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Side-by-side financial comparison of Borealis Foods Inc. (BRLS) and MODIV INDUSTRIAL, INC. (MDV). Click either name above to swap in a different company.
MODIV INDUSTRIAL, INC. is the larger business by last-quarter revenue ($11.1M vs $7.1M, roughly 1.6× Borealis Foods Inc.). MODIV INDUSTRIAL, INC. runs the higher net margin — 11.0% vs -53.2%, a 64.2% gap on every dollar of revenue. On growth, MODIV INDUSTRIAL, INC. posted the faster year-over-year revenue change (-5.6% vs -12.0%). Over the past eight quarters, Borealis Foods Inc.'s revenue compounded faster (-2.4% CAGR vs -3.8%).
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.
MODIV INDUSTRIAL, INC. is a U.S.-based industrial real estate enterprise focused on acquiring, owning and operating high-quality industrial properties mainly located in key logistics and distribution hubs across North America. It serves tenants from sectors including e-commerce fulfillment, manufacturing and third-party logistics, addressing rising demand for modern supply chain infrastructure.
BRLS vs MDV — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $11.1M |
| Net Profit | $-3.8M | $1.2M |
| Gross Margin | 14.6% | — |
| Operating Margin | -27.1% | 45.8% |
| Net Margin | -53.2% | 11.0% |
| Revenue YoY | -12.0% | -5.6% |
| Net Profit YoY | 21.8% | -22.0% |
| 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 | — | $11.1M | ||
| Q3 25 | $7.1M | $11.7M | ||
| Q2 25 | $7.2M | $11.8M | ||
| Q1 25 | $6.8M | $11.8M | ||
| Q4 24 | $6.8M | $11.7M | ||
| Q3 24 | $8.1M | $11.7M | ||
| Q2 24 | $5.5M | $11.4M | ||
| Q1 24 | $7.9M | $12.0M |
| Q4 25 | — | $1.2M | ||
| Q3 25 | $-3.8M | $1.0M | ||
| Q2 25 | $-4.6M | $-2.0M | ||
| Q1 25 | $-4.2M | $829.0K | ||
| Q4 24 | $-5.8M | $1.6M | ||
| Q3 24 | $-4.8M | $-587.0K | ||
| Q2 24 | $-6.3M | $1.3M | ||
| Q1 24 | $-8.4M | $3.7M |
| 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 | — | 45.8% | ||
| Q3 25 | -27.1% | 41.4% | ||
| Q2 25 | -46.7% | 9.8% | ||
| Q1 25 | -42.6% | 40.2% | ||
| Q4 24 | -68.4% | 45.4% | ||
| Q3 24 | -44.8% | 42.0% | ||
| Q2 24 | -94.8% | 44.6% | ||
| Q1 24 | -88.3% | 55.6% |
| Q4 25 | — | 11.0% | ||
| Q3 25 | -53.2% | 9.0% | ||
| Q2 25 | -64.0% | -17.1% | ||
| Q1 25 | -61.2% | 7.0% | ||
| Q4 24 | -85.3% | 13.3% | ||
| Q3 24 | -59.8% | -5.0% | ||
| Q2 24 | -115.0% | 11.6% | ||
| Q1 24 | -106.8% | 31.1% |
| Q4 25 | — | $0.02 | ||
| Q3 25 | $-0.18 | $0.00 | ||
| Q2 25 | $0.21 | $-0.32 | ||
| Q1 25 | $-0.20 | $-0.01 | ||
| Q4 24 | $-0.82 | $0.07 | ||
| Q3 24 | $-0.23 | $-0.18 | ||
| Q2 24 | $0.29 | $0.03 | ||
| Q1 24 | $-0.49 | $0.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $14.4M |
| Total DebtLower is stronger | — | $261.5M |
| Stockholders' EquityBook value | $-12.9M | $162.7M |
| Total Assets | $56.3M | $476.5M |
| Debt / EquityLower = less leverage | — | 1.61× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $14.4M | ||
| Q3 25 | — | $8.3M | ||
| Q2 25 | — | $5.8M | ||
| Q1 25 | — | $6.2M | ||
| Q4 24 | — | $11.5M | ||
| Q3 24 | — | $6.8M | ||
| Q2 24 | — | $18.9M | ||
| Q1 24 | — | $18.4M |
| Q4 25 | — | $261.5M | ||
| Q3 25 | — | $279.7M | ||
| Q2 25 | — | $279.7M | ||
| Q1 25 | — | $279.7M | ||
| Q4 24 | — | $279.8M | ||
| Q3 24 | — | $279.7M | ||
| Q2 24 | — | $279.7M | ||
| Q1 24 | — | $279.6M |
| Q4 25 | — | $162.7M | ||
| Q3 25 | $-12.9M | $164.8M | ||
| Q2 25 | $-9.2M | $165.6M | ||
| Q1 25 | $-4.8M | $171.1M | ||
| Q4 24 | $-695.9K | $190.1M | ||
| Q3 24 | $5.1M | $186.3M | ||
| Q2 24 | $9.9M | $187.0M | ||
| Q1 24 | $16.2M | $188.0M |
| Q4 25 | — | $476.5M | ||
| Q3 25 | $56.3M | $499.6M | ||
| Q2 25 | $57.3M | $498.9M | ||
| Q1 25 | $58.4M | $506.8M | ||
| Q4 24 | $60.0M | $507.8M | ||
| Q3 24 | $61.9M | $507.4M | ||
| Q2 24 | $63.6M | $519.5M | ||
| Q1 24 | $70.3M | $522.5M |
| Q4 25 | — | 1.61× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | — | 1.47× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 1.50× | ||
| Q1 24 | — | 1.49× |
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 | $15.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 12.34× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $15.0M | ||
| Q3 25 | $-190.6K | $4.1M | ||
| Q2 25 | $-2.2M | $3.9M | ||
| Q1 25 | $-1.4M | $3.0M | ||
| Q4 24 | $-819.4K | $18.2M | ||
| Q3 24 | $-3.3M | $5.1M | ||
| Q2 24 | $-4.2M | $4.7M | ||
| Q1 24 | $-6.8M | $3.0M |
| 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 | — | 12.34× | ||
| Q3 25 | — | 3.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.68× | ||
| Q4 24 | — | 11.72× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.55× | ||
| Q1 24 | — | 0.80× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
