Borealis Foods (BRLS)
NASDAQ:BRLS
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Borealis Foods
(NASDAQ:BRLS)
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Rating:47Neutral
Price Target:
$1.50
▼(-5.66% Downside)
Action:Reiterated
Date:06/03/26
The score is held down primarily by weak financial performance (deep losses, persistent cash burn, and negative equity/high leverage) and negative corporate events that elevate listing, liquidity, and dilution risk. Technical indicators are comparatively supportive in the near term, but they are not strong enough to offset the fundamental and event-driven risks, while valuation is constrained by ongoing losses and lack of dividend support.
Positive Factors
Revenue Growth and Scale
A large revenue step-up in 2025 (33%+ growth) indicates product traction and growing market acceptance. Over 2-6 months this scale can enable better retailer placement, improved purchasing leverage and higher fixed-cost absorption, creating a pathway to improved unit economics if execution continues.
Negative Factors
Stressed Balance Sheet and Negative Equity
Negative equity reflects accumulated losses that exceed capital, signaling solvency and covenant risk. A debt-heavy capital structure restricts access to low-cost financing, limits flexibility for capex or marketing, and raises creditor bargaining power—structural constraints that persist absent material deleveraging.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth and Scale
A large revenue step-up in 2025 (33%+ growth) indicates product traction and growing market acceptance. Over 2-6 months this scale can enable better retailer placement, improved purchasing leverage and higher fixed-cost absorption, creating a pathway to improved unit economics if execution continues.
Read all positive factors
Borealis Foods (BRLS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$34.13M
Dividend YieldN/A
Average Volume (3M)44.22K
Price to Earnings (P/E)―
Beta (1Y)0.22
Revenue Growth33.43%
EPS Growth25.00%
CountryUS
Employees147
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)N/A
Shares Outstanding21,463,306
10 Day Avg. Volume55,744
30 Day Avg. Volume44,222
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)>-0.01
Price to Sales (P/S)1.42
P/FCF Ratio>-0.01
Enterprise Value/Market Cap1.94
Enterprise Value/Revenue2.38
Enterprise Value/Gross Profit24.48
Enterprise Value/Ebitda-6.04
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Borealis Foods Business Overview & Revenue Model
Company Description
Borealis Foods Inc. engages in the distribution of plant-based protein food products. The company's product includes Chef Woo, a high-protein meat alternative; and Ramen Express, vegetarian ramen noodles. Borealis Foods Inc. was incorporated in 20...
How the Company Makes Money
null...
Borealis Foods Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
6
Very Negative
Cash Flow
7
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 27.90M | 30.08M | 27.67M | 0.00 | 25.59M | 13.63M |
| Gross Profit | 2.71M | 3.51M | 2.19M | 0.00 | -8.07M | -212.99K |
| EBITDA | -10.96M | -23.19M | -18.08M | -2.77M | 564.79K | -7.74M |
| Net Income | -18.33M | -18.98M | -25.33M | -2.94M | -26.28M | -10.12M |
Balance Sheet | ||||||
| Total Assets | 56.30M | 52.57B | 60.01M | 22.04M | 64.77M | 57.38M |
| Cash, Cash Equivalents and Short-Term Investments | 128.87K | 63.86M | 652.97K | 93.11K | 5.15M | 2.91M |
| Total Debt | 34.62M | 23.14B | 32.28M | 3.99M | 41.18M | 13.19M |
| Total Liabilities | 69.25M | 71.80B | 60.70M | 7.49M | 60.13M | 29.30M |
| Stockholders Equity | -12.95M | -19.23B | -695.89K | 14.56M | 4.64M | 28.08M |
Cash Flow | ||||||
| Free Cash Flow | -4.84M | -6.60B | -17.06M | -22.47M | -2.11M | -27.99M |
| Operating Cash Flow | -4.58M | -6.60B | -15.09M | -18.01M | -2.11M | -6.78M |
| Investing Cash Flow | -259.81K | -65.74M | -1.91M | -4.47M | 0.00 | -21.21M |
| Financing Cash Flow | 4.25M | 6.08B | 10.03M | 24.94M | 1.66M | 27.52M |
Borealis Foods Technical Analysis
Positive
1.59
Price Trends
1.35
Positive
1.37
Positive
2.01
Negative
Market Momentum
0.05
Negative
61.48
Neutral
77.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BRLS, the sentiment is Positive. The current price of 1.59 is above the 20-day moving average (MA) of 1.43, above the 50-day MA of 1.35, and below the 200-day MA of 2.01, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 61.48 is Neutral, neither overbought nor oversold. The STOCH value of 77.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BRLS.
Borealis Foods Risk Analysis
Borealis Foods disclosed 27 risk factors in its most recent earnings report. Borealis Foods reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Borealis Foods Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $14.64M | 8.17 | 3795.06% | ― | -8.74% | -33.18% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
54 Neutral | $36.97M | -26.46 | -5.35% | ― | 15.84% | -45.39% | |
47 Neutral | $34.13M | -1.83 | 265.32% | ― | 33.43% | 25.00% | |
44 Neutral | $15.88M | -1.05 | -17.43% | ― | 12.37% | -69.61% |
* Consumer Defensive Sector Average
BRLS
Borealis Foods
1.57
-3.61
-69.69%
BRID
Bridgford Foods
7.28
-0.60
-7.61%
NAII
Natural Alternatives International
2.50
-0.92
-27.01%
BTOG
Bit Origin
1.63
-7.46
-82.07%
LSF
Laird Superfood
3.30
-3.41
-50.82%
WYHG
Wing Yip Food Holdings Group Limited Sponsored ADR
3.98
-2.78
-41.12%
Borealis Foods Corporate Events
Delistings and Listing ChangesRegulatory Filings and Compliance
Borealis Foods Receives Nasdaq Notice for Filing Delays
Negative
May 27, 2026
Borealis Foods Inc., a food technology company developing innovative, nutritious and affordable food products, has its common shares and warrants listed on the Nasdaq Capital Market under the tickers BRLS and BRLSW. The Toronto-based firm operates...
Regulatory Filings and ComplianceShareholder Meetings
Borealis Foods Schedules 2026 Virtual Annual Shareholder Meeting
Neutral
May 15, 2026
Borealis Foods Inc. has scheduled its 2026 Annual Meeting of Shareholders for June 29, 2026, to be held in a virtual-only format at 12:30 p.m. Eastern, after not holding an annual meeting during the fiscal year ended December 31, 2025. Shareholder...
Executive/Board ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
Borealis Foods Announces Board Changes and New Appointments
Neutral
May 14, 2026
On May 11, 2026, Borealis Foods announced the resignation of director Shiv Khemka from its board and key committees, clarifying that his departure did not stem from any disagreement over the company’s operations, policies or practices. On th...
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
Borealis Foods Secures New Oxus Loan, Reshapes Governance
Neutral
May 1, 2026
On April 27, 2026, Borealis Foods’ subsidiaries entered into a $17 million secured term loan with major shareholder and former SPAC sponsor Oxus Capital, using the proceeds to fully repay about $16.2 million owed under a prior Frontwell Capi...
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
Borealis Foods Secures New Term Loan, Restructures Debt
Negative
Apr 28, 2026
On April 27-28, 2026, Borealis Foods refinanced its debt by securing a $17 million term loan facility from major shareholder Oxus Capital, using the proceeds to fully repay its existing credit agreement with Frontwell Capital Partners and terminat...
Delistings and Listing ChangesFinancial DisclosuresRegulatory Filings and Compliance
Borealis Foods Receives Nasdaq Notice Over Late 10-K
Negative
Apr 23, 2026
Borealis Foods disclosed that on April 17, 2026 it received a deficiency notice from Nasdaq after failing to timely file its Annual Report on Form 10-K for the year ended Dec. 31, 2025, as required under Listing Rule 5250(c)(1). The notice does no...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Borealis Foods Faces Default Notice Amid Forbearance Uncertainty
Negative
Apr 17, 2026
On March 27, 2026, Borealis Foods and its subsidiaries entered into a Forbearance and Amendment Agreement with lender Frontwell Capital Partners after prior events of default under an August 2023 credit agreement. As part of that deal, the company...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresLegal ProceedingsPrivate Placements and FinancingRegulatory Filings and Compliance
Borealis Foods Enters Forbearance and Appoints Restructuring Officer
Negative
Apr 2, 2026
On March 27, 2026, Borealis Foods entered into a forbearance and amendment agreement with Frontwell Capital after multiple events of default under its August 2023 credit facility, including failures to maintain required excess availability, overad...
Delistings and Listing ChangesRegulatory Filings and ComplianceShareholder Meetings
Borealis Foods Wins Nasdaq Extension for Annual Meeting
Negative
Mar 6, 2026
On March 2, 2026, Borealis Foods Inc. disclosed that Nasdaq accepted its compliance plan regarding the requirement to hold an annual meeting of shareholders within twelve months of its fiscal year-end. The company had previously been notified on J...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.