Northann Corp Financials
Northann Corp (NCL) reported $13.6M in revenue for fiscal year 2025, down 11.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Stable gross margins mask a sharp operating-cost burden, while financing inflows—not operations—funded Northann’s latest reported period.
The central disconnect is between gross profitability and cash conversion: in FY2025, gross profit was$3.6M , yet operating cash flow was-$5.7M and net loss reached-$11.7M . Because gross margin held near26.3% while operating margin deteriorated to-84.2% , the pressure sits below production cost rather than in the core gross-profit line.
The balance sheet became less compressed: the current ratio improved from 0.6 in FY2024 to 1.7 in FY2025, while debt-to-equity fell from 4.3x to 1.3x. That improvement coincided with
Revenue remained below FY2022 at
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Northann Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Northann Corp scores -1.91, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($8.5M) relative to total liabilities ($11.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Northann Corp passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Northann Corp reported a net loss of $11.7M while operations used $5.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Northann Corp reported an operating loss of $11.5M against $212K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Northann Corp generated $13.6M in revenue in fiscal year 2025. This represents a decrease of 11.4% from the prior year.
Northann Corp's EBITDA was -$10.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 949.5% from the prior year.
Northann Corp reported -$11.7M in net income in fiscal year 2025. This represents a decrease of 166.5% from the prior year.
Cash & Balance Sheet
Northann Corp held $1.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Northann Corp's gross margin was 26.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.
Northann Corp's operating margin was -84.2% in fiscal year 2025, reflecting core business profitability. This is down 73.3 percentage points from the prior year.
Northann Corp's net profit margin was -85.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 57.3 percentage points from the prior year.
Northann Corp's ROE was -129.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 38.9 percentage points from the prior year.
Capital Allocation
Northann Corp invested $2.1M in research and development in fiscal year 2025. This represents an increase of 166.9% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
NCL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.0M | N/A | $3.5M+107.8% | $1.7M-50.4% | $3.4M-20.2% | $4.3M+68.4% | $2.6M-34.2% | $3.9M |
| Cost of Revenue | $5.5M | N/A | $5.0M+90.3% | $2.6M-14.0% | $3.0M-30.8% | $4.4M+373.8% | $929K-68.9% | $3.0M |
| Gross Profit | -$495K | N/A | -$1.4M-57.7% | -$914K-333.9% | $391K+518.4% | -$93K-105.7% | $1.6M+80.8% | $901K |
| R&D Expenses | $234K | N/A | $290K+13.0% | $256K-44.6% | $462K-5.5% | -$489K+43.8% | $340K-19.0% | $420K |
| SG&A Expenses | $1.7M | N/A | $662K-15.1% | $780K-47.3% | $1.5M+16.0% | $1.3M+121.8% | $576K-60.6% | $1.5M |
| Operating Income | -$2.9M | N/A | -$8.8M-299.1% | -$2.2M+14.8% | -$2.6M-85.5% | -$1.4M-350.8% | $553K+147.4% | -$1.2M |
| Interest Expense | $44K | N/A | $46K-32.0% | $68K+20.7% | $56K-21.9% | $72K+34.2% | $53K-31.2% | $78K |
| Income Tax | $0 | N/A | $0 | $0 | $0+100.0% | -$1K-53100.0% | -$2-100.1% | $3K |
| Net Income | -$2.9M | N/A | -$8.8M-289.1% | -$2.3M+14.0% | -$2.6M+33.2% | -$3.9M-893.2% | $497K+149.8% | -$997K |
| EPS (Diluted) | -$0.06 | N/A | -$0.07 | -$0.02+28.6% | -$0.03 | -$0.15-850.0% | $0.02+150.0% | -$0.04 |
NCL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $30.8M+50.6% | $20.4M+36.7% | $15.0M-9.4% | $16.5M+0.1% | $16.5M+18.9% | $13.9M-4.7% | $14.6M+10.8% | $13.1M |
| Current Assets | $12.6M+1.8% | $12.3M+87.6% | $6.6M-19.2% | $8.1M-4.8% | $8.6M+44.7% | $5.9M-2.0% | $6.0M-5.6% | $6.4M |
| Cash & Equivalents | $240K-76.7% | $1.0M+2420.9% | $41K-96.2% | $1.1M-43.1% | $1.9M+661.2% | $245K+179.4% | $88K-60.8% | $224K |
| Inventory | $6.1M-1.9% | $6.2M+77.8% | $3.5M-1.2% | $3.5M+50.3% | $2.3M+17.3% | $2.0M-47.6% | $3.8M+25.0% | $3.0M |
| Accounts Receivable | $3.9M+9.6% | $3.5M+43.0% | $2.5M-10.8% | $2.8M-26.5% | $3.7M+20.6% | $3.1M+60.1% | $1.9M-23.4% | $2.5M |
| Total Liabilities | $12.3M+7.9% | $11.4M-12.8% | $13.1M+8.1% | $12.1M-3.7% | $12.6M+11.6% | $11.3M-14.4% | $13.2M+8.2% | $12.2M |
| Current Liabilities | $8.3M+13.1% | $7.4M-18.1% | $9.0M+12.7% | $8.0M-27.9% | $11.1M+14.5% | $9.7M-15.8% | $11.5M-4.3% | $12.0M |
| Total Equity | $18.4M+104.8% | $9.0M+388.5% | $1.8M-57.9% | $4.4M+12.0% | $3.9M+50.5% | $2.6M+87.1% | $1.4M+43.4% | $969K |
| Retained Earnings | -$24.3M-13.5% | -$21.4M+8.6% | -$23.4M-60.3% | -$14.6M-18.4% | -$12.3M-27.1% | -$9.7M-68.4% | -$5.8M+7.9% | -$6.3M |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
NCL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.4M | N/A | -$16K+99.4% | -$2.8M-179.0% | -$1.0M+36.0% | -$1.6M-1030.2% | $170K+238.9% | -$122K |
| Investing Cash Flow | -$211K | N/A | -$233K+63.3% | -$636K-326.9% | -$149K-384.3% | $52K+338.7% | -$22K+61.2% | -$57K |
| Financing Cash Flow | $818K | N/A | -$673K-151.7% | $1.3M-58.6% | $3.1M+2956.2% | -$110K+41.0% | -$187K+24.6% | -$248K |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
NCL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -10.0% | N/A | -40.6%+12.9pp | -53.6%-64.9pp | 11.4%+13.5pp | -2.2%-65.9pp | 63.7%+40.5pp | 23.2% |
| Operating Margin | -57.5% | N/A | -246.9% | -128.6% | -74.9%-42.7pp | -32.2%-53.9pp | 21.6%+51.6pp | -30.0% |
| Net Margin | -58.4% | N/A | -248.2% | -132.5% | -76.5%+14.9pp | -91.4%-110.9pp | 19.4%+45.1pp | -25.7% |
| Return on Equity | -15.7% | N/A | -477.0%-425.4pp | -51.6%+15.6pp | -67.3%+84.3pp | -151.5%-187.3pp | 35.8%+138.7pp | -102.9% |
| Return on Assets | -9.4% | N/A | -58.8%-45.1pp | -13.7%+2.2pp | -16.0%+12.4pp | -28.4%-31.8pp | 3.4%+11.0pp | -7.6% |
| Current Ratio | 1.51-0.2x | 1.67+0.9x | 0.73-0.3x | 1.02+0.2x | 0.77+0.2x | 0.61+0.1x | 0.530.0x | 0.53 |
| Debt-to-Equity | 0.67-0.6x | 1.27-5.8x | 7.11+4.3x | 2.77-0.4x | 3.22-1.1x | 4.34-5.1x | 9.48-3.1x | 12.56 |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
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Where Northann Corp Ranks
Frequently Asked Questions
What is Northann Corp's annual revenue?
Northann Corp (NCL) reported $13.6M in total revenue for fiscal year 2025. This represents a -11.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Northann Corp's revenue growing?
Northann Corp (NCL) revenue declined by 11.4% year-over-year, from $15.3M to $13.6M in fiscal year 2025.
Is Northann Corp profitable?
No, Northann Corp (NCL) reported a net income of -$11.7M in fiscal year 2025, with a net profit margin of -85.8%.
What is Northann Corp's EBITDA?
Northann Corp (NCL) had EBITDA of -$10.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Northann Corp's gross margin?
Northann Corp (NCL) had a gross margin of 26.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Northann Corp's operating margin?
Northann Corp (NCL) had an operating margin of -84.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Northann Corp's net profit margin?
Northann Corp (NCL) had a net profit margin of -85.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Northann Corp's return on equity (ROE)?
Northann Corp (NCL) has a return on equity of -129.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Northann Corp's operating cash flow?
Northann Corp (NCL) recorded an outflow of $5.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Northann Corp's total assets?
Northann Corp (NCL) had $20.4M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Northann Corp spend on research and development?
Northann Corp (NCL) invested $2.1M in research and development during fiscal year 2025.
What is Northann Corp's current ratio?
Northann Corp (NCL) had a current ratio of 1.67 as of fiscal year 2025, which is generally considered healthy.
What is Northann Corp's debt-to-equity ratio?
Northann Corp (NCL) had a debt-to-equity ratio of 1.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Northann Corp's return on assets (ROA)?
Northann Corp (NCL) had a return on assets of -57.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Northann Corp's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Northann Corp (NCL) held $1.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $5.7M over that year. Dividing the one by the other, the reported balance equals about 2 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Northann Corp's Altman Z-Score?
Northann Corp (NCL) has an Altman Z-Score of -1.91, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Northann Corp's Piotroski F-Score?
Northann Corp (NCL) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Northann Corp's earnings high quality?
Northann Corp (NCL) reported a net loss of $11.7M while operations used $5.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Northann Corp cover its interest payments?
Northann Corp (NCL) reported an operating loss of $11.5M against $212K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Northann Corp?
Northann Corp (NCL) scores 25 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.