Borealis Foods reports Q1 gross margin improvement to 13% and $2M from new food service partner

Borealis Foods Inc.

Q1 2025 gross margin 13% vs 3% YoY; gross profit ~$900K vs ~$242K; ex-D&A margin would be 19%.
SG&A expenses down 37% to $3.8M, driven by lower professional services and shift from DTC.
Large national food service customer contributed $2M in first full quarter, supplying K-12 and prisons.
Partnership with multinational food company began shipping ramen in Q1; products in global retail.
Discussions underway with potential strategic and financial partners for financing.

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