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…
Earnings analysis · 10-Q
NCL earnings analysis
Filed May 19, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.67
- Gross margin
- -10%
What stood out
-
Revenue Saw 44.3% YoY Increase
Revenue reached $4,961,778 for Q1 2026, up from $3,437,727 in Q1 2025.
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SuperOak Product Line Driving Sales Growth
Significant revenue increase attributed to SuperOak brand adoption by major U.S. retail chains.
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Total Comprehensive Loss Reduced
Comprehensive loss was $2,845,660, marginally less than $2,835,124 in the previous year.
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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.
What to watch
-
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.
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Heavy U.S. Revenue Concentration
Over 99% of 2025 revenue heavily reliant on U.S. markets, posing risk to operations.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.