Borealis Foods — Six Months Ended June 30, 2026 Earnings Summary

Financial Performance

• Preliminary revenue from the U.S. K–12 foodservice channel increased 110% year-over-year for the six months ended June 30, 2026, compared to the same period in 2025.
• The 110% revenue figure is preliminary, based on channel-level results, has not been audited or reviewed, and is subject to adjustment during the preparation of financial statements for the quarter ended June 30, 2026.
• No specific figures for total revenue, net earnings, profit margins, cash flow, deferred revenue, or debt were disclosed in the press release.

Business Segments and Product Lines

• The company expanded its presence in the U.S. K–12 foodservice channel to more than 20,000 schools representing approximately 2,500 school districts.
• Over the past 12 months, school products shipped through 106 distributors across 40 states.
• Products are designed for school nutrition programs to meet nutritional requirements while remaining practical for school kitchens and appealing to students.
• Product versatility allows incorporation into soups, stir-fries, salads, bowls, and other speed-scratch recipes.
• The company operates through its wholly owned subsidiary, Palmetto Gourmet Foods, which manufactures noodle products for retail, foodservice, and major food industry partners at its facility in Saluda, South Carolina.

Market and Competitive Landscape

• The U.S. National School Lunch Program includes more than 95,000 schools and institutions, representing a long-term opportunity for expansion.
• The company received strong interest and positive feedback from school nutrition professionals at the School Nutrition Association's 2026 Annual National Conference in Charlotte, North Carolina.
• Management views institutional foodservice as a growing national growth channel driven by demand for practical, versatile, and dependable food solutions.

Risks and Challenges

• Forward-looking statements identify risks including school and distributor purchasing decisions, competitive market conditions, supply chain and production factors, and customer demand.
• Potential risks include the company's liquidity and financing requirements and its ability to maintain compliance with Nasdaq continued listing requirements.
• Actual results may differ materially from expectations due to these risks and uncertainties.

Management Commentary and Tone

• Reza Soltanzadeh, Founder and CEO, stated that the 110% revenue growth reflects the company's ability to identify large institutional opportunities and scale differentiated food solutions through its U.S. manufacturing platform.
• Soltanzadeh expressed confidence that the channel can support increased production volume, greater manufacturing utilization, and long-term growth as adoption continues.
• Amanda Bot, Vice President of the K–12 Division, noted that the response from school districts has been outstanding, highlighting the market need for products that students enjoy while being operationally practical.

Other Key Points

• The press release is dated August 26, 2026.
• The company is listed on Nasdaq under the ticker symbol BRLS.
• The announcement coincides with the company's participation in the School Nutrition Association's 2026 Annual National Conference.