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Side-by-side financial comparison of Borealis Foods Inc. (BRLS) and Vital Farms, Inc. (VITL). Click either name above to swap in a different company.
Vital Farms, Inc. is the larger business by last-quarter revenue ($213.6M vs $7.1M, roughly 30.1× Borealis Foods Inc.). Vital Farms, Inc. runs the higher net margin — 7.6% vs -53.2%, a 60.9% gap on every dollar of revenue. On growth, Vital Farms, Inc. posted the faster year-over-year revenue change (28.7% vs -12.0%). Over the past eight quarters, Vital Farms, Inc.'s revenue compounded faster (20.2% 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.
Vital Tomosi Dairy Limited is a dairy processing company in Uganda. The company is a joint venture between Vital Capital Fund, "an impact investing fund primarily focused on Sub-Saharan Africa", and "Tomosi Dairy Farms, a Ugandan producer of dairy products".
BRLS vs VITL — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $213.6M |
| Net Profit | $-3.8M | $16.3M |
| Gross Margin | 14.6% | 35.8% |
| Operating Margin | -27.1% | 10.0% |
| Net Margin | -53.2% | 7.6% |
| Revenue YoY | -12.0% | 28.7% |
| Net Profit YoY | 21.8% | 54.3% |
| EPS (diluted) | $-0.18 | $0.35 |
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 | — | $213.6M | ||
| Q3 25 | $7.1M | $198.9M | ||
| Q2 25 | $7.2M | $184.8M | ||
| Q1 25 | $6.8M | $162.2M | ||
| Q4 24 | $6.8M | $166.0M | ||
| Q3 24 | $8.1M | $145.0M | ||
| Q2 24 | $5.5M | $147.4M | ||
| Q1 24 | $7.9M | $147.9M |
| Q4 25 | — | $16.3M | ||
| Q3 25 | $-3.8M | $16.4M | ||
| Q2 25 | $-4.6M | $16.6M | ||
| Q1 25 | $-4.2M | $16.9M | ||
| Q4 24 | $-5.8M | $10.6M | ||
| Q3 24 | $-4.8M | $7.4M | ||
| Q2 24 | $-6.3M | $16.3M | ||
| Q1 24 | $-8.4M | $19.0M |
| Q4 25 | — | 35.8% | ||
| Q3 25 | 14.6% | 37.7% | ||
| Q2 25 | 7.2% | 38.9% | ||
| Q1 25 | 13.1% | 38.5% | ||
| Q4 24 | 3.7% | 36.1% | ||
| Q3 24 | 15.8% | 36.9% | ||
| Q2 24 | 7.7% | 39.1% | ||
| Q1 24 | 3.1% | 39.8% |
| Q4 25 | — | 10.0% | ||
| Q3 25 | -27.1% | 10.8% | ||
| Q2 25 | -46.7% | 12.9% | ||
| Q1 25 | -42.6% | 13.4% | ||
| Q4 24 | -68.4% | 7.8% | ||
| Q3 24 | -44.8% | 6.4% | ||
| Q2 24 | -94.8% | 11.6% | ||
| Q1 24 | -88.3% | 16.3% |
| Q4 25 | — | 7.6% | ||
| Q3 25 | -53.2% | 8.3% | ||
| Q2 25 | -64.0% | 9.0% | ||
| Q1 25 | -61.2% | 10.4% | ||
| Q4 24 | -85.3% | 6.4% | ||
| Q3 24 | -59.8% | 5.1% | ||
| Q2 24 | -115.0% | 11.1% | ||
| Q1 24 | -106.8% | 12.9% |
| Q4 25 | — | $0.35 | ||
| Q3 25 | $-0.18 | $0.36 | ||
| Q2 25 | $0.21 | $0.36 | ||
| Q1 25 | $-0.20 | $0.37 | ||
| Q4 24 | $-0.82 | $0.23 | ||
| Q3 24 | $-0.23 | $0.16 | ||
| Q2 24 | $0.29 | $0.36 | ||
| Q1 24 | $-0.49 | $0.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $48.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-12.9M | $351.3M |
| Total Assets | $56.3M | $518.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $48.8M | ||
| Q3 25 | — | $93.8M | ||
| Q2 25 | — | $108.2M | ||
| Q1 25 | — | $156.3M | ||
| Q4 24 | — | $150.6M | ||
| Q3 24 | — | $149.5M | ||
| Q2 24 | — | $133.2M | ||
| Q1 24 | — | $113.8M |
| Q4 25 | — | $351.3M | ||
| Q3 25 | $-12.9M | $331.2M | ||
| Q2 25 | $-9.2M | $309.8M | ||
| Q1 25 | $-4.8M | $288.9M | ||
| Q4 24 | $-695.9K | $269.3M | ||
| Q3 24 | $5.1M | $253.4M | ||
| Q2 24 | $9.9M | $238.4M | ||
| Q1 24 | $16.2M | $213.3M |
| Q4 25 | — | $518.7M | ||
| Q3 25 | $56.3M | $481.5M | ||
| Q2 25 | $57.3M | $430.8M | ||
| Q1 25 | $58.4M | $376.9M | ||
| Q4 24 | $60.0M | $359.3M | ||
| Q3 24 | $61.9M | $344.7M | ||
| Q2 24 | $63.6M | $320.5M | ||
| Q1 24 | $70.3M | $300.2M |
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 | $5.8M |
| Free Cash FlowOCF − Capex | — | $-32.1M |
| FCF MarginFCF / Revenue | — | -15.1% |
| Capex IntensityCapex / Revenue | — | 17.8% |
| Cash ConversionOCF / Net Profit | — | 0.35× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-48.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.8M | ||
| Q3 25 | $-190.6K | $23.4M | ||
| Q2 25 | $-2.2M | $-761.0K | ||
| Q1 25 | $-1.4M | $5.3M | ||
| Q4 24 | $-819.4K | $14.8M | ||
| Q3 24 | $-3.3M | $10.0M | ||
| Q2 24 | $-4.2M | $16.1M | ||
| Q1 24 | $-6.8M | $23.9M |
| Q4 25 | — | $-32.1M | ||
| Q3 25 | — | $-10.6M | ||
| Q2 25 | — | $-7.6M | ||
| Q1 25 | $-1.4M | $2.1M | ||
| Q4 24 | $-951.6K | $-3.4M | ||
| Q3 24 | $-3.7M | $6.4M | ||
| Q2 24 | $-4.7M | $10.5M | ||
| Q1 24 | $-7.3M | $22.6M |
| Q4 25 | — | -15.1% | ||
| Q3 25 | — | -5.3% | ||
| Q2 25 | — | -4.1% | ||
| Q1 25 | -20.3% | 1.3% | ||
| Q4 24 | -14.1% | -2.0% | ||
| Q3 24 | -46.1% | 4.4% | ||
| Q2 24 | -86.7% | 7.2% | ||
| Q1 24 | -92.7% | 15.3% |
| Q4 25 | — | 17.8% | ||
| Q3 25 | — | 17.1% | ||
| Q2 25 | — | 3.7% | ||
| Q1 25 | 0.2% | 1.9% | ||
| Q4 24 | 2.0% | 10.9% | ||
| Q3 24 | 5.6% | 2.5% | ||
| Q2 24 | 9.4% | 3.8% | ||
| Q1 24 | 7.0% | 0.9% |
| Q4 25 | — | 0.35× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | -0.05× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.34× | ||
| Q2 24 | — | 0.99× | ||
| Q1 24 | — | 1.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRLS
Segment breakdown not available.
VITL
| Eggs And Egg Related Products | $205.8M | 96% |
| Butter And Butter Related Products | $7.7M | 4% |
