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Borealis Foods Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
US Southeast Region brought in 34% of the revenue Borealis Foods Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| US Southeast Region | $11.9M | $10.7M |
| US Midwest Region | $4.3M | $9.4M |
| US Southwest Region | $2.7M | $3.4M |
| US Northeast Region | $1.5M | $2.4M |
| Mountain | $1.4M | $2.2M |
| Pacific | $5.1M | $1.8M |
| International | $2.1M | $1.5M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue56¢$26.6M
- Research and development0¢$202.0K
- Selling, general and admin31¢$14.5M
- Interest13¢$6.0M
- Income tax0¢$66.7K
Out of $31.5M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Gross sales | $31.5M | $29.1M |
| Sales discounts & allowances | -$1.4M | -$1.4M |
| Revenue, net | $30.1M | $27.7M |
| Cost of goods sold | $24.7M | $23.2M |
| Depreciation and amortization | $1.8M | $2.3M |
| Total cost of goods sold | $26.6M | $25.5M |
| Gross profit | $3.5M | $2.2M |
| Total sales, general & administrative expenses | $14.5M | $22.6M |
| Loss from operations | -$11.0M | -$20.4M |
| Impairment loss | -$2.0M | |
| (Loss) gain on foreign exchange rates | -$15.9K | $3.6K |
| Interest expense | -$6.0M | -$5.1M |
| Total other expense | -$8.0M | -$5.1M |
| Loss before income taxes | -$19.0M | -$25.5M |
| Income tax benefit | $66.7K | $134.9K |
| Net loss | -$19.0M | -$25.3M |
| Basic (in Dollars per share) | -$0.89 | -$1.25 |
| Diluted (in Dollars per share) | -$0.89 | -$1.25 |
| Basic (in Shares) | 21.4M shares | 20.3M shares |
| Diluted (in Shares) | 21.4M shares | 20.3M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash | $63.9K | $653.0K | |
| Accounts receivable, net of allowance for credit losses of $230,000 and $247,653 as of December 31, 2025 and December 31, 2024, respectively | $2.6M | $2.0M | |
| Inventories, net | $4.6M | $8.0M | |
| Prepaid expenses and other current assets | $760.6K | $1.1M | |
| Total current assets | $8.1M | $11.8M | |
| Property, plant and equipment, net | $43.9M | $45.7M | |
| Intangible assets | $298.0K | $319.3K | |
| Right - of-use asset, net | $158.4K | $63.8K | |
| Goodwill | $1.9M | ||
| Other non-current assets | $169.7K | $169.7K | |
| Total assets | $52.6M | $60.0M | |
| Accounts payable and accrued expenses | $16.0M | $11.5M | |
| Line of credit, current portion | $2.7M | ||
| Convertible notes payable, current portion | $3.0M | ||
| Notes payable, current portion, net of capitalized loan costs | $20.1M | $5.5M | |
| Operating lease payable, current portion | $40.0K | $55.1K | |
| Finance leases payable, current portion | $642.5K | $538.8K | |
| Total current liabilities | $69.8M | $25.4M | |
| Line of credit, net of current portion | $7.6M | ||
| Convertible notes payable, net of current portion | $3.0M | ||
| Notes payable, net of current portion | $14.5M | ||
| Operating lease payable, net of current portion | $118.5K | $12.0K | |
| Finance leases payable, net of current portion | $489.5K | $1.1M | |
| Deferred tax liability | $1.4M | $1.5M | |
| Total liabilities | $71.8M | $60.7M | |
| Additional paid-in capital | $90.5M | $90.1M | |
| Accumulated deficit | -$109.8M | -$90.8M | |
| Total shareholders (deficit) | -$19.2M | -$695.9K | -$21.3M |
| Total liabilities and shareholders (deficit) | $52.6M | $60.0M | |
| Accounts receivable, net of allowance for credit losses | $230.0K | $247.7K |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$19.0M | -$25.3M |
| Non-cash compensation expense related to restricted share units and stock options | $443.9K | $1.3M |
| Depreciation and amortization | $1.8M | $2.3M |
| Amortization of loan costs | $498.7K | $311.0K |
| Impairment loss | $2.0M | |
| Provision for credit losses | -$17.7K | $23.2K |
| Provision for inventory reserve | -$716.5K | $703.5K |
| Deferred income taxes | -$80.7K | -$106.3K |
| Accounts receivable | -$664.8K | -$213.2K |
| Inventories | $4.2M | -$1.8M |
| Prepaid expenses and other | $374.0K | -$288.7K |
| Operating lease | -$3.2K | -$3.1K |
| Accounts payable and accrued expenses | $4.5M | $8.0M |
| Net cash used in operating activities | -$6.6M | -$15.1M |
| Proceeds from reverse capitalization | $63.6K | |
| Purchases of intangible assets | -$68.8K | -$319.3K |
| Purchases of property, plant and equipment | $3.1K | -$1.7M |
| Net cash used in investing activities | -$65.7K | -$1.9M |
| Net payments from related parties | $11.9M | |
| Proceeds from convertible notes payable | $3.0M | |
| Payments on finance leases payable | -$550.7K | -$566.0K |
| Borrowings on line of credit | $8.4M | $7.6M |
| Payments on line of credit | -$13.3M | |
| Payments on notes payable | -$333.3K | |
| Net cash provided by financing activities | $6.1M | $10.0M |
| Net change in cash | -$589.1K | -$7.0M |
| Interest | $1.0M | $2.6M |
| Income taxes | $14.0K | $14.9K |
| Conversion of notes payable into Class A shares | -$55.0M | |
| Note payable supplier finance | $2.7M | |
| Note payable accounted for as due to related party | $7.6M | |
| Operating lease renewal | $222.8K |
Former names
- Oxus Acquisition Corp.Apr 2, 2021 to Feb 7, 20242
Recent filings
- Sep 30, 202610-K/A AMENDMENT NO. 2 TO FORM 10-K
- Sep 1, 20268-K CURRENT REPORT
- Aug 26, 20268-K CURRENT REPORT
- Aug 14, 2026NT 10-Q NOTIFICATION OF LATE FILING
- Jul 29, 202610-K/A AMENDMENT NO. 1 TO FORM 10-K
- Jul 10, 2026SCHEDULE 13G/A
- Jul 8, 20268-K CURRENT REPORT
- Jun 30, 20268-K CURRENT REPORT
- Jun 30, 202610-Q QUARTERLY REPORT
- Jun 26, 20263
- Jun 26, 20263
- Jun 4, 20268-K CURRENT REPORT
- Jun 2, 202610-K ANNUAL REPORT
- Jun 2, 2026DEF 14A DEFINITIVE PROXY STATEMENT
- May 29, 2026SCHEDULE 13D/A
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
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