Borealis Foods Inc.
Description
Borealis Foods Inc. operates as a food technology company that develops plant-based ready-to-eat meals. The company also developed ambient ready-to-eat high-protein meals for U.S. and global humanitarian food programs. Its products include Chef Woo, a plant based instant ramen meals that provides with 20 grams of plant-based complete protein; and Ramen Express, a vegetarian ramen noodles. The company distributes its products via retail partners across the U.S., Canada, Mexico and Europe and also sells its products online. The company is based in Oakville, Canada.
About
CEO
Dr. Reza Soltanzadeh M.D.
Employees
0
Instrument type
Common Stock
Sector
Consumer Defensive
Industry
Packaged Foods
MIC code
XNCM
Address
1540 Cornwall Road, Oakville, ON L6J 7W5, Canada
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Summary
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Earnings estimate
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| Average estimate | — | — | — | — |
| Low estimate | — | — | — | — |
| High estimate | — | — | — | — |
| Last year EPS | — | — | — | — |
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Growth estimates
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Income statement
| 2023 | |
|---|---|
| Fiscal date | 2023-12-31 |
| Total reported revenue | — |
| Cost of revenue | — |
| Gross profit | — |
| Operating expense | |
| Research & development | — |
| Selling general and admin | — |
| Other operating expenses | — |
| Operating income | -5.13M |
| Non operating interest income | |
| Income | 5,159 |
| Expense | — |
| Other income expense | 2.18M |
| Pretax income | -2.94M |
| Tax provision | — |
| Net income | -2.94M |
| Basic EPS | -0.14 |
| Diluted EPS | -0.14 |
| Basic average shares | 21.38M |
| Diluted average shares | 21.38M |
| EBITDA | -7.32M |
| Net income from continuing op. | -2.94M |
| Minority interests | — |
| Preferred stock dividends | — |
Balance sheet
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 22.04M | 179.45M | 57.38M |
| Current assets | |||
| Cash | 93,115 | 680,792 | 2.91M |
| Cash equivalents | — | — | — |
| Cash and cash equivalents | 93,115 | 680,792 | 2.91M |
| Other short term investments | — | — | — |
| Accounts receivable | — | 2.59M | 1.13M |
| Other receivables | — | — | 1.00M |
| Inventory | — | 6.28M | 6.10M |
| Prepaid assets | 29,600 | 236,002 | 436,170 |
| Restricted cash | — | — | — |
| Assets held for sale | — | — | — |
| Hedging assets | — | — | — |
| Other current assets | — | — | — |
| Non current assets | |||
| Properties | — | — | — |
| Land and improvements | — | — | — |
| Machinery furniture equipment | — | 40.94M | 15.91M |
| Construction in progress | — | 3.52M | 21.92M |
| Leases | — | — | — |
| Accumulated depreciation | — | -7.72M | -4.27M |
| Goodwill | — | 3.83M | 3.83M |
| Investment properties | — | — | — |
| Financial assets | — | — | — |
| Intangible assets | — | — | — |
| Investments and advances | — | — | — |
| Other non current assets | 21.92M | 178.53M | 46,500 |
| Total liabilities | 7.49M | 2.50M | 29.30M |
| Current liabilities | |||
| Accounts payable | — | 8.71M | 7.25M |
| Accrued expenses | 3.43M | 842,513 | — |
| Short term debt | 3.99M | 1.50M | 3.19M |
| Deferred revenue | — | — | — |
| Tax payable | — | — | — |
| Pensions | — | — | — |
| Other current liabilities | — | — | — |
| Non current liabilities | |||
| Long term debt | — | 15.19M | 10.00M |
| Provision for risks and charges | — | — | — |
| Deferred liabilities | — | 1.92M | 1.92M |
| Derivative product liabilities | — | — | — |
| Other non current liabilities | — | — | — |
| Shareholders equity | |||
| Common stock | 21.92M | 178.53M | — |
| Retained earnings | -7.36M | -1.58M | -11.70M |
| Other shareholders equity | — | — | — |
| Total shareholders equity | 14.56M | 176.95M | 28.08M |
| Additional paid in capital | — | — | 39.79M |
| Treasury stock | — | — | — |
| Minority interest | — | — | — |
Cash flow statement
| 2023 | |
|---|---|
| Operating Activities | |
| Net Income | -2.94M |
| Depreciation | — |
| Deferred Taxes | — |
| Stock-Based Compensation | — |
| Other Non-Cash Items | — |
| Accounts Receivable | — |
| Accounts Payable | — |
| Other Assets & Liabilities | — |
| Operating Cash Flow | -2.94M |
| Investing Activities | |
| Capital Expenditures | — |
| Net Intangibles | — |
| Net Acquisitions | — |
| Purchase of Investments | -636,982 |
| Sale of Investments | — |
| Investing Cash Flow | 158.81M |
| Financing Activities | |
| Long-Term Debt Issuance | — |
| Long-Term Debt Payments | — |
| Other Financing Charges | -100,000 |
| Financing Cash Flow | -157.06M |
| Other Cash Details | |
| End Cash Position | 93,115 |
| Income Tax Paid | — |
| Interest Paid | — |
| Free Cash Flow | -2.34M |
Top Institutional Holders
| Holder | Date Reported | Shares | Value | % Held |
|---|---|---|---|---|
| Fidelity NASDAQ Composite Index Fund | Nov 30, 2024 | 8,028 | 47,525 | 0.04% |
Article
Borealis Foods to exclusively produce a leading global Ramen brand for Major Multinational Food Company in its US factory
Borealis Foods' wholly-owned consumer packaged goods company, Palmetto Gourmet Foods, takes on production of exclusive line of ramen noodles for a food conglomerate. NEW YORK , Nov. 13, 2024 /PRNewswire/ - Borealis Foods Inc. ("Borealis" or the "Company") (Nasdaq: BRLS), a food-tech innovator, and creator of the popular high-protein Chef Woo ramen, Ramen Express and Woodles brand of noodles, announced a partnership that will significantly expand production at its wholly owned Palmetto Gourmet Foods facility.
Nov 13, 2024
Article
Borealis Foods Reaches Successful Milestone Selling Over 2 Million Units On Amazon
Food innovator has amassed over 2.166 million units sold of their unique ramen products on the online platform NEW YORK , Nov. 4, 2024 /PRNewswire/ - Borealis Foods Inc. ("Borealis" or the "Company") (Nasdaq: BRLS), a food-tech innovator known for its popular high protein Chef Woo brand announced a major milestone: Reaching 2 million units sold through their direct-to-consumer channel on Amazon. Reza Soltanzadeh, Founder and CEO of Borealis Foods expressed his enthusiasm, saying, "Our mission to bring healthy, delicious ramen and affordable, quality ramen options to the market has been accelerated through Amazon.
Nov 4, 2024
Article
Borealis Foods Expands U.S. Walmart Distribution with the Launch of Ramen Noodles by Chef Ramsay Crafted by Master Chef Gordon Ramsay
Food innovator expands their healthy, affordable and cuisine-forward lines to more than 1,300 Walmart Stores nationwide NEW YORK , Oct. 31, 2024 /PRNewswire/ - Borealis Foods Inc. ("Borealis" or the "Company") (Nasdaq: BRLS), a food-tech innovator known for its popular Chef Woo and Ramen Express brands, today announced an expanded distribution at Walmart, through its wholly owned Palmetto Gourmet Foods. Chef Woo and Ramen Express products will now be available in more than 1,300 Walmart locations nationwide and online, including Chef Woo's newest ramen flavors crafted in partnership with world-renowned chef Gordon Ramsay.
Oct 31, 2024
