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Side-by-side financial comparison of Borealis Foods Inc. (BRLS) and Fatpipe Inc (FATN). Click either name above to swap in a different company.
Borealis Foods Inc. is the larger business by last-quarter revenue ($7.1M vs $4.1M, roughly 1.7× Fatpipe Inc). Fatpipe Inc runs the higher net margin — 7.6% vs -53.2%, a 60.8% gap on every dollar of revenue. On growth, Fatpipe Inc posted the faster year-over-year revenue change (3.2% vs -12.0%).
Borealis Foods Inc is a food technology enterprise specializing in developing and producing high-quality plant-based protein products including plant-based meat alternatives. It mainly serves retail and food service customers across North America and Europe, focusing on delivering affordable, nutritious sustainable food options matching the taste of conventional animal-derived meat.
BRLS vs FATN — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $4.1M |
| Net Profit | $-3.8M | $310.7K |
| Gross Margin | 14.6% | 87.7% |
| Operating Margin | -27.1% | 9.8% |
| Net Margin | -53.2% | 7.6% |
| Revenue YoY | -12.0% | 3.2% |
| Net Profit YoY | 21.8% | 816.0% |
| EPS (diluted) | $-0.18 | $0.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $4.1M | ||
| Q3 25 | $7.1M | $4.0M | ||
| Q2 25 | $7.2M | $3.9M | ||
| Q1 25 | $6.8M | — | ||
| Q4 24 | $6.8M | — | ||
| Q3 24 | $8.1M | — | ||
| Q2 24 | $5.5M | — | ||
| Q1 24 | $7.9M | — |
| Q4 25 | — | $310.7K | ||
| Q3 25 | $-3.8M | $-43.4K | ||
| Q2 25 | $-4.6M | $741.2K | ||
| Q1 25 | $-4.2M | — | ||
| Q4 24 | $-5.8M | — | ||
| Q3 24 | $-4.8M | — | ||
| Q2 24 | $-6.3M | — | ||
| Q1 24 | $-8.4M | — |
| Q4 25 | — | 87.7% | ||
| Q3 25 | 14.6% | 92.1% | ||
| Q2 25 | 7.2% | 94.2% | ||
| Q1 25 | 13.1% | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 15.8% | — | ||
| Q2 24 | 7.7% | — | ||
| Q1 24 | 3.1% | — |
| Q4 25 | — | 9.8% | ||
| Q3 25 | -27.1% | -0.0% | ||
| Q2 25 | -46.7% | 25.5% | ||
| Q1 25 | -42.6% | — | ||
| Q4 24 | -68.4% | — | ||
| Q3 24 | -44.8% | — | ||
| Q2 24 | -94.8% | — | ||
| Q1 24 | -88.3% | — |
| Q4 25 | — | 7.6% | ||
| Q3 25 | -53.2% | -1.1% | ||
| Q2 25 | -64.0% | 18.8% | ||
| Q1 25 | -61.2% | — | ||
| Q4 24 | -85.3% | — | ||
| Q3 24 | -59.8% | — | ||
| Q2 24 | -115.0% | — | ||
| Q1 24 | -106.8% | — |
| Q4 25 | — | $0.02 | ||
| Q3 25 | $-0.18 | $0.00 | ||
| Q2 25 | $0.21 | $0.05 | ||
| Q1 25 | $-0.20 | — | ||
| Q4 24 | $-0.82 | — | ||
| Q3 24 | $-0.23 | — | ||
| Q2 24 | $0.29 | — | ||
| Q1 24 | $-0.49 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | $4.6M |
| Stockholders' EquityBook value | $-12.9M | $21.2M |
| Total Assets | $56.3M | $32.4M |
| Debt / EquityLower = less leverage | — | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.6M | ||
| Q3 25 | — | $4.8M | ||
| Q2 25 | — | $4.9M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $21.2M | ||
| Q3 25 | $-12.9M | $21.0M | ||
| Q2 25 | $-9.2M | $20.4M | ||
| Q1 25 | $-4.8M | — | ||
| Q4 24 | $-695.9K | — | ||
| Q3 24 | $5.1M | — | ||
| Q2 24 | $9.9M | — | ||
| Q1 24 | $16.2M | — |
| Q4 25 | — | $32.4M | ||
| Q3 25 | $56.3M | $32.2M | ||
| Q2 25 | $57.3M | $32.0M | ||
| Q1 25 | $58.4M | — | ||
| Q4 24 | $60.0M | — | ||
| Q3 24 | $61.9M | — | ||
| Q2 24 | $63.6M | — | ||
| Q1 24 | $70.3M | — |
| Q4 25 | — | 0.22× | ||
| Q3 25 | — | 0.23× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-190.6K | $240.9K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 0.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $240.9K | ||
| Q3 25 | $-190.6K | $399.8K | ||
| Q2 25 | $-2.2M | $-508.6K | ||
| Q1 25 | $-1.4M | — | ||
| Q4 24 | $-819.4K | — | ||
| Q3 24 | $-3.3M | — | ||
| Q2 24 | $-4.2M | — | ||
| Q1 24 | $-6.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-551.1K | ||
| Q1 25 | $-1.4M | — | ||
| Q4 24 | $-951.6K | — | ||
| Q3 24 | $-3.7M | — | ||
| Q2 24 | $-4.7M | — | ||
| Q1 24 | $-7.3M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -14.0% | ||
| Q1 25 | -20.3% | — | ||
| Q4 24 | -14.1% | — | ||
| Q3 24 | -46.1% | — | ||
| Q2 24 | -86.7% | — | ||
| Q1 24 | -92.7% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 7.0% | — |
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.69× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRLS
Segment breakdown not available.
FATN
| Products | $2.6M | 63% |
| Other | $1.5M | 37% |
