Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Borealis Foods Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2023
FY2024
FY2025
Revenue
31.4
29.1
31.5
Cost of revenue
31.3
25.5
26.6
Gross profit
176
-1.3
2.19
3.51
Research and development
0.46
0.2
0.2
Selling, general and administrative
18.6
22.6
14.5
Operating income
-2.89
-19.9
-20.4
-11
Interest expense
7.28
5.06
5.99
Interest income
0
0.01
Other non-operating income
-7.87
-5.06
-8.01
Pre-tax income
-25.5
-19
Income tax
-0.34
-0.13
-0.07
Income from continuing operations
25.5
19
Net income
-0.3
-27.5
-25.3
-19
EBITDA
-16
-18.1
-9.19
EPS, basic
-2.56
-1.25
-0.89
EPS, diluted
-2.56
-1.25
-0.89
Shares, basic (weighted)
10.8
20.3
21.4
Shares, diluted (weighted)
10.8
20.3
21.4
Balance sheet
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.68
7.62
0.65
0.06
Receivables
1.78
1.97
2.65
Inventory
6.95
8.05
4.58
Other current assets
0.24
0.85
1.13
0.76
Total current assets
0.92
17.2
11.8
8.06
Property, plant and equipment
46.4
45.7
43.9
Lease right-of-use assets
0.11
0.06
0.16
Goodwill
1.92
1.92
Intangible assets
0
0.32
0.3
Other non-current assets
0.17
0.17
0.17
Total assets
179
65.8
60
52.6
Accounts payable
10.9
11.5
16
Accrued liabilities
0.84
3.43
Total current liabilities
2.5
67.3
25.4
69.8
Lease liabilities
0.07
0.01
0.12
Other non-current liabilities
0
7.6
Total liabilities
175
87.1
60.7
71.8
Paid-in capital
44.1
90.1
90.5
Retained earnings
-1.58
-65.5
-90.8
-110
Shareholders' equity
4.64
-21.3
-0.7
-19.2
Total equity
4.64
-21.3
-0.7
-19.2
Total liabilities and equity
179
65.8
60
52.6
Shares outstanding
21.4
Cash flow statement
FY2022
FY2023
FY2024
FY2025
Net income
-0.3
-27.5
-25.3
-19
Depreciation and amortization
3.94
2.32
1.84
Stock-based compensation
0.49
1.27
1.27
Deferred income tax
-0.35
0.11
0.08
Change in receivables
0.71
-0.21
-0.66
Change in inventory
-0.65
-1.8
4.18
Change in payables
2.18
8.02
4.52
Cash from operations
-2.11
-18
-15.1
-6.6
Capital expenditures
-4.47
-1.65
Cash from investing
-4.47
-1.91
-0.07
Share buybacks
-159
Cash from financing
1.66
24.9
10
6.08
Net change in cash
-0.44
2.47
-6.96
-0.59
Free cash flow
-22.5
-16.7
Interest paid
2.91
2.64
1.04
Income taxes paid
0.02
0.01
0.01
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $1.39 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
10.8%
Gross profit / revenue.
Operating margin
-31.8%
Operating income / revenue.
EBITDA margin
-23.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-57.3%
Pre-tax income / revenue.
Net margin
-57.1%
Net income / revenue.
Operating cash flow margin
-16.7%
Cash from operations / revenue.
Return on assets (ROA)
-35.9%
Net income / average total assets.
R&D / revenue
0.6%
Research and development expense / revenue.
SG&A / revenue
42.6%
Selling, general and administrative expense / revenue.
D&A / revenue
8.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
8.2%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
60.4%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-72.9%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-12.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-33.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
5.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.09x
Current assets / current liabilities.
Quick ratio
0.03x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.01x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.85
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$1.49
Revenue / diluted weighted shares.
Operating cash flow per share
-$0.25
Cash from operations / diluted weighted shares.
Book value per share
-$1.06
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.93x
Market cap / revenue.
EV/Sales
0.92x
Enterprise value / revenue.
Earnings yield
-61.4%
Net income / market cap (the inverse of P/E).
What was Borealis Foods Inc.'s revenue in fiscal 2025?
Borealis Foods Inc. reported revenue of $31.5M for fiscal 2025, 8.2% higher than the year before.
Was Borealis Foods Inc. profitable in fiscal 2025?
No. It reported a net loss of $19.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.