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Northann Corp.
(NCL)
Northann Corp. (NCL) vs. SPDR S&P 500 ETF (SPY)
Northann Corp. Business Overview & Revenue Model
Northann Corp. Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.00M | 15.35M | 13.97M | 20.96M | 34.53M | 13.09M |
| Gross Profit | -2.06M | 3.98M | 1.21M | 5.75M | 5.83M | 4.52M |
| EBITDA | -16.75M | -3.26M | -4.08M | 2.33M | 1.70M | 1.41M |
| Net Income | -17.63M | -4.38M | -7.13M | 929.06K | 322.68K | 444.10K |
Balance Sheet | ||||||
| Total Assets | 14.95M | 13.88M | 13.62M | 14.41M | 14.51M | 10.83M |
| Cash, Cash Equivalents and Short-Term Investments | 40.88K | 245.16K | 1.10M | 251.10K | 748.81K | 350.84K |
| Total Debt | 2.84M | 6.66M | 6.80M | 7.45M | 6.39M | 4.66M |
| Total Liabilities | 13.11M | 11.28M | 13.04M | 12.44M | 14.86M | 11.87M |
| Stockholders Equity | 1.84M | 2.60M | 582.61K | 1.97M | -353.00K | -1.04M |
Cash Flow | ||||||
| Free Cash Flow | -6.39M | -1.53M | -4.68M | 0.00 | 3.24M | -1.66M |
| Operating Cash Flow | -5.42M | -1.23M | -4.68M | -3.65M | 4.55M | -897.90K |
| Investing Cash Flow | -966.14K | -296.36K | 0.00 | -150.61K | -1.32M | -758.72K |
| Financing Cash Flow | 3.67M | -1.19M | 5.38M | 2.78M | -3.14M | 2.14M |
Northann Corp. Technical Analysis
Northann Corp. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
50 Neutral | $31.83M | -1.60 | -39.99% | ― | -4.94% | 11.35% | |
47 Neutral | $8.32M | -0.52 | -46.32% | ― | -26.81% | 40.22% | |
45 Neutral | $30.40M | -3.00 | -22.07% | 12.12% | -1.49% | -399.62% | |
42 Neutral | $5.62M | -0.11 | -179.41% | ― | -16.56% | -39.85% | |
41 Neutral | $11.58M | -2.95 | -18.10% | ― | 6.66% | -1404.42% |
Northann Corp. Corporate Events
On December 31, 2025, Northann Corp. held its annual general meeting of stockholders, at which shareholders elected five directors to serve until the next annual meeting and ratified the appointment of LAO Professionals as the company’s independent registered public accounting firm for the year ending December 31, 2025. At the same meeting, investors approved a discretionary reverse stock split authorization allowing the board to implement a split in a range of 1-for-3 to 1-for-20, expanded the 2023 Equity Incentive Plan by 2,000,000 additional shares, and cleared two significant share issuance proposals tied to an asset purchase from Kingsford Consultancy Ltd. and a development agreement with Asia Resource Holdings Limited, together authorizing the issuance of up to 27.5 million new shares—changes that position the company to manage its share structure, incentivize employees, and fund strategic transactions through equity while materially increasing its outstanding share base.
The most recent analyst rating on (NCL) stock is a Buy with a $1.25 price target. To see the full list of analyst forecasts on Northann Corp. stock, see the NCL Stock Forecast page.
On January 2, 2026, Northann Corp.’s founder and CEO Lin Li issued a letter to stockholders outlining the company’s evolution and near-term priorities, following an Annual General Meeting held on December 31, 2025 in which stockholders showed support through their votes. The company reported that its core product lines are entering one of the largest retail conglomerates in North America, marking a significant shift in market positioning that is expected to expand its physical footprint, accelerate revenue growth, and strengthen brand equity. The letter also highlighted that, since going public in 2023, Northann has worked through the learning curve of public-company requirements and now sees its strategic initiatives and internal optimizations over the past 24 months as mature, positioning the company to combine capital-market discipline with disruptive product innovation to deliver sustainable, long-term value to shareholders.
The most recent analyst rating on (NCL) stock is a Buy with a $1.25 price target. To see the full list of analyst forecasts on Northann Corp. stock, see the NCL Stock Forecast page.
On December 18, 2025, Northann Corp. entered into a six‑month Financing and Strategic Planning Advisory Agreement with Linkun Investment LLC, under which Linkun will provide strategic planning advisory services for the company’s business development in exchange for 1.8 million shares of Northann’s common stock, to be issued to two individuals designated by Linkun following NYSE American approval under a private placement exemption. On December 19, 2025, the company also signed an Operation and Strategic Planning Advisory Agreement with Lu Wang, covering July 1, 2025 through June 30, 2026, under which Lu Wang will deliver strategic planning consulting for Northann’s business development in return for 1.5 million common shares to be issued to a designated individual after NYSE American approval, underscoring Northann’s increased use of equity compensation to secure advisory support for its operational and growth plans.
On December 11, 2025, Northann Corp. announced it received a non-compliance notice from NYSE American due to not meeting the stockholders’ equity requirement of $2 million as per Section 1003(a)(i) of the NYSE American Company Guide. The company has until January 7, 2026, to submit a compliance plan, which, if accepted, will allow it to continue its listing with periodic reviews. This notice does not immediately affect the trading of Northann’s stock, which will continue under the symbol ‘NCL’ with a ‘.BC’ designation indicating below compliance status.
Northann Corp. has entered into significant agreements to enhance its software capabilities. On November 23, 2025, the company signed an asset purchase agreement with Kingsford Consultancy Ltd. to acquire proprietary software assets for supply chain management, valued at $5,000,000, paid through the issuance of 12,500,000 shares of common stock. Additionally, Northann Corp. entered into a development agreement with Asia Resource Holdings Limited to develop a customized intelligent decoration platform, with a consideration of $6,000,000, paid through 15,000,000 shares of common stock. These agreements are poised to strengthen Northann Corp.’s technological infrastructure and market positioning.
On October 7, 2025, Northann Corp. implemented a 1-for-8 reverse stock split for its common and series A preferred stocks, following approval by the Board of Directors. This corporate action, effective at 16:30 pm ET, consolidated every eight shares into one, affecting all stockholders uniformly without altering their percentage ownership or voting rights. The company’s common stock will trade on a split-adjusted basis on the NYSE American starting October 8, 2025, under the existing symbol ‘NCL’ with a new CUSIP number.