78% | -2763368.01% |
Book Value per Share | 1.28 | 0.21 | 0.75 | -0.03 | -897.41 |
Total Shareholders' Equity | 28.08M | 4.64M | 14.56M | -695.89K | -19.23B |
Common Stock | 461 | 461 | 461 | 0 | 0 |
Retained Earnings | -11.7M | -37.99M | -7.36M | -90.79M | -109.77B |
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
| Metric | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|
Cash from Operations | -6.78M | -2.11M | -18.01M | -15.09M | -6.6B |
Operating CF Margin % | -49.77% | -8.23% | - | -54.54% | -21937.89% |
Operating CF Growth % | - | 68.96% | -755.06% | 16.19% | -43631.1% |
Net Income | -10.12M | -302.54K | -27.48M | -25.33M | -18.98B |
Depreciation & Amortization | 2.1M | 3.45M | 3.94M | 2.32M | 1.84B |
Stock-Based Compensation | 0 | 514.49K | 492.3K | 1.27M | 443.92M |
Deferred Taxes | 0 | 0 | -351.12K | -106.31K | -80.7M |
Other Non-Cash Items | 433.8K | -6.55M | 2.18M | 1.04M | 10.17B |
Working Capital Changes | 805.33K | 776.88K | 3.21M | 5.71M | 8.4M |
Change in Receivables | -765.91K | -1.57M | 705.95K | -213.21K | -664.83K |
Change in Inventory | -3.45M | 421.34K | -649K | -1.8M | 4.18M |
Change in Payables | 0 | 0 | 0 | 8.02M | 0 |
Cash from Investing | -21.21M | 0 | -4.47M | -1.91M | -65.74M |
Capital Expenditures | -21.21M | -3.38M | -4.47M | -1.65M | 3.08M |
CapEx % of Revenue | 155.56% | 13.21% | - | 5.97% | 10.23% |
Acquisitions | 0 | 0 | 0 | 0 | 0 |
Investments | - | - | - | - | - |
Other Investing | 0 | 3.38M | 636.98K | -255.73K | -68.82M |
Cash from Financing | 27.52M | 1.66M | 24.94M | 10.03M | 6.08B |
Debt Issued (Net) | 10.61M | 1.5M | 26.37M | 10.03M | -5.79M |
Equity Issued (Net) | 18.65M | 0 | -159.45M | 0 | 0 |
Dividends Paid | 0 | 0 | 0 | 0 | 0 |
Share Repurchases | 0 | 0 | -159.45M | 0 | 0 |
Other Financing | -1.74M | 163.13K | 158.02M | 0 | 6.08B |
Net Change in Cash | -467.65K▲ 0% | -442.59K▲ 5.4% | 2.47M▲ 657.9% | -6.96M▼ 382.0% | -589.11M▼ 8360.9% |
Free Cash Flow | -27.99M▲ 0% | -2.11M▲ 92.5% | -22.47M▼ 967.2% | -17.06M▲ 24.1% | -6.6B▼ 38561.5% |
FCF Margin % | -205.33% | -8.23% | - | -61.66% | -21927.66% |
FCF Growth % | - | 92.48% | -967.15% | 24.08% | -38561.47% |
FCF per Share | -1.28 | -0.10 | -1.15 | -0.84 | -307.80 |
FCF Conversion (FCF/Net Income) | 0.67x | 0.08x | 6.12x | 0.60x | 347.70x |
Interest Paid | 311.84K | 3.1M | 2.91M | 2.64M | 1.04M |
Taxes Paid | 0 | 0 | 15.09K | 14.95K | 13.99K |
BRLS Key Ratios
Borealis Foods Inc. (BRLS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
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% | -0.22% |
Gross Margin | -1.56% | -31.53% | - | 7.91% | 11.67% |
Net Margin | -74.24% | -102.7% | - | -91.54% | -63.09% |
Debt / Equity | 0.47x | 8.88x | 0.27x | - | - |
Interest Coverage | -37.16x | - | - | -4.03x | -2.18x |
FCF Conversion | 0.67x | 0.08x | 6.12x | 0.60x | 347.70x |
Revenue Growth | - | 87.71% | -100% | - | 8.71% |
Related:BRLS Dividend History·BRLS Revenue History·BRLS Price History·BRLS P/E History·BRLS Financial Ratios·BRLS Institutional Holders
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 $30.1M in revenue for fiscal year 2025. This represents a 121% increase from $13.6M in 2021.
Borealis Foods Inc. (BRLS) grew revenue by 8.7% over the past year. This is steady growth.
Borealis Foods Inc. (BRLS) reported a net loss of $19.0M for fiscal year 2025.
Dividend & Returns
Borealis Foods Inc. (BRLS) had negative free cash flow of $6.7M in fiscal year 2025, likely due to heavy capital investments.