Income Statement for BRLS

	Borealis Foods Inc. (BRLS)
	Q3-CY2026	Q2-CY2026	Q1-CY2026	Q4-CY2025	Q3-CY2025	Q2-CY2025	Q1-CY2025	Q4-CY2024	Q3-CY2024	Q2-CY2024	Q1-CY2024	Q4-CY2023	Q3-CY2023	Q2-CY2023	Q1-CY2023	Q4-CY2022	Q3-CY2022	Q2-CY2022	Q1-CY2022	Q4-CY2021	Q3-CY2021	Q2-CY2021	Q1-CY2021	Q4-CY2020	Q3-CY2020	Q2-CY2020	Q1-CY2020	Q4-CY2019	Q3-CY2019	Q2-CY2019	Q1-CY2019	Q4-CY2018	Q3-CY2018	Q2-CY2018	Q1-CY2018	Q4-CY2017	Q3-CY2017	Q2-CY2017	Q1-CY2017	Q4-CY2016	Q3-CY2016	Q2-CY2016	Q1-CY2016	Q4-CY2015	Q3-CY2015	Q2-CY2015	Q1-CY2015	Q4-CY2014	Q3-CY2014
Balance Sheet Date			2026-Mar-31	2025-Dec-31	2025-Sep-30	2025-Jun-30	2025-Mar-31	2024-Dec-31	2024-Sep-30	2024-Jun-30	2024-Mar-31	2023-Dec-31
Fiscal Period			Q1-FY2026	Q4-FY2025	Q3-FY2025	Q2-FY2025	Q1-FY2025	Q4-FY2024	Q3-FY2024	Q2-FY2024	Q1-FY2024	Q4-FY2023
Total Revenue			7,782,208$	10,337,939$	7,364,072$	7,575,869$	7,225,000$	8,191,779$	8,075,788$	5,476,476$	8,484,021$	7,507,036$	8,264,745$	6,826,725$	8,778,540$
QoQ%			(24.72%)	40.38%	(2.80%)	4.86%	(11.80%)	1.44%	47.46%	(35.45%)	13.01%	(9.17%)	21.07%	(22.23%)
YoY%			7.71%	26.20%	(8.81%)	38.34%	(14.84%)	9.12%	(2.29%)	(19.78%)	(3.36%)
Cost Of Revenue			6,943,317$	9,281,814$	6,063,191$	6,673,384$	5,945,868$	7,940,434$	6,414,629$	4,902,958$	7,652,860$	6,950,398$	8,741,544$	7,865,796$	9,123,027$
Gross Profit			838,891$	1,056,125$	1,040,558$	514,885$	899,802$	251,345$	1,273,270$	422,322$	242,573$	556,638$	(476,799$)	(1,039,071$)	(344,487$)
Gross Margin			10.78%	10.22%	14.13%	6.80%	12.45%	3.07%	15.77%	7.71%	2.86%	7.42%	(5.77%)	(15.22%)	(3.92%)
Operating Expenses			2,900,040$	3,894,132$	2,965,415$	3,870,887$	3,816,920$	4,872,911$	4,894,318$	5,611,669$	7,215,588$	5,070,548$	3,946,187$	5,409,066$	4,219,631$
Operating Income			(2,061,149$)	(2,838,007$)	(1,924,857$)	(3,356,002$)	(2,917,118$)	(4,621,566$)	(3,621,048$)	(5,189,347$)	(6,973,015$)	(4,513,910$)	(4,422,986$)	(6,448,137$)	(4,564,118$)
Operating Margin			(26.49%)	(27.45%)	(26.14%)	(44.30%)	(40.38%)	(56.42%)	(44.84%)	(94.76%)	(82.19%)	(60.13%)	(53.52%)	(94.45%)	(51.99%)
Interest Income
Interest Expenses			1,450,126$	1,643,595$	1,855,028$	1,227,916$	1,259,423$	1,294,136$	1,207,524$	1,098,783$	1,458,607$				1,530,581$
Income Before Tax			(3,512,418$)	(6,490,780$)	(3,780,821$)	(4,586,139$)	(4,187,588$)	(5,915,516$)	(4,831,337$)	(6,283,624$)	(8,431,622$)	(7,007,694$)	(6,585,101$)	(8,286,779$)	(5,935,704$)
Tax Expenses				(80,697$)	0$	13,987$		(149,849$)	832$	14,116$		(351,123$)	0$	15,216$	(124$)
Net Income			(3,512,418$)	(6,410,083$)	(3,780,821$)	(4,600,126$)	(4,187,588$)	(5,765,667$)	(4,832,169$)	(6,297,740$)	(8,431,622$)	(6,656,571$)	(6,585,101$)	(8,301,995$)	(5,935,580$)
Profit Margin			(45.13%)	(62.01%)	(51.34%)	(60.72%)	(57.96%)	(70.38%)	(59.84%)	(115.00%)	(99.38%)	(88.67%)	(79.68%)	(121.61%)	(67.62%)
TTM			(55.36%)	(58.39%)	(60.40%)	(62.40%)	(72.78%)	(83.79%)	(88.75%)	(94.08%)	(96.44%)	(87.58%)
Earnings to Minority								19,561,531$				20,822,676$
Earnings to Common Shareholders			(3,512,418$)	(6,410,083$)	(3,780,821$)	(4,600,126$)	(4,187,588$)	(25,327,198$)	(4,832,169$)	(6,297,740$)	(8,431,622$)	(27,479,247$)	(6,585,101$)	(8,301,995$)	(5,935,580$)
QoQ%			45.21%	(69.54%)	17.81%	(9.85%)	83.47%	(424.14%)	23.27%	25.31%	69.32%	(317.29%)	20.68%	(39.87%)
YoY%			16.12%	74.69%	21.76%	26.96%	50.34%	7.83%	26.62%	24.14%	(42.05%)
Earnings Per Share, Basic			(0.16$)	(0.30$)	(0.18$)	(0.21$)	(0.20$)	(1.25$)	(0.23$)	(0.29$)	(0.49$)	(2.56$)	(0.61$)	(0.77$)	(0.55$)
Earnings Per Share, Diluted			(0.16$)	(0.30$)	(0.18$)	(0.21$)	(0.20$)	(1.25$)	(0.23$)	(0.29$)	(0.49$)	(2.56$)	(0.61$)	(0.77$)	(0.55$)
Unlevered FCF Per Share, Basic			(0.01$)	(0.13$)	(0.01$)	(0.10$)	(0.06$)	(0.05$)	(0.17$)	(0.22$)	(0.43$)	(0.27$)	(0.51$)	(0.67$)	(0.64$)
Unlevered FCF Per Share, Diluted			(0.01$)	(0.13$)	(0.01$)	(0.10$)	(0.06$)	(0.05$)	(0.17$)	(0.22$)	(0.43$)	(0.27$)	(0.51$)	(0.67$)	(0.64$)
Average Shares, Basic			21,428,650	21,464,345	21,463,415	21,407,493	21,379,347	20,309,934	21,378,890	21,378,890	17,079,576	10,750,060	10,731,583	10,731,583	10,731,583
Average Shares, Diluted			21,428,650	21,464,345	21,463,415	21,407,493	21,379,347	20,309,934	21,378,890	21,378,890	17,079,576	10,750,060	10,731,583	10,731,583	10,731,583
EBIT			(2,062,292$)	(4,847,185$)	(1,925,793$)	(3,358,223$)	(2,928,165$)	(4,621,380$)	(3,623,813$)	(5,184,841$)	(6,973,015$)	(7,007,694$)	(6,585,101$)	(8,286,779$)	(4,405,123$)
EBITDA			(1,676,248$)	(4,414,185$)	(517,793$)	(2,884,349$)	(2,447,165$)	(4,158,380$)	(1,762,813$)	(4,789,841$)	(5,979,015$)	(6,009,137$)	(5,588,101$)	(7,324,779$)	(3,443,167$)