Borealis Foods Inc.
Business
Borealis Foods is an integrated food science and manufacturing company specializing in innovative plant-based instant ramen noodles with high protein content. The company produces branded ramen products—Chef Woo, Chef Ramsay, Ramen Express, and Woodles—formulated with complete plant-based proteins and targeted nutritional profiles. Products are manufactured at a proprietary facility in Saluda, South Carolina, and distributed through major U.S. retail chains, club stores, limited assortment retailers, regional supermarkets, and e-commerce platforms across North America and Latin America.
Summary from 10-K filed 2026-06-02
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Gross sales | 31 | 29 | 30 | — | — | |
| Sales discounts & allowances | −1 | −1 | — | — | — | |
| Revenue, net | 30 | 28 | — | — | — | |
| Cost of goods sold | 25 | 23 | 27 | — | — | |
| Depreciation and amortization | 2 | 2 | 4 | — | — | |
| Total cost of goods sold | 27 | 25 | 31 | — | — | |
| Gross profit | 4 | 2 | −1 | — | — | |
| Total sales, general & administrative expenses | 15 | 23 | 19 | — | — | |
| Loss from operations | −11 | −20 | −20 | −3 | −428,376 | |
| Impairment loss | −2 | — | — | — | — | |
| (Loss) gain on foreign exchange rates | −15,943 | 3,554 | 72,889 | 1,073 | — | |
| Interest expense | −6 | −5 | — | — | — | |
| Total other expense | −8 | −5 | — | — | — | |
| Loss before income taxes | −19 | −25 | — | — | — | |
| Income tax benefit | 66,710 | 134,901 | 336,031 | — | — | |
| Net loss | −19 | −25 | −27 | −302,544 | −407,624 | |
| Basic (in Dollars per share) | −0.89 | −1.25 | −2.56 | — | — | |
| Diluted (in Dollars per share) | −0.89 | −1.25 | −2.56 | — | — | |
| Basic (in Shares) | 21 | 20 | 11 | — | — | |
| Diluted (in Shares) | 21 | 20 | 11 | — | — |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash | 63,859 | 652,965 | 8 | 680,000 | — | |
| 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 | 2 | — | — | |
| Inventories, net | 5 | 8 | 7 | — | — | |
| Prepaid expenses and other current assets | 760,616 | 1 | 845,878 | — | — | |
| Total current assets | 8 | 12 | 17 | 916,794 | 1 | |
| Property, plant and equipment, net | 44 | 46 | — | — | — | |
| Intangible assets | 298,041 | 319,307 | 0 | — | — | |
| Right - of-use asset, net | 158,361 | 63,826 | 108,000 | — | — | |
| Goodwill | — | 2 | 2 | — | — | |
| Other non-current assets | 169,685 | 169,685 | 169,685 | — | — | |
| Total assets | 53 | 60 | 66 | 179 | 177 | |
| Accounts payable and accrued expenses | 16 | 12 | 11 | — | — | |
| Line of credit, current portion | 3 | — | — | — | — | |
| Convertible notes payable, current portion | 3 | — | 47 | — | — | |
| Notes payable, current portion, net of capitalized loan costs | 20 | 5 | — | — | — | |
| Operating lease payable, current portion | 39,982 | 55,116 | 43,794 | — | — | |
| Finance leases payable, current portion | 642,474 | 538,845 | 565,353 | — | — | |
| Total current liabilities | 70 | 25 | 67 | 3 | 235,051 | |
| Line of credit, net of current portion | — | 8 | 0 | — | — | |
| 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 | 71,119 | — | — | |
| Finance leases payable, net of current portion | 489,461 | 1 | 2 | — | — | |
| Deferred tax liability | 1 | 1 | 2 | — | — | |
| Total liabilities | 72 | 61 | 87 | — | — | |
| Common shares, no par value (in Dollars per share) | — | — | — | — | — | |
| Additional paid-in capital | 91 | 90 | 44 | — | 2 | |
| Accumulated deficit | −110 | −91 | −65 | −2 | −407,624 | |
| Total shareholders (deficit) | −19 | −695,886 | −21 | 5 | 1 | |
| Total liabilities and shareholders (deficit) | 53 | 60 | 66 | 179 | 177 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| 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 | 121,496 | — | — | |
| 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 | −351,123 | — | — | |
| Accounts receivable | −664,828 | −213,212 | 705,951 | — | — | |
| Inventories | 4 | −2 | −648,996 | — | — | |
| Prepaid expenses and other | 373,995 | −288,734 | 972,355 | — | — | |
| Operating lease | −3,157 | −3,138 | 6,444 | — | — | |
| Accounts payable and accrued expenses | 5 | 8 | 2 | — | — | |
| Net cash used in operating activities | −7 | −15 | −18 | −2 | −602,161 | |
| Proceeds from reverse capitalization | — | 63,575 | 0 | — | — | |
| 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 | −4 | — | −176 | |
| Net payments from related parties | 12 | — | — | 163,126 | 279,935 | |
| Proceeds from convertible notes payable | — | 3 | 27 | — | — | |
| Payments on finance leases payable | −550,740 | −565,987 | — | — | — | |
| Borrowings on line of credit | 8 | 8 | 0 | — | — | |
| Payments on line of credit | −13 | — | −11 | — | — | |
| Payments on notes payable | −333,333 | — | — | — | — | |
| Net cash provided by financing activities | 6 | 10 | 25 | 2 | 178 | |
| Net change in cash | −589,106 | −7 | −587,677 | −442,592 | 1 | |
| Interest | 1 | 3 | 3 | — | — | |
| Income taxes | 13,987 | 14,948 | 15,092 | — | — | |
| Conversion of notes payable into Class A shares | — | −55 | 0 | — | — | |
| Note payable supplier finance | — | 3 | — | — | — | |
| Note payable accounted for as due to related party | — | 8 | — | — | — | |
| Operating lease renewal | 222,771 | — | — | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Borealis Foods Inc.'s CIK number?
Borealis Foods Inc.'s SEC CIK number is 0001852973 (1852973). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Borealis Foods Inc.'s SEC filings?
All of Borealis Foods Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Borealis Foods Inc. last report earnings?
Borealis Foods Inc. (BRLSW) most recently filed an earnings 8-K with the SEC on Nov 14, 2024, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-24-047970). This is Borealis Foods Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Borealis Foods Inc.'s most recent earnings 8-K?
Borealis Foods Inc.'s latest earnings 8-K (Item 2.02) was filed Nov 14, 2024 under accession 0001628280-24-047970. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Borealis Foods Inc.'s latest earnings 8-K →
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