NCL earnings analysis
What we found in NCL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
In Q4 2026, Northann Corp. reported revenues of $4,961,778, exceeding 2025Q4 revenues by 44.3%, while gross profit decreased to -$494,653, negatively impacting margins due to initial costs associated with the launch of their SuperOak product line. The company's net loss widened to $2,895,325 compared to a loss of $2,630,729 in the same quarter last year, primarily driven by escalating expenses and increased tariffs.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Saw 44.3% YoY Increase
- Revenue reached $4,961,778 for Q1 2026, up from $3,437,727 in Q1 2025.
- SuperOak Product Line Driving Sales Growth
- Significant revenue increase attributed to SuperOak brand adoption by major U.S. retail chains.
- Total Comprehensive Loss Reduced
- Comprehensive loss was $2,845,660, marginally less than $2,835,124 in the previous year.
- Decrease in Selling Expenses by 62%
- Selling expenses fell to $388,664 from $1,021,999, primarily due to reduced share-based compensation.
- Liquidity Improved with $239,641 Cash
- Cash and cash equivalents decreased from $1,030,612 as of December 31, 2025.
- EB-5 Loan Capacity of $24M Remains Available
- Company has drawn only $1,650,500 from an EB-5 loan facility, leaving over $22M undrawn.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increasing Gross Margin Pressure
- Gross margin fell to -10.0% from 11.4% due to initial costs around SuperOak entry.
- Widening Net Loss
- Net loss expanded to $2,895,325, worsened by rising operational costs.
- Heavy U.S. Revenue Concentration
- Over 99% of 2025 revenue heavily reliant on U.S. markets, posing risk to operations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.67
- Gross margin
- -10%
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 10-K · April 14, 2026
- Northann (NCL) is transitioning from an OEM-dependent model to an integrated, 3D‑printing-enabled flooring manufacturer: it started phased production at a new South Carolina facility (≈10% of planned capacity) and…
- 10-Q · November 19, 2024
- Northann reported a clear operational turnaround in Q3: revenues rose to $2,557,585 (from $2,160,258) and the company recorded net income of $496,565 (EPS $0.02) versus a loss in the prior-year quarter. Gross profit was…
- 10-Q · May 20, 2024
- Northann reported quarterly revenue of $4,595,531 (up $1,860,598 vs $2,734,933 in Q1 2023) and positive net income of $60,035 ($0.0028 per share). Margins compressed: gross margin fell to 33.6% and operating margin to…
- 10-Q · November 20, 2023
- Northann reported a sharp revenue decline to $2,160,258 for the three months ended September 30, 2023 (from $5,480,966 a year earlier), generating a gross loss of $1,263,037 and a net loss of $2,921,613 (EPS $(0.15)).…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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