--- title: "Northann | 10-K: FY2025 Revenue: USD 13.6 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/282668585.md" datetime: "2026-04-14T10:05:43.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282668585.md) - [en](https://longbridge.com/en/news/282668585.md) - [zh-HK](https://longbridge.com/zh-HK/news/282668585.md) --- # Northann | 10-K: FY2025 Revenue: USD 13.6 M Revenue: As of FY2025, the actual value is USD 13.6 M. EPS: As of FY2025, the actual value is USD -0.82. EBIT: As of FY2025, the actual value is USD -11.24 M. #### Revenue - **Total Revenue**: Northann Corp.’s revenue was $13,601,451 for 2025, a decrease of $1,748,403 or 11.4% from $15,349,854 in 2024, primarily due to a decrease in customer demand and sales volume because of new US tariffs. - **Revenue by Product Line (2025)**: Approximately 38% from vinyl flooring products, 40% from decorative boards, and 22% from the premium SuperOak product line. - **Revenue by Distribution Channel**: In 2025, 92.91% of revenue came from wholesale distribution and 7.09% from retail sales, compared to 98.79% and 0.19%, respectively, in 2024, reflecting a significant increase in retail revenue. - **Revenue by Geography**: In 2025, 99.22% of revenue originated from the United States and 0.78% from Canada, while in 2024, 94.8% was from the United States and 5.0% from Canada. #### Cost of Revenue - **Total Cost of Revenue**: $10,024,453 for 2025, down from $11,370,028 for 2024, mainly due to decreased sales volume. - **Direct Material Cost**: Constituted over 90% of the total cost of revenues in both periods. - **Tariffs Paid**: Increased to $847,953 in 2025 from $290,424 in 2024, primarily due to new higher US tariffs against goods imported from China. #### Gross Profit and Margin - **Gross Profit**: $3,576,998 for 2025, compared to $3,979,826 for 2024. - **Gross Margin**: Remained largely flat year-over-year. #### Operating Expenses - **Selling Expenses**: Increased by $8,802,650 to $9,874,283 in 2025 from $1,071,633 in 2024, driven mainly by an $8,065,592 increase in share-based compensation, a $505,194 increase in rent, a $143,218 increase in salaries, and an $82,058 increase in freight. - **General and Administrative Expenses**: Decreased by $731,559 to $3,067,218 in 2025 from $3,798,777 in 2024, mainly due to a -$1,279,532 decrease in share-based compensation, the absence of a -$380,457 impairment loss of equipment, and a -$111,661 decrease in salary. - **Research and Development Expenses**: Increased to $2,090,835 in 2025 from $783,356 in 2024. - **Total Operating Expenses**: $15,032,336 in 2025 compared to $5,653,766 in 2024. #### Other Income (Expense) - **Interest Expense**: -$212,482 in 2025, down from -$470,900 in 2024. - **Impairment Loss on Goodwill**: -$2,507,455 was recognized in 2024, with no such loss in 2025. #### Net Loss - **Net Loss**: -$11,673,981 for 2025, compared to -$4,379,875 for 2024, primarily due to decreased gross profit and increased operating expenses, partially offset by the absence of goodwill impairment. #### Cash Flow - **Net Cash Used in Operating Activities**: -$5,681,239 for 2025, compared to -$1,233,491 for 2024, mainly due to a net loss of -$11,673,981, adjusted for $9,674,865 in non-cash items, and a -$3,682,123 decrease in operating assets and liabilities. - **Net Cash Used in Investing Activities**: -$891,768 for 2025, mainly for construction in progress and equipment purchases, compared to -$296,363 for 2024. - **Net Cash Provided by Financing Activities**: $7,455,669 for 2025, mainly from $8,228,597 in net proceeds from common stock issuance, partly offset by -$772,928 in net loan repayments. In 2024, net cash used in financing activities was -$1,186,585. #### Outlook / Guidance Northann Corp. expects to achieve full production capacity at its South Carolina facility by mid-2027 and anticipates continuous operational ramp-up. The company projects significant revenue growth in fiscal year 2026 from new retail agreements, marking a strategic shift towards mass-market retail. Additionally, the completion of Blue Eleven and DSE technology R&D in Q2 2026 is expected to reduce production costs and significantly improve gross margin. ### Related Stocks - [NCL.US](https://longbridge.com/en/quote/NCL.US.md) ## Related News & Research - [Yext to Announce First Quarter Fiscal Year 2027 Financial Results on June 2, 2026 | YEXT Stock News](https://longbridge.com/en/news/286970613.md) - [Home Depot Was Once My Greatest Investment, But Now It's a Flaming Mess](https://longbridge.com/en/news/286951517.md) - [M&S Says In FY Profit Growth Is Expected To Resume Versus 2024/25](https://longbridge.com/en/news/287021481.md) - [James Hardie Industries Fiscal Q4 Adjusted Earnings Fall, Revenue Rises; Q1 Guidance Set](https://longbridge.com/en/news/286967385.md) - [Always-on fraud checks cut Suncoast's losses by a third](https://longbridge.com/en/news/286815368.md)