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Side-by-side financial comparison of Borealis Foods Inc. (BRLS) and Solid Power, Inc. (SLDP). Click either name above to swap in a different company.
Borealis Foods Inc. is the larger business by last-quarter revenue ($7.1M vs $3.6M, roughly 2.0× Solid Power, Inc.). On growth, Borealis Foods Inc. posted the faster year-over-year revenue change (-12.0% vs -18.6%). Over the past eight quarters, Borealis Foods Inc.'s revenue compounded faster (-2.4% CAGR vs -21.9%).
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.
Solid Energy was the largest coal mining company in New Zealand and is a state owned enterprise of the New Zealand Government.
BRLS vs SLDP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $3.6M |
| Net Profit | $-3.8M | — |
| Gross Margin | 14.6% | — |
| Operating Margin | -27.1% | -730.1% |
| Net Margin | -53.2% | — |
| Revenue YoY | -12.0% | -18.6% |
| Net Profit YoY | 21.8% | — |
| EPS (diluted) | $-0.18 | $-0.15 |
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 | — | $3.6M | ||
| Q3 25 | $7.1M | $3.7M | ||
| Q2 25 | $7.2M | $6.5M | ||
| Q1 25 | $6.8M | $6.0M | ||
| Q4 24 | $6.8M | $4.5M | ||
| Q3 24 | $8.1M | $4.7M | ||
| Q2 24 | $5.5M | $5.1M | ||
| Q1 24 | $7.9M | $6.0M |
| Q4 25 | — | — | ||
| Q3 25 | $-3.8M | $-25.9M | ||
| Q2 25 | $-4.6M | $-25.3M | ||
| Q1 25 | $-4.2M | $-15.2M | ||
| Q4 24 | $-5.8M | — | ||
| Q3 24 | $-4.8M | $-22.4M | ||
| Q2 24 | $-6.3M | $-22.3M | ||
| Q1 24 | $-8.4M | $-21.2M |
| 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 | — | -730.1% | ||
| Q3 25 | -27.1% | -654.4% | ||
| Q2 25 | -46.7% | -398.9% | ||
| Q1 25 | -42.6% | -399.4% | ||
| Q4 24 | -68.4% | -561.1% | ||
| Q3 24 | -44.8% | -593.2% | ||
| Q2 24 | -94.8% | -530.8% | ||
| Q1 24 | -88.3% | -433.1% |
| Q4 25 | — | — | ||
| Q3 25 | -53.2% | -693.1% | ||
| Q2 25 | -64.0% | -390.7% | ||
| Q1 25 | -61.2% | -251.8% | ||
| Q4 24 | -85.3% | — | ||
| Q3 24 | -59.8% | -482.0% | ||
| Q2 24 | -115.0% | -438.9% | ||
| Q1 24 | -106.8% | -356.2% |
| Q4 25 | — | $-0.15 | ||
| Q3 25 | $-0.18 | $-0.14 | ||
| Q2 25 | $0.21 | $-0.14 | ||
| Q1 25 | $-0.20 | $-0.08 | ||
| Q4 24 | $-0.82 | $-0.16 | ||
| Q3 24 | $-0.23 | $-0.13 | ||
| Q2 24 | $0.29 | $-0.13 | ||
| Q1 24 | $-0.49 | $-0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $250.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-12.9M | $415.7M |
| Total Assets | $56.3M | $455.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $250.8M | ||
| Q3 25 | — | $251.2M | ||
| Q2 25 | — | $230.9M | ||
| Q1 25 | — | $240.9M | ||
| Q4 24 | — | $118.2M | ||
| Q3 24 | — | $132.0M | ||
| Q2 24 | — | $140.5M | ||
| Q1 24 | — | $146.6M |
| Q4 25 | — | $415.7M | ||
| Q3 25 | $-12.9M | $381.2M | ||
| Q2 25 | $-9.2M | $370.6M | ||
| Q1 25 | $-4.8M | $397.1M | ||
| Q4 24 | $-695.9K | $410.3M | ||
| Q3 24 | $5.1M | $439.4M | ||
| Q2 24 | $9.9M | $456.8M | ||
| Q1 24 | $16.2M | $479.4M |
| Q4 25 | — | $455.1M | ||
| Q3 25 | $56.3M | $416.1M | ||
| Q2 25 | $57.3M | $398.0M | ||
| Q1 25 | $58.4M | $419.4M | ||
| Q4 24 | $60.0M | $448.3M | ||
| Q3 24 | $61.9M | $470.9M | ||
| Q2 24 | $63.6M | $492.6M | ||
| Q1 24 | $70.3M | $516.2M |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-23.0M |
| FCF MarginFCF / Revenue | — | -633.0% |
| Capex IntensityCapex / Revenue | — | 126.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-83.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-18.4M | ||
| Q3 25 | $-190.6K | $-14.3M | ||
| Q2 25 | $-2.2M | $-14.4M | ||
| Q1 25 | $-1.4M | $-26.3M | ||
| Q4 24 | $-819.4K | $-13.9M | ||
| Q3 24 | $-3.3M | $-9.9M | ||
| Q2 24 | $-4.2M | $-11.1M | ||
| Q1 24 | $-6.8M | $-29.1M |
| Q4 25 | — | $-23.0M | ||
| Q3 25 | — | $-14.8M | ||
| Q2 25 | — | $-17.1M | ||
| Q1 25 | $-1.4M | $-28.6M | ||
| Q4 24 | $-951.6K | $-18.6M | ||
| Q3 24 | $-3.7M | $-12.6M | ||
| Q2 24 | $-4.7M | $-15.5M | ||
| Q1 24 | $-7.3M | $-33.1M |
| Q4 25 | — | -633.0% | ||
| Q3 25 | — | -397.6% | ||
| Q2 25 | — | -264.2% | ||
| Q1 25 | -20.3% | -476.1% | ||
| Q4 24 | -14.1% | -416.5% | ||
| Q3 24 | -46.1% | -271.5% | ||
| Q2 24 | -86.7% | -305.8% | ||
| Q1 24 | -92.7% | -556.3% |
| Q4 25 | — | 126.5% | ||
| Q3 25 | — | 15.3% | ||
| Q2 25 | — | 41.5% | ||
| Q1 25 | 0.2% | 39.1% | ||
| Q4 24 | 2.0% | 105.5% | ||
| Q3 24 | 5.6% | 59.7% | ||
| Q2 24 | 9.4% | 86.8% | ||
| Q1 24 | 7.0% | 68.1% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
