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Side-by-side financial comparison of Borealis Foods Inc. (BRLS) and TECOGEN INC. (TGEN). Click either name above to swap in a different company.
Borealis Foods Inc. is the larger business by last-quarter revenue ($7.1M vs $5.3M, roughly 1.3× TECOGEN INC.). Borealis Foods Inc. runs the higher net margin — -53.2% vs -75.1%, a 21.9% gap on every dollar of revenue. On growth, Borealis Foods Inc. posted the faster year-over-year revenue change (-12.0% vs -12.5%). Over the past eight quarters, Borealis Foods Inc.'s revenue compounded faster (-2.4% CAGR vs -7.3%).
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.
BRLS vs TGEN — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $5.3M |
| Net Profit | $-3.8M | $-4.0M |
| Gross Margin | 14.6% | 36.8% |
| Operating Margin | -27.1% | -77.8% |
| Net Margin | -53.2% | -75.1% |
| Revenue YoY | -12.0% | -12.5% |
| Net Profit YoY | 21.8% | -236.7% |
| EPS (diluted) | $-0.18 | $-0.14 |
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 | — | $5.3M | ||
| Q3 25 | $7.1M | $7.2M | ||
| Q2 25 | $7.2M | $7.3M | ||
| Q1 25 | $6.8M | $7.3M | ||
| Q4 24 | $6.8M | $6.1M | ||
| Q3 24 | $8.1M | $5.6M | ||
| Q2 24 | $5.5M | $4.7M | ||
| Q1 24 | $7.9M | $6.2M |
| Q4 25 | — | $-4.0M | ||
| Q3 25 | $-3.8M | $-2.1M | ||
| Q2 25 | $-4.6M | $-1.5M | ||
| Q1 25 | $-4.2M | $-659.9K | ||
| Q4 24 | $-5.8M | $-1.2M | ||
| Q3 24 | $-4.8M | $-930.4K | ||
| Q2 24 | $-6.3M | $-1.5M | ||
| Q1 24 | $-8.4M | $-1.1M |
| Q4 25 | — | 36.8% | ||
| Q3 25 | 14.6% | 30.4% | ||
| Q2 25 | 7.2% | 33.8% | ||
| Q1 25 | 13.1% | 44.3% | ||
| Q4 24 | 3.7% | 45.0% | ||
| Q3 24 | 15.8% | 44.1% | ||
| Q2 24 | 7.7% | 44.0% | ||
| Q1 24 | 3.1% | 41.6% |
| Q4 25 | — | -77.8% | ||
| Q3 25 | -27.1% | -29.2% | ||
| Q2 25 | -46.7% | -19.4% | ||
| Q1 25 | -42.6% | -8.2% | ||
| Q4 24 | -68.4% | -18.7% | ||
| Q3 24 | -44.8% | -15.5% | ||
| Q2 24 | -94.8% | -31.2% | ||
| Q1 24 | -88.3% | -17.0% |
| Q4 25 | — | -75.1% | ||
| Q3 25 | -53.2% | -29.7% | ||
| Q2 25 | -64.0% | -20.1% | ||
| Q1 25 | -61.2% | -9.1% | ||
| Q4 24 | -85.3% | -19.5% | ||
| Q3 24 | -59.8% | -16.5% | ||
| Q2 24 | -115.0% | -32.5% | ||
| Q1 24 | -106.8% | -17.9% |
| Q4 25 | — | $-0.14 | ||
| Q3 25 | $-0.18 | $-0.07 | ||
| Q2 25 | $0.21 | $-0.06 | ||
| Q1 25 | $-0.20 | $-0.03 | ||
| Q4 24 | $-0.82 | $-0.05 | ||
| Q3 24 | $-0.23 | $-0.04 | ||
| Q2 24 | $0.29 | $-0.06 | ||
| 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 | — | $12.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-12.9M | $21.6M |
| Total Assets | $56.3M | $37.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $12.4M | ||
| Q3 25 | — | $15.3M | ||
| Q2 25 | — | $1.6M | ||
| Q1 25 | — | $4.1M | ||
| Q4 24 | — | $5.4M | ||
| Q3 24 | — | $1.3M | ||
| Q2 24 | — | $841.9K | ||
| Q1 24 | — | $1.5M |
| Q4 25 | — | $21.6M | ||
| Q3 25 | $-12.9M | $25.5M | ||
| Q2 25 | $-9.2M | $9.1M | ||
| Q1 25 | $-4.8M | $9.6M | ||
| Q4 24 | $-695.9K | $10.2M | ||
| Q3 24 | $5.1M | $11.3M | ||
| Q2 24 | $9.9M | $12.2M | ||
| Q1 24 | $16.2M | $13.7M |
| Q4 25 | — | $37.0M | ||
| Q3 25 | $56.3M | $41.5M | ||
| Q2 25 | $57.3M | $28.4M | ||
| Q1 25 | $58.4M | $29.7M | ||
| Q4 24 | $60.0M | $31.1M | ||
| Q3 24 | $61.9M | $27.5M | ||
| Q2 24 | $63.6M | $27.2M | ||
| Q1 24 | $70.3M | $28.5M |
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 | $-2.6M |
| Free Cash FlowOCF − Capex | — | $-2.6M |
| FCF MarginFCF / Revenue | — | -49.3% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-10.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-2.6M | ||
| Q3 25 | $-190.6K | $-3.6M | ||
| Q2 25 | $-2.2M | $-2.6M | ||
| Q1 25 | $-1.4M | $-1.2M | ||
| Q4 24 | $-819.4K | $4.2M | ||
| Q3 24 | $-3.3M | $-207.3K | ||
| Q2 24 | $-4.2M | $-157.9K | ||
| Q1 24 | $-6.8M | $248.2K |
| Q4 25 | — | $-2.6M | ||
| Q3 25 | — | $-3.6M | ||
| Q2 25 | — | $-2.7M | ||
| Q1 25 | $-1.4M | $-1.3M | ||
| Q4 24 | $-951.6K | $4.0M | ||
| Q3 24 | $-3.7M | $-489.6K | ||
| Q2 24 | $-4.7M | $-609.6K | ||
| Q1 24 | $-7.3M | $143.3K |
| Q4 25 | — | -49.3% | ||
| Q3 25 | — | -50.6% | ||
| Q2 25 | — | -37.7% | ||
| Q1 25 | -20.3% | -17.9% | ||
| Q4 24 | -14.1% | 66.6% | ||
| Q3 24 | -46.1% | -8.7% | ||
| Q2 24 | -86.7% | -12.9% | ||
| Q1 24 | -92.7% | 2.3% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | 0.2% | 1.8% | ||
| Q4 24 | 2.0% | 2.1% | ||
| Q3 24 | 5.6% | 5.0% | ||
| Q2 24 | 9.4% | 9.6% | ||
| Q1 24 | 7.0% | 1.7% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRLS
Segment breakdown not available.
TGEN
| Installation Services | $4.5M | 84% |
| Products Segment | $460.5K | 9% |
| Other | $394.7K | 7% |
