Borealis Foods Inc. (BRLS)

Nasdaq: BRLS · Food and Kindred Products · Oakville, ON · filing with the SEC since 2021

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Grade2.4

◀ Past 1.6● Present 1.9▶ Future 4.0

3 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Borealis Foods Inc.

Nine metrics read from its own filings, by tense

Headline grade

2.4/10

◀ Past1.630% of the headline

● Present1.940% of the headline

▶ Future4.030% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 6 read as filed from the record and 3 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

1.6/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.2/10

Has it survived what it has been through?

31 warning events since 2021; the latest 2026-11-04.

weight 33% of this tense · 2nd percentile among 21 sector filers · read for itself

From the record

Borealis Foods Inc.'s filings since 2021 show 31 warning events of 4 kinds: a debt default or acceleration notice (8-K item 2.04, 5 times, the latest 2026-04-17); a notice about its exchange listing (8-K item 3.01, 9 times, the latest 2026-11-04); an auditor change (8-K item 4.01, 4 times, the latest 2026-01-20); a late-report notice (Form NT 10-K or NT 10-Q, 13 times, the latest 2026-08-14) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

2.4/10

What has it actually done, year after year?

+2.5% a year over 3 filed years; profitable in 0 of 3.

weight 45% of this tense · 24th percentile among 18 sector filers · read for its customers

From the record

Borealis Foods Inc.'s 3 filed years say what it did: revenue went from $30 million in fiscal 2023 to $31 million in fiscal 2025, up 2.5% a year; it rose in 1 of 2 years; the deepest fall was 3% from fiscal 2023 to fiscal 2024; net income was positive in 0 of 3 of those years (its annual reports).

What it rests on

revenue growth over the filed span2.5%bottom 9% of its family
the share of years revenue rosebottom 17% of its family
the share of filed years with a profitbottom 14% of its family
the deepest fall from a revenue peak3.0%top 42% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

1.9/10

How has it treated the people who own it?

SI estimate 1.9/10, confidence 35 of 100 (one part).

weight 22% of this tense · 19th percentile among 19 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 19% of 19 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 19 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Borealis Foods Inc.'s shareholder treatment is put at 1.9 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 19% of 19 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

1.9/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

2.0/10

Is it financially healthy right now?

Leverage 137%: owes 137¢ per asset dollar.

weight 45% of this tense · 20th percentile among 19 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Borealis Foods Inc.'s shareholders' equity was below zero, so the profit on it is not read, and gross profitability: its products earned about 7 cents per dollar of everything the company owns. Leverage: it owed about 137 cents per dollar of assets, and net share issuance: its share count grew 5.5% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 13% of its family
gross profit against assetsbottom 16% of its family
the share count against the year beforebottom 32% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

2.7/10

How strong is its position in its industry?

bottom 27% of 19 in its family; net margin -60.3%.

weight 33% of this tense · 27th percentile among 19 sector filers · read for its customers

From the record

Borealis Foods Inc.'s standing among 19 graded names in its industry family: revenue of $31 million in fiscal 2025 ranks in the bottom 26% by size; a net margin of -60.3% ranks in the bottom 18%; revenue growth of 2.5% a year over the last 2 filed years ranks in the bottom 36% (its annual reports).

What it rests on

revenue against the family$31.5Mbottom 26% of its family
net margin-60.3%bottom 18% of its family
three-year revenue growth2.5%bottom 36% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

0.3/10

What are the people in charge doing?

SI estimate 0.3/10, confidence 35 of 100 (one part).

weight 22% of this tense · 3rd percentile among 15 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the bottom 3% of 15 in its family; the record of its people begins on 2024-02-09 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 2.7 years and cannot see past it; a floor under five years is not read as years in charge.
What the record cannot read: The record of its people begins on 2024-02-09 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 2.7 years and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: one part: officer and director changes on Form 8-K, against the people in charge, the one part on file, ranked among 15 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Borealis Foods Inc.'s leadership is put at 0.3 of 10 with a confidence of 35 of 100, because read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the bottom 3% of 15 in its family; the record of its people begins on 2024-02-09 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 2.7 years and cannot see past it; a floor under five years is not read as years in charge. A filing that carries the missing parts replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

4.0/1030% of the headline grade · 2 of 3 filed, 1 estimated

Room to expand

as filed

3.3/10

How much room does it have to grow?

bottom 33% of 18 in its family for room to expand.

weight 45% of this tense · 33rd percentile among 18 sector filers · read for itself

From the record

Borealis Foods Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $64 thousand against no long-term debt tagged leaves 0.1% of its assets as net cash, top 39% of its family; cash from operations less capital spending is -21% of revenue (bottom 25%); a gross margin of 11.2% (bottom 15%); research spending of 0.6% of revenue (bottom 32%) (its annual report).

What it rests on

cash less debt against assets0.1%top 39% of its family
cash from operations less capital spending against revenue-21.0%bottom 25% of its family
gross margin11.2%bottom 15% of its family
research spending against revenue0.6%bottom 32% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

4.1/10

What could actually drive growth from here?

bottom 41% of 17 in its family for growth drivers.

weight 33% of this tense · 41st percentile among 17 sector filers · read for its customers

From the record

Borealis Foods Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 2.5% a year over the last three filed years against 2.5% over all 3, speeding up (top 24% of its family); the newest year grew 8.2% (top 26%); research spending grew -33.7% a year (bottom 12%); capital spending grew -62.9% a year (bottom 3%) (its annual reports). Borealis Foods Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span+0.0 points a yeartop 24% of its family
the newest year's revenue growth8.2%top 26% of its family
three-year growth of research spending-33.7%bottom 12% of its family
three-year growth of capital spending-62.9%bottom 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

SI estimate

5.1/10

Did its newest year beat what its own record pointed to?

SI estimate 5.1/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 16 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 16 members with one.
What the record cannot read: The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change.
How it was reasoned: family median, 16 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Borealis Foods Inc.'s expectations vs reality is put at 5.1 of 10 with a confidence of 20 of 100, because the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 16 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton BRLS · research, not advice