Borealis Foods Inc. (BRLS) Cash Flow Statement
Where BRLS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$6.6M
- Capital expenditures
- $68,816 0.2% of revenue
- Free cash flow
- −$6.7M −14.9% margin
- Returned to shareholders
- —
- Change in cash
- −$589,106 cash at year-end $63,859
Drawn to scale: where the cash came from and how it was used. Hover for values.
BRLS operating cash flow, capex and free cash flow
BRLS cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$6.8M2021 | −$6.6M2025 | — | |
| Capital expenditures | $21.2M2021 | $68,8162025 | −76.1%/yr | |
| Free cash flow | −$28.0M2021 | −$6.7M2025 | — | |
| Free cash flow margin | −118.5%2021 | −14.9%2025 | +103.5 pts | |
| Stock-based compensation | $02021 | $443,9172025 | — | |
| Share buybacks (net) | $02022 | $159.5M2023 | — | |
| Capex / revenue | 89.8%2021 | 0.2%2025 | −89.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BRLS cash flow by activity
BRLS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BRLS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −$19.0M | −$25.3M | −$27.5M | −$302,544 | −$10.1M |
| Depreciation & amortization | $1.8M | $2.3M | $3.9M | $3.5M | $2.1M |
| Stock-based compensation | $443,917 | $1.3M | $492,295 | $514,489 | $0 |
| Change in working capital | $8.4M | $13.7M | $3.2M | $776,883 | $805,327 |
| Other non-cash items | $1.7M | $931,325 | $1.8M | −$6.5M | $433,795 |
| Cash from operating activities | −$6.6M | −$7.1M | −$18.0M | −$2.1M | −$6.8M |
| Investing activities | |||||
| Capital expenditures | −$68,816 | −$2.0M | −$4.5M | −$3.4M | −$21.2M |
| Investments (net) | — | −$1.9M | $158.8M | −$3.3M | −$21.2M |
| Acquisitions & other investing | $3,078 | $2.0M | −$158.8M | $3.4M | $21.2M |
| Cash from investing activities | −$65,738 | −$1.9M | −$4.5M | −$3.3M | −$21.2M |
| Financing activities | |||||
| Share repurchases & issuance (net) | — | — | −$159.5M | $0 | — |
| Net borrowing (repayment) | −$5.8M | $10.0M | $26.4M | $1.5M | $10.6M |
| Shares issued | $0 | $0 | $0 | $1.0M | $18.6M |
| Other financing | $11.9M | −$565,987 | $158.0M | −$836,874 | −$1.7M |
| Cash from financing activities | $6.1M | $9.5M | $24.9M | $1.7M | $27.5M |
| Summary | |||||
| Net change in cash | −$589,106 | $490,773 | $2.5M | −$442,592 | −$467,647 |
| Cash at end of period | $63,859 | $8.1M | $7.6M | $680,792 | $2.9M |
| Free cash flow | −$6.7M | −$9.0M | −$22.5M | −$5.5M | −$28.0M |
| Free cash flow margin | −14.9% | −18.0% | −438.0% | −21.4% | −118.5% |
| Capex / revenue | 0.2% | 3.9% | 87.0% | 13.2% | 89.8% |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$3.5M | −$6.4M | −$3.8M | −$4.6M | −$4.2M | −$5.8M | −$4.8M | −$8.4M | −$8.4M | −$6.7M | −$6.6M | −$8.3M |
| Depreciation & amortization | $386,044 | $433,644 | $453,214 | $473,874 | $480,554 | $462,266 | $461,540 | $994,202 | $994,202 | $998,557 | $996,625 | $979,517 |
| Stock-based compensation | $40,125 | $128,075 | $2,998 | $254,678 | $58,166 | $0 | $0 | $1.3M | $1.3M | $1.3M | $100,151 | $98,436 |
| Change in working capital | $3.0M | $1.1M | $3.1M | $1.7M | $2.4M | $3.8M | $1.0M | $2.3M | −$1.0M | $1.3M | $705,846 | $1.9M |
| Other non-cash items | $2,877 | $1.9M | −$9,164 | −$64,265 | −$97,510 | $635,844 | $103,287 | −$847,288 | −$847,288 | $1.4M | −$63,532 | −$80,889 |
| Cash from operating activities | −$122,872 | −$2.8M | −$190,568 | −$2.2M | −$1.4M | −$819,425 | −$3.3M | −$4.8M | −$8.0M | −$1.7M | −$4.8M | −$5.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$4,413 | −$4,413 | −$32,701 | −$5,958 | −$25,744 | −$198,485 | −$496,842 | −$724,399 | −$550,984 | −$872,929 | −$661,843 | −$2.0M |
| Investments (net) | — | — | −$32,701 | −$2,880 | −$25,744 | −$198,485 | −$496,842 | −$724,399 | −$487,409 | −$487,409 | −$661,843 | −$1.9M |
| Acquisitions & other investing | $0 | — | $32,701 | $5,958 | $25,744 | — | $528,076 | $784,513 | $550,984 | $487,412 | $661,843 | $1.9M |
| Cash from investing activities | −$4,413 | — | −$32,701 | −$2,880 | −$25,744 | — | −$465,608 | −$664,285 | −$487,409 | −$872,926 | −$661,843 | −$2.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | −$4.3M | — | — | — | — | $2.9M | $1.5M | −$1.1M |
| Net borrowing (repayment) | −$882,955 | −$5.4M | −$134,441 | −$128,266 | −$147,080 | $949,333 | $1.4M | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.4M | $8.2M | $280,000 | $2.3M | $5.4M | $0 | $972,822 | −$123,853 | $7.7M | −$1.7M | $305,501 | $8.5M |
| Cash from financing activities | $538,870 | $2.8M | $145,559 | $2.2M | $937,920 | $949,333 | $2.3M | −$123,853 | $7.7M | $1.1M | $1.8M | $7.4M |
| Summary | ||||||||||||
| Net change in cash | $415,998 | −$65,010 | −$77,710 | $14,043 | −$460,429 | −$68,577 | −$1.4M | −$5.5M | −$825,371 | −$1.4M | −$3.7M | −$7.6M |
| Cash at end of period | $479,857 | $63,859 | $128,869 | $206,579 | $192,536 | $652,965 | $1.7M | $2.7M | $6.8M | $7.6M | $9.0M | $2,479 |
| Free cash flow | −$122,872 | −$2.8M | −$223,269 | −$2.2M | −$1.4M | −$1.0M | −$3.8M | −$5.5M | −$8.6M | −$2.5M | −$5.5M | −$7.3M |
| Free cash flow margin | −1.6% | −31.8% | −3.1% | −30.6% | −13.1% | −15.1% | −48.8% | −103.0% | −108.8% | −227.7% | — | −89.5% |
| Capex / revenue | 0.1% | 0.0% | 0.5% | 0.1% | 0.2% | 2.9% | 6.5% | 13.6% | 7.0% | 78.1% | — | 23.8% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BRLS cash generation
In fiscal 2025 (ended December 31, 2025), Borealis Foods generated -$6.6 million of cash from operations and spent $0.1 million on capital expenditures, leaving free cash flow of -$6.7 million, −14.9% of revenue. Cash and equivalents fell by $0.6 million over the year.
Related: BRLS income statement, BRLS balance sheet. See the BRLS stock overview for the latest quote and news.
BRLS cash flow FAQ
What is Borealis Foods's free cash flow?
Borealis Foods's free cash flow was -$6.7 million in fiscal 2025: -$6.6 million of operating cash flow minus $0.1 million of capital expenditures It was -$9.0 million a year earlier..
How much cash does Borealis Foods generate from operations?
Borealis Foods generated -$6.6 million of cash from operating activities in fiscal 2025.
How much does Borealis Foods spend on capital expenditures?
Borealis Foods spent $0.1 million on capital expenditures in fiscal 2025, 0.2% of revenue, compared with $2.0 million the year before.