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Side-by-side financial comparison of Borealis Foods Inc. (BRLS) and PURE CYCLE CORP (PCYO). Click either name above to swap in a different company.
PURE CYCLE CORP is the larger business by last-quarter revenue ($9.1M vs $7.1M, roughly 1.3× Borealis Foods Inc.). PURE CYCLE CORP runs the higher net margin — 50.0% vs -53.2%, a 103.2% gap on every dollar of revenue. On growth, PURE CYCLE CORP posted the faster year-over-year revenue change (58.8% vs -12.0%). Over the past eight quarters, PURE CYCLE CORP's revenue compounded faster (69.0% 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.
Pure Cycles, is a bicycle company based in Los Angeles, California that was founded by Michael Fishman, Jordan Schau, Zachary Schau and Austin Stoffers in 2010, as Pure Fix Cycles.
BRLS vs PCYO — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $9.1M |
| Net Profit | $-3.8M | $4.6M |
| Gross Margin | 14.6% | 68.4% |
| Operating Margin | -27.1% | 48.0% |
| Net Margin | -53.2% | 50.0% |
| Revenue YoY | -12.0% | 58.8% |
| Net Profit YoY | 21.8% | 16.0% |
| EPS (diluted) | $-0.18 | $0.19 |
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 | $11.2M | ||
| Q2 25 | $7.2M | $5.1M | ||
| Q1 25 | $6.8M | $4.0M | ||
| Q4 24 | $6.8M | $5.8M | ||
| Q3 24 | $8.1M | $12.6M | ||
| Q2 24 | $5.5M | $7.6M | ||
| Q1 24 | $7.9M | $3.2M |
| Q4 25 | — | $4.6M | ||
| Q3 25 | $-3.8M | $6.1M | ||
| Q2 25 | $-4.6M | $2.3M | ||
| Q1 25 | $-4.2M | $809.0K | ||
| Q4 24 | $-5.8M | $3.9M | ||
| Q3 24 | $-4.8M | $6.6M | ||
| Q2 24 | $-6.3M | $2.8M | ||
| Q1 24 | $-8.4M | $118.0K |
| Q4 25 | — | 68.4% | ||
| Q3 25 | 14.6% | 67.7% | ||
| Q2 25 | 7.2% | 63.4% | ||
| Q1 25 | 13.1% | 38.2% | ||
| Q4 24 | 3.7% | 63.8% | ||
| Q3 24 | 15.8% | 77.8% | ||
| Q2 24 | 7.7% | 64.0% | ||
| Q1 24 | 3.1% | 55.6% |
| Q4 25 | — | 48.0% | ||
| Q3 25 | -27.1% | 53.1% | ||
| Q2 25 | -46.7% | 26.0% | ||
| Q1 25 | -42.6% | -33.2% | ||
| Q4 24 | -68.4% | 29.9% | ||
| Q3 24 | -44.8% | 62.0% | ||
| Q2 24 | -94.8% | 40.3% | ||
| Q1 24 | -88.3% | -11.5% |
| Q4 25 | — | 50.0% | ||
| Q3 25 | -53.2% | 54.5% | ||
| Q2 25 | -64.0% | 43.9% | ||
| Q1 25 | -61.2% | 20.3% | ||
| Q4 24 | -85.3% | 68.4% | ||
| Q3 24 | -59.8% | 52.6% | ||
| Q2 24 | -115.0% | 37.2% | ||
| Q1 24 | -106.8% | 3.7% |
| Q4 25 | — | $0.19 | ||
| Q3 25 | $-0.18 | $0.26 | ||
| Q2 25 | $0.21 | $0.09 | ||
| Q1 25 | $-0.20 | $0.03 | ||
| Q4 24 | $-0.82 | $0.16 | ||
| Q3 24 | $-0.23 | $0.27 | ||
| Q2 24 | $0.29 | $0.12 | ||
| Q1 24 | $-0.49 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $17.1M |
| Total DebtLower is stronger | — | $8.0M |
| Stockholders' EquityBook value | $-12.9M | $147.5M |
| Total Assets | $56.3M | $168.1M |
| Debt / EquityLower = less leverage | — | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $17.1M | ||
| Q3 25 | — | $21.9M | ||
| Q2 25 | — | $14.4M | ||
| Q1 25 | — | $16.5M | ||
| Q4 24 | — | $19.0M | ||
| Q3 24 | — | $22.1M | ||
| Q2 24 | — | $20.5M | ||
| Q1 24 | — | $20.6M |
| Q4 25 | — | $8.0M | ||
| Q3 25 | — | $6.8M | ||
| Q2 25 | — | $6.9M | ||
| Q1 25 | — | $6.9M | ||
| Q4 24 | — | $6.9M | ||
| Q3 24 | — | $6.9M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $147.5M | ||
| Q3 25 | $-12.9M | $142.7M | ||
| Q2 25 | $-9.2M | $136.7M | ||
| Q1 25 | $-4.8M | $134.4M | ||
| Q4 24 | $-695.9K | $133.6M | ||
| Q3 24 | $5.1M | $129.7M | ||
| Q2 24 | $9.9M | $123.2M | ||
| Q1 24 | $16.2M | $120.4M |
| Q4 25 | — | $168.1M | ||
| Q3 25 | $56.3M | $162.3M | ||
| Q2 25 | $57.3M | $151.7M | ||
| Q1 25 | $58.4M | $149.7M | ||
| Q4 24 | $60.0M | $149.7M | ||
| Q3 24 | $61.9M | $147.4M | ||
| Q2 24 | $63.6M | $140.4M | ||
| Q1 24 | $70.3M | $135.2M |
| Q4 25 | — | 0.05× | ||
| Q3 25 | — | 0.05× | ||
| Q2 25 | — | 0.05× | ||
| Q1 25 | — | 0.05× | ||
| Q4 24 | — | 0.05× | ||
| Q3 24 | — | 0.05× | ||
| 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 | $-979.0K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | -0.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-979.0K | ||
| Q3 25 | $-190.6K | $9.4M | ||
| Q2 25 | $-2.2M | $-503.0K | ||
| Q1 25 | $-1.4M | $-1.4M | ||
| Q4 24 | $-819.4K | $5.7M | ||
| Q3 24 | $-3.3M | $3.1M | ||
| Q2 24 | $-4.2M | $892.0K | ||
| Q1 24 | $-6.8M | $-457.0K |
| 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 | — | -0.21× | ||
| Q3 25 | — | 1.53× | ||
| Q2 25 | — | -0.22× | ||
| Q1 25 | — | -1.70× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | -3.87× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRLS
Segment breakdown not available.
PCYO
| Construction | $6.5M | 71% |
| Water And Wastewater Resource Development Segment | $2.5M | 27% |
