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Side-by-side financial comparison of Borealis Foods Inc. (BRLS) and Velo3D, Inc. (VELO). Click either name above to swap in a different company.
Velo3D, Inc. is the larger business by last-quarter revenue ($9.4M vs $7.1M, roughly 1.3× Borealis Foods Inc.). Borealis Foods Inc. runs the higher net margin — -53.2% vs -231.9%, a 178.7% gap on every dollar of revenue. On growth, Borealis Foods Inc. posted the faster year-over-year revenue change (-12.0% vs -25.2%). Over the past eight quarters, Velo3D, Inc.'s revenue compounded faster (-1.8% 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.
Velo3D, Inc. develops and sells advanced end-to-end metal additive manufacturing (3D printing) solutions, comprising industrial-grade printers, specialized processing software, and high-performance metal materials. It primarily serves global aerospace, defense, energy, semiconductor and industrial manufacturing markets, enabling customers to produce complex, high-precision metal parts that are difficult to manufacture with traditional methods.
BRLS vs VELO — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $9.4M |
| Net Profit | $-3.8M | $-21.9M |
| Gross Margin | 14.6% | -73.6% |
| Operating Margin | -27.1% | -231.0% |
| Net Margin | -53.2% | -231.9% |
| Revenue YoY | -12.0% | -25.2% |
| Net Profit YoY | 21.8% | -2.9% |
| EPS (diluted) | $-0.18 | $-0.87 |
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 | — | $9.4M | ||
| Q3 25 | $7.1M | $13.6M | ||
| Q2 25 | $7.2M | $13.6M | ||
| Q1 25 | $6.8M | $9.3M | ||
| Q4 24 | $6.8M | $12.6M | ||
| Q3 24 | $8.1M | $8.2M | ||
| Q2 24 | $5.5M | $10.3M | ||
| Q1 24 | $7.9M | $9.8M |
| Q4 25 | — | $-21.9M | ||
| Q3 25 | $-3.8M | $-11.2M | ||
| Q2 25 | $-4.6M | $-13.3M | ||
| Q1 25 | $-4.2M | $-25.0M | ||
| Q4 24 | $-5.8M | $-21.3M | ||
| Q3 24 | $-4.8M | $-21.9M | ||
| Q2 24 | $-6.3M | $935.0K | ||
| Q1 24 | $-8.4M | $-27.5M |
| Q4 25 | — | -73.6% | ||
| Q3 25 | 14.6% | 3.2% | ||
| Q2 25 | 7.2% | -11.7% | ||
| Q1 25 | 13.1% | 7.5% | ||
| Q4 24 | 3.7% | -3.5% | ||
| Q3 24 | 15.8% | 49.4% | ||
| Q2 24 | 7.7% | -28.0% | ||
| Q1 24 | 3.1% | -28.8% |
| Q4 25 | — | -231.0% | ||
| Q3 25 | -27.1% | -73.3% | ||
| Q2 25 | -46.7% | -85.4% | ||
| Q1 25 | -42.6% | -123.6% | ||
| Q4 24 | -68.4% | -167.0% | ||
| Q3 24 | -44.8% | -213.8% | ||
| Q2 24 | -94.8% | -187.7% | ||
| Q1 24 | -88.3% | -211.1% |
| Q4 25 | — | -231.9% | ||
| Q3 25 | -53.2% | -82.0% | ||
| Q2 25 | -64.0% | -97.7% | ||
| Q1 25 | -61.2% | -268.4% | ||
| Q4 24 | -85.3% | -168.5% | ||
| Q3 24 | -59.8% | -265.3% | ||
| Q2 24 | -115.0% | 9.0% | ||
| Q1 24 | -106.8% | -281.2% |
| Q4 25 | — | $-0.87 | ||
| Q3 25 | $-0.18 | $-0.65 | ||
| Q2 25 | $0.21 | $-0.94 | ||
| Q1 25 | $-0.20 | $-1.87 | ||
| Q4 24 | $-0.82 | $7.06 | ||
| Q3 24 | $-0.23 | $-35.52 | ||
| Q2 24 | $0.29 | $1.65 | ||
| Q1 24 | $-0.49 | $-55.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $39.0M |
| Total DebtLower is stronger | — | $31.0M |
| Stockholders' EquityBook value | $-12.9M | $38.2M |
| Total Assets | $56.3M | $105.3M |
| Debt / EquityLower = less leverage | — | 0.81× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $39.0M | ||
| Q3 25 | — | $11.8M | ||
| Q2 25 | — | $854.0K | ||
| Q1 25 | — | $3.9M | ||
| Q4 24 | — | $1.2M | ||
| Q3 24 | — | $1.6M | ||
| Q2 24 | — | $3.2M | ||
| Q1 24 | — | $10.9M |
| Q4 25 | — | $31.0M | ||
| Q3 25 | — | $23.0M | ||
| Q2 25 | — | $22.5M | ||
| Q1 25 | — | $21.7M | ||
| Q4 24 | — | $5.7M | ||
| Q3 24 | — | $32.3M | ||
| Q2 24 | — | $33.5M | ||
| Q1 24 | — | $44.0M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | $-12.9M | $29.9M | ||
| Q2 25 | $-9.2M | $21.4M | ||
| Q1 25 | $-4.8M | $32.8M | ||
| Q4 24 | $-695.9K | $39.7M | ||
| Q3 24 | $5.1M | $34.4M | ||
| Q2 24 | $9.9M | $52.1M | ||
| Q1 24 | $16.2M | $45.5M |
| Q4 25 | — | $105.3M | ||
| Q3 25 | $56.3M | $93.7M | ||
| Q2 25 | $57.3M | $78.4M | ||
| Q1 25 | $58.4M | $91.3M | ||
| Q4 24 | $60.0M | $89.2M | ||
| Q3 24 | $61.9M | $110.8M | ||
| Q2 24 | $63.6M | $116.7M | ||
| Q1 24 | $70.3M | $136.1M |
| Q4 25 | — | 0.81× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.94× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.97× |
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 | $-7.7M |
| Free Cash FlowOCF − Capex | — | $-8.3M |
| FCF MarginFCF / Revenue | — | -88.3% |
| Capex IntensityCapex / Revenue | — | 6.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-7.7M | ||
| Q3 25 | $-190.6K | $-6.0M | ||
| Q2 25 | $-2.2M | $-1.2M | ||
| Q1 25 | $-1.4M | $-12.3M | ||
| Q4 24 | $-819.4K | $-2.2M | ||
| Q3 24 | $-3.3M | $-2.0M | ||
| Q2 24 | $-4.2M | $-8.0M | ||
| Q1 24 | $-6.8M | $-20.5M |
| Q4 25 | — | $-8.3M | ||
| Q3 25 | — | $-6.3M | ||
| Q2 25 | — | $-3.0M | ||
| Q1 25 | $-1.4M | — | ||
| Q4 24 | $-951.6K | $-2.2M | ||
| Q3 24 | $-3.7M | $-2.0M | ||
| Q2 24 | $-4.7M | $-8.0M | ||
| Q1 24 | $-7.3M | $-20.5M |
| Q4 25 | — | -88.3% | ||
| Q3 25 | — | -46.5% | ||
| Q2 25 | — | -22.2% | ||
| Q1 25 | -20.3% | — | ||
| Q4 24 | -14.1% | -17.7% | ||
| Q3 24 | -46.1% | -24.2% | ||
| Q2 24 | -86.7% | -77.1% | ||
| Q1 24 | -92.7% | -209.8% |
| Q4 25 | — | 6.4% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 13.3% | ||
| Q1 25 | 0.2% | 0.0% | ||
| Q4 24 | 2.0% | 0.2% | ||
| Q3 24 | 5.6% | 0.2% | ||
| Q2 24 | 9.4% | 0.0% | ||
| Q1 24 | 7.0% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -8.52× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
