BRLSW · Borealis Foods Inc.
Substantial doubt about the company's ability to continue as a going concern.
“Notwithstanding these transactions, management has concluded under ASC 205-40 that substantial doubt about the Company's ability to continue as a going concern has not been alleviated. Material conditions remain, including: (i) the requirement to consummate at least $70.00 million of equity financing at $9.00 per share on or before July 1, 2026, for which the Company has no commitments and which threshold is substantially above recent trading prices of the Common Shares; (ii) if such financing is not consummated, the contractual conversion of approximately $29.13 million of related-party indebtedness (plus approximately $4.26 million of accrued interest as of June 30, 2026) into Common Shares, which conversion is itself subject to receipt of shareholder approvals required under Nasdaq Listing Rules 5635(b) and 5635(d) that have not been obtained; (iii) the Company's continued reliance on demand and past-due obligations to related parties; and (iv) the fact that the Company's total liabilities continue to exceed total assets.”View the 10-Q filed Jun 30, 2026
Price & Indicators
The closing range uses available history since Jul 29, 2026; less than a full year is stored.
Latest filings
Borealis Foods Inc.’s amendment adds required audit reports and consents. Auditors cited substantial doubt about continuing as a going concern, citing a net loss of $18,978,618, approximately $64,000 cash and negative working capital of approximately $61,762,000.
Read the 10-K/AQuarterly results
* Q4 derived as the full year minus Q1 to Q3.
Technicals
trend & momentum for long-term holders illustrative — not investment adviceIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| distributors | 106 | past 12 months | — |
| K-12 foodservice revenue year-over-year growth | 110% | six months ended June 30, 2026 | — |
| presence in schools | 20,000 | as of August 26, 2026 | — |
| school districts | 2,500 | as of August 26, 2026 | — |
| states | 40 | past 12 months | — |
| Adjusted EBITDA non-GAAP | -3.13M | the year ended December 31, 2025 filing | — |
| business development non-GAAP | $2.21M | fiscal year ended December 31, 2025 filing | -7.9% |
|
|
|||
| business transaction costs non-GAAP | $3.17M | fiscal year ended December 31, 2024 filing | — |
| deferred stock compensation non-GAAP | $0.44M | fiscal year ended December 31, 2025 filing | -65.4% |
|
|
|||
| depreciation and amortization non-GAAP | $1.84M | fiscal year ended December 31, 2025 filing | -20.7% |
|
|
|||
| Gross margin | 11.7% | fiscal 2025 filing | — |
| income tax benefit non-GAAP | -$0.07M | fiscal year ended December 31, 2025 filing | — |
|
|
|||
| interest expense non-GAAP | $5.99M | fiscal year ended December 31, 2025 filing | +18.4% |
|
|
|||
| marketing non-GAAP | $2.35M | fiscal year ended December 31, 2025 filing | -59.0% |
|
|
|||
| SG&A as percent of net revenue | 48.4% | fiscal 2025 filing | — |
| training non-GAAP | $0.95M | fiscal year ended December 31, 2025 filing | -44.8% |
|
|
|||
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Packaged Foods — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
BRLSW
this stock
Borealis Foods Inc.
|
$23.93M | — | +8.2% | — | — |
|
JBS
Jbs N.V.
|
$39.54B | -16.6% | — | — | 1.3% |
|
KHC
Kraft Heinz Co
|
$29.33B | -0.8% | -0.1% | — | 8.2% |
|
GIS
General Mills Inc
|
$17.90B | -28.0% | +4.1% | — | 7.1% |
|
SJM
J M SMUCKER Co
|
$13.38B | +30.3% | +3.7% | — | 3.8% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Sep 30, 2026
- This year
- 29
Borealis Foods Inc.’s amendment adds required audit reports and consents. Auditors cited substantial doubt about continuing as a going concern, citing a net loss of $18,978,618, approximately $64,000 cash and negative working capital of approximately $61,762,000.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| BRLSW | -39.0% | -22.5% | — | -46.6% | — |
| SPY | +0.1% | +0.7% | +4.9% | +0.9% | +12.9% |
| vs SPY | -39.1% | -23.2% | — | -47.6% | — |