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Borealis Foods Inc. (BRLS) stock

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NASDAQ: BRLS Nasdaq Packaged Foods & Meats

Borealis Foods Inc. is a US-listed company in the packaged foods & meats industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Borealis Foods Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds3 adding, 3 cuttingOf 1 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Borealis Foods files

Where Borealis Foods stands after its latest 10-Q

Revenue for the twelve months to March 2026 was $32m, up 14.0% on a year earlier, faster than the 9.5% growth a quarter earlier. Free-cash-flow margin rose to -24.8% from -38.0% a year earlier. Operating margin widened to -31.4% from -57.5%. It passes 1 of our 3 financial-health checks.

Our model value for Borealis Foods is under review, so past values are not shown until it is resolved.

Source: 10-Q filed June 30, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Borealis Foods Inc.'s trailing-twelve-month revenue grew 14.0% year on year, with a free-cash-flow margin of -24.8%.

Current signal Operating margin expanding: TTM operating margin reached -31.4%, up 26.1pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 4.5 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 26.1 points on a year ago.

Things to watch

  • Loss-making. Operating margin is -31.4%: costs exceed revenue.
  • Burning cash. Free cash flow was -24.8% of revenue over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 216% and a beta of 0.4 against the S&P 500.

Latest results: FY2026 Q1

Filed June 30, 2026
Revenue
$8m, up 7.7% on a year earlier
Share reaction
-13.3% in the first session after the results on August 26, 2026, against +0.7% for the S&P 500

Borealis Foods' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.2%
  • 1 week+3.1%
  • 1 month-3.7%
  • This year-41.8%
  • 1 year-69.3%
  • 5 years-88.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$32.4M
Operating margin
-31.4%
Net margin
-56.5%
EPS (TTM, diluted)
$-0.85

Growth

Revenue growth
+14.0%
Change in growth rate
+4.5 pts
Share count change
+1.6%

Cash

Free cash flow (TTM)
-$8M
FCF margin
-24.8%
Stock pay % of revenue
3.2%

Earnings

Last results
August 26, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Borealis Foods Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

Valuation multiples over time Market data may be delayed

At fiscal year end 202320242025Now
Share price$11.31$5.96$2.00$1.17
Market value$243m$121m$43m$25m
+ Net debt (− = net cash)$43m$8m$9m$8m
Enterprise value$286m$129m$51m$33m
Multiples
Price / sales 8.1x4.2x1.4x0.8x
Price / earnings ————
Price / free cash flow ————
EV / EBITDA ————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Borealis Foods Inc.: too few analysts cover it.

Positioning

Short interest
1.0%
of tradable shares
Days to cover
3.79
at average volume
Short interest, 1 month
−22%
to October 15, 2026
Held by institutions
0%
of shares
Held by insiders
45.5%
of shares
Employees
140
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −69.3%

$3.79 on October 31, 2025 to $1.17

ThenNowEffect
Revenue (last 12 months) $30m $32m +7.0%
P/S multiple 2.6x 0.8x −70.8%
Share count 21m 21m −1.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
BRLS+5%+10%−47%−67%−42%
Industry peers (median)−4%−5%−2%−16%−15%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
BRLS67%100%42%42%55%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
BRLS−2%−1%−69%−77%−67%
S&P 500−25%−10%−8%−19%−9%

Worst fall since October 6, 2021: 95% from February 7, 2024 to February 6, 2026. Getting back needed a 1814% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.65 – $3.75
From 52-week high
−68.9%
vs 50-day average
−3.8%
vs 200-day average
−7.8%
Volatility (1 year)
216%
Beta vs S&P 500
0.42

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 2 down
typical move ±8.4%
After a week
2 up, 3 down
typical move ±17.7%
After a month
2 up, 3 down
typical move ±13.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 26, 2026 −13.3% +0.7% −8.6% +8.6%
November 14, 2024 −3.9% −1.9% −12.6% −4.6%
May 23, 2024 +14.9% −0.1% +31.4% +33.3%
April 16, 2024 +1.9% −0.8% −11.0% −9.6%
February 13, 2024 +7.9% −0.5% +24.8% −12.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Borealis Foods Inc.
$28M $30M $32M $34M FY23 Q4 FY24 Q2 FY24 Q4 FY25 Q2 FY26 Q1 Revenue (TTM), FY23 Q4: $30M Revenue (TTM), FY24 Q1: $29.5M Revenue (TTM), FY24 Q2: $28.4M Revenue (TTM), FY24 Q3: $28.4M Revenue (TTM), FY24 Q4: $29.1M Revenue (TTM), FY25 Q1: $28.4M Revenue (TTM), FY25 Q2: $30.3M Revenue (TTM), FY25 Q3: $29.7M Revenue (TTM), FY25 Q4: $31.9M Revenue (TTM), FY26 Q1: $32.4M $32.4M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $30M
FY24 Q1 $29.5M
FY24 Q2 $28.4M
FY24 Q3 $28.4M
FY24 Q4 $29.1M
FY25 Q1 $28.4M
FY25 Q2 $30.3M
FY25 Q3 $29.7M
FY25 Q4 $31.9M
FY26 Q1 $32.4M
Revenue growth, TTM YoY Borealis Foods Inc.
-5% 0% 5% 10% 15% FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY26 Q1 Revenue growth, TTM YoY, FY24 Q4: -3.0% Revenue growth, TTM YoY, FY25 Q1: -3.7% Revenue growth, TTM YoY, FY25 Q2: 6.7% Revenue growth, TTM YoY, FY25 Q3: 4.7% Revenue growth, TTM YoY, FY25 Q4: 9.5% Revenue growth, TTM YoY, FY26 Q1: 14.0% 14.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q4 -3.0%
FY25 Q1 -3.7%
FY25 Q2 6.7%
FY25 Q3 4.7%
FY25 Q4 9.5%
FY26 Q1 14.0%
Operating margin (TTM) Borealis Foods Inc.
-80% -60% -40% -20% 0% FY23 Q4 FY24 Q2 FY24 Q4 FY25 Q2 FY26 Q1 Operating margin (TTM), FY23 Q4: -66.5% Operating margin (TTM), FY24 Q1: -75.7% Operating margin (TTM), FY24 Q2: -74.3% Operating margin (TTM), FY24 Q3: -71.6% Operating margin (TTM), FY24 Q4: -70.1% Operating margin (TTM), FY25 Q1: -57.5% Operating margin (TTM), FY25 Q2: -47.9% Operating margin (TTM), FY25 Q3: -43.2% Operating margin (TTM), FY25 Q4: -34.6% Operating margin (TTM), FY26 Q1: -31.4% -31.4%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -66.5%
FY24 Q1 -75.7%
FY24 Q2 -74.3%
FY24 Q3 -71.6%
FY24 Q4 -70.1%
FY25 Q1 -57.5%
FY25 Q2 -47.9%
FY25 Q3 -43.2%
FY25 Q4 -34.6%
FY26 Q1 -31.4%
FCF margin (TTM) Borealis Foods Inc.
-80% -60% -40% -20% 0% FY23 Q4 FY24 Q2 FY24 Q4 FY25 Q2 FY26 Q1 FCF margin (TTM), FY23 Q4: -74.9% FCF margin (TTM), FY24 Q1: -77.7% FCF margin (TTM), FY24 Q2: -72.1% FCF margin (TTM), FY24 Q3: -65.9% FCF margin (TTM), FY24 Q4: -57.5% FCF margin (TTM), FY25 Q1: -38.0% FCF margin (TTM), FY25 Q2: -36.1% FCF margin (TTM), FY25 Q3: -24.9% FCF margin (TTM), FY25 Q4: -29.5% FCF margin (TTM), FY26 Q1: -24.8% -24.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -74.9%
FY24 Q1 -77.7%
FY24 Q2 -72.1%
FY24 Q3 -65.9%
FY24 Q4 -57.5%
FY25 Q1 -38.0%
FY25 Q2 -36.1%
FY25 Q3 -24.9%
FY25 Q4 -29.5%
FY26 Q1 -24.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Mar 2026
Income
Revenue 30 29 31 32
Gross profit −1 2 4 3
EBITDA −16 −18 −9 −7
Operating income −20 −20 −11 −10
Net income −27 −25 −19 −18
Diluted EPS −$1.28 −$1.25 −$0.89 −$0.85
Growth (year on year)
Revenue — −3.0% +8.2% +14.0%
Margins
Gross margin −4.3% 7.5% 11.2% 10.6%
EBITDA margin −53.4% −62.1% −29.2% −23.1%
Operating margin −66.5% −70.1% −35.1% −31.4%
Net margin −91.6% −87.0% −60.3% −56.5%
Free-cash-flow margin −74.9% −57.5% −21.0% −16.5%
Cash flow
Cash from operations −18 −15 −7 −5
Capital spending 4 2 0 0
Free cash flow −22 −17 −7 −5
Stock-based pay 0 1 1 —
Free cash flow after stock pay −23 −18 −8 —
Balance sheet
Cash 8 1 0 1
Total debt 50 8 9 9
Net debt (negative = net cash) 43 8 9 8
Diluted shares 22m 20m 21m 21m
Returned to shareholders
Buybacks 159 — — —
Total returned 159 — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 3 checks passed · March 31, 2026
What it owns · $51m
Short-term assets $7mLonger-term assets $44m
What it owes, and who funded it · $74m
Short-term liabilities $72mLonger-term liabilities $2mShareholders' equity $-23m
  • Short-term assets cover short-term liabilities $7m of assets due within a year against $72m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7m short-term assets against $2m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$10m against $6m of interest.

From Borealis Foods Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.6%
year over year
R&D spending
0.6%
of revenue
Sales & admin spending
42.1%
of revenue
Days sales outstanding
20 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in packaged foods & meats
Last 12 months unless stated BRLS DDC RMCF BRFH BOF LSF Median
Revenue, last 12 months $32m $38m $27m $20m $14m $81m $1.5bn
Revenue growth, last 12 months 14.0% 0.4% −9.7% 82.1% 42.2% 73.3% 2.2%
Revenue growth, 3-year average — — −3.3% 39.0% 170.9% 34.3% 1.5%
Revenue growth, latest quarter 7.7% — −2.5% 189.7% 36.1% 244.4% −1.6%
Gross margin 10.6% 31.4% 23.8% 13.0% 9.6% 32.4% 25.5%
Operating margin −31.4% −90.0% −18.7% −18.9% −52.6% −9.4% 2.9%
Operating margin, 3-year average −54.9% — −16.6% −25.1% −54.7% −7.7% 4.6%
Net margin −56.5% −130.2% −22.3% −17.9% −56.8% −3.4% 1.9%
Cash from operations / revenue −16.5% −101.3% −8.0% −15.7% −55.4% −1.3% 8.0%
Free-cash-flow margin −24.8% −101.3% −10.2% −20.7% −62.2% −3.0% 3.6%
Free-cash-flow margin, 3-year average −46.9% — −19.7% −25.3% −71.3% −6.5% 5.4%
Stock pay / revenue 3.2% 79.7% 1.6% 2.5% 4.8% 1.9% 0.6%
Change in share count 1.6% — 15.6% 6.3% — 6.2% 0.0%

Median of all 45 companies we cover in packaged foods & meats. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
Southeast Region $10.7M 34.0% ▼ 10.4%
Midwest Region $9.4M 30.0% ▲ 119.3%
Southwest Region $3.4M 10.8% ▲ 24.5%
Northeast Region $2.4M 7.8% ▲ 57.8%
Mountain $2.2M 6.9% ▲ 53.7%
Pacific $1.8M 5.8% ▼ 64.0%
International $1.5M 4.7% ▼ 28.4%

From Borealis Foods Inc.'s 10-K filed June 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$85,430
Institutions reporting
3
Shares held vs prior quarter
▲ 36.8%
Positions opened / closed
3 / 3

Top buyers and sellers, Q2 2026: 3 institutions bought and 3 sold ; the biggest buyer was UBS Group AG (+35K shares) and the biggest seller Citadel Advisors LLC (−14K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
UBS Group AG $53,995 35K 63.2% New
Xtx Topco Ltd $31,433 20K 36.8% New
Caitong International Asset Management Co., Ltd $2 0K 0.0% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Borealis Foods Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • August 26, 2026
  • November 14, 2024
  • May 23, 2024
  • April 16, 2024
  • February 13, 2024

Recent SEC filings

Data status

When each part of this page on Borealis Foods Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Borealis Foods Inc. in brief

What does Borealis Foods Inc. do?
Borealis Foods Inc. is a US-listed company in the packaged foods & meats industry. Its financial year ends in December.
What is Borealis Foods Inc.'s stock ticker?
Borealis Foods Inc. trades under the ticker BRLS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Borealis Foods Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Borealis Foods Inc. reported revenue of $32.4M, 14.0% higher than a year earlier, according to its SEC filings.
What is Borealis Foods Inc.'s free cash flow?
Borealis Foods Inc.'s free-cash-flow margin is -24.8% of revenue over the trailing twelve months.
Who are Borealis Foods Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are UBS Group AG, Xtx Topco Ltd and Caitong International Asset Management Co., Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Borealis Foods Inc.'s market cap?
On November 2, 2026, Borealis Foods Inc.'s market capitalisation was about $25M and net debt of $8.2M. Market figures come from third-party market data and may be delayed.
Who are Borealis Foods Inc.'s competitors?
In our Packaged Foods & Meats peer group, the companies closest to Borealis Foods Inc. are DDC Enterprise Ltd, Rocky Mountain Chocolate Factory, Inc., Barfresh Food Group Inc., Branchout Food Inc. and Laird Superfood, Inc. The side-by-side comparison below sets their revenue, margins and growth against Borealis Foods Inc.'s.