N
Northann Corp.
NCLCIK 0001923780NYSENon-AcceleratedSmaller ReportingEmerging GrowthPlastics Products, NecNevadaFY ends Dec 31
Period
FY 2025
Revenue
$13.60M
Net Income
$-11.67M
Total Assets
$20.44M
Equity
$9.01M
Shares Out
22.93M
Op. Cash Flow
$-5.68M
Business
Northann Corp. designs and manufactures 3D-printed decorative building products using additive manufacturing for flooring and other interior surfaces. It offers proprietary vinyl flooring panels and decorative panels under the Benchwick brand, including technologies such as Infinite Glass, DSE, TruBevel, MattMaster and ArmorDual, and provides patent licensing and AI-enabled design capabilities (Envision). Key business units include subsidiaries NBS, NCP and Crazy Industry, which handle R&D, patented technology, manufacturing and licensing. The company primarily sells through wholesale distributors in the United States and Canada, with retail sales via Dotfloor.com and limited distribution in Europe and other regions.
Summary from filing dated 2025-07-01
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Revenue | 14 | 15 | 14 | 21 | |
| Cost of revenue | 10 | 11 | 13 | 15 | |
| Gross Profit | 4 | 4 | 1 | 6 | |
| Selling | 10 | 1 | 1 | 1 | |
| General and administrative | 3 | 4 | 3 | 1 | |
| Research and development | 2 | 783,356 | 2 | 1 | |
| Total operating expenses | 15 | 6 | 6 | 4 | |
| LOSS FROM OPERATIONS | −11 | −2 | −5 | 2 | |
| Interest income | 588 | 120 | — | — | |
| Interest expense | −212,482 | −470,900 | −2 | — | |
| Other income | 1,857 | 306,404 | 1,052 | 36,462 | |
| Other expenses | −25 | −32,371 | 0 | −377,054 | |
| Impairment loss in goodwill | 0 | −3 | 0 | — | |
| Total other income (expense) | −210,062 | −3 | −2 | −1 | |
| LOSS BEFORE TAXES | −12 | −4 | −7 | 1 | |
| Income tax expense | −8,581 | −1,733 | −14,361 | −126,984 | |
| NET LOSS | −12 | −4 | −7 | 929,059 | |
| Foreign currency translation adjustment | 303,727 | 2 | −5,950 | 522,677 | |
| Total comprehensive loss | −11 | −3 | −7 | 1 | |
| Basic earnings per share | −0.82 | −1.33 | −0.35 | 0.05 | |
| Diluted earnings per share | −0.82 | −1.33 | −0.35 | 0.05 | |
| Weighted average number of shares of common stock outstanding basic | 14 | 3 | 20 | 20 | |
| Weighted average number of shares of common stock outstanding diluted | 14 | 3 | 20 | 20 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 1 | 245,164 | — | — | — | |
| Accounts receivable, net | 4 | 3 | 3 | 1 | — | |
| Inventory | 6 | 2 | 3 | 5 | — | |
| Prepaid expense | 573,094 | 490,948 | 311,402 | 236,567 | — | |
| Other receivables and other current assets | 50,075 | 74,984 | 127,313 | 111,294 | — | |
| Due from related party | 985,018 | 0 | — | — | — | |
| Total Current Assets | 12 | 6 | 7 | 7 | — | |
| Property, plant and equipment, net | 4 | 4 | 5 | 6 | — | |
| Construction in progress | 2 | 1 | 962,338 | 971,884 | — | |
| Intangible assets, net | 994,928 | 977,986 | 1 | — | — | |
| Operating lease right-of-use assets, net | 1 | 2 | 87,380 | 18,240 | — | |
| Security deposits | 9,030 | 9,030 | 9,030 | 9,030 | — | |
| TOTAL ASSETS | 20 | 14 | 14 | 14 | — | |
| Accounts and other payables and accruals | 4 | 3 | 5 | 5 | — | |
| Unearned revenue | 1 | 0 | 1 | 287 | — | |
| Operating lease liabilities, current | 374,585 | 355,754 | 31,413 | 18,240 | — | |
| Loans Payable, Current | 1 | 5 | — | — | — | |
| Tax payable | 22,538 | 601,317 | 608,679 | 70,276 | — | |
| Due to related party | 0 | 1 | 302,943 | 184,060 | — | |
| Total Current Liabilities | 7 | 10 | 13 | 12 | — | |
| Operating lease liabilities, non-current | 1 | 1 | 55,967 | — | — | |
| Loan payable, non-current | 3 | 136,947 | — | — | — | |
| TOTAL LIABILITIES | 11 | 11 | 13 | 12 | — | |
| Commitments and contingencies | 0 | 0 | — | — | — | |
| Common stock: $0.001 par value, 400,000,000 shares authorized, 22,933,083 shares issued and outstanding as of December 31, 2025 and 6,933,050 shares issued and outstanding as of December 31, 2024 | 22,933 | 6,933 | 21,380 | 20,000 | — | |
| Subscription receivable | −13 | −1 | −25,000 | — | — | |
| Additional paid-in capital | 42 | 16 | 7 | 925,000 | — | |
| Accrued compensation expense | 0 | −3 | — | — | — | |
| Accumulated deficit | −21 | −10 | −5 | 2 | — | |
| Accumulated other comprehensive income | 1 | 1 | −775,841 | −769,891 | — | |
| otal stockholders' deficit | 9 | 3 | 582,612 | 2 | −402,997 | |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 20 | 14 | 14 | 14 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Depreciation and amortization | 661,705 | 645,493 | 680,166 | 598,144 | |
| Share-based compensation | 10 | 2 | 0 | — | |
| Income from settlement of convertible notes | 0 | −250,000 | 0 | — | |
| Lease expense | 438,854 | 168,331 | — | — | |
| Tax payable write-off | −539,505 | 0 | — | — | |
| Accounts receivable | −520,042 | −491,103 | −1 | −174,320 | |
| Inventory | −4 | 649,877 | 2 | −2 | |
| Other receivable | 27,427 | 52,328 | −16,019 | −37,495 | |
| Prepayments | 274,182 | −179,546 | −74,835 | 246,444 | |
| Accounts payable | −108,585 | −41,968 | −2 | −1 | |
| Accruals and other payables | 1 | −705,645 | 2 | −181,525 | |
| Unearned revenue | 1 | −1 | 1 | −2 | |
| Accrued interest | −4,510 | 9,234 | 444 | −444 | |
| Operating lease payment | −438,854 | −168,331 | 69,140 | −25,722 | |
| Tax payable | −40,845 | −7,362 | 538,403 | −337,763 | |
| Due to related party | −2 | 0 | — | — | |
| Net Cash (Used in) Operating Activities | −6 | −1 | −5 | −3 | |
| Purchase of equipment | −100,289 | 0 | 0 | 336,669 | |
| Payments for construction | −791,479 | −296,363 | 0 | −487,276 | |
| Net Cash (Used in) Investing Activities | −891,768 | −296,363 | 0 | −150,607 | |
| Issuance of common shares | 7 | 0 | — | — | |
| Stock Subscription Receivable | 1 | 0 | — | — | |
| Amounts received from related parties | 0 | 1 | 118,883 | 1 | |
| Proceeds from loan payable, non-current | 3 | 0 | — | — | |
| Proceeds from bank borrowings | 0 | 726,099 | 0 | 772,016 | |
| Repayments of loan payable, current | −4 | −2 | — | — | |
| Repayment of secured borrowing arrangement | 0 | −844,900 | — | — | |
| Settlement of convertible notes | 0 | −500,000 | — | — | |
| Net Cash Provided by (Used in) Financing Activities | 7 | −1 | 5 | 3 | |
| EFFECT OF EXCHANGE RATE CHANGE ON CASH & CASH EQUIVALENTS | −97,214 | 2 | 152,506 | 522,676 | |
| Net change in cash and restricted cash | 785,448 | −860,050 | 850,279 | −497,714 | |
| Cash paid for income taxes | 8,581 | 246,140 | 286,762 | 110,043 | |
| Cash paid for interest | 216,992 | 120,525 | 255,229 | 292,582 |
Filings
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