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Side-by-side financial comparison of Borealis Foods Inc. (BRLS) and Fold Holdings, Inc. (FLD). Click either name above to swap in a different company.
Fold Holdings, Inc. is the larger business by last-quarter revenue ($9.1M vs $7.1M, roughly 1.3× Borealis Foods Inc.). Borealis Foods Inc. runs the higher net margin — -53.2% vs -379.9%, a 326.7% gap on every dollar of revenue. On growth, Fold Holdings, Inc. posted the faster year-over-year revenue change (8.2% vs -12.0%). Over the past eight quarters, Fold Holdings, Inc.'s revenue compounded faster (36.1% CAGR vs -2.4%).
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.
Fold Holdings, Inc. is a U.S.-based fintech firm specializing in crypto-integrated consumer financial products. Its core offerings include a rewards debit card that provides Bitcoin and other cryptocurrency cashback on routine purchases, alongside user-friendly digital wallet tools for secure crypto storage, serving primarily the North American consumer market.
BRLS vs FLD — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $9.1M |
| Net Profit | $-3.8M | $-34.7M |
| Gross Margin | 14.6% | — |
| Operating Margin | -27.1% | -380.0% |
| Net Margin | -53.2% | -379.9% |
| Revenue YoY | -12.0% | 8.2% |
| Net Profit YoY | 21.8% | -7232.4% |
| 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 | — | $9.1M | ||
| Q3 25 | $7.1M | $7.4M | ||
| Q2 25 | $7.2M | $8.2M | ||
| Q1 25 | $6.8M | $7.1M | ||
| Q4 24 | $6.8M | $8.4M | ||
| Q3 24 | $8.1M | $5.2M | ||
| Q2 24 | $5.5M | $5.1M | ||
| Q1 24 | $7.9M | $4.9M |
| Q4 25 | — | $-34.7M | ||
| Q3 25 | $-3.8M | $554.2K | ||
| Q2 25 | $-4.6M | $13.4M | ||
| Q1 25 | $-4.2M | $-48.9M | ||
| Q4 24 | $-5.8M | $486.4K | ||
| Q3 24 | $-4.8M | $-62.3M | ||
| Q2 24 | $-6.3M | $-2.3M | ||
| Q1 24 | $-8.4M | $-945.0K |
| Q4 25 | — | — | ||
| Q3 25 | 14.6% | — | ||
| Q2 25 | 7.2% | — | ||
| Q1 25 | 13.1% | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 15.8% | — | ||
| Q2 24 | 7.7% | — | ||
| Q1 24 | 3.1% | — |
| Q4 25 | — | -380.0% | ||
| Q3 25 | -27.1% | 7.5% | ||
| Q2 25 | -46.7% | — | ||
| Q1 25 | -42.6% | -689.6% | ||
| Q4 24 | -68.4% | -9.1% | ||
| Q3 24 | -44.8% | -15.3% | ||
| Q2 24 | -94.8% | -12.2% | ||
| Q1 24 | -88.3% | -14.7% |
| Q4 25 | — | -379.9% | ||
| Q3 25 | -53.2% | 7.5% | ||
| Q2 25 | -64.0% | 164.2% | ||
| Q1 25 | -61.2% | -689.6% | ||
| Q4 24 | -85.3% | 5.8% | ||
| Q3 24 | -59.8% | -1188.7% | ||
| Q2 24 | -115.0% | -45.1% | ||
| Q1 24 | -106.8% | -19.2% |
| Q4 25 | — | $-0.02 | ||
| Q3 25 | $-0.18 | $0.01 | ||
| Q2 25 | $0.21 | $0.28 | ||
| Q1 25 | $-0.20 | $-1.92 | ||
| Q4 24 | $-0.82 | $0.09 | ||
| Q3 24 | $-0.23 | $-10.68 | ||
| Q2 24 | $0.29 | $-0.40 | ||
| Q1 24 | $-0.49 | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $7.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-12.9M | $63.0M |
| Total Assets | $56.3M | $153.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.7M | ||
| Q3 25 | — | $6.7M | ||
| Q2 25 | — | $6.6M | ||
| Q1 25 | — | $11.7M | ||
| Q4 24 | — | $18.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $63.0M | ||
| Q3 25 | $-12.9M | $94.7M | ||
| Q2 25 | $-9.2M | $88.5M | ||
| Q1 25 | $-4.8M | $71.9M | ||
| Q4 24 | $-695.9K | $-67.8M | ||
| Q3 24 | $5.1M | $-7.4M | ||
| Q2 24 | $9.9M | $-74.0M | ||
| Q1 24 | $16.2M | $-9.4M |
| Q4 25 | — | $153.5M | ||
| Q3 25 | $56.3M | $191.0M | ||
| Q2 25 | $57.3M | $182.1M | ||
| Q1 25 | $58.4M | $148.5M | ||
| Q4 24 | $60.0M | $125.7M | ||
| Q3 24 | $61.9M | $52.2M | ||
| Q2 24 | $63.6M | $51.8M | ||
| Q1 24 | $70.3M | $51.5M |
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 | $-16.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-16.1M | ||
| Q3 25 | $-190.6K | $-2.5M | ||
| Q2 25 | $-2.2M | $-4.0M | ||
| Q1 25 | $-1.4M | $-5.0M | ||
| Q4 24 | $-819.4K | $-3.3M | ||
| Q3 24 | $-3.3M | $-2.2M | ||
| Q2 24 | $-4.2M | $-859.6K | ||
| Q1 24 | $-6.8M | $-354.2K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| 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 | — | — | ||
| 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 | — | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 7.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -4.47× | ||
| Q2 25 | — | -0.30× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -6.82× | ||
| 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.
FLD
| Banking And Payment Revenues | $8.4M | 92% |
| Other | $706.0K | 8% |
