Borealis Foods Q3 net sales $7.7M, gross margin 17%, net loss improves to $4.8M

Borealis Foods Inc.

2024-Q3 EPS reported -$0.98 revenue$20,908,612

Net sales $7.7M, up 45% sequentially from $5.3M; gross margin 17% (vs 8% Q2) on premium Chef Woo/Woodles mix.
Non-GAAP gross margin 23%; gross profit $1.3M, more than tripled from $0.4M in Q2.
Net loss narrowed to $4.8M from $6.3M Q2; adjusted EBITDA turned positive at $17,000.
Post-Q3 added Walmart locations; Woodles school rollout began; exclusive ramen mfg partnership with global food conglomerate (revenue Q1 2025).
Cash $0.7M with $3.5M revolver capacity; mgmt expects sequential growth and margin expansion in Q4.

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