BRLS

MKT CAP:$20M

Borealis Foods Inc.

Market Cap

$20M

Consumer Defensive·Packaged Foods·🇨🇦 Canada·NASDAQ

Consumer Def.·Packaged Foods·🇨🇦·NASDAQ

Stock Price

$0.90-$0.88 (-49.44%)

Apr 22, 2026

Company Details

Borealis 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 incorporate...

CEO

Reza Soltanzadeh

IPO Date

Oct 6, 2021

Website

borealisfoods.ca

Key Metrics TTM

Revenue

$28M

+16.2% YoY

Net Income

-$18M

EPS (Diluted)

-$0.87

Free Cash Flow

-$5M

Revenue / Share

$1.30

Gross Margin

9.7%

Operating Margin

-46.0%

Net Margin

-65.7%

FCF Margin

-17.4%

P/S

0.7x

P/E

—

Earnings Reports

Q3 2025

Nov 19, 2025

$7M-7.6%EPS -$0.18

Q2 2025

Aug 19, 2025

$7MEPS -$0.21

Q1 2025

May 20, 2025

$7M-13.3%EPS -$0.20

FY 2024

Apr 15, 2025

$28MEPS -$1.25

Q4 2024

Apr 30, 2025

$7MEPS -$0.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$0	$0	-$17.9K
Q2 21	$0	$0	-$790
Q3 21	$0	$0	-$7.9K
Q4 21	$0	$0	-$401.7K
Q2 22	$0	$0	-$537.5K
Q3 22	$0	$0	-$1M
Q4 22	$0	$0	-$746.1K
Q1 23	$8M	-$628.9K	-$5M
Q1 24	$8M	$242.6K	-$7M
Q3 24	$8M	$1M	-$4M
Q4 24	$7M	$251.3K	-$5M
Q1 25	$7M	$899.8K	-$3M
Q2 25	$7M	$514.9K	-$3M
Q3 25	$7M	$1M	-$2M

Valuation

Quarter	P/S	P/E
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	2.4x	—
Q1 24	1.2x	—
Q3 24	0.8x	—
Q4 24	0.7x	—
Q1 25	0.7x	—
Q2 25	0.7x	—
Q3 25	0.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$226	$226
Q3 21	$39.7K	$39.7K
Q4 21	-$617.2K	-$617.2K
Q2 22	-$231.3K	-$231.3K
Q3 22	-$236.4K	-$236.4K
Q4 22	-$1M	-$1M
Q1 23	-$6M	-$7M
Q1 24	-$7M	-$7M
Q3 24	-$3M	-$4M
Q4 24	-$819.4K	-$1M
Q1 25	-$1M	-$1M
Q2 25	-$2M	-$2M
Q3 25	-$190.6K	-$223.3K

Capital Expenditures

Quarter	CapEx
Q2 21	$0
Q3 21	$0
Q4 21	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$922.0K
Q1 24	$551.0K
Q3 24	$496.8K
Q4 24	$198.5K
Q1 25	$25.7K
Q2 25	$6.0K
Q3 25	$32.7K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	—	+2899.2%
Q3 22	—	+131234.1%
Q4 22	—	+9308.4%
Q1 23	—	+3134.3%
Q1 24	—	+2666.5%
Q3 24	—	+990.0%
Q4 24	—	+1425.5%
Q1 25	-18.8%	-24.9%
Q2 25	-9.0%	-29.1%
Q3 25	-7.6%	-20.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$0	—
Q3 21	$0	—
Q4 21	$0	—
Q2 22	$0	—
Q3 22	$0	—
Q4 22	$0	—
Q1 23	$193.6K	2.3%
Q1 24	$1M	16.1%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$58.2K	0.8%
Q2 25	$254.7K	3.5%
Q3 25	$3.0K	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 21	—	—	—	$17.9K
Q2 21	—	—	—	$790
Q3 21	—	—	—	$7.9K
Q4 21	—	—	—	$401.7K
Q2 22	—	—	—	$537.4K
Q3 22	—	—	—	$1M
Q4 22	—	—	—	$746.1K
Q1 23	—	—	—	$4M
Q1 24	—	—	—	$7M
Q3 24	—	$2M	$1M	—
Q4 24	—	—	—	$7M
Q1 25	—	—	—	$4M
Q2 25	$607.0K	$3M	$566.2K	—
Q3 25	$488.0K	—	—	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$1M	$0	$1M
Q1 22	$950.3K	$0	$950.3K
Q2 22	$726.5K	$0	$726.5K
Q3 22	$519.8K	$0	$519.8K
Q4 22	$680.8K	$0	$680.8K
Q1 23	$13M	$0	$13M
Q2 23	$2.5K	$0	$2.5K
Q3 23	$70.2K	$0	$70.2K
Q4 23	$93.1K	$0	$93.1K
Q1 24	$8M	$0	$8M
Q2 24	$3M	$0	$3M
Q3 24	$721.5K	$0	$721.5K
Q4 24	$653.0K	$0	$653.0K
Q1 25	$192.5K	$0	$192.5K
Q2 25	$206.6K	$0	$206.6K
Q3 25	$128.9K	$0	$128.9K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	29M	—	—
Q2 21	29M	0.0%	—
Q3 21	22M	-24.0%	—
Q4 21	22M	0.0%	—
Q2 22	22M	0.0%	-24.0%
Q3 22	22M	0.0%	-24.0%
Q4 22	22M	0.0%	0.0%
Q1 23	19M	-10.9%	-10.9%
Q1 24	17M	-12.3%	-21.9%
Q3 24	21M	+25.2%	-2.2%
Q4 24	20M	-5.0%	-7.1%
Q1 25	21M	+5.3%	+9.8%
Q2 25	21M	+0.1%	+25.3%
Q3 25	21M	0.0%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q1 24	—	—
Q3 24	—	—
Q4 24	$46.0K	147
Q1 25	$46.6K	147
Q2 25	$48.9K	147
Q3 25	$48.3K	147

Revenue / Employee