Borealis Foods Inc.
For the period ended Jun 30, 2025. Filed Aug 19, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 19, 2025
BRLS$0.95-5.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Unaudited Condensed Consolidated Statements of Operations
**Borealis Foods, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Gross sales | 7,575,869 | $5,476,476 | $14,800,827 | $13,960,497 |
| Sales discounts & allowances | (387,600) | (151,196) | (766,888) | (739,784) |
| Revenue, net | 7,188,269 | 5,325,280 | 14,033,939 | 13,220,713 |
| Cost of goods sold | 6,199,510 | 4,507,734 | 11,664,824 | 11,156,006 |
| Raw materials | - | - | - | - |
| Labor and overhead | - | - | - | - |
| Depreciation and amortization | 473,874 | 395,224 | 954,428 | 1,399,811 |
| Total cost of goods sold | 6,673,384 | 4,902,958 | 12,619,252 | 12,555,817 |
| Gross profit | 514,885 | 422,322 | 1,414,687 | 664,896 |
| Sales & marketing | 566,193 | - | - | - |
| Business development | 607,037 | - | - | - |
| Training | 192,500 | 404,813 | 393,750 | 886,397 |
| General & administrative expenses | 2,505,158 | - | - | - |
| Total sales, general & administrative expenses | 3,870,887 | 5,611,669 | 7,687,808 | 12,827,257 |
| Loss from operations | (3,356,002) | (5,189,347) | (6,273,121) | (12,162,361) |
| Other income (expense): | ||||
| Other income (expense) | - | - | - | - |
| Loss on disposal of assets | - | - | - | - |
| Gain (loss) on foreign exchange rates | (2,221) | 4,506 | (13,267) | 6,133 |
| Interest expense | (1,227,916) | (1,098,783) | (2,487,339) | (2,559,018) |
| Total other expense | (1,230,137) | (1,094,277) | (2,500,606) | (2,552,885) |
| Loss before income taxes | (4,586,139) | (6,283,624) | (8,773,727) | (14,715,246) |
| Income tax expense | (13,987) | (14,116) | (13,987) | (14,116) |
| Net loss | $(4,600,126) | $(6,297,740) | $(8,787,714) | $(14,729,362) |
| Loss per share from net loss | ||||
| Basic | $(0.21) | $(0.29) | $(0.41) | $(0.77) |
| Diluted | $(0.21) | $(0.29) | $(0.41) | $(0.77) |
| Weighted average shares outstanding | ||||
| Basic | 21,407,493 | 21,378,890 | 21,393,420 | 19,229,233 |
| Diluted | 21,407,493 | 21,378,890 | 21,393,420 | 19,229,233 |
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