vs
Side-by-side financial comparison of Borealis Foods Inc. (BRLS) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
SWK Holdings Corp is the larger business by last-quarter revenue ($8.7M vs $7.1M, roughly 1.2× Borealis Foods Inc.). On growth, Borealis Foods Inc. posted the faster year-over-year revenue change (-12.0% vs -29.7%). Over the past eight quarters, Borealis Foods Inc.'s revenue compounded faster (-2.4% CAGR vs -12.5%).
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.
SWK Holdings Corp is a specialty finance firm focused on the healthcare and life sciences sectors. It provides tailored financing solutions including royalty monetization, structured debt, and asset-backed lending to biotech, pharmaceutical, medical device and diagnostic companies, with its core market centered in North America.
BRLS vs SWKH — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $8.7M |
| Net Profit | $-3.8M | $-19.4M |
| Gross Margin | 14.6% | — |
| Operating Margin | -27.1% | 9.9% |
| Net Margin | -53.2% | — |
| Revenue YoY | -12.0% | -29.7% |
| Net Profit YoY | 21.8% | -430.2% |
| EPS (diluted) | $-0.18 | $-1.59 |
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 | — | $8.7M | ||
| Q3 25 | $7.1M | $10.9M | ||
| Q2 25 | $7.2M | $10.1M | ||
| Q1 25 | $6.8M | $11.8M | ||
| Q4 24 | $6.8M | $12.4M | ||
| Q3 24 | $8.1M | $10.4M | ||
| Q2 24 | $5.5M | $10.8M | ||
| Q1 24 | $7.9M | $11.4M |
| Q4 25 | — | $-19.4M | ||
| Q3 25 | $-3.8M | $8.8M | ||
| Q2 25 | $-4.6M | $3.5M | ||
| Q1 25 | $-4.2M | $4.5M | ||
| Q4 24 | $-5.8M | $5.9M | ||
| Q3 24 | $-4.8M | $3.5M | ||
| Q2 24 | $-6.3M | $3.7M | ||
| Q1 24 | $-8.4M | $468.0K |
| 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 | — | 9.9% | ||
| Q3 25 | -27.1% | 61.3% | ||
| Q2 25 | -46.7% | 46.1% | ||
| Q1 25 | -42.6% | 68.6% | ||
| Q4 24 | -68.4% | 44.7% | ||
| Q3 24 | -44.8% | 39.2% | ||
| Q2 24 | -94.8% | 8.3% | ||
| Q1 24 | -88.3% | 9.5% |
| Q4 25 | — | — | ||
| Q3 25 | -53.2% | 80.7% | ||
| Q2 25 | -64.0% | 35.2% | ||
| Q1 25 | -61.2% | 38.4% | ||
| Q4 24 | -85.3% | 47.5% | ||
| Q3 24 | -59.8% | 33.3% | ||
| Q2 24 | -115.0% | 33.9% | ||
| Q1 24 | -106.8% | 4.1% |
| Q4 25 | — | $-1.59 | ||
| Q3 25 | $-0.18 | $0.72 | ||
| Q2 25 | $0.21 | $0.29 | ||
| Q1 25 | $-0.20 | $0.37 | ||
| Q4 24 | $-0.82 | $0.47 | ||
| Q3 24 | $-0.23 | $0.28 | ||
| Q2 24 | $0.29 | $0.30 | ||
| Q1 24 | $-0.49 | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $42.8M |
| Total DebtLower is stronger | — | $33.0M |
| Stockholders' EquityBook value | $-12.9M | $235.1M |
| Total Assets | $56.3M | $272.4M |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $42.8M | ||
| Q3 25 | — | $10.2M | ||
| Q2 25 | — | $8.0M | ||
| Q1 25 | — | $29.8M | ||
| Q4 24 | — | $5.9M | ||
| Q3 24 | — | $17.2M | ||
| Q2 24 | — | $5.5M | ||
| Q1 24 | — | $5.5M |
| Q4 25 | — | $33.0M | ||
| Q3 25 | — | $33.0M | ||
| Q2 25 | — | $33.0M | ||
| Q1 25 | — | $33.0M | ||
| Q4 24 | — | $33.0M | ||
| Q3 24 | — | $33.0M | ||
| Q2 24 | — | $33.0M | ||
| Q1 24 | — | $33.0M |
| Q4 25 | — | $235.1M | ||
| Q3 25 | $-12.9M | $254.2M | ||
| Q2 25 | $-9.2M | $246.5M | ||
| Q1 25 | $-4.8M | $292.7M | ||
| Q4 24 | $-695.9K | $288.7M | ||
| Q3 24 | $5.1M | $283.4M | ||
| Q2 24 | $9.9M | $282.8M | ||
| Q1 24 | $16.2M | $279.9M |
| Q4 25 | — | $272.4M | ||
| Q3 25 | $56.3M | $289.4M | ||
| Q2 25 | $57.3M | $285.7M | ||
| Q1 25 | $58.4M | $331.3M | ||
| Q4 24 | $60.0M | $332.2M | ||
| Q3 24 | $61.9M | $321.3M | ||
| Q2 24 | $63.6M | $321.0M | ||
| Q1 24 | $70.3M | $322.0M |
| Q4 25 | — | 0.14× | ||
| Q3 25 | — | 0.13× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.11× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $27.3M |
| Free Cash FlowOCF − Capex | — | $26.8M |
| FCF MarginFCF / Revenue | — | 308.1% |
| Capex IntensityCapex / Revenue | — | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.3M | ||
| Q3 25 | $-190.6K | $906.0K | ||
| Q2 25 | $-2.2M | $7.8M | ||
| Q1 25 | $-1.4M | $8.3M | ||
| Q4 24 | $-819.4K | $23.0M | ||
| Q3 24 | $-3.3M | $6.3M | ||
| Q2 24 | $-4.2M | $5.4M | ||
| Q1 24 | $-6.8M | $4.4M |
| Q4 25 | — | $26.8M | ||
| Q3 25 | — | $557.0K | ||
| Q2 25 | — | $7.7M | ||
| Q1 25 | $-1.4M | $8.2M | ||
| Q4 24 | $-951.6K | $22.9M | ||
| Q3 24 | $-3.7M | $6.3M | ||
| Q2 24 | $-4.7M | $5.4M | ||
| Q1 24 | $-7.3M | — |
| Q4 25 | — | 308.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | -20.3% | 69.1% | ||
| Q4 24 | -14.1% | 185.3% | ||
| Q3 24 | -46.1% | 60.4% | ||
| Q2 24 | -86.7% | 49.7% | ||
| Q1 24 | -92.7% | — |
| Q4 25 | — | 5.9% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | 0.2% | 0.8% | ||
| Q4 24 | 2.0% | 1.1% | ||
| Q3 24 | 5.6% | 0.3% | ||
| Q2 24 | 9.4% | 0.2% | ||
| Q1 24 | 7.0% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.10× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | — | 3.93× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 9.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRLS
Segment breakdown not available.
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
