MeritValue

Borealis Foods Inc.

BRLSdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Borealis Foods Inc. earns about -19% on equity, but has diluted owners by 99% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue——$31.4M1$29.1M1$31.5M2
Net income−$407,6243−$302,5444−$27.5M5−$25.3M6−$19M6
Operating cash flow−$602,1617−$2.11M8−$18M9−$15.1M10−$6.6M10
Capital expenditure——$4.47M11$1.65M11—
Free cash flow (derived)——−$22.5M9−$16.7M10—
Total debt—————
Cash & equivalents$1.12M12$680,79212$7.62M13$652,96513$64,00014
Diluted shares——10.8M20.3M21.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$8.97
your share of equity
Profit it earned you last year
−$8.86
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$8.97 of net worth that earned you −$8.86 last year.

iii. Is this a good business?
Moat signal · return on equity
-19% avg · 5y
FY21 -31%FY22 -7%FY23 —FY24 —FY25 —

It earned an average -19% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+99% shares · 5y

Share count is up 99% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0001628280-25-017861 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2025-12-31 · accession 0001213900-26-063777 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001213900-23-025396 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001213900-24-032953 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001628280-25-017861 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-063777 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001213900-23-025396 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001213900-24-032953 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-25-017861 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001213900-26-063777 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-017861 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-025396 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001213900-26-063777 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2025-12-31 · accession 0001213900-26-063777 (CashAndCashEquivalentsAtCarryingValue)