Is Borealis Foods going out of business?

Borealis Foods Inc. (BRLS) Fundamentals

A quick summary of the latest filed figures while the full analysis loads.

Borealis Foods Inc. (BRLS) scores 17 out of 100 on fundamentals, Distressed / Caution, based on SEC filing data.

Leading signal: Debt / Equity: Negative equity (balance sheet deficit; monitor solvency)

Five questions, kept separate

Survival - Critical

Under 1 mo of estimated runway from 2026-03-31, based on $500K of cash and short-term investments against $10.3M of annual burn. A disclosed filing event caps this reading; Event Risk carries the detail.

Business quality - Poor

-35.1% operating margin and -32.7% FCF margin produce a poor Business Quality assessment.

Trajectory - Accelerating

Revenue, operating margin and cash margin improved together. Revenue improved 20.1%; operating margin improved 29.1pp; FCF margin improved 80.1pp. The TTM window includes a mixed-basis Q4 estimate.

Valuation - Extreme expectations

-55.7% normalized FCF yield supports an extreme expectations Valuation assessment on the annual basis.

Event risk - Critical event risk

Going-Concern Warning is the decisive filing event; 2 adverse event families are active. It appears across 4 scanned filings. Favorable events are shown separately and do not offset adverse risk.

What the rules read

• Debt / Equity: Negative equity (balance sheet deficit; monitor solvency)
• Interest coverage: -1.6x
• Filing event risk: Going-Concern Warning, Internal Control Weakness (-8 pts)
• Asset Efficiency: 0.62x
• Shares dilution YoY: 0.23% (YoY)
• Gross margin (industrial): 11.16%
• ROE quality: 83.60%
• Return on Assets: -37.25%
• Net income trend: 16.12% (Loss narrowing)
• Debt Maturity Runway: 0% long-term (Near-term refinancing risk)
• Revenue growth YoY: 7.71% (Industrial YoY)
• Price / Sales: 1.0x (see Valuation)

Read from filings through 2026-08-26.

Price as of 2026-09-11.