Borealis Foods Inc. is an Ontario-based food company traded on Nasdaq, involved in food industry activities with a focus on innovative products and technology.

# Summary of Borealis Foods Inc.

**Company Overview:**  
Borealis Foods Inc. is a food-focused company incorporated in Ontario, Canada. The company is traded on the Nasdaq Capital Market under the ticker symbols **BRLS** (Common Shares) and **BRLSW** (Warrants).

**Business Activities:**  
The specific operational activities and business model of Borealis Foods Inc. are not detailed in the provided document. However, based on references to its leadership and related transactions, it is involved in the food industry, potentially with a focus on innovative or market-driven food products and related food technology.

**Size and Financials:**  
- **Number of Employees:** Not explicitly stated.  
- **Number of Customers:** Not specified.  
- **Revenue and Income:** Financial data such as revenue, net income, or gross profit are not provided within the excerpt of the report.  

**Ownership & Market Value:**  
- **Outstanding Shares:** 21,378,890 common shares issued and outstanding as of April 15, 2025.  
- **Market Capitalization:** Approximately **$37.9 million**, based on a closing share price of **$5.91** on Nasdaq on April 15, 2025.  

**Ownership Structure:**  
- Significant beneficial owners include officers and directors, such as Reza Soltanzadeh (17.1%), and major shareholders like Oxus Capital Pte. Ltd. (25.0%) and Belphar Ltd. (13.3%).

**Management & Governance:**  
- The company has several executive officers including a CEO, CFO, Legal Officer, Chief Marketing Officer, and Chief Strategy Officer.  
- The board includes independent directors with expertise in finance, investments, natural resources, and global education, although it is currently under review due to a recent departure affecting Nasdaq independence requirements.

**Regulatory and Corporate Governance:**  
- The company adheres to corporate governance guidelines, a code of conduct, and maintains committees for audit, compensation, and governance.  
- It filed a Form 10-K/A to amend and complete disclosures, notably regarding its directors and governance.

**Summary of Key Metrics:**  
- The detailed operational metrics such as revenue, profit, number of clients, or employees are not included in this excerpt.  
- The company's filings focus on governance, ownership, and executive compensation rather than operational performance or financial results.

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*Note:* The available document is primarily a regulatory filing focused on corporate governance, ownership, and executive details, with no specific financial performance or operational metrics provided.

Borealis Foods Inc. is a food technology company focused on creating high-quality, sustainable, and nutritious ready-to-eat meals to combat food security and nutrition challenges.

## Summary of Borealis Foods Inc.

### Company Overview
Borealis Foods Inc., formerly known as Oxus Acquisition Corp., is a food technology company focused on creating high-quality, affordable, sustainable, and nutritious ready-to-eat meals. The company targets the urgent global challenges of food security and nutrition, seeking to positively impact both human health and environmental sustainability.

### Product Focus
- **Core Product**: The company has developed a complete protein dough that contains all nine essential amino acids, launching its first product line featuring **Chef Woo** and **Ramen Express** branded ramen noodles. Each serving contains **20 grams of complete plant-based protein**.
- **Innovation**: Borealis Foods' products are designed to appeal to health-conscious consumers by providing higher protein content and better nutritional profiles compared to traditional instant noodles. Their noodles are marketed as a sustainable and healthier alternative, contributing to the fight against malnutrition globally.
  
### Market Presence
- **Distribution**: Borealis Foods products are available across **approximately 22,000 points of distribution**, including major retailers such as Walmart, Costco, Aldi, and Save Mart in North America, as well as e-commerce platforms like Amazon and Walmart.com.
- **Target Markets**: The company aims to expand its reach into humanitarian food programs, government feeding programs, the military, hospitals, and nursing homes.

### Financial Performance
- **Revenue**: As of December 31, 2023, Borealis Foods reported having an **accumulated deficit** of approximately **$7.36 million**; the revenue figures have not been disclosed specifically as the company has primarily focused on development until the consummation of its business combination but expects significant growth moving forward.
- **Net Loss**: For the year ended December 31, 2023, the company had a **net loss of approximately $2.94 million**, with total operating expenses of **$5.13 million**, while generating some income primarily from dividends.

### Employees
- **Employee Count**: The company employs **approximately 176 full-time employees**, with the majority in manufacturing operations, alongside roles in research and development, sales and marketing, human resources, and finance.

### Strategic Goals
- The company plans to invest in further innovation, enhancing its product lines to include high-fiber, gluten-free, low-carb, and other dietary-specific foods. Moreover, Borealis is actively exploring partnerships with NGOs and government programs to expand its product offerings to institutions that address food insecurity.

### Future Outlook
Borealis Foods is positioned to significantly shape the instant food landscape while addressing nutritional challenges and sustainability concerns, aiming to capitalize on the growing demand for plant-based and ready-to-eat meal solutions globally.

### Key Strengths
- **Innovative Technology**: The company boasts patented and proprietary technology to enhance the nutritional value of processed foods.
- **Sustainable Practices**: Commitment to sustainability, aiming to produce food with reduced environmental impact while boosting nutrition.

### Closing Thoughts
Amid rising global interest in sustainable food practices and plant-based diets, Borealis Foods is positioned to leverage its innovative product offerings and broad distribution networks to achieve strong market growth in the coming years.

Borealis Foods Inc.

10-K / April 30, 2025

10-K / April 15, 2024

10-K / April 30, 2025

Summary of Borealis Foods Inc.