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Borealis Foods cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$123K in Q1 2026 · −$5.3M over twelve months

Operating cash flow−$123K
Free cash flow−$123K
Cash conversion cycle-149 days

Analysis

In Q1 2026, Borealis Foods generated −$123K of operating cash flow. That is $1.3M more than in Q1 2025 (−$1.4M).

Over the twelve months to Mar 31, 2026, operating cash flow was −$5.3M; the largest uses were operating cash flow ($5.3M); besides operations, cash came from other financing ($5.7M); the cash balance rose by $287K.

Operating cash flow was −$123K against net income of −$3.5M. The largest differences: payables +$1.3M, inventory +$1.1M, receivables +$873K.

Its cash conversion cycle was -149 days (receivables 25 + inventory 56 − payables 230): suppliers fund its working capital.

Free cash flow

Borealis Foods: free cash flow by quarterBorealis Foods: free cash flow by quarter−$4.7MQ2 2024−$3.7MQ3 2024−$952KQ4 2024−$1.4MQ1 2025−$2.2MQ2 2025−$191KQ3 2025−$2.8MQ4 2025−$123KQ1 2026
Operating cash flow less capital spending.
Borealis Foods: operating cash flow against capital spendingBorealis Foods: operating cash flow against capital spendingOperating cash flowCapital spending−$4.2M$514KQ2 2024−$3.3M$454KQ3 2024−$819K$132KQ4 2024−$1.4M$16KQ1 2025−$2.2M$0Q2 2025−$191K$0Q3 2025−$2.8M$0Q4 2025−$123K$0Q1 2026
Latest (Q1 2026): Operating cash flow −$123K, Capital spending $0.

Capital allocation, year by year

Borealis Foods: where the cash came from (up) and went (down), by fiscal yearBorealis Foods: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksFY2022: Operating cash flow −$2.1MFY2022: Net borrowing $1.7M$1.7MFY2022FY2023: Operating cash flow −$18.0MFY2023: Net borrowing $10.9MFY2023: Capital spending −$4.5MFY2023: Buybacks −$159M$10.9MFY2023FY2024: Operating cash flow −$15.1MFY2024: Net borrowing $10.0MFY2024: Capital spending −$1.7M$10.0MFY2024FY2025: Operating cash flow −$6.6MFY2025: Net borrowing −$5.2MFY2025
Over these 4 years operating cash flow totalled −$41.8M; the largest uses were buybacks ($159M) and operating cash flow ($41.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$500K
Debtnone
Net cash$500K
Due within a year$25.8M
Cash runway1 month

Borealis Foods is burning cash: its operations consume cash, a free cash flow of −$5.3M a year at the current rate against $500K of cash and investments: a runway of about 1 month; $25.8M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Where the cash came from and went

Borealis Foods: sources (+) and uses (−) of cash, Q1 2026Borealis Foods: sources (+) and uses (−) of cash, Q1 2026Other financing$539KCash drawn (+) / kept (−)−$416KOperating cash flow−$123K
Borealis Foods: sources (+) and uses (−) of cash, TTM to Q1 2026Borealis Foods: sources (+) and uses (−) of cash, TTM to Q1 2026Other financing$5.7MOperating cash flow−$5.3MCash drawn (+) / kept (−)−$287KNot reconciled−$40K

From profit to cash

Borealis Foods: net income to operating cash flow, Q1 2026Borealis Foods: net income to operating cash flow, Q1 2026Net income−$3.5MDepreciation & amortization$386KReceivables$873KInventory$1.1MPayables$1.3MPrepaid and other assets−$309KOperating cash flow−$123K
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 20262556230-149
Q4 20252365186-97
Q3 20253299213-82
Q2 202526101184-58
Q1 202523120186-43
Q4 2024271191424
Q3 20243311811139
Q2 20246313413166

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 2026−$123K——−$416K−$123K
Q4 2025−$2.8M——$65K−$2.8M
Q3 2025−$191K——$78K−$191K
Q2 2025−$2.2M——−$14K−$2.2M
Q1 2025−$1.4M−$16K—$460K−$1.4M
Q4 2024−$819K−$132K$949K$69K−$952K
Q3 2024−$3.3M−$454K$1.4M$2.4M−$3.7M
Q2 2024−$4.2M−$514K—$5.1M−$4.7M

Borealis Foods: income statement and cash flow

Borealis Foods, Q1 2026: revenue $7.8M (+8% year over year), operating margin -26.5%. The chart follows the revenue to costs, profit and cash.

Borealis Foods: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.