Borealis Foods Inc. (NASDAQ: BRLS) is a plant-based food company that manufactures and sells protein-enriched instant ramen noodles under the Chef Woo brand. Revenue is generated through product sales of packaged plant-based noodle meals. The company was incorporated in Canada in 2019 and became a publicly traded entity on February 7, 2024, following a reverse recapitalization with Oxus Acquisition Corp. Its flagship product, Chef Woo ramen, delivers 20 grams of plant-based protein per serving, positioning it as a nutritionally differentiated alternative to conventional instant noodles and meat-based meals. The company has not paid dividends since formation and reported an accumulated deficit as of December 31, 2024. Interest expense of $5.06 million and a net loss were recorded for the fiscal year ended December 31, 2024, reflecting a pre-profitability stage of operations. Business transaction costs of $3.17 million and new product launch costs of $3.73 million were also recorded in FY2024.

Revenue model

Transactional product sales of packaged plant-based instant ramen noodles under the Chef Woo brand. No subscription or licensing revenue is described in the FY2024 10-K filing.

Products and services

Chef Woo plant-based instant ramen noodles, offering 20 grams of plant-based protein per serving. Products are positioned as environmentally lower-impact alternatives to beef, pork, chicken, and plant-based meat substitutes such as the Beyond Burger, based on a University of Michigan Life Cycle Assessment commissioned in 2021.

Customers and end markets

The FY2024 10-K does not disclose specific customer names, customer concentration data, or retail channel details. End market is consumer packaged goods, targeting buyers seeking plant-based protein sources.

Value-chain role

Manufacturer and brand owner of plant-based packaged food products. The company cites development and distribution expertise as primary competitive factors, alongside proprietary technology protected through patents, trademarks, copyrights, and trade secrets.

Geographic exposure

Incorporated under the laws of Ontario, Canada. The FY2024 10-K does not disclose a breakdown of revenue by geography.

Competitors

Beyond Burger (Beyond Meat)

Source: SEC 10-K, filed 2025-04-15

Industry: Food and Kindred Products Peers: Very Good Food Co Inc.