Borealis Foods Inc.
BRLS Nasdaq Food And Kindred Products Financials FY2022โFY2025
Last close ยท Oct 23, 2026
$0.98
5.8%
Revenue
Total sales reported in the income statement.
$31.5M
8.2%
vs prior year
Operating margin
Operating income as a share of revenue.
โ35.1%
35.1ย pts
Net income
Profit after all expenses, interest and tax.
โ$19.0M
Free cash flow
Cash from operations minus capital spending.
โ
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ
Market cap
Last close times the latest diluted share count, so it is approximate.
$21.0M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
On โ$0.85 EPS (TTM)
What Borealis Foods Inc. does
No business description yet.
- Legal name
- Borealis Foods Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K ยท Jun 2, 2026
- Accession ยท CIK
- 0001213900-26-063777
0001852973
Revenue and margins
Borealis Foods Inc. had $31.5M of revenue in fiscal 2025, up 8.2% on the year before.
FY22
Revenue โ
FY23
Revenue $30.0M
FY24
Revenue $29.1M
FY25
Revenue $31.5M
Q2 '23
Revenue $6.4M
Q3 '23
Revenue $7.7M
Q4 '23
Revenue $7.5M
Q1 '24
Revenue $7.9M
Q2 '24
Revenue $5.3M
Q3 '24
Revenue $7.7M
Q4 '24
Revenue $8.2M
Q1 '25
Revenue $7.2M
Q2 '25
Revenue $7.2M
Q3 '25
Revenue $7.1M
Q4 '25
Revenue $10.3M
Q1 '26
Revenue $7.8M
FY22
Gross โ
Operating โ
Net โ
FCF โ
FY23
Gross โ4.3%
Operating โ66.5%
Net โ91.6%
FCF โ74.9%
FY24
Gross 7.5%
Operating โ70.1%
Net โ87.0%
FCF โ57.5%
FY25
Gross 11.2%
Operating โ35.1%
Net โ60.3%
FCF โ
Gross
Operating
Net
FCF
Q2 '23
Gross โ16.1%
Operating โ100.0%
Net โ128.8%
FCF โ112.1%
Q3 '23
Gross โ6.2%
Operating โ57.3%
Net โ85.2%
FCF โ71.3%
Q4 '23
Gross 7.5%
Operating โ60.5%
Net โ368.5%
FCF โ38.9%
Q1 '24
Gross 3.1%
Operating โ88.3%
Net โ106.8%
FCF โ92.7%
Q2 '24
Gross 7.9%
Operating โ97.4%
Net โ118.3%
FCF โ89.2%
Q3 '24
Gross 16.6%
Operating โ47.1%
Net โ62.9%
FCF โ48.4%
Q4 '24
Gross 3.1%
Operating โ56.4%
Net โ309.2%
FCF โ11.6%
Q1 '25
Gross 12.5%
Operating โ40.4%
Net โ58.0%
FCF โ19.2%
Q2 '25
Gross 7.2%
Operating โ46.7%
Net โ64.0%
FCF โ
Q3 '25
Gross 14.6%
Operating โ27.1%
Net โ53.2%
FCF โ
Q4 '25
Gross 10.2%
Operating โ27.5%
Net โ62.0%
FCF โ
Q1 '26
Gross 10.8%
Operating โ26.5%
Net โ45.1%
FCF โ
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY22
Net income โ$0.3M
FY23
Net income โ$27.5M
FY24
Net income โ$25.3M
FY25
Net income โ$19.0M
Q2 '23
Net income โ$8.3M
Q3 '23
Net income โ$6.6M
Q4 '23
Net income โ$27.5M
Q1 '24
Net income โ$8.4M
Q2 '24
Net income โ$6.3M
Q3 '24
Net income โ$4.8M
Q4 '24
Net income โ$25.3M
Q1 '25
Net income โ$4.2M
Q2 '25
Net income โ$4.6M
Q3 '25
Net income โ$3.8M
Q4 '25
Net income โ$6.4M
Q1 '26
Net income โ$3.5M
FY22
Diluted EPS โ
FY23
Diluted EPS โ$2.56
FY24
Diluted EPS โ$1.25
FY25
Diluted EPS โ$0.89
Q2 '23
Diluted EPS โ$0.77
Q3 '23
Diluted EPS โ$0.61
Q4 '23
Diluted EPS โ$2.56
Q1 '24
Diluted EPS โ$0.49
Q2 '24
Diluted EPS $0.29
Q3 '24
Diluted EPS โ$0.23
Q4 '24
Diluted EPS โ$1.25
Q1 '25
Diluted EPS โ$0.20
Q2 '25
Diluted EPS $0.21
Q3 '25
Diluted EPS โ$0.18
Q4 '25
Diluted EPS โ$0.72
Q1 '26
Diluted EPS โ$0.16
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital โ
Return on equity โ6.5%
Return on assets โ0.2%
FY23
Return on capital โ
Return on equity โ
Return on assets โ22.4%
FY24
Return on capital โ
Return on equity โ
Return on assets โ40.3%
FY25
Return on capital โ
Return on equity โ
Return on assets โ33.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ in fiscal 2025, โ of revenue. Cash from operations minus capital spending.
FY22
Free cash flow โ
FY23
Free cash flow โ$22.5M
FY24
Free cash flow โ$16.7M
FY25
Free cash flow โ
Q2 '23
Free cash flow โ$7.2M
Q3 '23
Free cash flow โ$5.5M
Q4 '23
Free cash flow โ$2.9M
Q1 '24
Free cash flow โ$7.3M
Q2 '24
Free cash flow โ$4.7M
Q3 '24
Free cash flow โ$3.7M
Q4 '24
Free cash flow โ$1.0M
Q1 '25
Free cash flow โ$1.4M
Q2 '25
Free cash flow โ
Q3 '25
Free cash flow โ
Q4 '25
Free cash flow โ
Q1 '26
Free cash flow โ
FY22
Cash from operations โ$2.1M
Capital spending โ
FY23
Cash from operations โ$18.0M
Capital spending $4.5M
FY24
Cash from operations โ$15.1M
Capital spending $1.7M
FY25
Cash from operations โ$6.6M
Capital spending โ
Cash from operations
Capital spending
Q2 '23
Cash from operations โ$5.3M
Capital spending $1.9M
Q3 '23
Cash from operations โ$4.8M
Capital spending $0.7M
Q4 '23
Cash from operations โ$1.9M
Capital spending $0.9M
Q1 '24
Cash from operations โ$6.8M
Capital spending $0.6M
Q2 '24
Cash from operations โ$4.2M
Capital spending $0.5M
Q3 '24
Cash from operations โ$3.3M
Capital spending $0.5M
Q4 '24
Cash from operations โ$0.8M
Capital spending $0.1M
Q1 '25
Cash from operations โ$1.4M
Capital spending $0.0M
Q2 '25
Cash from operations โ$2.2M
Capital spending โ
Q3 '25
Cash from operations โ$0.2M
Capital spending โ
Q4 '25
Cash from operations โ$2.8M
Capital spending โ
Q1 '26
Cash from operations โ$0.1M
Capital spending โ
Cash from operations
Capital spending
Dividends, buybacks and share count
Borealis Foods Inc. returned โ to shareholders in fiscal 2025. The diluted share count rose 5.5%.
FY22
Dividends โ
Buybacks โ
FY23
Dividends โ
Buybacks $159M
FY24
Dividends โ
Buybacks โ
FY25
Dividends โ
Buybacks โ
Dividends
Buybacks
FY22
Diluted shares โ
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably Borealis Foods Inc. can carry it.
FY22
Cash $0.7M
Debt โ
FY23
Cash $7.6M
Debt โ
FY24
Cash $0.7M
Debt โ
FY25
Cash $0.1M
Debt โ
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $0.7M | $7.6M | $0.7M | $0.1M |
| Interest coverage | โ | โ2.7x | โ4.0x | โ1.8x |
| Current ratio | 0.4x | 0.3x | 0.5x | 0.1x |
| Quick ratio | 0.4x | 0.2x | 0.1x | 0.0x |
| Total assets | $179M | $65.8M | $60.0M | $52.6M |
| Total liabilities | $175M | $87.1M | $60.7M | $71.8M |
| Shareholders' equity | $4.6M | โ$21.3M | โ$0.7M | โ$19.2M |
| Net debt (โ = net cash) | โ | โ | โ | โ |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 5 | 4 / 8 | 4 / 8 |
| Accruals ratio | 1.0% | โ7.7% | โ16.3% | โ22.0% |
| Altman Z'' | โ0.17 | โ10.54 | โ8.72 | โ16.21 |
4 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | โ | $30.0M | $29.1M | $31.5M |
| Gross profit | $176M | โ$1.3M | $2.2M | $3.5M |
| Research and development | โ | $0.5M | $0.2M | $0.2M |
| Operating income | โ$2.9M | โ$19.9M | โ$20.4M | โ$11.0M |
| Interest expense | โ | $7.3M | $5.1M | $6.0M |
| Pretax income | โ | โ | โ$25.5M | โ$19.0M |
| Income tax | โ | โ$0.3M | โ$0.1M | โ$0.1M |
| Net income | โ$0.3M | โ$27.5M | โ$25.3M | โ$19.0M |
| Net income to common | โ | โ | โ$25.3M | โ$19.0M |
| Diluted EPS | โ | โ$2.56 | โ$1.25 | โ$0.89 |
| Diluted shares | โ | 0.01B | 0.02B | 0.02B |
| Cash flow | ||||
| Cash from operations | โ$2.1M | โ$18.0M | โ$15.1M | โ$6.6M |
| Capital expenditure | โ | $4.5M | $1.7M | โ |
| Free cash flow | โ | โ$22.5M | โ$16.7M | โ |
| Depreciation and amortization | โ | $3.9M | $2.3M | $1.8M |
| Stock-based compensation | โ | $0.5M | $1.3M | $1.3M |
| Share buybacks | โ | $159M | โ | โ |
| Dividends and buybacks | โ | $159M | โ | โ |
| Balance sheet | ||||
| Cash and short-term investments | $0.7M | $7.6M | $0.7M | $0.1M |
| Finance lease liabilities | โ | $2.2M | $1.7M | $1.1M |
| Deposits | โ | $21.9M | โ | โ |
| Current assets | $0.9M | $17.2M | $11.8M | $8.1M |
| Current liabilities | $2.5M | $67.3M | $25.4M | $69.8M |
| Inventory | โ | $6.9M | $8.0M | $4.6M |
| Property and equipment, net | โ | $46.4M | $45.7M | $43.9M |
| Goodwill | โ | $1.9M | $1.9M | โ |
| Intangible assets | โ | $0.0M | $0.3M | $0.3M |
| Total assets | $179M | $65.8M | $60.0M | $52.6M |
| Total liabilities | $175M | $87.1M | $60.7M | $71.8M |
| Preferred stock | โ | $10.0M | โ | โ |
| Shareholders' equity | $4.6M | โ$21.3M | โ$0.7M | โ$19.2M |
| Margins | ||||
| Gross margin | โ | โ4.3% | 7.5% | 11.2% |
| Operating margin | โ | โ66.5% | โ70.1% | โ35.1% |
| EBITDA margin | โ | โ53.4% | โ62.1% | โ29.2% |
| Net margin | โ | โ91.6% | โ87.0% | โ60.3% |
| FCF margin | โ | โ74.9% | โ57.5% | โ |
| Returns | ||||
| Return on capital employed | โ1.6% | 1,314.6% | โ59.0% | 64.0% |
| Return on equity | โ6.5% | โ | โ | โ |
| Return on assets | โ0.2% | โ22.4% | โ40.3% | โ33.7% |
| Return on tangible equity | โ6.5% | โ | โ | โ |
| Growth | ||||
| Revenue growth | โ | โ | โ3.0% | 8.2% |
| Share count change | โ | โ | 88.9% | 5.5% |
| Financial health | ||||
| Interest coverage | โ | โ2.7x | โ4.0x | โ1.8x |
| Current ratio | 0.4x | 0.3x | 0.5x | 0.1x |
| Quick ratio | 0.4x | 0.2x | 0.1x | 0.0x |
| Capital allocation | ||||
| Capex / revenue | โ | 14.9% | 5.7% | โ |
| Stock comp / revenue | โ | 1.6% | 4.4% | 4.0% |
| Quality scores | ||||
| Piotroski F-score | โ | โ | 4.0 | 4.0 |
| Altman Z'' | โ0.2 | โ10.5 | โ8.7 | โ16.2 |
| Accruals ratio | 1.0% | โ7.7% | โ16.3% | โ22.0% |
Source: SEC EDGAR XBRL filings (CIK 0001852973). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ not investment advice. Check the original filings before relying on any figure.