BRLS Borealis Foods Inc.

Overview and Growth

In fiscal 2025, Borealis Foods Inc. recorded $31.48M of revenue, net loss of $18.98M, and an operating cash outflow of $6.60M. The $31.48M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 8.2% above fiscal 2024 revenue of $29.10M, marking a year-over-year increase. The company reported diluted EPS of -$0.89, adding a shareholder-level measure to the absolute income figures considered below. Diluted shares averaged 21.43M; this is the reported share base over which the company’s diluted per-share earnings were spread. Compared with 20.31M diluted shares in fiscal 2024, the current 21.43M base was 5.5% higher. The company employed $52.57M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.6x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $3.51M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 11.2% of revenue, quantifying the portion retained before operating expenses were recognized. The company recorded an operating loss of $11.04M after the reported operating expense base. Relative to revenue, the operating deficit measured 35.1%, showing the shortfall after operating costs. The bottom-line result was a net loss of $18.98M after operating, financing, tax, and other recognized items. Measured against revenue, the bottom-line deficit represented 60.3% after all recognized items. The company reported negative EBITDA of $9.19M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. The company reported a pretax loss of $19.05M, before the effect of income taxes. Pretax margin was -60.5%, reflecting a pre-tax loss equal to 60.5% of revenue. The reported tax benefit was $66.71K, favorably bridging the pretax and after-tax results. The net loss equaled 36.1% of period-end assets, showing the deficit relative to the asset base. The bottom-line deficit decreased from $25.33M in fiscal 2024 to $18.98M.

Liquidity and Capital Structure

At period end, the $52.57M asset base was financed through $71.80M of liabilities and -$19.23M of equity. The company reported negative equity of -$19.23M, a capital deficit that reduces its ability to absorb losses through book equity. Current assets were $8.06M against $69.82M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 0.12x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. Cash and equivalents totaled $64.00K, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 0.1%, excluding receivables and other current assets. The equity-to-assets relationship was -36.6%, placing book capital against the total resource base. The liabilities-to-assets relationship was 136.6%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 0.1%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 12.4% lower than fiscal 2024 assets of $60.01M, measuring the company’s own balance-sheet change. Cash and equivalents were 90.2% lower than fiscal 2024 cash of $652.97K, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities used $6.60M of cash, resulting in an operating cash outflow for the year. Compared with a $15.09M operating cash outflow in fiscal 2024, the current outflow improved to $6.60M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Nov 4, 2026.