The firm's financial position appears increasingly vulnerable, with total debt reaching $27.1 million against a negative equity position of $19.2 million as of 2025Q4.
Borealis Foods Inc. (BRLS) balance sheet — 5-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 6.82M | 8.06M | 11.8M | 17.18M | 916.79K | 1.44M |
| Cash & Short-Term Investments | 479.86K | 63.86K | 652.97K | 7.62M | 680.79K | 1.12M |
| Cash Only | 479.86K | 63.86K | 652.97K | 7.62M | 680.79K | 1.12M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.74M | 2.65M | 1.97M | 1.78M | 0 | 0 |
| Days Sales Outstanding | 24.25 | 21.66 | 14.27 | 126.32 | - | - |
| Inventory | 3.53M | 4.58M | 8.05M | 6.95M | 0 | 0 |
| Days Inventory Outstanding | 70.96 | 62.96 | 115.27 | - | - | - |
| Other Current Assets | 1.07M | 760.62K | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 44.12M | 44.52M | 48.21M | 48.6M | 178.7M | 176.05M |
| Property, Plant & Equipment | 43.65M | 44.05M | 45.8M | 46.52M | 0 | 0 |
| Fixed Asset Turnover | 0.79x | 1.01x | 1.10x | 0.11x | - | - |
| Goodwill | 0 | 0 | 1.92M | 1.92M | 0 | 0 |
| Intangible Assets | 298.04K | 298.04K | 319.31K | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 178.53M | 175.95M |
| Other Non-Current Assets | 169.69K | 169.69K | 169.69K | 169.69K | 171.03K | 96.25K |
| Total Assets | 50.95M | 52.57M | 60.01M | 65.79M | 179.62M | 177.49M |
| Asset Turnover | 0.64x | 0.85x | 0.84x | 0.08x | 0.14x | 0.13x |
| Asset Growth % | -44.15% | -12.39% | -8.79% | -63.37% | 1.2% | - |
| Total Current Liabilities | 71.85M | 69.82M | 25.41M | 67.3M | 2.5M | 235.05K |
| Accounts Payable | 17.36M | 16.05M | 11.53M | 10.89M | 0 | 0 |
| Days Payables Outstanding | 206.46 | 220.46 | 165.17 | - | - | - |
| Short-Term Debt | 25.06M | 25.79M | 5.46M | 48.59M | 1.5M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 7.83M | 1M | 235.05K |
| Current Ratio | 0.09x | 0.12x | 0.46x | 0.26x | 0.37x | 6.11x |
| Quick Ratio | 0.05x | 0.05x | 0.15x | 0.15x | 0.37x | 6.11x |
| Cash Conversion Cycle | -111.25 | -135.84 | -35.63 | - | - | - |
| Total Non-Current Liabilities | 1.8M | 1.99M | 35.3M | 19.83M | 0 | 0 |
| Long-Term Debt | 0 | 0 | 25.08M | 16.51M | 0 | 0 |
| Capital Lease Obligations | 2.53M | 607.99K | 1.16M | 1.75M | 0 | 0 |
| Deferred Tax Liabilities | 5.68M | 1.38M | 1.46M | 1.57M | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 7.6M | 0 | 0 | 0 |
| Total Liabilities | 73.65M | 71.8M | 60.7M | 87.13M | 2.5M | 235.05K |
| Total Debt | 26.19M | 27.08M | 32.28M | 66.85M | 1.5M | 0 |
| Net Debt | 25.71M | 27.02M | 31.63M | 59.24M | 819.21K | -1.12M |
| Debt / Equity | -1.15x | - | - | - | 0.01x | - |
| Debt / EBITDA | -3.11x | - | - | - | - | - |
| Net Debt / EBITDA | -3.05x | - | - | - | - | - |
| Interest Coverage | -1.97x | -2.18x | -4.03x | - | - | -37.16x |
| Total Equity | -22.7M | -19.23M | -695.89K | -21.35M | 176.95M | 177.25M |
| Equity Growth % | -3581.99% | -2663.47% | 96.74% | -112.06% | -0.17% | - |
| Book Value per Share | -1.06 | -0.90 | -0.03 | -1.10 | 8.09 | 8.11 |
| Total Shareholders' Equity | -22.7M | -19.23M | -695.89K | -21.35M | 176.95M | 177.25M |
| Common Stock | 0 | 0 | 0 | 461 | 461 | 461 |
| Retained Earnings | -113.28M | -109.77M | -90.79M | -65.47M | -1.58M | -407.62K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 178.53M | 175.95M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BRLS stock.
As of 2025, Borealis Foods Inc. (BRLS) had total assets of $52.6M including $8.1M in current assets.
Borealis Foods Inc. (BRLS) carries total debt of $27.1M, offset by $0.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Borealis Foods Inc. (BRLS) has total shareholders' equity (book value) of $-19.2M ($-0.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Borealis Foods Inc. (BRLS) reported a current ratio of 0.12x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Insolvency and Liquidity Constraints
Metrics are mathematically derived from official filings.
Eroding Equity and Capital Base
According to recent financial disclosures, BRLS has seen its equity position deteriorate from a positive $16.2 million in 2024Q1 to a deficit of $19.2 million by 2025Q4, signaling a rapid depletion of shareholder value as the company struggles to achieve operational scale.
The consistent decline in retained earnings, which reached -$109.8 million in 2025Q4, suggests that the company's business model is currently unable to generate sufficient returns to offset its accumulated losses. This trajectory indicates that the firm is increasingly reliant on external financing to sustain its operations, which may limit future strategic flexibility.
Severe Liquidity and Runway Constraints
As reported in the 2025Q4 balance sheet, the company's current ratio has plummeted to a precarious 0.12, reflecting a critical lack of liquid assets relative to short-term obligations that warrants immediate investor concern regarding the firm's ability to meet its near-term financial commitments.
With cash reserves dwindling to just $63.9 thousand, the company appears to have exhausted its immediate liquidity buffer. This extreme compression in the current ratio suggests that the firm may face significant difficulty in funding ongoing operations without immediate capital injections or restructuring of its current liabilities.
Leverage Burden Amidst Negative Equity
Based on the provided figures, BRLS carries $27.1 million in total debt as of 2025Q4, a figure that looms large against a negative equity base, effectively rendering traditional leverage metrics like debt-to-equity uninformative and highlighting the company's reliance on debt to fund its ongoing cash burn.
The presence of significant debt on a balance sheet with negative equity suggests that the company is operating in a highly leveraged state that leaves little room for operational error. Investors should monitor whether the company can restructure these obligations, as the current debt load appears disproportionate to the firm's limited cash-generating capacity.
Asset Composition and Capital Intensity
Data from recent filings indicates that BRLS maintains $44.1 million in net PPE, representing the vast majority of its $52.6 million in total assets, which suggests a capital-intensive manufacturing strategy that has yet to yield the expected economies of scale or profitability.
The concentration of assets in PPE, despite the company's reliance on third-party manufacturing, may indicate significant sunk costs that are not currently contributing to efficient production. This asset mix warrants further investigation into whether these investments are truly proprietary or if they represent an over-investment in infrastructure that the company cannot yet fully utilize.