Northann Corp. (NCL)
Northann Corp. is a company based in Elk Grove, California, established in 2013. It specializes in the manufacturing, wholesale distribution, and direct retail of innovative 3D-printed vinyl flooring panels and various other decorative panel solutions. The company markets these products globally, with a significant presence across North America and Europe, exclusively under its Benchwick brand.
Sector: Plastics Products, NEC
Industry: Furnishings, Fixtures & Appliances
Northann Corp.
AMEX:NCLConsumer Cyclical · Furnishings, Fixtures & Appliances
Mkt Cap-
Float51.76M
O/S-
Inst Own-
SI0.4%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$13.6M
Net Income-$11.67M
Total Assets$20.44M
Free Cash Flow-$6.57M
Debt & Equity
Debt 39%
Equity 61%
Preferred 0%
Total Debt$5.74M
Total Equity$9.01M
Preferred Stock$625
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
2-year cumulative
1:8
Nasdaq bars a compliance period at 1:250
- 1:8Reverse splitOct 8, 20258 shares → 1
Balance Sheet Details
Assets$20.44M
Liabilities$11.43M
Accounts Receivable$3.51M
Accounts Payable$4.32M
Inventory$6.19M
PP&E (Net)$4.97M
Goodwill$0
Intangible Assets$995K
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
| Revenue | $13.6M | $15.35M | $13.97M | $20.96M | $34.53M | $13.09M |
| YoY Growth | -11.4% | 9.9% | -33.3% | -39.3% | 163.7% | - |
| Cost of Revenue | $10.02M | $11.37M | $12.76M | $15.2M | $28.69M | $8.57M |
| Gross Profit | $3.58M | $3.98M | $1.21M | $5.75M | $5.83M | $4.52M |
| Gross Margin | 26.3% | 25.9% | 8.7% | 27.5% | 16.9% | 34.5% |
| Research and Development | $2.09M | $783K | $1.9M | $1.47M | $2.33M | $1.87M |
| Selling, General, and Administrative | $12.77M | $4.87M | $3.84M | $1.95M | $2.14M | $1.86M |
| Other | $171K | $0 | $235K | $256K | $213K | $239K |
| Total Operating Expenses | $15.03M | $5.65M | $5.98M | $3.68M | $4.69M | $3.97M |
| Operating Income (EBIT) | -$11.46M | -$1.67M | -$4.76M | $2.08M | $1.15M | $549K |
| Operating Margin | -84.2% | -10.9% | -34.1% | 9.9% | 3.3% | 4.2% |
| Interest Expense | $212K | $471K | $2.36M | $681K | $7K | $2K |
| Interest Income | $588 | $120 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$210K | -$2.7M | -$2.35M | -$1.02M | -$266K | -$146K |
| Income Before Tax (EBT) | -$11.67M | -$4.38M | -$7.12M | $1.06M | $879K | $404K |
| Income Tax Expense | $9K | $2K | $14K | $127K | $557K | -$40K |
| Net Income | -$11.67M | -$4.38M | -$7.13M | $929K | $323K | $444K |
| Net Income Margin | -85.8% | -28.5% | -51.1% | 4.4% | 0.9% | 3.4% |
| Supplementary Data | ||||||
| EPS | -0.82 | -0.17 | -0.35 | 0.04 | 0.01 | 0.02 |
| Diluted EPS | -0.82 | -0.17 | -0.35 | 0.04 | 0.01 | 0.02 |
| Weighted Average OS | 14.30M | 26.27M | 20.28M | 23.00M | 23.00M | 23.00M |
| EBITDA | -$10.79M | -$3.26M | -$4.08M | $2.33M | $1.7M | $1.41M |
| EBITDA Margin | -79.3% | -21.2% | -29.2% | 11.1% | 4.9% | 10.8% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
| Assets | ||||||
| Current Assets | ||||||
| Cash and Cash Equivalents | $1.03M | $245K | $1.1M | $251K | $749K | $351K |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $1.03M | $245K | $1.1M | $251K | $749K | $351K |
| Accounts Receivable | $3.51M | $3.11M | $2.62M | $1.43M | $1.33M | $182K |
| Inventory | $6.19M | $2M | $2.65M | $4.56M | $2.86M | $2.27M |
| Other Current Assets | $1.04M | $75K | $131K | $115K | $898K | $0 |
| Total Current Assets | $12.34M | $5.91M | $6.8M | $6.59M | $6.39M | $3.07M |
| Long-Term Assets | ||||||
| Property, Plant & Equipment Net | $4.97M | $6.98M | $5.77M | $6.52M | $6.94M | $6.48M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $995K | $978K | $1.03M | $1.07M | $1.12M | $1.1M |
| Long-Term Investments | $12.71M | $1.38M | $0 | $0 | $50K | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | -$10.57M | -$1.37M | $9K | $227K | $9K | $177K |
| Total Long-Term Assets | $8.11M | $7.96M | $6.81M | $7.82M | $8.12M | $7.76M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $20.44M | $13.88M | $13.62M | $14.41M | $14.51M | $10.83M |
| Liabilities | ||||||
| Current Liabilities | ||||||
| Accounts Payable | $4.32M | $2.6M | $4.54M | $4.73M | $6.39M | $2.76M |
| Short-Term Debt | $1.3M | $4.7M | $6.59M | $6.99M | $6.24M | $4.45M |
| Current Income Tax Payable | $23K | $601K | $609K | $70K | $408K | $165K |
| Current Unearned Revenue | $1.35M | $0 | $1.08M | $287 | $1.67M | $278K |
| Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Liabilities | $7.37M | $9.67M | $12.86M | $11.99M | $14.7M | $11.68M |
| Long-Term Liabilities | ||||||
| Long-Term Debt | $2.97M | $137K | $125K | $447K | $138K | $149K |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $4.06M | $1.6M | $181K | $447K | $156K | $193K |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $11.43M | $11.28M | $13.04M | $12.44M | $14.86M | $11.87M |
| Stockholders' Equity | ||||||
| Preferred Stock | $625 | $5K | $5K | $5K | $10K | $5K |
| Common Stock | $23K | $55K | $21K | $20K | $40K | $20K |
| Retained Earnings | -$21.37M | -$9.69M | -$5.31M | $1.82M | $890K | $567K |
| Comprehensive Income & Other | $1.35M | $1.05M | -$776K | -$770K | -$1.29M | -$1.61M |
| Other Stockholders' Equity | $30.36M | $12.24M | $5.88M | $135K | -$1.28M | -$1.63M |
| Total Equity | $9.01M | $2.6M | $583K | $1.97M | -$353K | -$1.04M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $20.44M | $13.88M | $13.62M | $14.41M | $14.51M | $10.83M |
| Supplementary Data | ||||||
| Total Debt | $5.74M | $6.66M | $6.8M | $7.45M | $6.39M | $4.66M |
| Net Debt | $4.71M | $6.41M | $5.7M | $7.2M | $5.65M | $4.31M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
| Operating Activities | ||||||
| Net Income | -$11.67M | -$4.38M | -$7.13M | $929K | $323K | $444K |
| Depreciation & Amortization | $662K | $645K | $680K | $598K | $816K | $863K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $9.55M | $2.04M | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||
| Accounts Receivable | -$493K | -$439K | -$1.2M | -$212K | -$1.15M | -$114K |
| Inventory | -$4.12M | $650K | $1.92M | -$1.7M | -$594K | -$1.34M |
| Accounts Payable | -$109K | -$42K | -$2.38M | -$1.66M | $3.2M | -$1.38M |
| Other Working Capital | $602K | -$1.97M | $2.22M | -$1.91M | $1.95M | $635K |
| Total Working Capital Change | -$4.12M | -$1.8M | $1.76M | -$5.49M | $3.4M | -$2.21M |
| Other Non-Cash Items | -$101K | $2.26M | $14K | $314K | $14K | $0 |
| Net Cash from Operating | -$5.68M | -$1.23M | -$4.68M | -$3.65M | $4.55M | -$898K |
| Investing Activities | ||||||
| Capital Expenditures | -$892K | -$296K | -$4 | -$487K | -$1.32M | -$759K |
| Acquisitions | $0 | $0 | $0 | $337K | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $4 | -$487K | $0 | $0 |
| Net Cash from Investing | -$892K | -$296K | $0 | -$151K | -$1.32M | -$759K |
| Financing Activities | ||||||
| Debt Repaid | $773K | $1.48M | $1.31M | -$1.7M | -$1.77M | -$782K |
| Common Stock Issuance | $6.85M | $0 | $5.97M | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $1.38M | $1.14M | $119K | $864K | -$4.91M | $1.36M |
| Net Cash from Financing | $7.46M | -$1.19M | $5.38M | $2.78M | -$3.14M | $2.14M |
| Forex Effect | -$97K | $1.86M | $153K | $527K | $302K | -$473K |
| Net Change in Cash | $785K | -$860K | $850K | -$494K | $398K | $13K |
| Supplementary Data | ||||||
| Operating Cash Flow | -$5.68M | -$1.23M | -$4.68M | -$3.65M | $4.55M | -$898K |
| Capital Expenditure | -$892K | -$296K | -$4 | $3.65M | -$1.32M | -$759K |
| Free Cash Flow | -$6.57M | -$1.53M | -$4.68M | -$3.92M | $3.24M | -$1.66M |
| Cash at Beginning | $245K | $1.11M | $255K | $749K | $351K | $338K |
| Cash at End | $1.03M | $245K | $1.11M | $255K | $749K | $351K |