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Borealis Foods Inc (BRLS) is a food technology innovator creating sustainable ready-to-eat meals to address global nutrition challenges. This page serves as the definitive source for company news, offering investors and stakeholders timely updates on financial performance, operational milestones, and market developments.
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Borealis Foods (NASDAQ: BRLS) reported Q3 2024 financial results with net sales of $7.7 million, up 45% from Q2 2024's $5.3 million. Gross margin improved to 17%, more than doubling from 8% in Q2, while non-GAAP gross margin reached 23%. The company's premium brands Chef Woo and Woodles accounted for 39% of Q3 revenue. Gross profit grew to $1.3 million, tripling from Q2's $0.4 million. The company expanded its retail presence to over 23,000 stores in the US and Canada, and announced an exclusive US ramen manufacturing partnership with a global food conglomerate, expected to generate revenue in Q1 2025.
Borealis Foods (NASDAQ: BRLS) has announced a partnership to exclusively produce a leading global ramen brand at its Palmetto Gourmet Foods facility in South Carolina. The agreement, signed with one of the world's largest food and beverage companies, will significantly expand production at the facility. Six new SKUs will be launched nationally in Q1 2025. The partnership involves a ramen brand that is reportedly enjoyed by over a billion people globally.
Borealis Foods (NASDAQ: BRLS) has achieved a significant milestone by selling over 2.166 million units of their Chef Woo high-protein ramen products on Amazon. The company's monthly online sales have grown by 871%, with their subscription service experiencing a 250% growth in 2024. The success aligns with the projected 4.5% compound annual growth rate for online grocery sales over the next five years. Borealis Foods recently expanded its product lineup, introducing the new Chef Ramsay ramen in collaboration with Gordon Ramsay, available at Walmart stores.
Borealis Foods (NASDAQ: BRLS) announces expanded distribution at Walmart, with products now available in over 1,300 stores nationwide. The expansion includes the launch of new 'Ramen Noodles by Chef Ramsay' flavors - Black Garlic Beef and Shiitake Mushroom Chicken - crafted by Gordon Ramsay. The Chef Woo brand features 20g of animal-free protein and organic noodles made with American flour. This Walmart expansion marks significant growth for Borealis's protein-packed ramen options, with the new Chef Ramsay line being exclusively available at Walmart stores.
Borealis Foods Inc. (Nasdaq: BRLS) has successfully introduced Woodles®, its noodle brand, into over 4,000 school lunch programs across the United States. This expansion marks a significant milestone in the company's mission to promote healthy eating habits among students. Woodles, featuring low-sodium, whole-grain rich ingredients, meet strict USDA guidelines for school nutrition.
The company expects revenue and gross profit contribution in the second half of 2024 and beyond from this initiative. Borealis Foods' subsidiary, Palmetto Gourmet Foods (PGF), is partnering with major school districts to offer nutritious meals to thousands of students. The company aims to expand this offering across all states, working with school chefs to develop 'better-for-you' meals tailored for school programs.
This successful rollout is seen as a significant inflection point for Borealis Foods, confirming its ability to be a trusted partner for leading, national foodservice distributors. The company is actively working to develop additional opportunities in universities and hospitals.
A clinical trial conducted by Texas Tech University has revealed that Borealis Foods' (NASDAQ: BRLS) Chef Woo high-protein ramen significantly reduces caloric intake at the next meal. The randomized, double-blind, crossover study involved 25 participants aged 25-45 with BMIs of 20-30 kg/m2. Key findings include:
- 10% fewer calories consumed at lunch after eating high-protein ramen breakfast
- Reductions in fat (5g) and sodium (214mg) intake
- Potential for weight loss if included in long-term diet
The study suggests that high-protein meals like Chef Woo Ramen may contribute to effective weight management, positioning Borealis Foods as a competitor in the growing market for appetite-reducing food products.
Borealis Foods (Nasdaq: BRLS), a food tech innovation company, announced its participation in the 26th Annual H.C. Wainwright Global Investment Conference from September 9-11, 2024 in New York City. CEO Reza Soltanzadeh is scheduled to present on September 10th at 12:30 pm ET, highlighting recent initiatives and future growth strategies for the company's health-focused food offerings.
The presentation will be accessible via webcast, and the slides will be available on the company's website. Borealis Foods will also host one-on-one meetings with investors throughout the day on September 10th. Interested parties can contact their H.C. Wainwright representative to request a meeting.
Borealis Foods Inc. (Nasdaq: BRLS) CEO Reza Soltanzadeh issued a letter to shareholders highlighting Q2 2024 results and strategic developments. Key points include:
1. Gross margin improved to 7.9%, marking the third consecutive quarter of positive margins.
2. Pivot to higher-margin products, especially the Chef Woo brand, which saw shipments increase over 5x year-over-year.
3. Expectation of stronger sales in the second half of 2024 due to seasonal demand and expanded distribution channels.
4. New agreements with retailers, food service, and humanitarian programs are broadening distribution.
5. Institutional sales, particularly to schools in 20 states, are set to increase this fall.
6. Gordon Ramsay joined as Brand Ambassador and investor, with new flavors expected to launch in fall 2024.
Borealis Foods has announced a stock buyback program, which allows the company to repurchase up to $3.0 million of its common shares. This program is effective immediately and is designed to enhance shareholder value. The buyback can be executed through various methods including open market transactions, block trades, and privately negotiated transactions, all in accordance with Rule 10b-18 under the Securities Exchange Act. The exact timing and amount of repurchases will be at the management's discretion based on stock availability, market conditions, and other business factors. CEO Reza Soltanzadeh emphasized the company's growth milestones and stated that the current share valuation does not fully reflect the company's potential. The program will expire on May 30, 2025, but may be modified or terminated at any time.
Borealis Foods CEO Reza Soltanzadeh issued a letter highlighting key company developments and growth initiatives. The company has refined its product mix, leading to improved gross margins and profits for the past two quarters. Investments in R&D and marketing, including influencer partnerships, are driving sales growth. Borealis is ramping up sales to schools with its 'Woodles' product, expecting significant sales impact in the fall. Additionally, the company is exploring other institutional sales opportunities and has partnered with FSF to address global food security. Borealis's involvement in the Feeding America 'Fight Hunger. Spark Change.' program has expanded retail endpoints. The company aims to resolve its going concern issue by the end of 2024, following recent share redemptions and accumulated debts.
