Borealis Foods Reports Third Quarter 2024 Financial Results
Financial Performance: Borealis Foods Inc. reported a significant increase in third-quarter net sales to $7.7 million, up over 45% from the previous quarter, with gross margin improving to 17%, more than doubling from 8% in Q2 2024. The company attributed this growth to a strategic shift towards higher-margin products like Chef Woo and Woodles.
Expansion and Future Plans: The company is expanding its distribution, particularly through Walmart, and has begun full-scale shipments of Woodles to schools. CEO Reza Soltanzadeh expressed optimism for continued growth in sales and margins, driven by seasonal demand and new product flavors developed in partnership with Gordon Ramsay.
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Borealis Foods Earns National Acclaim and Posts Impressive Q2 Performance
Awards and Recognition: Borealis Foods' Chef Woo high-protein ramen received the American Masters of Taste Gold Medal for Superior Taste and was named an Editor's Top Pick by Food & Beverage Magazine, highlighting its exceptional flavor and innovation.
Financial Performance: In Q2 2025, Borealis Foods reported a 36% increase in net revenue to $7.2 million and a 31% reduction in SG&A expenses, indicating improved efficiency and strong demand for its products.
Borealis Foods' CEO Reza Soltanzadeh Issues Letter to Shareholders
Company Overview and Achievements: Borealis Foods Inc. has reported significant growth in gross margins and profitability, driven by strategic partnerships with major food service companies and a focus on higher-margin products like their Chef Woo ramen. Their US-based manufacturing facility is positioned to produce 600 million meals annually, enhancing their resilience against supply chain risks.
Future Outlook and Strategic Direction: The company plans to continue developing innovative food products while strengthening financial partnerships to support long-term growth. They aim to leverage their technological capabilities and collaborations with global food leaders to enhance their market presence and fight malnutrition.