NEW YORK, July 10, 2026 (GLOBE NEWSWIRE) -- Borealis Foods Inc. (Nasdaq: BRLS, BRLSW) ("Borealis" or the "Company"), a food science and manufacturing company known for its Chef Woo, Chef Ramsay, Ramen Express, and Woodles brands, today provided an update on business progress, including continued demand for its protein-rich products, expanding manufacturing partnerships, and recent actions to strengthen its operations..
"Demand for our products continues to be healthy across the board, especially in our higher-margin, protein-rich products," said Reza Soltanzadeh, Chief Executive Officer of Borealis Foods. "We are also very encouraged by our manufacturing partnerships with leading global food companies as we roll out our newest products in the U.S. and Canada."
Soltanzadeh continued, "Having significant manufacturing capacity makes it possible for Borealis to enter into strategic manufacturing partnerships that can help maximize utilization of our production capacity. As we ramp up production of new products, we expect revenues and margins to improve over the next few quarters."
For the first quarter ended March 31, 2026, Borealis reported net revenue growth of 8.0% year-over-year, a 29.3% improvement in loss from operations, a 24.0% reduction in SG&A, and a 91% improvement in net cash used in operating activities compared with the prior-year period. Subsequent to quarter-end, the Company refinanced its primary secured debt, eliminating a previously scheduled August 2026 balloon maturity and extending the maturity date to April 2031.
The Company continues to focus on improving manufacturing utilization at its Saluda, South Carolina facility, expanding institutional production volume, strengthening margins, and building a well diversified business. Borealis expects its recently added manufacturing partnerships to support increased capacity utilization as they ramp-up during 2026.
As previously disclosed in the Company's Current Report on Form 8-K filed on July 8, 2026, the Company received a notice from The Nasdaq Stock Market LLC regarding the minimum Market Value of Listed Securities requirement for continued listing on The Nasdaq Capital Market The notice has no immediate effect on the listing or trading of the Company's common shares or warrants. Borealis has until December 29, 2026, to regain compliance and intends to work diligently to address the matter within the applicable period.
The Company's Quarterly Report on Form 10-Q for the period ended March 31, 2026 and Current Report on Form 8-K regarding the Nasdaq notice are available at www.sec.gov and on the Company's investor relations website.
About Borealis Foods Inc.
Borealis Foods Inc. is a food science and manufacturing company focused on developing and commercializing innovative, nutritious, and affordable food products. Through its CPG platform and Palmetto Gourmet Foods manufacturing operations, the Company markets a portfolio of healthy, nutritious and affordable protein-based noodle and ramen products across multiple brands, channels, and price points.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements regarding the Company's ability to regain compliance with Nasdaq's continued listing requirements, improve operating performance, increase manufacturing utilization, expand institutional production volume, strengthen margins, and execute its business plan. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially, including risks relating to the Company's ability to continue as a going concern, liquidity and financing requirements, Nasdaq continued listing compliance, customer demand, production ramp-up, related-party transactions, shareholder approval requirements, dilution, internal control weaknesses, and other risks described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements except as required by applicable law.
Media Contact
Henry Wong
Chief Marketing and Public Relations Officer
Borealis Foods Inc.
1540 Cornwall Road, Suite 104
Oakville, ON L6J 7W5
(905) 278-2200
