Northann Corp. (NCL) Financials
Newest figures come from the 10-K for FY2025, filed Apr 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NCL SEC filings page.
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).
Northann's gross margin recovered, but operating costs and external financing still leave the business cash-consuming despite improved liquidity.
Gross margin recovered from8.7% in FY2023 to26.3% in FY2025, restoring product-level profitability. Yet operating margin reached-84.2% in FY2025, so expenses below gross profit—not production economics—now dominate reported losses.
Operating cash flow remained negative at
Current ratio improved to 1.7x from 0.6x in FY2024, reducing near-term balance-sheet tightness. Debt-to-equity fell to 1.3x alongside financing cash flow of
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. held $1.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $5.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Northann Corp. scores 9/100 among other emerging companies.
Northann Corp. had 54M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Northann Corp. scores 18/100 among other emerging companies.
Northann Corp. spent $2.1M on research and development in fiscal year 2025, which was 8.3% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Northann Corp. scores 33/100 among other emerging companies.
Northann Corp. reported revenue of $13.6M in fiscal year 2025, against $15.3M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Northann Corp. scores 42/100 among other emerging companies.
Northann Corp.'s operations used $5.7M of cash in fiscal year 2025, against $1.2M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Northann Corp. scores 35/100 among other emerging companies.
Northann Corp.'s cash, cash equivalents and investments came to $1.0M at the end of fiscal year 2025, against $11.4M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Northann Corp. scores 16/100 among other emerging companies.
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 $5.0M in revenue in Q4 2026. This represents an increase of 44.3% from the same quarter a year earlier.
Northann Corp.'s EBITDA was -$1.8M in Q4 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 23.7% from the same quarter a year earlier.
Northann Corp. reported -$2.9M in net income in Q4 2026. This represents a decrease of 10.1% from the same quarter a year earlier.
Cash & Balance Sheet
Northann Corp. held $240K in cash as of Q4 2026; long-term debt is not reported for that period.
Not reported for Q4 2026.
Not reported for Q4 2026.
Margins & Returns
Northann Corp.'s gross margin was -10.0% in Q4 2026, indicating the percentage of revenue retained after direct costs. This is down 21.3 percentage points from the same quarter a year earlier.
Northann Corp.'s operating margin was -57.5% in Q4 2026, reflecting core business profitability. This is up 17.4 percentage points from the same quarter a year earlier.
Northann Corp.'s net profit margin was -58.4% in Q4 2026, showing the share of revenue converted to profit. This is up 18.2 percentage points from the same quarter a year earlier.
Northann Corp.'s ROE was -15.7% in Q4 2026, measuring profit generated per dollar of shareholder equity. This is up 51.6 percentage points from the same quarter a year earlier.
Capital Allocation
Northann Corp. invested $234K in research and development in Q4 2026. This represents a decrease of 49.4% from the same quarter a year earlier.
Not reported for Q4 2026.
Not reported for Q4 2026.
NCL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.0M+44.3% | N/A | $3.5M+38.6% | $1.7M-56.1% | $3.4M-25.2% | $4.3M-5.0% | $2.6M+18.4% | $3.9M-14.4% |
| Cost of Revenue | $5.5M+79.1% | N/A | $5.0M+436.7% | $2.6M-12.3% | $3.0M-0.1% | $4.4M+4.9% | $929K-72.9% | $3.0M-17.9% |
| Gross Profit | -$495K-226.6% | N/A | -$1.4M-188.5% | -$914K-201.5% | $391K-74.7% | -$93K-128.8% | $1.6M+228.9% | $901K-0.2% |
| R&D Expenses | $234K-49.4% | N/A | $290K-14.9% | $256K-38.9% | $462K-9.9% | -$489K-62.1% | $340K+242.9% | $420K+99.7% |
| SG&A Expenses | $1.7M+17.1% | N/A | $662K+15.1% | $780K-46.6% | $1.5M+205.4% | $1.3M-30.1% | $576K+62.2% | $1.5M+280.3% |
| Operating Income | -$2.9M-10.7% | N/A | -$8.8M-1681.9% | -$2.2M-88.0% | -$2.6M-885.0% | -$1.4M+59.3% | $553K+129.0% | -$1.2M-822.7% |
| EBITDA | -$1.8M+23.7% | N/A | -$8.6M-1053.9% | -$2.1M-84.3% | -$2.3M-602.8% | -$1.2M+60.4% | $900K+152.6% | -$1.1M-902.2% |
| Interest Expense | $44K-21.6% | N/A | $46K-14.0% | $68K-12.9% | $56K-79.1% | $72K-94.4% | $53K+158.5% | $78K-76.5% |
| Income Tax | $0 | N/A | $0+100.0% | $0-100.0% | $0 | -$1K-112.4% | -$2 | $3K+619.5% |
| Net Income | -$2.9M-10.1% | N/A | -$8.8M-1872.0% | -$2.3M-126.7% | -$2.6M-4482.0% | -$3.9M-6.5% | $497K+117.0% | -$997K-43.1% |
| EPS (Basic) | -$0.06-128.6% | N/A | -$0.07-450.0% | -$0.02+50.0% | -$0.03-530.8% | -$0.15+16.7% | $0.02+113.3% | -$0.04-33.3% |
| EPS (Diluted) | -$0.06 | N/A | -$0.07 | -$0.02 | -$0.03 | -$0.15+16.7% | $0.02+113.3% | -$0.04-33.3% |
| Diluted Shares (Avg) | 45M | N/A | 123M | 95M | 95M | N/A | 24M+21.4% | 23M+14.6% |
NCL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $30.8M+86.7% | $20.4M+47.3% | $15.0M+2.7% | $16.5M+25.6% | $16.5M+24.6% | $13.9M+1.9% | $14.6M-4.4% | $13.1M |
| Current Assets | $12.6M+46.7% | $12.3M+108.6% | $6.6M+8.9% | $8.1M+27.4% | $8.6M+35.0% | $5.9M-13.1% | $6.0M-25.3% | $6.4M |
| Cash & Equivalents | $240K-87.2% | $1.0M+320.4% | $41K-53.4% | $1.1M+373.9% | $1.9M+214.2% | $245K-77.8% | $88K-3.1% | $224K+710.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $6.1M+159.1% | $6.2M+210.0% | $3.5M-8.6% | $3.5M+15.5% | $2.3M-17.7% | $2.0M-24.6% | $3.8M-34.0% | $3.0M |
| Accounts Receivable | $3.9M+2.8% | $3.5M+13.1% | $2.5M+26.6% | $2.8M+8.8% | $3.7M+47.8% | $3.1M+18.8% | $1.9M+33.5% | $2.5M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $12.3M-1.9% | $11.4M+1.4% | $13.1M-0.5% | $12.1M-0.4% | $12.6M+0.5% | $11.3M-13.5% | $13.2M-22.6% | $12.2M |
| Current Liabilities | $8.3M-24.7% | $7.4M-23.8% | $9.0M-21.7% | $8.0M-33.5% | $11.1M-10.3% | $9.7M-24.8% | $11.5M-31.7% | $12.0M |
| Non-Current Liabilities | $4.0M+165.2% | $4.1M+153.2% | $4.1M+144.5% | $4.1M+2481.7% | $1.5M+785.0% | $1.6M+786.5% | $1.7M+775.7% | $160K |
| Total Equity | $18.4M+371.8% | $9.0M+246.7% | $1.8M+32.8% | $4.4M+352.0% | $3.9M+449.0% | $2.6M+346.1% | $1.4M+177.5% | $969K-47.5% |
| Retained Earnings | -$24.3M-96.9% | -$21.4M-120.4% | -$23.4M-306.4% | -$14.6M-133.3% | -$12.3M-134.6% | -$9.7M-82.4% | -$5.8M-256.4% | -$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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.4M-38.7% | N/A | -$16K-109.2% | -$2.8M-2206.8% | -$1.0M-439.2% | -$1.6M+51.1% | $170K+144.1% | -$122K+27.0% |
| Depreciation & Amortization | $1.1M+334.0% | N/A | $165K-52.4% | $85K+267.6% | $248K+83.7% | $141K-46.0% | $347K+73.9% | $23K+222.2% |
| Stock-Based Compensation | $459K-43.8% | N/A | N/A | N/A | $817K | N/A | N/A | N/A |
| Investing Cash Flow | -$211K-41.3% | N/A | -$233K-962.2% | -$636K-1024.3% | -$149K+44.8% | $52K+586.1% | -$22K-44728.6% | -$57K-137.3% |
| Financing Cash Flow | $818K-74.0% | N/A | -$673K-260.4% | $1.3M+625.8% | $3.1M+590.5% | -$110K-102.7% | -$187K-115.1% | -$248K+46.6% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -10.0%-21.3pp | N/A | -40.6%-104.3pp | -53.6%-76.7pp | 11.4%-22.2pp | -2.2%-9.3pp | 63.7%+122.2pp | 23.2%+3.3pp |
| Operating Margin | -57.5%+17.4pp | N/A | -246.9% | -128.6% | -74.9%-82.0pp | -32.2%+43.0pp | 21.6%+110.1pp | -30.0%-33.6pp |
| Net Margin | -58.4%+18.2pp | N/A | -248.2% | -132.5% | -76.5%-77.8pp | -91.4%-9.9pp | 19.4% | -25.7%-10.3pp |
| Return on Equity | -15.7%+51.6pp | N/A | -477.0%-512.8pp | -51.6%+51.3pp | -67.3%-75.7pp | -151.5%+483.4pp | 35.8% | -102.9%-65.2pp |
| Return on Assets | -9.4%+6.6pp | N/A | -58.8%-62.3pp | -13.7%-6.1pp | -16.0%-16.4pp | -28.4%-1.2pp | 3.4%+22.6pp | -7.6% |
| Current Ratio | 1.51+0.7x | 1.67+1.1x | 0.73+0.2x | 1.02+0.5x | 0.77+0.3x | 0.61+0.1x | 0.530.0x | 0.53 |
| Debt-to-Equity | 0.67-2.5x | 1.27-3.1x | 7.11-2.4x | 2.77-9.8x | 3.22-14.4x | 4.34-18.0x | 9.48 | 12.56 |
| Asset Turnover | 0.160.0x | N/A | 0.24+0.1x | 0.10-0.2x | 0.21-0.1x | 0.310.0x | 0.180.0x | 0.30 |
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Northann Corp. NCL | FY2025 | $13.6M | -$11.7M | -85.8% | $8.5M | 26/100 |
| Aterian, Inc. ATER | FY2025 | $69.0M | -$19.0M | -27.5% | $10.3M | 36/100 |
| FGI Industries Ltd. FGI | FY2025 | $130.5M | -$6.1M | -4.7% | $13.9M | 28/100 |
| Crown Crafts Inc CRWS | FY2026 | $82.3M | $1.8M | 2.2% | $26.6M | 38/100 |
| Natuzzi, S.p.A NTZ | FY2025 | N/A | N/A | N/A | $11.0M | — |
| Flexsteel Industries FLXS | FY2026 | $459.2M | $33.1M | 7.2% | $356.3M | 58/100 |
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 26 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.