Borealis Foods Inc. (BRLS) Form 10-Q — Jun 30, 2026
Borealis Foods reported a net loss of $3.5 million for the first quarter of 2026 on revenue of $7.4 million, which grew 8% year-over-year. Despite operational progress and cost reductions, the company continues to face severe financial distress, evidenced by a working capital deficit of $65 million and total liabilities exceeding total assets. Management acknowledged that substantial doubt about the company's ability to continue as a going concern has not been alleviated, even after retiring a significant maturity balloon through new debt. The company's liquidity position remains precarious, relying heavily on related-party financing.
Key figures
- Revenue
- 7367768
- Total Debt
- approximately $50.4 million
- Revenue Yoy
- 7.6%
- Cash Position
- 479857
- Required Equity Financing Price
- 9
- Required Equity Financing Amount
- 70000000
- Accrued Interest Subject To Conversion
- 4300000
- Shareholder Indebtedness Subject To Conversion
- 29100000
Price after filing
Close on the filing date to close N calendar days later (from $1.55). Historical, not a forecast.
AI analysis
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