Borealis Foods Inc. BRLS
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Management's Discussion and Analysis of Financial Condition and Results of Operations
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Last close
1.31
2026-09-04
Market cap
$28.1M
2026-03-31 share count
52-week range
0.60 - 5.02
Valuation FY2025 figures against the last close
P/S0.9x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.89
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $31.5M | $29.1M | $31.4M | — | — |
| Cost of revenue | $26.6M | $25.5M | $31.3M | — | — |
| Gross profit | $3.5M | $2.2M | -$1.3M | $175.9M | $172.5M |
| R&D | $202.0K | $197.0K | $460.0K | — | — |
| SG&A | $14.5M | $22.6M | $18.6M | — | — |
| Operating income | -$11.0M | -$20.4M | -$19.9M | -$2.9M | -$428.4K |
| Interest expense | $6.0M | $5.1M | $7.3M | — | — |
| Pre-tax income | -$19.0M | -$25.5M | -$27.1M | — | — |
| Income tax | $66.7K | $134.9K | $336.0K | — | — |
| Net income | -$19.0M | -$25.3M | -$27.5M | -$302.5K | -$407.6K |
| EPS, basic | -0.89 | -1.25 | -2.56 | — | — |
| EPS, diluted | -0.89 | -1.25 | -2.56 | — | — |
| Shares, diluted (wtd. avg.) | $21.4M | $20.3M | $10.8M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $64.0K | $653.0K | $7.6M | $5.1M | $1.1M |
| Receivables | $2.6M | $2.0M | $1.8M | — | — |
| Inventory | $4.6M | $8.0M | $6.9M | — | — |
| Total current assets | $8.1M | $11.8M | $17.2M | $916.8K | $1.4M |
| Property, plant and equipment | $43.9M | $45.7M | — | — | — |
| Goodwill | — | $1.9M | $1.9M | — | — |
| Other intangibles | $298.0K | $319.3K | $0 | — | — |
| Total assets | $52.6M | $60.0M | $65.8M | $179.4M | $177.5M |
| Accounts payable | $16.0M | $11.5M | $10.9M | — | — |
| Total current liabilities | $69.8M | $25.4M | $67.3M | $2.5M | $235.1K |
| Total liabilities | $71.8M | $60.7M | $87.1M | — | — |
| Retained earnings | -$109.8M | -$90.8M | -$65.5M | -$1.6M | -$407.6K |
| Total equity | -$19.2M | -$695.9K | -$21.3M | $4.6M | $1.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$6.6M | -$15.1M | -$18.0M | -$2.1M | -$602.2K |
| Depreciation and amortisation | $1.8M | $2.3M | $3.9M | — | — |
| Stock-based compensation | — | $1.3M | $492.3K | — | — |
| Capital expenditure | — | $1.7M | $4.5M | — | — |
| Investing cash flow | -$65.7K | -$1.9M | -$4.5M | — | -$175.9M |
| Financing cash flow | $6.1M | $10.0M | $24.9M | $1.7M | $177.7M |
| Buybacks | — | — | $159.5M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-082825.
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|---|---|---|---|---|
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| BRBR | BELLRING BRANDS, INC. | $1.21B | 6.2x | 16.1% |
| SMPL | Simply Good Foods Co | $1.01B | 11.2x | 9.0% |
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