Revenue growth remains highly volatile, swinging from a 44.3% expansion in 2026Q1 to a 56.1% contraction in 2025Q2, while operating margins frequently remain below -70%.
| Sales/Revenue | 15.13M | 13.6M | 15.35M | 13.97M | 20.96M | 34.53M | 13.09M |
| Revenue Growth % | 6.58% | -11.39% | 9.86% | -33.33% | -39.3% | 163.67% | - |
| Cost of Goods Sold | 12.43M | 10.02M | 11.37M | 12.76M | 15.2M | 28.69M | 8.57M |
| COGS % of Revenue | - | 73.7% | 74.07% | 91.31% | 72.54% | 83.11% | 65.47% |
| Gross Profit | 2.69M | 3.58M | 3.98M | 1.21M | 5.75M | 5.83M | 4.52M |
| Gross Margin % | 17.8% | 26.3% | 25.93% | 8.69% | 27.46% | 16.89% | 34.53% |
| Gross Profit Growth % | - | -10.12% | 227.73% | -78.9% | -1.32% | 29% | - |
| Operating Expenses | 14.42M | 15.03M | 5.65M | 5.98M | 3.68M | 4.69M | 3.97M |
| OpEx % of Revenue | - | 110.52% | 36.83% | 42.79% | 17.55% | 13.57% | 30.33% |
| Selling, General & Admin | 12.59M | 12.94M | 4.87M | 3.84M | 1.95M | 2.14M | 1.86M |
| SG&A % of Revenue | - | 95.15% | 31.73% | 27.51% | 9.32% | 6.19% | 14.21% |
| Research & Development | 1.86M | 2.09M | 783.36K | 1.9M | 1.47M | 2.33M | 1.87M |
| R&D % of Revenue | - | 15.37% | 5.1% | 13.59% | 7.01% | 6.76% | 14.3% |
| Other Operating Expenses | -25.06K | 0 | 0 | 235.01K | 256.23K | 213.35K | 238.58K |
| Operating Income | -11.73M | -11.46M | -1.67M | -4.76M | 2.08M | 1.15M | 549.38K |
| Operating Margin % | -77.56% | -84.22% | -10.91% | -34.1% | 9.91% | 3.32% | 4.2% |
| Operating Income Growth % | - | -584.33% | 64.86% | -329.33% | 81.32% | 108.53% | - |
| EBITDA | -10.9M | -11.46M | -1.03M | -4.08M | 2.68M | 1.96M | 1.41M |
| EBITDA Margin % | -72.09% | -84.22% | -6.7% | -29.23% | 12.77% | 5.68% | 10.79% |
| EBITDA Growth % | -185.66% | -1013.85% | 74.81% | -252.64% | 36.39% | 38.87% | - |
| D&A (Non-Cash Add-back) | 827.34K | 0 | 645.49K | 680.17K | 598.14K | 815.95K | 863.1K |
| EBIT | -11.73M | -11.46M | -3.91M | -4.76M | 1.74M | 885.94K | 549.38K |
| Net Interest Income | -199.77K | -211.89K | -470.78K | -2.36M | -680.58K | -6.57K | -2.11K |
| Interest Income | 588 | 588 | 120 | 0 | 0 | 0 | 0 |
| Interest Expense | 200.36K | 212.48K | 470.9K | 2.36M | 680.58K | 6.57K | 2.11K |
| Other Income/Expense | -197.92K | -210.06K | -2.7M | -2.35M | -1.02M | -266.26K | -145.58K |
| Pretax Income | -11.93M | -11.67M | -4.38M | -7.12M | 1.06M | 879.37K | 403.8K |
| Pretax Margin % | -78.87% | -85.77% | -28.52% | -50.95% | 5.04% | 2.55% | 3.08% |
| Income Tax | 8.58K | 8.58K | 1.73K | 14.36K | 126.98K | 556.69K | -40.3K |
| Effective Tax Rate % | -0.07% | -0.07% | -0.04% | -0.2% | 12.02% | 63.31% | -9.98% |
| Net Income | -11.94M | -11.67M | -4.38M | -7.13M | 929.06K | 322.68K | 444.1K |
| Net Margin % | -78.93% | -85.83% | -28.53% | -51.05% | 4.43% | 0.93% | 3.39% |
| Net Income Growth % | -68.85% | -166.54% | 38.59% | -867.72% | 187.92% | -27.34% | - |
| Net Income (Continuing) | -11.94M | -11.67M | -4.38M | -7.13M | 929.06K | 322.68K | 444.1K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.83 | -0.82 | -0.17 | -0.35 | 0.04 | 0.01 | 0.02 |
| EPS Growth % | 65.27% | -382.35% | 51.43% | -966.34% | 188.57% | -27.46% | - |
| EPS (Basic) | - | -0.82 | -0.17 | -0.35 | 0.04 | 0.01 | 0.02 |
| Diluted Shares Outstanding | 14.3M | 14.3M | 26.27M | 20.28M | 23M | 23M | 23M |
| Basic Shares Outstanding | 14.3M | 14.3M | 26.27M | 20.28M | 23M | 23M | 23M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Liquidity and scale insolvency
As evidenced by the quarterly data, Northann's revenue trajectory remains highly erratic, swinging from a 44.3% expansion in 2026Q1 to a 56.1% contraction in 2025Q2, suggesting that the company's project-based business model lacks the stability required for consistent top-line growth in the current housing market.
The extreme fluctuations in quarterly revenue indicate a lack of recurring demand, likely tied to the cyclical nature of residential renovation projects. Investors should monitor whether the company can stabilize its order flow, as the current volatility suggests that the Benchwick brand has yet to secure a reliable foothold in the competitive flooring market.
According to the provided income statement data, Northann's gross margin has experienced wild swings, ranging from a negative 53.6% in 2025Q2 to a positive 112.8% in 2025Q4, which implies significant challenges in managing production costs and inventory valuation for its specialized 3D-printed flooring products.
The inability to maintain consistent gross margins suggests that the company's manufacturing process is highly sensitive to input costs or that inventory write-downs are frequently distorting performance. This lack of margin predictability makes it difficult to assess the true unit economics of the proprietary 3D printing technology.
Based on reported figures, Northann's operating margins remain deeply negative, frequently exceeding -70%, which indicates that the company's current sales volume is insufficient to cover its fixed corporate overhead and the depreciation associated with its specialized 3D printing manufacturing equipment.
The persistent gap between gross profit and operating income highlights a failure to achieve the necessary scale to amortize fixed costs. Unless the company can significantly increase throughput, the current operating structure appears to be a structural drag on any potential path to profitability.
As reported in financial statements, Northann's net income is frequently obscured by significant stock-based compensation, such as the $2.4M charge in 2025Q4, which complicates the assessment of core operational performance and suggests that equity dilution remains a primary tool for managing cash constraints.
The reliance on non-cash compensation to manage expenses warrants further investigation, as it may mask the true extent of the company's cash burn. Investors should be wary of the disconnect between reported net income and the actual cash-generating capability of the underlying business.
The company's financial history, characterized by a $1.03M cash position against substantial operating losses, suggests that Northann faces a critical liquidity risk that may necessitate dilutive financing, casting doubt on the long-term viability of its current 3D-printing manufacturing strategy in a high-interest rate environment.
Short-sellers would likely focus on the company's inability to convert its technological innovation into a self-sustaining financial model. The recurring negative operating margins and the potential for a 'going concern' risk indicate that the company's survival may be contingent on external capital rather than operational success.
Quick answers to the most common questions about buying NCL stock.
For fiscal year 2025, Northann Corp. (NCL) reported total revenue of $13.6M. This represents a 3.9% increase compared to $13.1M in 2020.
Northann Corp. (NCL) reported a net loss of $11.7M for the fiscal year ending 2025.
Northann Corp. (NCL) reported an operating income of $-11.5M, resulting in an operating profit margin of -84.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Northann Corp. (NCL) generated $3.6M in gross profit for the year, representing a gross profit margin of 26.3%. This demonstrates the company's core pricing power and production efficiency.