Borealis Foods Inc
For the period ended Jun 30, 2024. Filed Aug 14, 2024.
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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, 2024 · Filed Aug 14, 2024
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
Condensed Consolidated Statements of Operations (Unaudited)
| For the Three Months Ended | For the Six Months Ended | |||
|---|---|---|---|---|
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |
| Gross sales | $5,476,476 | $6,826,725 | $13,960,497 | $15,605,266 |
| Sales discounts & allowances | (151,196) | (379,641) | (739,784) | (803,408) |
| Revenue, net | 5,325,280 | 6,447,084 | 13,220,713 | 14,801,858 |
| Cost of goods sold | ||||
| Raw materials | 3,046,816 | 4,782,060 | 7,817,284 | 10,440,161 |
| Labor and overhead | 1,460,918 | 1,724,578 | 3,338,722 | 3,803,781 |
| Depreciation | 395,224 | 979,517 | 1,399,811 | 1,941,473 |
| Total cost of goods sold | 4,902,958 | 7,486,155 | 12,555,817 | 16,185,415 |
| Gross profit (loss) | 422,322 | (1,039,071) | 664,896 | (1,383,557) |
| Selling, general and administrative expenses | 5,611,669 | 5,409,066 | 12,827,257 | 9,628,697 |
| Loss from operations | (5,189,347) | (6,448,137) | (12,162,361) | (11,012,254) |
| Other income (expense): | ||||
| South Carolina grant revenue | — | — | — | 158,995 |
| Gain on foreign exchange rates | 4,506 | 295 | 6,133 | 295 |
| Interest expense | (1,098,783) | (1,838,937) | (2,559,018) | (3,369,519) |
| Total other expense | (1,094,277) | (1,838,642) | (2,552,885) | (3,210,229) |
| Loss before income taxes | (6,283,624) | (8,286,779) | (14,715,246) | (14,222,483) |
| Income tax expense | (14,116) | (15,216) | (14,116) | (15,092) |
| Net loss | $(6,297,740) | $(8,301,995) | $(14,729,362) | $(14,237,575) |
| Earnings per share from net loss | ||||
| Basic | $(0.29) | $(0.77) | $(0.77) | $(1.33) |
| Diluted | $(0.29) | $(0.77) | $(0.77) | $(1.33) |
| Weighted average shares outstanding | ||||
| Basic | 21,378,890 | 10,731,583 | 19,229,233 | 10,731,583 |
| Diluted | 21,378,890 | 10,731,583 | 19,229,233 | 10,731,583 |
See accompanying notes
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.