NCL · Northann Corp. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.96M | $3.55M | $1.71M | $3.44M | - | $2.56M | $4.54M | $4.60M | - | $2.16M |
| Cost of Revenue | $5.46M | $4.99M | $2.62M | $3.05M | - | $929.0K | $3.64M | $3.05M | - | $3.42M |
| Gross Profit | ($494.7K) | ($1.44M) | ($913.8K) | $390.7K | - | $1.63M | $902.8K | $1.54M | - | ($1.26M) |
| R&D | $233.8K | $289.5K | $256.2K | $462.1K | - | $340.1K | $419.6K | $512.6K | - | $99.2K |
| SG&A | $1.73M | $662.3K | $780.4K | $1.48M | - | $575.7K | $1.46M | $485.0K | - | $354.9K |
| Total Operating Expenses | $2.36M | $7.31M | $1.28M | $2.97M | - | $1.08M | $741.2K | $1.22M | - | $647.3K |
| D&A | $1.08M | - | - | $247.7K | - | - | - | $134.8K | - | - |
| Operating Income | ($2.85M) | ($8.76M) | ($2.19M) | ($2.57M) | - | $553.5K | ($1.17M) | $328.0K | - | ($1.91M) |
| Interest Expense | $43.9K | $46.0K | $67.7K | $267.9K | - | $53.5K | $330.7K | $267.9K | - | $20.7K |
| Income Tax | $0 | $0 | $0 | $0 | - | ($2) | $389 | $0 | - | $0 |
| Net Income | ($2.90M) | ($8.80M) | ($2.26M) | ($2.63M) | - | $496.6K | ($997.5K) | $60.0K | - | ($2.92M) |
| EPS - Basic | ($0.06) | ($0.07) | ($1.28) | ($1.77) | - | $1.28 | ($1.92) | $0.18 | - | ($9.60) |
| EPS - Diluted | ($0.06) | ($0.07) | ($1.28) | ($1.77) | - | $1.28 | ($2.56) | $0.18 | - | ($9.60) |
Balance Sheet
| Line item | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $239.6K | $40.9K | $1.06M | $1.87M | $245.2K | $87.7K | $224.1K | $593.9K | $1.11M | $251.1K |
| Accounts Receivable | $3.85M | $2.46M | $2.76M | $3.75M | $3.11M | $1.94M | $2.53M | $2.54M | $2.62M | $1.43M |
| Inventory | $6.07M | $3.48M | $3.52M | $2.34M | $2.00M | $3.81M | $3.05M | $2.84M | $2.65M | $4.56M |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $12.55M | $6.57M | $8.14M | $8.56M | $5.91M | $6.03M | $6.39M | $6.34M | $6.80M | $6.59M |
| Total Assets | $20.44M | $14.95M | $16.50M | $16.49M | $13.88M | $14.56M | $13.14M | $13.23M | $13.62M | $14.41M |
| Current Liabilities | $8.34M | $9.00M | $7.99M | $11.07M | $9.67M | $11.49M | $12.01M | $12.35M | $12.86M | $16.83M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $11.43M | $13.11M | $12.12M | $12.58M | $11.28M | $13.17M | $12.17M | $12.52M | $13.04M | $12.44M |
| Stockholders' Equity | $18.45M | $1.84M | $4.38M | $3.91M | $2.60M | $1.39M | $969.0K | $712.3K | $582.6K | $2.24M |
| Retained Earnings | ($21.37M) | ($23.39M) | ($14.59M) | ($12.32M) | ($9.69M) | ($5.75M) | ($6.25M) | ($5.25M) | ($5.31M) | $1.82M |
Cash Flow
| Line item | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($1.40M) | - | - | ($1.01M) | - | - | - | $297.9K | - | - |
| Investing Cash Flow | ($210.6K) | - | - | ($149.0K) | - | - | - | ($270.2K) | - | - |
| Financing Cash Flow | $818.3K | - | - | $3.15M | - | - | - | ($641.8K) | - | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | -10.0% | -40.6% | -53.6% | 11.4% | - | 63.7% | 19.9% | 33.6% | - | -58.5% |
| Operating margin | -57.5% | -246.9% | -128.6% | -74.9% | - | 21.6% | -25.7% | 7.1% | - | -88.4% |
| EBITDA margin | -35.8% | - | - | -67.7% | - | - | - | 10.1% | - | - |
| Net margin | -58.4% | -248.2% | -132.5% | -76.5% | - | 19.4% | -22.0% | 1.3% | - | -135.2% |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | 4.7% | 8.2% | 15.0% | 13.4% | - | 13.3% | 9.2% | 11.2% | - | 4.6% |
| SG&A / Revenue | 35.0% | 18.7% | 45.7% | 43.1% | - | 22.5% | 32.2% | 10.6% | - | 16.4% |
| Effective tax rate | - | - | - | - | - | -0.0% | - | 0.0% | - | - |
| Return on assets | -14.2% | -58.8% | -13.7% | -15.9% | - | 3.4% | -7.6% | 0.5% | - | -20.3% |
| Return on equity | -15.7% | -477.0% | -51.6% | -67.3% | - | 35.7% | -102.9% | 8.4% | - | -130.3% |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.51 | 0.73 | 1.02 | 0.77 | 0.61 | 0.53 | 0.53 | 0.51 | 0.53 | 0.39 |
| Quick ratio | 0.78 | 0.34 | 0.58 | 0.56 | 0.41 | 0.19 | 0.28 | 0.28 | 0.32 | 0.12 |
| Cash ratio | 0.03 | 0.00 | 0.13 | 0.17 | 0.03 | 0.01 | 0.02 | 0.05 | 0.09 | 0.01 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -64.9x | -190.4x | -32.4x | -9.6x | - | 10.3x | -3.5x | 1.2x | - | -92.4x |
| Equity multiplier | 1.11 | 8.11 | 3.77 | 4.22 | 5.34 | 10.48 | 13.56 | 18.58 | 23.38 | 6.42 |
| Liabilities / Assets | 0.56 | 0.88 | 0.73 | 0.76 | 0.81 | 0.90 | 0.93 | 0.95 | 0.96 | 0.86 |
| Efficiency | ||||||||||
| Asset turnover | 0.24 | 0.24 | 0.10 | 0.21 | - | 0.18 | 0.35 | 0.35 | - | 0.15 |
| Inventory turnover | 0.90 | 1.43 | 0.74 | 1.30 | - | 0.24 | 1.19 | 1.07 | - | 0.75 |
| Days sales outstanding | 283d | 253d | 589d | 398d | - | 277d | 204d | 201d | - | 241d |
| Days inventory outstanding | 406d | 255d | 490d | 280d | - | 1496d | 306d | 340d | - | 486d |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | 9.0x | - | 228.2x | - | - |
| P / B | 0.3x | 549.7x | 223.2x | 312.4x | - | 201.3x | 314.4x | 1227.4x | - | - |
| P / S | 1.3x | 286.0x | 572.9x | 355.4x | - | 109.3x | 67.1x | 190.3x | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | 1888.0x | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 44.3% | 38.6% | -62.4% | -25.2% | - | 18.4% | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | -74.7% | - | - | - | - | - | - |
| Operating income growth (YoY) | -10.7% | - | -88.0% | - | - | - | - | - | - | - |
| Net income growth (YoY) | -10.1% | - | -126.7% | - | - | - | - | - | - | - |
| EPS growth (YoY) | 96.4% | - | 50.0% | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 371.8% | 32.8% | 352.0% | 449.0% | 346.1% | -38.1% | - | - | - | - |
Peer comparison
Same SIC group: Plastics Products, NEC
Comparing Northann Corp. against the 5 most active filers in the same SIC group.