# Borealis Foods Inc.: overview
BRLS · Nasdaq · CIK 1852973 · [Consumer staples](/sectors/consumer-staples.md) · fiscal year ends Dec 31
Pages: [Overview](/companies/brls.md) · [Financials](/companies/brls/financials.md) · [Filings](/companies/brls/filings.md) · [Insiders](/companies/brls/insiders.md)
Latest reported revenue: [$7.8m](/filings/0001213900-26-073767.md) for Q1 FY2026, three months to 2026-03-31, from the 10-Q filed Jun 30, 2026 (XBRL us-gaap:Revenues, accession 0001213900-26-073767).
## Last eight quarters
| Line item | Unit | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [5.5](/filings/0001628280-24-037185.md) | [8.1](/filings/0001628280-24-047881.md) | [7.1 d](/filings/0001628280-25-017861.md) | [7.2](/filings/0001213900-26-073767.md) | [7.2](/filings/0001213900-25-078599.md) | [7.1](/filings/0001213900-25-112699.md) | [10.3 d](/filings/0001213900-26-105243.md) | [7.8](/filings/0001213900-26-073767.md) |
| Gross margin | % | [7.7%](/filings/0001213900-25-078599.md) | [15.8%](/filings/0001213900-25-112699.md) | [3.6% d](/filings/0001213900-26-105243.md) | [12.5%](/filings/0001213900-26-073767.md) | [7.2%](/filings/0001213900-25-078599.md) | [14.6%](/filings/0001213900-25-112699.md) | [10.2% d](/filings/0001213900-26-105243.md) | [10.8%](/filings/0001213900-26-073767.md) |
| Operating margin | % | [(94.8%)](/filings/0001213900-25-078599.md) | [(44.8%)](/filings/0001213900-25-112699.md) | [(65.4%) d](/filings/0001213900-26-105243.md) | [(40.4%)](/filings/0001213900-26-073767.md) | [(46.7%)](/filings/0001213900-25-078599.md) | [(27.1%)](/filings/0001213900-25-112699.md) | [(27.5%) d](/filings/0001213900-26-105243.md) | [(26.5%)](/filings/0001213900-26-073767.md) |
| Net margin | % | [(115.0%)](/filings/0001213900-25-112699.md) | [(59.8%)](/filings/0001213900-25-112699.md) | [(358.5%) d](/filings/0001628280-25-017861.md) | [(58.0%)](/filings/0001213900-26-073767.md) | [(64.0%)](/filings/0001213900-25-112699.md) | [(53.2%)](/filings/0001213900-25-112699.md) | [(62.0%) d](/filings/0001213900-26-105243.md) | [(45.1%)](/filings/0001213900-26-073767.md) |
| Diluted EPS | $ per share | [0.29](/filings/0001213900-25-078599.md) | [(0.23)](/filings/0001213900-25-112699.md) | [(1.25)](/filings/0001628280-25-017861.md) | [(0.20)](/filings/0001213900-26-073767.md) | [0.21](/filings/0001213900-25-078599.md) | [(0.18)](/filings/0001213900-25-112699.md) | not reported | [(0.16)](/filings/0001213900-26-073767.md) |
| Free cash flow | $m | [(4.7) d](/filings/0001213900-25-078599.md) | [(3.7) d](/filings/0001213900-25-112699.md) | [(1.0) d](/filings/0001213900-26-105243.md) | [(1.4)](/filings/0001213900-26-073767.md) | not reported | not reported | not reported | not reported |
- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Net income: us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 6-month figure less the 3-month figure; 9-month figure less the 6-month figure; 12-month figure less the 9-month figure.
## Last five fiscal years
| Line item | Unit | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: |
| Revenue | $m | not reported | [31.4](/filings/0001628280-25-017861.md) | [29.1](/filings/0001628280-25-017861.md) | [31.5](/filings/0001213900-26-105243.md) |
| Gross margin | % | not reported | [(4.2%)](/filings/0001628280-25-017861.md) | [7.5%](/filings/0001213900-26-105243.md) | [11.2%](/filings/0001213900-26-105243.md) |
| Operating margin | % | not reported | [(63.6%)](/filings/0001628280-25-017861.md) | [(70.1%)](/filings/0001213900-26-105243.md) | [(35.1%)](/filings/0001213900-26-105243.md) |
| Net margin | % | not reported | [(87.6%)](/filings/0001628280-25-017861.md) | [(87.0%)](/filings/0001213900-26-105243.md) | [(60.3%)](/filings/0001213900-26-105243.md) |
| Diluted EPS | $ per share | not reported | [(2.56)](/filings/0001628280-25-017861.md) | [(1.25)](/filings/0001213900-26-105243.md) | [(0.89)](/filings/0001213900-26-105243.md) |
| Free cash flow | $m | not reported | [(22.5)](/filings/0001628280-25-017861.md) | [(16.7)](/filings/0001213900-26-105243.md) | not reported |
- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.
Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.
## Insider purchases and sales
The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/brls/insiders.md)
None in coverage.
## Funds that report holding it
From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)
| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [UBS Group AG](/funds/1610520.md) | 2026-06-30 | $54.0k | 34,835 | | New +34,835 |
| [ARISTEIA CAPITAL, L.L.C.](/funds/1080171.md) | 2026-06-30 | $39.4k | 841,050 | | Unchanged |
| [Clear Street Group Inc.](/funds/1881567.md) | 2026-06-30 | $31.5k | 670,118 | | Reduced −200 |
| [XTX Topco Ltd](/funds/1828301.md) | 2026-06-30 | $31.4k | 19,769 | | New +19,769 |
| [Yakira Capital Management, Inc.](/funds/1584639.md) | 2026-06-30 | $11.3k | 241,490 | | Unchanged |
| [ADAGE CAPITAL PARTNERS GP, L.L.C.](/funds/1165408.md) | 2026-06-30 | $11.1k | 235,753 | | Unchanged |
| [WOLVERINE ASSET MANAGEMENT LLC](/funds/1279891.md) | 2026-06-30 | $10.6k | 226,134 | | Unchanged |
| [D. E. Shaw & Co., Inc.](/funds/1009207.md) | 2026-06-30 | $10.5k | 300,000 | | Unchanged |
| [683 Capital Management, LLC](/funds/1404574.md) | 2026-06-30 | $9.4k | 200,000 | | Unchanged |
| [Saba Capital Management, L.P.](/funds/1510281.md) | 2026-06-30 | $7.8k | 166,894 | | Unchanged |
## Recent filings
[All 202 filings](/companies/brls/filings.md)
| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-09-30 | 16:15 ET | [10-K/A](/filings/0001213900-26-105243.md) | Annual report, amended, period 2025-12-31 | 0001213900-26-105243 |
| 2026-09-01 | 16:15 ET | [8-K](/filings/0001213900-26-096216.md) | 3.01 Delisting notice; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001213900-26-096216 |
| 2026-08-26 | 08:15 ET | [8-K](/filings/0001213900-26-093739.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001213900-26-093739 |
| 2026-07-29 | 16:25 ET | [10-K/A](/filings/0001213900-26-082825.md) | Annual report, amended, period 2025-12-31 | 0001213900-26-082825 |
| 2026-07-08 | 16:15 ET | [8-K](/filings/0001213900-26-076374.md) | 3.01 Delisting notice; 9.01 Financial statements and exhibits | 0001213900-26-076374 |
| 2026-06-30 | 16:56 ET | [10-Q](/filings/0001213900-26-073767.md) | Quarterly report, period 2026-03-31 | 0001213900-26-073767 |
| 2026-06-30 | 16:15 ET | [8-K](/filings/0001213900-26-073694.md) | 5.07 Shareholder vote results; 9.01 Financial statements and exhibits | 0001213900-26-073694 |
| 2026-06-04 | 16:15 ET | [8-K](/filings/0001213900-26-065290.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 3.02 Unregistered sale of equity; 9.01 Financial statements and exhibits | 0001213900-26-065290 |
| 2026-06-02 | 08:07 ET | [DEF 14A](/filings/0001213900-26-063798.md) | Proxy statement, period 2026-06-29 | 0001213900-26-063798 |
| 2026-06-02 | 06:45 ET | [10-K](/filings/0001213900-26-063777.md) | Annual report, period 2025-12-31 | 0001213900-26-063777 |
## Latest annual report
[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001213900-26-063777.md), filed Jun 2, 2026.
## Forecast league
Not in this season’s league. [This season’s league](/leagues.md)
## About the filer
- CIK: 1852973
- Tickers: BRLS, BRLSW
- Exchange: Nasdaq
- SIC code: 2000 Food and Kindred Products
- State of incorporation: E9
- Filer category: Non-accelerated filer
Smaller reporting company
Emerging growth company
Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:49 ET. No prices; not investment advice.