# Borealis Foods Inc. (BRLS) · Edgar & Edgarette company card

> Borealis Foods (BRLS) grew revenue 8.2% in FY2025 to $31 million, operating margin -35.1% against a 7.3% median for food and kindred products, equity -36.6% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1852973 · fiscal year ended 2025-12-31 · 3 audited years read · [page](https://www.pops4.com/boards/company/BRLS) · [JSON](https://www.pops4.com/boards/company/BRLS.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $31M |
| Revenue growth, 1 year | 8.2% |
| Revenue growth per year | 0.2% |
| Operating margin | -35.1% (prior year -70.1%) |
| Net margin | -60.3% |
| Operating cash flow | −$7M |
| Capital spending | — |
| Free cash flow | — |
| Cash | $64,000 |
| Long-term debt | — |
| Total assets | $53M |
| Total equity | −$19M |
| Equity ÷ assets | -36.6% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -16.21 (distress zone)
- Piotroski F: 5 of 9 (middling)
- Beneish M: -4.37 (below the −1.78 line)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed late annual report notice, debt accelerated or triggered, late quarterly report notice, auditor change in the last 12 months; liabilities exceed assets (often from years of share buybacks, not always distress); operating cash flow was negative; operating loss: a margin of -35.1% in FY2025; revenue is hard to predict: its 80% range is ±28%
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $31.5M (FY2025). Experience: revenue up 8.2% on the year, up 0.2% a year over 2 years; operating margin -35.1%, up from -70.1%. Soundness: equity -36.6% of assets (liabilities exceed assets). Credibility: 3 audited years, moderate weight. Range: 80% of past cases like this landed between $24.1M and $43.2M next year (method v3, set from 749 SEC company-years; on a year the method never saw, 83% landed inside). A statistical range, not company guidance. Against peers (10 filers, $50M+ revenue, food and kindred products): operating margin -35.1% against a 7.3% median; growth 8.2% against 4.4%.

Range logged 2026-11-05, receipt 8b8d8d8709c46e7c, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item NT 10-K Late annual report notice: 1, latest 2026-03-31 ([filing](https://www.sec.gov/Archives/edgar/data/1852973/000121390026037468/0001213900-26-037468-index.htm))
- Item 3.01 Exchange listing notice or transfer: 7, latest 2026-11-04 ([filing](https://www.sec.gov/Archives/edgar/data/1852973/000121390026115943/0001213900-26-115943-index.htm))
- Item 2.04 Debt accelerated or triggered: 5, latest 2026-04-17 ([filing](https://www.sec.gov/Archives/edgar/data/1852973/000121390026045167/0001213900-26-045167-index.htm))
- Item NT 10-Q Late quarterly report notice: 3, latest 2026-08-14 ([filing](https://www.sec.gov/Archives/edgar/data/1852973/000121390026090086/0001213900-26-090086-index.htm))
- Item 4.01 Auditor change: 1, latest 2026-01-16 ([filing](https://www.sec.gov/Archives/edgar/data/1852973/000121390026005154/0001213900-26-005154-index.htm))
- Item 5.02 Director or officer change: 5, latest 2026-11-04 ([filing](https://www.sec.gov/Archives/edgar/data/1852973/000121390026115943/0001213900-26-115943-index.htm))

## Recent filings

- 8-K · filed 2026-11-04 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 5.02 Departure or Election of Directors; Appointment of Officers; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1852973/000121390026115943/0001213900-26-115943-index.htm)
- 8-K · filed 2026-09-01 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1852973/000121390026096216/0001213900-26-096216-index.htm)
- 8-K · filed 2026-08-26 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1852973/000121390026093739/0001213900-26-093739-index.htm)
- 8-K · filed 2026-07-08 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1852973/000121390026076374/0001213900-26-076374-index.htm)
- 10-Q · filed 2026-06-30 · [filing](https://www.sec.gov/Archives/edgar/data/1852973/000121390026073767/0001213900-26-073767-index.htm)
- 8-K · filed 2026-06-30 · 5.07 Submission of Matters to a Vote of Security Holders; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1852973/000121390026073694/0001213900-26-073694-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001852973.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1852973

## Cite

POPS4, Edgar & Edgarette: Borealis Foods Inc. (BRLS) company card, from the company's own SEC filings, accessed 2026-11-05, https://www.pops4.com/boards/company/BRLS. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.