N
Northann Corp.
Period
FY 2025
Revenue
$13.60M
Net Income
$-11.67M
Total Assets
$20.44M
Equity
$9.01M
Shares Out
53.73M
Op. Cash Flow
$-5.68M
Business
Northann Corp manufactures and distributes 3D-printed vinyl flooring under the Benchwick and SuperOak brands, using proprietary printing technologies including Infinite Glass, DSE, TruBevel, and MattMaster. The company produces customizable flooring products via additive manufacturing to reduce material waste and production costs. Products are sold through wholesale distribution to large retailers and online channels in North America, with manufacturing facilities in China and a new U.S. facility in South Carolina.
Summary from 10-K filed 2026-04-14
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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Frequently asked questions
What is Northann Corp.'s CIK number?
Northann Corp.'s SEC CIK number is 0001923780 (1923780). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Northann Corp.'s SEC filings?
All of Northann Corp.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.