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Side-by-side financial comparison of Borealis Foods Inc. (BRLS) and NovaBay Pharmaceuticals, Inc. (NBY). Click either name above to swap in a different company.
Borealis Foods Inc. is the larger business by last-quarter revenue ($7.1M vs $4.8M, roughly 1.5× NovaBay Pharmaceuticals, Inc.). NovaBay Pharmaceuticals, Inc. runs the higher net margin — -25.5% vs -53.2%, a 27.7% gap on every dollar of revenue. On growth, NovaBay Pharmaceuticals, Inc. posted the faster year-over-year revenue change (126.1% vs -12.0%). Over the past eight quarters, NovaBay Pharmaceuticals, Inc.'s revenue compounded faster (42.5% 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.
NovaBay Pharmaceuticals, Inc. is an Emeryville, California based clinical-stage biopharmaceutical company, focused on products for eye care. Major products include Avenova, cleared by FDA for lid and lash cleansing as part of a regimen for Blepharitis. and NeutroPhase, used in treatment of Necrotizing Fasciitis
BRLS vs NBY — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2024
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $4.8M |
| Net Profit | $-3.8M | $-1.2M |
| Gross Margin | 14.6% | 65.2% |
| Operating Margin | -27.1% | -37.2% |
| Net Margin | -53.2% | -25.5% |
| Revenue YoY | -12.0% | 126.1% |
| Net Profit YoY | 21.8% | 70.5% |
| EPS (diluted) | $-0.18 | — |
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.
| Q3 25 | $7.1M | — | ||
| Q2 25 | $7.2M | — | ||
| Q1 25 | $6.8M | — | ||
| Q4 24 | $6.8M | $4.8M | ||
| Q3 24 | $8.1M | $0 | ||
| Q2 24 | $5.5M | $2.4M | ||
| Q1 24 | $7.9M | $2.6M | ||
| Q4 23 | $7.5M | $2.1M |
| Q3 25 | $-3.8M | — | ||
| Q2 25 | $-4.6M | — | ||
| Q1 25 | $-4.2M | — | ||
| Q4 24 | $-5.8M | $-1.2M | ||
| Q3 24 | $-4.8M | $-1.2M | ||
| Q2 24 | $-6.3M | $-1.6M | ||
| Q1 24 | $-8.4M | $-3.2M | ||
| Q4 23 | $-6.7M | $-4.1M |
| Q3 25 | 14.6% | — | ||
| Q2 25 | 7.2% | — | ||
| Q1 25 | 13.1% | — | ||
| Q4 24 | 3.7% | 65.2% | ||
| Q3 24 | 15.8% | — | ||
| Q2 24 | 7.7% | 66.3% | ||
| Q1 24 | 3.1% | 68.2% | ||
| Q4 23 | 7.5% | 51.5% |
| Q3 25 | -27.1% | — | ||
| Q2 25 | -46.7% | — | ||
| Q1 25 | -42.6% | — | ||
| Q4 24 | -68.4% | -37.2% | ||
| Q3 24 | -44.8% | — | ||
| Q2 24 | -94.8% | -67.4% | ||
| Q1 24 | -88.3% | -87.1% | ||
| Q4 23 | -60.5% | -48.0% |
| Q3 25 | -53.2% | — | ||
| Q2 25 | -64.0% | — | ||
| Q1 25 | -61.2% | — | ||
| Q4 24 | -85.3% | -25.5% | ||
| Q3 24 | -59.8% | — | ||
| Q2 24 | -115.0% | -66.0% | ||
| Q1 24 | -106.8% | -122.2% | ||
| Q4 23 | -89.3% | -195.5% |
| Q3 25 | $-0.18 | — | ||
| Q2 25 | $0.21 | — | ||
| Q1 25 | $-0.20 | — | ||
| Q4 24 | $-0.82 | — | ||
| Q3 24 | $-0.23 | $-1.92 | ||
| Q2 24 | $0.29 | $-1.37 | ||
| Q1 24 | $-0.49 | $-29.95 | ||
| Q4 23 | $-0.63 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $430.0K |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-12.9M | $-129.0K |
| Total Assets | $56.3M | $3.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $430.0K | ||
| Q3 24 | — | $776.0K | ||
| Q2 24 | — | $751.0K | ||
| Q1 24 | — | $1.8M | ||
| Q4 23 | — | $2.9M |
| Q3 25 | $-12.9M | — | ||
| Q2 25 | $-9.2M | — | ||
| Q1 25 | $-4.8M | — | ||
| Q4 24 | $-695.9K | $-129.0K | ||
| Q3 24 | $5.1M | $1.1M | ||
| Q2 24 | $9.9M | $-617.0K | ||
| Q1 24 | $16.2M | $160.0K | ||
| Q4 23 | $-21.3M | $3.3M |
| Q3 25 | $56.3M | — | ||
| Q2 25 | $57.3M | — | ||
| Q1 25 | $58.4M | — | ||
| Q4 24 | $60.0M | $3.4M | ||
| Q3 24 | $61.9M | $3.9M | ||
| Q2 24 | $63.6M | $3.9M | ||
| Q1 24 | $70.3M | $5.4M | ||
| Q4 23 | $65.8M | $9.0M |
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 | $-1.7M |
| Free Cash FlowOCF − Capex | — | $-1.7M |
| FCF MarginFCF / Revenue | — | -35.4% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-190.6K | — | ||
| Q2 25 | $-2.2M | — | ||
| Q1 25 | $-1.4M | — | ||
| Q4 24 | $-819.4K | $-1.7M | ||
| Q3 24 | $-3.3M | $-2.4M | ||
| Q2 24 | $-4.2M | $-1.4M | ||
| Q1 24 | $-6.8M | $-2.0M | ||
| Q4 23 | $-1.9M | $-592.0K |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-1.4M | — | ||
| Q4 24 | $-951.6K | $-1.7M | ||
| Q3 24 | $-3.7M | — | ||
| Q2 24 | $-4.7M | — | ||
| Q1 24 | $-7.3M | $-2.0M | ||
| Q4 23 | $-2.9M | $-595.0K |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -20.3% | — | ||
| Q4 24 | -14.1% | -35.4% | ||
| Q3 24 | -46.1% | — | ||
| Q2 24 | -86.7% | — | ||
| Q1 24 | -92.7% | -75.3% | ||
| Q4 23 | -38.9% | -28.3% |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 2.0% | 0.1% | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 9.4% | 0.0% | ||
| Q1 24 | 7.0% | 0.1% | ||
| Q4 23 | 12.7% | 0.1% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRLS
Segment breakdown not available.
NBY
| Other | $2.4M | 51% |
| Total Product Revenue | $2.3M | 49% |
