Borealis Foods Inc. (BRLS) Balance Sheet
BRLS balance sheet, 2025
December 31, 2025 · U.S. dollars$52.6M assets = $71.8M liabilities + −$19.2M equity
Liabilities exceed assets: shareholders’ equity is negative (−$19.2M).
Both columns are drawn to the same scale: what BRLS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BRLS financial health
Descriptive bands, not a rating. Fiscal 2025.
BRLS balance sheet trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $57.4M2021 | $52.6M2025 | −2.2%/yr | |
| Total liabilities | $29.3M2021 | $71.8M2025 | +25.1%/yr | |
| Shareholders’ equity | $28.1M2021 | −$19.2M2025 | — | |
| Cash & short-term investments | $2.9M2021 | $63,8592025 | −61.5%/yr | |
| Total debt | $13.2M2021 | $27.1M2025 | +19.7%/yr | |
| Net cash (debt) | −$10.3M2021 | −$27.0M2025 | −$16.7M | |
| Working capital | −$5.8M2021 | −$61.8M2025 | −$56.0M | |
| Book value per share | $2.782021 | −$0.902025 | — | |
| Current ratio | 0.672021 | 0.122025 | −0.55 | |
| Debt / equity | 0.472021 | 0.272023 | −0.20 | |
| Shares outstanding | 10.1M2021 | 21.4M2025 | +20.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BRLS assets
BRLS liabilities and equity
BRLS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BRLS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $63,859 | $652,965 | $93,115 | $680,792 | $2.9M |
| Cash & equivalents | $63,859 | $652,965 | $93,115 | $680,792 | $2.9M |
| Short-term investments | — | $652.3M | — | — | — |
| Receivables | $2.6M | $2.0M | $1.8M | $2.6M | $2.1M |
| Inventory | $4.6M | $8.0M | $6.9M | $6.3M | $6.1M |
| Other current assets | $760,616 | $1.1M | $0 | $0 | $436,170 |
| Total current assets | $8.1M | $11.8M | $122,715 | $916,794 | $11.6M |
| Property, plant & equipment (net) | $44.1M | $45.8M | $46.5M | $46.8M | $43.8M |
| Goodwill & intangible assets | $298,041 | $2.2M | $1.9M | $1.9M | $1.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $169,685 | $169,685 | $0 | $129.9M | $46,500 |
| Total assets | $52.6M | $60.0M | $22.0M | $179.6M | $57.4M |
| Liabilities | |||||
| Accounts payable | $16.0M | $11.5M | $10.9M | $158,640 | $7.2M |
| Short-term debt | $26.5M | $6.1M | $4.0M | $1.5M | $3.2M |
| Total current liabilities | $69.8M | $25.4M | $7.5M | $2.5M | $17.4M |
| Long-term debt | $0 | $25.1M | $16.5M | $13.0M | $10.0M |
| Lease obligations | $1.3M | $1.7M | $2.4M | $2.7M | $0 |
| Other long-term liabilities | $2.0M | $10.2M | $3.3M | $4.1M | $1.9M |
| Total liabilities | $71.8M | $60.7M | $7.5M | $2.5M | $29.3M |
| Shareholders' equity | |||||
| Common stock & paid-in capital | — | — | $461 | $461 | $461 |
| Retained earnings (deficit) | −$109.8M | −$90.8M | −$7.4M | −$1.6M | −$11.7M |
| Accumulated other comprehensive income | — | — | −$461 | $178.5M | $175.9M |
| Minority interest | — | — | — | $0 | — |
| Total shareholders' equity | −$19.2M | −$695,886 | $14.6M | $176.9M | $28.1M |
| Key figures | |||||
| Total debt | $27.1M | $32.3M | $4.0M | $1.5M | $13.2M |
| Net cash (debt) | −$27.0M | −$31.6M | −$3.9M | −$819,208 | −$10.3M |
| Working capital | −$61.8M | −$13.6M | −$7.4M | −$1.6M | −$5.8M |
| Tangible book value | −$19.5M | −$2.9M | $12.6M | $175.0M | $26.2M |
| Book value per share | −$0.90 | −$0.03 | $1.60 | $8.09 | $2.78 |
| Shares outstanding | 21.4M | 20.3M | 9.1M | 21.9M | 10.1M |
| Current ratio | 0.12 | 0.46 | 0.02 | 0.37 | 0.67 |
| Quick ratio | 0.04 | 0.10 | 0.25 | 1.31 | 0.29 |
| Debt / equity | — | — | 0.27 | 0.01 | 0.47 |
| Equity / assets | −36.6% | −1.2% | 66.0% | 98.5% | 48.9% |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $479,857 | $63,859 | $128,869 | $206,579 | $192,536 | $652,965 | $721,542 | $3.1M | $8.2M | $7.6M | $70,191 | $2,479 |
| Cash & equivalents | $479,857 | $63,859 | $128,869 | $206,579 | $192,536 | $652,965 | $721,542 | $3.1M | $8.2M | $7.6M | $70,191 | $2,479 |
| Receivables | $1.7M | $2.6M | $2.6M | $2.3M | $1.8M | $2.0M | $2.9M | $2.5M | $4.8M | $1.8M | $0 | $0 |
| Inventory | $3.5M | $4.6M | $6.0M | $7.0M | $7.8M | $8.0M | $8.8M | $7.7M | $6.8M | $6.9M | $0 | $0 |
| Other current assets | $1.1M | $760,616 | $769,073 | $402,200 | $848,349 | $1.1M | $1.0M | $1.8M | $2.4M | $845,878 | $12,725 | $0 |
| Total current assets | $6.8M | $8.1M | $9.5M | $9.9M | $10.6M | $11.8M | $13.4M | $15.1M | $22.2M | $17.2M | $82,916 | $2,479 |
| Property, plant & equipment (net) | $43.7M | $44.1M | $44.4M | $44.8M | $45.3M | $45.8M | $46.1M | $46.2M | $46.1M | $46.5M | $0 | $0 |
| Goodwill & intangible assets | $298,041 | $298,041 | $2.3M | $2.3M | $2.2M | $2.2M | $2.2M | $2.1M | $1.9M | $1.9M | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $169,685 | $169,685 | $169,685 | $254,685 | $254,685 | $169,685 | $169,685 | $169,685 | $169,685 | $169,685 | $21.5M | $21.1M |
| Total assets | $50.9M | $52.6M | $56.3M | $57.3M | $58.4M | $60.0M | $61.9M | $63.6M | $70.3M | $65.8M | $21.6M | $21.1M |
| Liabilities | ||||||||||||
| Accounts payable | $17.4M | $16.0M | $14.0M | $14.0M | $13.0M | $11.5M | $8.6M | $6.9M | $7.2M | $10.9M | — | — |
| Short-term debt | $25.8M | — | $31.0M | $6.6M | $6.3M | — | $6.3M | $6.4M | $13.7M | $48.6M | $3.4M | $2.5M |
| Total current liabilities | $71.8M | $69.8M | $64.1M | $39.4M | $35.9M | $25.4M | $30.3M | $28.7M | $28.8M | $67.3M | $6.1M | $4.7M |
| Long-term debt | $0 | $0 | $3.0M | $24.7M | $24.9M | $25.1M | $23.6M | $22.0M | $22.2M | $22.2M | $0 | $0 |
| Lease obligations | $1.1M | $1.3M | $1.3M | $1.5M | $1.6M | $1.7M | $1.9M | $2.1M | $2.2M | $2.2M | — | — |
| Other long-term liabilities | $1.8M | $2.0M | $2.1M | $2.3M | $2.4M | $10.2M | $2.9M | $3.0M | $3.1M | $0 | $0 | $0 |
| Total liabilities | $73.6M | $71.8M | $69.2M | $66.4M | $63.2M | $60.7M | $56.8M | $53.7M | $54.1M | $87.1M | $6.1M | $4.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | — | — | — | — | — | — | — | $461 | $461 | $461 |
| Retained earnings (deficit) | −$113.3M | −$109.8M | −$103.4M | −$99.6M | −$95.0M | −$90.8M | −$85.0M | −$80.2M | −$73.9M | −$65.5M | −$6.0M | −$4.7M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | −$461 | −$461 | −$461 |
| Total shareholders' equity | −$22.7M | −$19.2M | −$12.9M | −$9.2M | −$4.8M | −$695,886 | $5.1M | $9.9M | $16.2M | −$21.3M | $15.5M | $16.4M |
| Key figures | ||||||||||||
| Total debt | $26.2M | — | $34.6M | $32.1M | $32.2M | $25.1M | $31.3M | $29.8M | $37.5M | $66.9M | $3.4M | $2.5M |
| Net cash (debt) | −$25.7M | — | −$34.5M | −$31.9M | −$32.0M | −$24.4M | −$30.5M | −$26.7M | −$29.3M | −$59.2M | −$3.3M | −$2.5M |
| Working capital | −$65.0M | −$61.8M | −$54.6M | −$29.5M | −$25.3M | −$13.6M | −$16.9M | −$13.5M | −$6.6M | −$50.1M | −$6.0M | −$4.7M |
| Tangible book value | −$23.0M | −$19.5M | −$15.2M | −$11.4M | −$7.1M | −$2.9M | $2.9M | $7.8M | $14.3M | −$23.3M | $15.5M | $16.4M |
| Book value per share | −$1.06 | −$0.90 | −$0.60 | −$0.43 | −$0.23 | −$0.03 | $0.24 | $0.46 | $0.95 | −$1.10 | $0.80 | $0.84 |
| Shares outstanding | 21.4M | 21.5M | 21.4M | 21.4M | 21.4M | 21.4M | 21.4M | 21.4M | 17.1M | 19.5M | 19.5M | 19.5M |
| Current ratio | 0.09 | 0.12 | 0.15 | 0.25 | 0.29 | 0.46 | 0.44 | 0.53 | 0.77 | 0.26 | 0.01 | 0.00 |
| Quick ratio | 0.03 | 0.04 | 0.04 | 0.06 | 0.05 | 0.10 | 0.12 | 0.20 | 0.45 | 0.14 | 0.01 | 0.00 |
| Debt / equity | — | — | — | — | — | — | 6.16 | 3.01 | 2.31 | — | 0.22 | 0.16 |
| Equity / assets | −44.6% | −36.6% | −23.0% | −16.0% | −8.3% | −1.2% | 8.2% | 15.6% | 23.0% | −32.4% | 71.7% | 77.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed June 2, 2026); data from EODHD.
BRLS financial position
At the end of fiscal 2025 (December 31, 2025), Borealis Foods had total assets of $52.6 million (down 12.4% from a year earlier), total liabilities of $71.8 million and shareholders' equity of -$19.2 million. It held $0.1 million in cash and short-term investments against $27.1 million of debt, net debt of $27.0 million. Its current ratio was 0.12. In the latest quarter (ended March 31, 2026) total assets were $50.9 million and equity -$22.7 million.
Related: BRLS income statement, BRLS cash flow statement, BRLS key metrics. See the BRLS stock overview for the latest quote and news.
BRLS balance sheet FAQ
What are Borealis Foods's total assets?
Borealis Foods reported total assets of $52.6 million at the end of fiscal 2025 (December 31, 2025), compared with $60.0 million a year earlier.
How much debt does Borealis Foods have?
Borealis Foods had $27.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Borealis Foods have?
Borealis Foods held $0.1 million in cash and short-term investments at the end of fiscal 2025; with $27.1 million of debt that is net debt of $27.0 million.
What is Borealis Foods's book value?
Borealis Foods's shareholders' equity (book value) was -$19.2 million at the end of fiscal 2025, or −$0.90 per share.
What is Borealis Foods's current ratio?
Borealis Foods had current assets of $8.1 million and current liabilities of $69.8 million, a current ratio of 0.12 (current liabilities exceed current assets).
How much goodwill does Borealis Foods have?
Borealis Foods carried $0.3 million of goodwill and intangible assets, 0.6% of total assets, at the end of fiscal 2025.