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Side-by-side financial comparison of Borealis Foods Inc. (BRLS) and QT IMAGING HOLDINGS, INC. (QTI). Click either name above to swap in a different company.
QT IMAGING HOLDINGS, INC. is the larger business by last-quarter revenue ($8.3M vs $7.1M, roughly 1.2× Borealis Foods Inc.). QT IMAGING HOLDINGS, INC. runs the higher net margin — -16.8% vs -53.2%, a 36.4% gap on every dollar of revenue. On growth, QT IMAGING HOLDINGS, INC. posted the faster year-over-year revenue change (877.2% 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.
QT Imaging Holdings, Inc. is a medical technology company that designs, manufactures and commercializes non-invasive medical imaging systems primarily for breast health diagnostics. It serves healthcare providers, clinics and medical institutions across key markets including North America, Europe and Asia-Pacific, focusing on improving the accuracy and accessibility of diagnostic imaging for patients.
BRLS vs QTI — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $8.3M |
| Net Profit | $-3.8M | $-1.4M |
| Gross Margin | 14.6% | 38.0% |
| Operating Margin | -27.1% | -8.5% |
| Net Margin | -53.2% | -16.8% |
| Revenue YoY | -12.0% | 877.2% |
| Net Profit YoY | 21.8% | 60.2% |
| EPS (diluted) | $-0.18 | $-1.00 |
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 | — | $8.3M | ||
| Q3 25 | $7.1M | $4.2M | ||
| Q2 25 | $7.2M | $3.7M | ||
| Q1 25 | $6.8M | $2.8M | ||
| Q4 24 | $6.8M | — | ||
| Q3 24 | $8.1M | — | ||
| Q2 24 | $5.5M | $1.7M | ||
| Q1 24 | $7.9M | $1.4M |
| Q4 25 | — | $-1.4M | ||
| Q3 25 | $-3.8M | $-4.6M | ||
| Q2 25 | $-4.6M | $-4.0M | ||
| Q1 25 | $-4.2M | $-11.1M | ||
| Q4 24 | $-5.8M | — | ||
| Q3 24 | $-4.8M | — | ||
| Q2 24 | $-6.3M | $-1.2M | ||
| Q1 24 | $-8.4M | $-628.6K |
| Q4 25 | — | 38.0% | ||
| Q3 25 | 14.6% | 43.0% | ||
| Q2 25 | 7.2% | 49.9% | ||
| Q1 25 | 13.1% | 64.7% | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 15.8% | — | ||
| Q2 24 | 7.7% | 51.0% | ||
| Q1 24 | 3.1% | 55.8% |
| Q4 25 | — | -8.5% | ||
| Q3 25 | -27.1% | -39.4% | ||
| Q2 25 | -46.7% | -28.5% | ||
| Q1 25 | -42.6% | -37.2% | ||
| Q4 24 | -68.4% | — | ||
| Q3 24 | -44.8% | — | ||
| Q2 24 | -94.8% | -129.5% | ||
| Q1 24 | -88.3% | -409.5% |
| Q4 25 | — | -16.8% | ||
| Q3 25 | -53.2% | -108.7% | ||
| Q2 25 | -64.0% | -109.3% | ||
| Q1 25 | -61.2% | -397.9% | ||
| Q4 24 | -85.3% | — | ||
| Q3 24 | -59.8% | — | ||
| Q2 24 | -115.0% | -72.9% | ||
| Q1 24 | -106.8% | -46.1% |
| Q4 25 | — | $-1.00 | ||
| Q3 25 | $-0.18 | $-0.47 | ||
| Q2 25 | $0.21 | $-0.14 | ||
| Q1 25 | $-0.20 | $-0.40 | ||
| Q4 24 | $-0.82 | — | ||
| Q3 24 | $-0.23 | — | ||
| Q2 24 | $0.29 | $-0.30 | ||
| Q1 24 | $-0.49 | $-0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $10.4M |
| Total DebtLower is stronger | — | $10.1M |
| Stockholders' EquityBook value | $-12.9M | $6.4M |
| Total Assets | $56.3M | $23.0M |
| Debt / EquityLower = less leverage | — | 1.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $10.4M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $10.1M | ||
| Q3 25 | — | $15.1M | ||
| Q2 25 | — | $10.1M | ||
| Q1 25 | — | $10.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $11.7M | ||
| Q1 24 | — | $11.7M |
| Q4 25 | — | $6.4M | ||
| Q3 25 | $-12.9M | $-9.1M | ||
| Q2 25 | $-9.2M | $-324.3K | ||
| Q1 25 | $-4.8M | $-20.2M | ||
| Q4 24 | $-695.9K | — | ||
| Q3 24 | $5.1M | — | ||
| Q2 24 | $9.9M | $-6.2M | ||
| Q1 24 | $16.2M | $-4.9M |
| Q4 25 | — | $23.0M | ||
| Q3 25 | $56.3M | $12.1M | ||
| Q2 25 | $57.3M | $11.6M | ||
| Q1 25 | $58.4M | $10.9M | ||
| Q4 24 | $60.0M | — | ||
| Q3 24 | $61.9M | — | ||
| Q2 24 | $63.6M | $10.8M | ||
| Q1 24 | $70.3M | $12.9M |
| Q4 25 | — | 1.57× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| 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 | $-3.1M |
| 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 | — | $-3.1M | ||
| Q3 25 | $-190.6K | $-878.8K | ||
| Q2 25 | $-2.2M | $-1.4M | ||
| Q1 25 | $-1.4M | $-3.5M | ||
| Q4 24 | $-819.4K | — | ||
| Q3 24 | $-3.3M | — | ||
| Q2 24 | $-4.2M | $-979.6K | ||
| Q1 24 | $-6.8M | $-6.0M |
| 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 | — | 0.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 7.0% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
