{"url_path":"/sec/brls/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-06-02","source_url":"https://www.sec.gov/Archives/edgar/data/1852973/0001213900-26-063777-index.html","accession_number":"0001213900-26-063777","cik":"0001852973","ticker":"BRLS","issuer_name":"Borealis Foods Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1852973/0001213900-26-063777-index.html","primary_entity_key":"0001852973","primary_entity_name":"Borealis Foods Inc."},"word_count":669,"has_tables":true,"body_markdown":"** **\n\n**UNITED STATES\nSECURITIES AND EXCHANGE COMMISSION\nWashington, D.C. 20549**\n\n \n\n**FORM 10-K**\n\n** **\n\n**☒****ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the fiscal year ended December 31, 2025**\n\n** **\n\n**OR**\n\n \n\n☐\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n** **\n\n**For\nthe transition period from                    to                  **\n\n \n\n**Borealis\nFoods Inc.**\n\n**(Exact name of registrant as specified in its charter)**\n\n** **\n\n**Ontario**   **001-40778**   **98-1638988**\n\n**(State or other jurisdiction of incorporation or organization)**   **(Commission File Number)**   **(I.R.S. Employer Identification Number)**\n\n \n\n**1540 Cornwall Rd. #104 Oakville, Ontario, Canada**   **L6J 7W5**\n\n**(Address of principal executive offices)**   **(Zip Code)**\n\n \n\n**Registrant’s telephone number, including\narea code: (905) 278-2200**\n\n** **\n\n**Securities registered pursuant to Section 12(b)\nof the Act:**\n\n** **\n\n**Title of Each Class:**   **Trading Symbol:**   **Name of Each Exchange on Which Registered:**\n\n**Common Shares**   **BRLS**   **Nasdaq Capital Market**\n\n**Warrants**   **BRLSW**   **Nasdaq Capital Market**\n\n** **\n\nIndicate by check mark if the registrant\nis a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒\n\n \n\nIndicate by check mark if the registrant\nis not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities\nExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),\nand (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant\nto Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant\nwas required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant\nis a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.\nSee the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”\nand “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer ☐ Accelerated filer ☐\n\nNon-accelerated filer ☒ Smaller reporting company ☒\n\nEmerging growth company ☒    \n\n \n\nIf an emerging growth company, indicate\nby check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial\naccounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant\nhas filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial\nreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or\nissued its audit report. ☐\n\n \n\nIf securities are registered pursuant\nto Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect\nthe correction of an error to previously issued financial statements. ☐\n\n \n\nIndicate by check mark whether any of\nthose error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s\nexecutive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nIndicate by check mark whether the registrant\nis a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐\nNo ☒\n\n \n\nThe aggregate market value of the Common Shares outstanding,\nheld by non-affiliates of the registrant, based on the closing price of $1.45, reported on the Nasdaq Capital Market, for the Common Shares\non May 28, 2026, was approximately $31.12 million. \n\n \n\nAs of May 28, 2026, 21,463,306 Common\nShares of the registrant, no par value, were issued and outstanding.\n\n \n\nDOCUMENTS INCORPORATED BY REFERENCE\n\n** **\n\nNot applicable. The information required by Part III, Items 10 through\n14 of this Form 10-K is included herein\n\n \n\n \n\n \n\n \n\n \n\n \n\nTABLE OF CONTENTS\n\n \n \n\n[**Market and Industry Data**](#a_001)\n**ii**\n\n[**Cautionary\nNote on Forward-Looking Statements**](#a_002)\n**iii**\n\n \n \n\n[**PART I**](#a_003)"}