Borealis Foods Inc.

Listed Company

BRLSWCIK 0001852973NasdaqEmerging GrowthFood And Kindred ProductsE9FY ends Dec 31

Period

FY 2025

Revenue

$31.48M

Net Income

$-18.98M

Total Assets

$52.57M

Equity

$-19.23M

Shares Out

21.46M

Op. Cash Flow

$-6.60M

Business

Borealis Foods Inc. is an integrated food science and manufacturing company focused on developing and producing affordable, nutritious plant-based meals. It offers ready-to-eat and instant ramen products featuring a patent-pending complete plant-based protein dough, marketed under brands including Chef Woo, Chef Ramsay, Ramen Express, and Woodles. The company operates a manufacturing subsidiary, Palmetto Gourmet Foods (PGF), and emphasizes research and development, strategic partnerships, and product innovation across its platform. Borealis distributes primarily across the U.S., Canada, Mexico and Latin America through retail, club, regional, institutional/foodservice and e-commerce channels.

Summary from filing dated 2025-04-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
Gross sales	31	29
Sales discounts & allowances	1	1
Revenue, net	30	28
Cost of goods sold	25	23
Depreciation and amortization	2	2
Total cost of goods sold	27	25
Gross profit	4	2
Total sales, general & administrative expenses	15	23
Loss from operations	−11	−20
Other income (expense):	—	—
Impairment loss	2	—
(Loss) gain on foreign exchange rates	−15,943	3,554
Interest expense	6	5
Total other expense	−8	−5
Loss before income taxes	−19	−25
Income tax benefit	−66,710	−134,901
Net loss	−19	−25
Loss per share from net loss	—	—
Basic (in Dollars per share)	−0.89	−1.25
Diluted (in Dollars per share)	−0.89	−1.25
Weighted average shares outstanding	—	—
Basic (in Shares)	21	20
Diluted (in Shares)	21	20

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
Current Assets	—	—
Cash	63,859	652,965
Accounts receivable, net of allowance for credit losses of $230,000 and $247,653 as of December 31, 2025 and December 31, 2024, respectively	3	2
Inventories, net	5	8
Prepaid expenses and other current assets	760,616	1
Total current assets	8	12
Property, plant and equipment, net	44	46
Intangible assets	298,041	319,307
Right - of-use asset, net	158,361	63,826
Goodwill	—	2
Other non-current assets	169,685	169,685
Total assets	53	60
Current liabilities:	—	—
Accounts payable and accrued expenses	16	12
Due to related parties	27	8
Line of credit, current portion	3	—
Convertible notes payable, current portion	3	—
Notes payable, current portion, net of capitalized loan costs	20	5
Operating lease payable, current portion	39,982	55,116
Finance leases payable, current portion	642,474	538,845
Total current liabilities	70	25
Due to related parties, net of current portion	—	8
Line of credit, net of current portion	—	8
Convertible notes payable, net of current portion	—	3
Notes payable, net of current portion	—	14
Operating lease payable, net of current portion	118,528	12,015
Finance leases payable, net of current portion	489,461	1
Deferred tax liability	1	1
Total liabilities	72	61
Shareholders’ (deficit)	—	—
Common shares, no par value (in Dollars per share)	—	—
Additional paid-in capital	91	90
Accumulated deficit	−110	−91
Total shareholders’ (deficit)	−19	−695,886
Total liabilities and shareholders’ (deficit)	53	60

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
Cash Flows from Operating Activities:	—	—
Net loss	−19	−25
Adjustments to reconcile net loss to net cash used in operating activities:	—	—
Non-cash compensation expense related to restricted share units and stock options	−443,917	−1
Depreciation and amortization	2	2
Amortization of loan costs	498,728	310,964
Impairment loss	2	—
Provision for credit losses	−17,653	23,220
Provision for inventory reserve	−716,528	703,450
Deferred income taxes	−80,697	−106,309
Changes in operating assets and liabilities:	—	—
Accounts receivable	664,828	213,212
Inventories	−4	2
Prepaid expenses and other	−373,995	288,734
Operating lease	−3,157	−3,138
Accounts payable and accrued expenses	5	8
Net cash used in operating activities	−7	−15
Cash flows from investing activities	—	—
Proceeds from reverse capitalization	—	63,575
Purchases of intangible assets	68,816	319,307
Purchases of property, plant and equipment	−3,078	2
Net cash used in investing activities	−65,738	−2
Cash flows from financing activities	—	—
Net payments from related parties	12	—
Proceeds from convertible notes payable	—	3
Payments on finance leases payable	550,740	565,987
Borrowings on line of credit	8	8
Payments on line of credit	13	—
Payments on notes payable	333,333	—
Net cash provided by financing activities	6	10
Net change in cash	−589,106	−7
Cash, end of period	—	—
Cash, end of period	—	—
Supplemental cash flow data	—	—
Interest	1	3
Income taxes	13,987	14,948
Non-cash investing and financing activities	—	—
Conversion of notes payable into Class A shares	—	55
Note payable supplier finance	—	3
Note payable accounted for as due to related party	—	8
Operating lease renewal	222,771	—

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