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Side-by-side financial comparison of Borealis Foods Inc. (BRLS) and TON Strategy Co (TONX). Click either name above to swap in a different company.
Borealis Foods Inc. is the larger business by last-quarter revenue ($7.1M vs $5.7M, roughly 1.2× TON Strategy Co). Borealis Foods Inc. runs the higher net margin — -53.2% vs -3968.6%, a 3915.3% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs -12.0%). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% 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.
BRLS vs TONX — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $5.7M |
| Net Profit | $-3.8M | $-227.9M |
| Gross Margin | 14.6% | 64.3% |
| Operating Margin | -27.1% | -159.2% |
| Net Margin | -53.2% | -3968.6% |
| Revenue YoY | -12.0% | 694.2% |
| Net Profit YoY | 21.8% | -7047.9% |
| EPS (diluted) | $-0.18 | $-3.89 |
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 | — | $5.7M | ||
| Q3 25 | $7.1M | $3.6M | ||
| Q2 25 | $7.2M | $2.1M | ||
| Q1 25 | $6.8M | $1.3M | ||
| Q4 24 | $6.8M | $723.0K | ||
| Q3 24 | $8.1M | — | ||
| Q2 24 | $5.5M | — | ||
| Q1 24 | $7.9M | — |
| Q4 25 | — | $-227.9M | ||
| Q3 25 | $-3.8M | $84.3M | ||
| Q2 25 | $-4.6M | $-2.4M | ||
| Q1 25 | $-4.2M | $-2.6M | ||
| Q4 24 | $-5.8M | $-3.2M | ||
| Q3 24 | $-4.8M | — | ||
| Q2 24 | $-6.3M | — | ||
| Q1 24 | $-8.4M | — |
| Q4 25 | — | 64.3% | ||
| Q3 25 | 14.6% | 75.4% | ||
| Q2 25 | 7.2% | 71.2% | ||
| Q1 25 | 13.1% | 73.4% | ||
| Q4 24 | 3.7% | 81.5% | ||
| Q3 24 | 15.8% | — | ||
| Q2 24 | 7.7% | — | ||
| Q1 24 | 3.1% | — |
| Q4 25 | — | -159.2% | ||
| Q3 25 | -27.1% | -601.5% | ||
| Q2 25 | -46.7% | -138.2% | ||
| Q1 25 | -42.6% | -203.8% | ||
| Q4 24 | -68.4% | -513.1% | ||
| Q3 24 | -44.8% | — | ||
| Q2 24 | -94.8% | — | ||
| Q1 24 | -88.3% | — |
| Q4 25 | — | -3968.6% | ||
| Q3 25 | -53.2% | 2336.8% | ||
| Q2 25 | -64.0% | -111.9% | ||
| Q1 25 | -61.2% | -196.5% | ||
| Q4 24 | -85.3% | -440.9% | ||
| Q3 24 | -59.8% | — | ||
| Q2 24 | -115.0% | — | ||
| Q1 24 | -106.8% | — |
| Q4 25 | — | $-3.89 | ||
| Q3 25 | $-0.18 | $2.23 | ||
| Q2 25 | $0.21 | $-1.79 | ||
| Q1 25 | $-0.20 | $-2.51 | ||
| Q4 24 | $-0.82 | $10.41 | ||
| Q3 24 | $-0.23 | — | ||
| Q2 24 | $0.29 | — | ||
| Q1 24 | $-0.49 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-12.9M | $406.5M |
| Total Assets | $56.3M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $39.5M | ||
| Q3 25 | — | $53.9M | ||
| Q2 25 | — | $10.4M | ||
| Q1 25 | — | $12.2M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $406.5M | ||
| Q3 25 | $-12.9M | $639.1M | ||
| Q2 25 | $-9.2M | $19.4M | ||
| Q1 25 | $-4.8M | $14.6M | ||
| Q4 24 | $-695.9K | $16.2M | ||
| Q3 24 | $5.1M | — | ||
| Q2 24 | $9.9M | — | ||
| Q1 24 | $16.2M | — |
| Q4 25 | — | $411.2M | ||
| Q3 25 | $56.3M | $661.9M | ||
| Q2 25 | $57.3M | $23.7M | ||
| Q1 25 | $58.4M | $18.4M | ||
| Q4 24 | $60.0M | $20.6M | ||
| Q3 24 | $61.9M | — | ||
| Q2 24 | $63.6M | — | ||
| Q1 24 | $70.3M | — |
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 | $-8.0M |
| Free Cash FlowOCF − Capex | — | $-8.0M |
| FCF MarginFCF / Revenue | — | -139.3% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-8.0M | ||
| Q3 25 | $-190.6K | $-9.4M | ||
| Q2 25 | $-2.2M | $-2.3M | ||
| Q1 25 | $-1.4M | $-1.1M | ||
| Q4 24 | $-819.4K | $-1.9M | ||
| Q3 24 | $-3.3M | — | ||
| Q2 24 | $-4.2M | — | ||
| Q1 24 | $-6.8M | — |
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | $-1.4M | $-1.1M | ||
| Q4 24 | $-951.6K | $-2.0M | ||
| Q3 24 | $-3.7M | — | ||
| Q2 24 | $-4.7M | — | ||
| Q1 24 | $-7.3M | — |
| Q4 25 | — | -139.3% | ||
| Q3 25 | — | -261.4% | ||
| Q2 25 | — | -107.8% | ||
| Q1 25 | -20.3% | -87.0% | ||
| Q4 24 | -14.1% | -279.9% | ||
| Q3 24 | -46.1% | — | ||
| Q2 24 | -86.7% | — | ||
| Q1 24 | -92.7% | — |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | 0.2% | 5.1% | ||
| Q4 24 | 2.0% | 22.1% | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 7.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.11× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRLS
Segment breakdown not available.
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
