Valuation for BRLS - findataslice

	Borealis Foods Inc. (BRLS)
	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	Q2-CY2014	Q1-CY2014	Q4-CY2013
Balance Sheet Date		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		Q3-FY2025	Q2-FY2025	Q1-FY2025	Q4-FY2024	Q3-FY2024	Q2-FY2024	Q1-FY2024	Q4-FY2023
Close Price of Common Stock	2.11$	2.59$	4.04$	6.00$	5.83$	5.76$	8.98$	6.50$
Market Cap of Common Stock	45,287,576$	55,378,997$	86,370,716$	128,273,340$	124,638,929$	123,142,188$	191,982,091$
QoQ%	(18.22%)	(35.88%)	(32.67%)	2.92%	1.22%	(35.86%)
YoY%	(63.67%)	(55.03%)	(55.01%)
Common Shares Outstanding	21,463,306	21,381,852	21,378,890	21,379,347	21,378,890	21,378,852	21,378,852	21,378,890	10,750,060	10,731,583	10,731,583	10,731,583
QoQ%	.38%	.01%	.00%	.00%	.00%	.00%	.00%	98.87%	.17%	.00%	.00%
YoY%	.40%	.01%	.00%	.00%	98.87%	99.21%	99.21%	99.22%
Price to Sales	1.55x	1.89x	2.88x	4.61x	4.28x	4.17x	6.46x
Price to Earnings	-	-	-	-	-	-	-
Price to Book	-	-	-	-	-	24.29x	19.39x
Total Revenue		7,364,072$	7,575,869$	7,224,957$	7,064,106$	8,075,788$	5,476,476$	8,484,021$	7,507,036$	8,264,745$	6,826,725$	8,778,540$
QoQ%		(2.80%)	4.86%	2.28%	(12.53%)	47.46%	(35.45%)	13.01%	(9.17%)	21.07%	(22.23%)
YoY%		(8.81%)	38.34%	(14.84%)	(5.90%)	(2.29%)	(19.78%)	(3.36%)
TTM		29,229,004$	29,940,720$	27,841,327$	29,100,391$	29,543,321$	29,732,278$	31,082,527$	31,377,046$
TTM_QoQ%		(2.38%)	7.54%	(4.33%)	(1.50%)	(.64%)	(4.34%)	(.94%)
TTM_YoY%		(1.06%)	.70%	(10.43%)	(7.26%)
Gross Margin		14.13%	6.80%	12.45%	3.56%	15.77%	7.71%	2.86%	7.42%	(5.77%)	(15.22%)	(3.92%)
QoQ		7.33%	(5.66%)	8.90%	(12.21%)	8.06%	4.85%	(4.56%)	13.18%	9.45%	(11.30%)
YoY		(1.64%)	(.92%)	9.60%	(3.86%)	21.54%	22.93%	6.78%
Operating Income		(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$)
QoQ%		42.64%	(15.05%)	36.88%	(27.63%)	30.22%	25.58%	(54.48%)	(2.06%)	31.41%	(41.28%)
YoY%		46.84%	35.33%	58.17%	(2.39%)	18.13%	19.52%	(52.78%)
TTM		(12,819,543$)	(14,515,734$)	(16,349,079$)	(20,404,976$)	(20,297,320$)	(21,099,258$)	(22,358,048$)	(19,949,151$)
TTM_QoQ%		11.69%	11.21%	19.88%	(.53%)	3.80%	5.63%	(12.08%)
TTM_YoY%		36.84%	31.20%	26.88%	(2.29%)
Operating Margin		(26.14%)	(44.30%)	(40.38%)	(65.42%)	(44.84%)	(94.76%)	(82.19%)	(60.13%)	(53.52%)	(94.45%)	(51.99%)
QoQ		18.16%	(3.92%)	25.05%	(20.59%)	49.92%	(12.57%)	(22.06%)	(6.61%)	40.94%	(42.46%)
YoY		18.70%	50.46%	41.81%	(5.29%)	8.68%	(.30%)	(30.20%)
Net Income		(3,780,821$)	(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$)	(5,935,580$)
QoQ%		17.81%	(9.85%)	27.37%	(19.32%)	23.27%	25.31%	(26.67%)	(1.09%)	20.68%	(39.87%)
YoY%		21.76%	26.96%	50.34%	13.38%	26.62%	24.14%	(42.05%)
TTM		(18,334,202$)	(19,385,550$)	(21,083,164$)	(25,327,198$)	(26,218,102$)	(27,971,034$)	(29,975,289$)	(27,479,247$)
TTM_QoQ%		5.42%	8.05%	16.76%	3.40%	6.27%	6.69%	(9.08%)
TTM_YoY%		30.07%	30.69%	29.67%	7.83%
Profit Margin		(51.34%)	(60.72%)	(57.96%)	(81.62%)	(59.84%)	(115.00%)	(99.38%)	(88.67%)	(79.68%)	(121.61%)	(67.62%)
QoQ		9.38%	(2.76%)	23.66%	(21.78%)	55.16%	(15.61%)	(10.71%)	(8.99%)	41.93%	(54.00%)
YoY		8.49%	54.28%	41.42%	7.05%	19.84%	6.61%	(31.77%)
Equity to Common Shareholders		(12,948,578$)	(9,170,756$)	(4,825,308$)	(695,886$)	5,069,781$	9,901,950$	16,199,690$	(21,347,295$)	(14,790,878$)	(9,305,928$)	(1,102,369$)	4,639,657$
QoQ		(3,777,822$)	(4,345,448$)	(4,129,422$)	(5,765,667$)	(4,832,169$)	(6,297,740$)	37,546,985$	(6,556,417$)	(5,484,950$)	(8,203,559$)	(5,742,026$)
QoQ%		(41.19%)	(90.06%)	(593.41%)	(113.73%)	(48.80%)	(38.88%)	175.89%	(44.33%)	(58.94%)	(744.18%)	(123.76%)
YoY		(18,018,359$)	(19,072,706$)	(21,024,998$)	20,651,409$	19,860,659$	19,207,878$	17,302,059$	(25,986,952$)
YoY%		(355.41%)	(192.62%)	(129.79%)	96.74%	134.28%	206.41%	1,569.53%	(560.11%)
Dividends Paid
Additional Paid-In Capital QoQ					0$	0$
Treasury Stock
QoQ
Goodwill		1,917,356$	1,917,356$	1,917,356$	1,917,356$	1,917,356$	1,917,356$	1,917,356$	1,917,356$
QoQ%		.00%	.00%	.00%	.00%	.00%	.00%	.00%
YoY%		.00%	.00%	.00%	.00%
Other Intangible Assets		383,710$	351,009$	328,822$	319,307$	253,017$	210,078$
QoQ		32,701$	22,187$	9,515$	66,290$	42,939$
Amortization of Intangible Assets
Total Assets		56,297,596$	57,274,635$	58,397,557$	60,006,083$	61,911,526$	63,594,502$	70,332,965$	65,786,342$				179,449,742$
QoQ		(977,039$)	(1,122,922$)	(1,608,526$)	(1,905,443$)	(1,682,976$)	(6,738,463$)	4,546,623$
YoY		(5,613,930$)	(6,319,867$)	(11,935,408$)	(5,780,259$)				(113,663,400$)
Total Liabilities		69,246,174$	66,445,391$	63,222,865$	60,701,969$	56,841,745$	53,692,552$	54,133,275$	87,133,637$				174,810,085$
QoQ		2,800,783$	3,222,526$	2,520,896$	3,860,224$	3,149,193$	(440,723$)	(33,000,362$)
YoY		12,404,429$	12,752,839$	9,089,590$	(26,431,668$)				(87,676,448$)
Current Ratio		.15x	.25x	.29x	.46x	.44x	.53x	.77x	.26x				.37x
Total Current Assets		9,470,623$	9,930,674$	10,571,371$	11,799,583$	13,427,760$	15,146,038$	22,182,519$	17,182,292$				916,794$
QoQ		(460,051$)	(640,697$)	(1,228,212$)	(1,628,177$)	(1,718,278$)	(7,036,481$)	5,000,227$
Total Current Liabilities		64,119,395$	39,423,539$	35,869,226$	25,406,490$	30,298,705$	28,656,274$	28,813,458$	67,303,788$				2,501,153$
QoQ		24,695,856$	3,554,313$	10,462,736$	(4,892,215$)	1,642,431$	(157,184$)	(38,490,330$)
Debt to Asset Ratio		1.23x	1.16x	1.08x	1.01x	.92x	.84x	.77x	1.32x				.97x
Long Term Debt
QoQ
YoY
Capital Lease Obligations					67,131$				114,913$
Cash and Cash Equivalents
QoQ
YoY
Interest Expenses		1,855,028$	1,227,916$	1,259,423$		1,207,524$	1,098,783$	1,458,607$				1,530,581$
Interest Income