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BRLS on Nasdaq

Borealis Foods Inc.

Borealis Foods Inc. is a food and Kindred Products company in the Cayman Islands.1 It is headquartered in Oakville, Canada.1 Its shares trade on Nasdaq under the symbol BRLS.1

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Last updated Oct 21, 2026.

Overview

Compare with DDC Enterprise Ltd, Laird Superfood, Inc. or Chanson International Holding, or pick any stock.

  • TickerBRLS on Nasdaq1
  • IndustryFood and Kindred Products1
  • HeadquartersOakville, Canada1
  • Incorporated inCayman Islands2
  • Business address1540 Cornwall Rd. #104, Oakville, A6 L6J 7W52
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company2

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Instant Noodles Global Market Report 2026 published by The Business Research Company.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

11.2%Gross margin4
-35.1%Operating margin4
-60.3%Net margin4
8.2%Revenue growth, 20254

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

US Southeast Region brought in 34% of the revenue Borealis Foods Inc. broke down this way in fiscal 2025.

  1. US Southeast Region$10.7M434%down 10% from 2024
  2. US Midwest Region$9.4M430%up 119% from 2024
  3. US Southwest Region$3.4M411%up 24% from 2024
  4. US Northeast Region$2.4M48%up 58% from 2024
  5. Mountain$2.2M47%up 54% from 2024
  6. Pacific$1.8M46%down 64% from 2024
  7. International$1.5M45%down 28% from 2024
Regions by year
Regions20242025
US Southeast Region$11.9M$10.7M
US Midwest Region$4.3M$9.4M
US Southwest Region$2.7M$3.4M
US Northeast Region$1.5M$2.4M
Mountain$1.4M$2.2M
Pacific$5.1M$1.8M
International$2.1M$1.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue56¢$26.6M
  • Research and development0¢$202.0K
  • Selling, general and admin31¢$14.5M
  • Interest13¢$6.0M
  • Income tax0¢$66.7K

Out of $31.5M in revenue.4 The company lost money this year.

Financial statements

Revenue54$31.5M in 2025+0% since 2023
0$10.0M$20.0M$30.0M$40.0M2023: $31.4M$31.4M20232024: $29.1M$29.1M2024−7%2025: $31.5M$31.5M2025+8%
Gross profit6754$3.5M in 2025−98% since 2021
-$50.0M0$50.0M$100.0M$150.0M$200.0M2021: $172.5M$172.5M20212022: $175.9M$175.9M2022+2%2023: -$1.3M-$1.3M20232024: $2.2M$2.2M20242025: $3.5M$3.5M2025+60%
Operating income854-$11.0M in 2025+282% since 2022
-$30.0M-$20.0M-$10.0M02022: -$2.9M-$2.9M20222023: -$19.9M-$19.9M2023+591%2024: -$20.4M-$20.4M2024+2%2025: -$11.0M-$11.0M2025−46%
Net income854-$19.0M in 2025+6173% since 2022
-$30.0M-$20.0M-$10.0M02022: -$302.5K-$302.5K20222023: -$27.5M-$27.5M2023+8983%2024: -$25.3M-$25.3M2024−8%2025: -$19.0M-$19.0M2025−25%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Gross sales$31.5M$29.1M
Sales discounts & allowances-$1.4M-$1.4M
Revenue, net$30.1M$27.7M
Cost of goods sold$24.7M$23.2M
Depreciation and amortization$1.8M$2.3M
Total cost of goods sold$26.6M$25.5M
Gross profit$3.5M$2.2M
Total sales, general & administrative expenses$14.5M$22.6M
Loss from operations-$11.0M-$20.4M
Impairment loss-$2.0M
(Loss) gain on foreign exchange rates-$15.9K$3.6K
Interest expense-$6.0M-$5.1M
Total other expense-$8.0M-$5.1M
Loss before income taxes-$19.0M-$25.5M
Income tax benefit$66.7K$134.9K
Net loss-$19.0M-$25.3M
Basic (in Dollars per share)-$0.89-$1.25
Diluted (in Dollars per share)-$0.89-$1.25
Basic (in Shares)21.4M shares20.3M shares
Diluted (in Shares)21.4M shares20.3M shares

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Corporate structure

Borealis Foods Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Borealis Foods Inc.

  • Borealis Foods Inc. Oakville, Canada

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Borealis Foods Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Machinery and equipment$38.6M5 Dec 31, 2024$35.3M5 Dec 31, 2023+9.5%
Property and equipment, before depreciation$59.5M4 Dec 31, 2025$59.5M4 Dec 31, 20240%
Accumulated depreciation$15.6M4 Dec 31, 2025$13.8M4 Dec 31, 2024+13.4%
Property and equipment, net$43.9M4 Dec 31, 2025$45.7M4 Dec 31, 2024−4.0%
Finance-lease assets$754.4K4 Dec 31, 2025$1.4M4 Dec 31, 2024−45.7%
Operating-lease assets (leased space)$158.4K4 Dec 31, 2025$63.8K4 Dec 31, 2024+148.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$64.0K4 Dec 31, 2025$680.8K6 Dec 31, 2022−90.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$1.9M4 Dec 31, 2024$1.9M5 Dec 31, 20230%
Intangible assets, net (excluding goodwill)$298.0K4 Dec 31, 2025$319.3K4 Dec 31, 2024−6.7%

Inventory

ItemLatestA year beforeChange
Inventory, total$4.6M4 Dec 31, 2025$8.0M4 Dec 31, 2024−43.0%
Raw materials$3.9M4 Dec 31, 2025$6.7M4 Dec 31, 2024−41.4%
Finished goods$827.4K4 Dec 31, 2025$2.2M4 Dec 31, 2024−62.8%

Properties, in its own words

Our manufacturing facility is located in Saluda, South Carolina, operated by PGF. The facility is BRC AA+ rated food-grade facility certified. Currently, there are four fully automated cup and pillow production lines with advanced high-speed packaging machinery. There is the capacity to host six instant noodle production lines capable of producing 600 million meals per year. We believe our current facility is adequate to meet ongoing demand and is capable of hosting additional production lines to support our currently anticipated future ramp-up. In addition, we are in the process of obtaining permits to convert to solar power with the objective of becoming Scope two carbon neutral.

Our principal office is located at 1540 Cornwall Rd., Suite 104, Oakville, Ontario L6J7W5, Canada.

The rest of Item 2

Our manufacturing facility is located at 4160 Columbia Hwy., Saluda, South Carolina 29138, USA. The property is owned by a subsidiary of the Company and serves as collateral securing certain obligations under the Company’s senior secured credit facility with Oxus Capital PTE Ltd.

Our distribution center is located at 313 Greenwood Hwy., Saluda, South Carolina 29138, USA. The property is owned by a subsidiary of the Company and serves as collateral securing certain obligations under the Company’s senior secured credit facility with Oxus Capital PTE Ltd.

Item 2 of the 10-K filed Jun 2, 2026.3

Leadership

Who has led Borealis Foods Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Kanat Mynzhanov2021
  2. Reza Soltanzadeh2024–now

Chief financial officer

  1. Askar Mametov2021
  2. Stephen Wegrzyn2024
2025
Board members and other officers (16)

Former names

  • Oxus Acquisition Corp.Apr 2, 2021 to Feb 7, 20242

Timeline

  1. Sep 1, 20268-K Listing notice or transfer; Regulation FD disclosure30
  2. Aug 26, 20268-K Results of operations; Regulation FD disclosure31
  3. Jul 8, 20268-K Listing notice or transfer32
  4. Jun 30, 20268-K Shareholder vote33
  5. Jun 4, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares34
  6. May 27, 20268-K Listing notice or transfer; Regulation FD disclosure35
  7. May 15, 20268-K Director nominations36
  8. May 14, 20268-K Executive or director change37
  9. May 1, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation38
  10. Apr 28, 20268-K Regulation FD disclosure39
  11. Apr 23, 20268-K Listing notice or transfer; Regulation FD disclosure40
  12. Apr 17, 20268-K Debt or obligation accelerated41
  13. Feb 20, 2024New chief executive Reza Soltanzadeh becomes CEO12
  14. Sep 2, 2021New chief executive Kanat Mynzhanov becomes CEO13

Calendar

Coming up

  1. Nov 18, 2026Reports results for the quarter ending Sep/202642

When it reported results

  1. Aug 26, 2026Reported quarterly or annual results31
  2. Nov 14, 2024Reported quarterly or annual results43
  3. May 23, 2024Reported quarterly or annual results44
  4. Apr 16, 2024Reported quarterly or annual results45
  5. Apr 15, 2024Reported quarterly or annual results46
  6. Feb 13, 2024Reported quarterly or annual results47

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

182 filings to the SEC since October 2021: 9 annual reports, 14 quarterly reports, 50 major events, 39 insider forms, 24 large holders, 46 other. The latest 20:

  1. Sep 30, 202610-K/A AMENDMENT NO. 2 TO FORM 10-K EDGAR
  2. Sep 1, 20268-K CURRENT REPORT EDGAR
  3. Aug 26, 20268-K CURRENT REPORT EDGAR
  4. Aug 14, 2026NT 10-Q NOTIFICATION OF LATE FILING EDGAR
  5. Jul 29, 202610-K/A AMENDMENT NO. 1 TO FORM 10-K EDGAR
  6. Jul 10, 2026SCHEDULE 13G/A EDGAR
  7. Jul 8, 20268-K CURRENT REPORT EDGAR
  8. Jun 30, 202610-Q QUARTERLY REPORT EDGAR
  9. Jun 30, 20268-K CURRENT REPORT EDGAR
  10. Jun 26, 20263 EDGAR
  11. Jun 26, 20263 EDGAR
  12. Jun 4, 20268-K CURRENT REPORT EDGAR
  13. Jun 2, 2026DEF 14A DEFINITIVE PROXY STATEMENT EDGAR
  14. Jun 2, 202610-K ANNUAL REPORT EDGAR
  15. May 29, 20264 EDGAR
  16. May 29, 20264 EDGAR
  17. May 29, 20264/A EDGAR
  18. May 29, 20264/A EDGAR
  19. May 29, 20264 EDGAR
  20. May 29, 2026SCHEDULE 13D/A EDGAR

The 182 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Feb 28, 2024OYER STEVEN MDirectorBuy1,000$9.93$9.9KForm 4
Feb 9, 2024OYER STEVEN MDirectorBuy1,000$8.39$8.4KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
UBS Group AG34,835$54.0K0.0%New
XTX Topco Ltd19,769$31.4K0.0%New
Caitong International Asset Management Co., Ltd1$20.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Borealis Foods Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBorealis Foods Inc.1
  • CIK0001852973
  • Employer ID (EIN)98-16389883
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inOntario3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2000 Food and Kindred Products1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address1540 Cornwall Rd. #104, Oakville, A6 L6J 7W51
  • Phone1 905-278-22001
  • Shares outstanding21,463,306 as of Sep 30, 20264
  • Public float$31.1M as of May 28, 20263
  • AuditorCarr, Riggs & Ingram, L.L.C., Palm Beach Gardens, FL PCAOB ID 52; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceApr 2, 20211
  • Filings205 in all: 8-K (48), 3 (25), 4 (19), 10-Q (14), NT 10-Q (10), SC 13G/A (10), 425 (9), SC 13G (9)1
    All 34 form types

    CORRESP (8), UPLOAD (6), 10-K (5), S-4/A (5), 10-K/A (4), 8-K/A (4), DEF 14A (3), NT 10-K (3), SC 13D (3), 4/A (2), EFFECT (2), PRE 14A (2), 25-NSE (1), 424B3 (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), PRER14A (1), S-1 (1), S-1/A (1), S-4 (1), S-8 (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Jun 2, 2026
    Quarterly report (10-Q) Jun 30, 2026
    Proxy statement (DEF 14A) Jun 2, 2026
    Latest 8-K (8-K) Sep 1, 2026

Securities registered for trading

ClassSymbolExchange
Common SharesBRLSNasdaq
WarrantsBRLSWNasdaq

From the cover page of the 10-K filed Jun 2, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

Legal proceedings

In the ordinary course of business, we are involved in various pending and threatened litigation matters. In the future, we may be subject to additional legal proceedings, the scope and severity of which is unknown and could adversely affect our business. In addition, from time to time, we may receive letters or other forms of communication asserting claims against us.

The opening of Item 3, Legal Proceedings.3

Sources

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