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Side-by-side financial comparison of Borealis Foods Inc. (BRLS) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
TriSalus Life Sciences, Inc. is the larger business by last-quarter revenue ($13.2M vs $7.1M, roughly 1.9× Borealis Foods Inc.). Borealis Foods Inc. runs the higher net margin — -53.2% vs -73.9%, a 20.6% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs -12.0%). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% 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.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
BRLS vs TLSI — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $13.2M |
| Net Profit | $-3.8M | $-9.8M |
| Gross Margin | 14.6% | 86.7% |
| Operating Margin | -27.1% | -24.8% |
| Net Margin | -53.2% | -73.9% |
| Revenue YoY | -12.0% | 59.8% |
| Net Profit YoY | 21.8% | 3.5% |
| EPS (diluted) | $-0.18 | $-0.22 |
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 | — | $13.2M | ||
| Q3 25 | $7.1M | $11.6M | ||
| Q2 25 | $7.2M | $11.2M | ||
| Q1 25 | $6.8M | $9.2M | ||
| Q4 24 | $6.8M | $8.3M | ||
| Q3 24 | $8.1M | $7.3M | ||
| Q2 24 | $5.5M | $7.4M | ||
| Q1 24 | $7.9M | $6.5M |
| Q4 25 | — | $-9.8M | ||
| Q3 25 | $-3.8M | $-10.8M | ||
| Q2 25 | $-4.6M | $-8.3M | ||
| Q1 25 | $-4.2M | $-10.4M | ||
| Q4 24 | $-5.8M | $-10.1M | ||
| Q3 24 | $-4.8M | $-2.4M | ||
| Q2 24 | $-6.3M | $-4.3M | ||
| Q1 24 | $-8.4M | $-13.2M |
| Q4 25 | — | 86.7% | ||
| Q3 25 | 14.6% | 83.5% | ||
| Q2 25 | 7.2% | 83.9% | ||
| Q1 25 | 13.1% | 83.7% | ||
| Q4 24 | 3.7% | 85.3% | ||
| Q3 24 | 15.8% | 86.3% | ||
| Q2 24 | 7.7% | 87.6% | ||
| Q1 24 | 3.1% | 85.0% |
| Q4 25 | — | -24.8% | ||
| Q3 25 | -27.1% | -77.9% | ||
| Q2 25 | -46.7% | -65.4% | ||
| Q1 25 | -42.6% | -79.9% | ||
| Q4 24 | -68.4% | -91.8% | ||
| Q3 24 | -44.8% | -118.9% | ||
| Q2 24 | -94.8% | -111.0% | ||
| Q1 24 | -88.3% | -180.8% |
| Q4 25 | — | -73.9% | ||
| Q3 25 | -53.2% | -93.5% | ||
| Q2 25 | -64.0% | -73.9% | ||
| Q1 25 | -61.2% | -113.2% | ||
| Q4 24 | -85.3% | -122.4% | ||
| Q3 24 | -59.8% | -32.6% | ||
| Q2 24 | -115.0% | -58.8% | ||
| Q1 24 | -106.8% | -204.5% |
| Q4 25 | — | $-0.22 | ||
| Q3 25 | $-0.18 | $-0.96 | ||
| Q2 25 | $0.21 | $-0.27 | ||
| Q1 25 | $-0.20 | $-0.39 | ||
| Q4 24 | $-0.82 | $-0.38 | ||
| Q3 24 | $-0.23 | $-0.12 | ||
| Q2 24 | $0.29 | $-0.21 | ||
| Q1 24 | $-0.49 | $-0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $20.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-12.9M | $-33.9M |
| Total Assets | $56.3M | $35.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $20.4M | ||
| Q3 25 | — | $22.7M | ||
| Q2 25 | — | $26.5M | ||
| Q1 25 | — | $13.0M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $11.3M | ||
| Q2 24 | — | $16.5M | ||
| Q1 24 | — | $4.0M |
| Q4 25 | — | $-33.9M | ||
| Q3 25 | $-12.9M | $-26.7M | ||
| Q2 25 | $-9.2M | $-19.4M | ||
| Q1 25 | $-4.8M | $-34.4M | ||
| Q4 24 | $-695.9K | $-25.9M | ||
| Q3 24 | $5.1M | $-20.4M | ||
| Q2 24 | $9.9M | $-25.3M | ||
| Q1 24 | $16.2M | $-36.0M |
| Q4 25 | — | $35.3M | ||
| Q3 25 | $56.3M | $36.5M | ||
| Q2 25 | $57.3M | $41.3M | ||
| Q1 25 | $58.4M | $28.6M | ||
| Q4 24 | $60.0M | $24.0M | ||
| Q3 24 | $61.9M | $27.5M | ||
| Q2 24 | $63.6M | $32.4M | ||
| Q1 24 | $70.3M | $17.9M |
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 | $-2.5M |
| Free Cash FlowOCF − Capex | — | $-2.5M |
| FCF MarginFCF / Revenue | — | -19.1% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-2.5M | ||
| Q3 25 | $-190.6K | $-3.7M | ||
| Q2 25 | $-2.2M | $-7.3M | ||
| Q1 25 | $-1.4M | $-4.5M | ||
| Q4 24 | $-819.4K | $-5.7M | ||
| Q3 24 | $-3.3M | $-10.8M | ||
| Q2 24 | $-4.2M | $-13.4M | ||
| Q1 24 | $-6.8M | $-10.9M |
| Q4 25 | — | $-2.5M | ||
| Q3 25 | — | $-3.9M | ||
| Q2 25 | — | $-7.4M | ||
| Q1 25 | $-1.4M | $-5.3M | ||
| Q4 24 | $-951.6K | $-5.8M | ||
| Q3 24 | $-3.7M | $-11.0M | ||
| Q2 24 | $-4.7M | $-13.5M | ||
| Q1 24 | $-7.3M | $-10.9M |
| Q4 25 | — | -19.1% | ||
| Q3 25 | — | -33.9% | ||
| Q2 25 | — | -66.1% | ||
| Q1 25 | -20.3% | -57.3% | ||
| Q4 24 | -14.1% | -69.7% | ||
| Q3 24 | -46.1% | -149.9% | ||
| Q2 24 | -86.7% | -183.1% | ||
| Q1 24 | -92.7% | -169.3% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | 0.2% | 8.2% | ||
| Q4 24 | 2.0% | 0.6% | ||
| Q3 24 | 5.6% | 2.3% | ||
| Q2 24 | 9.4% | 0.8% | ||
| Q1 24 | 7.0% | 1.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
