---
title: "Northann 2025 Form 10-K: Revenues $13.6M, Net Loss $(11.67) M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/282669340.md"
description: "Northann reported 2025 revenues of $13.6 million, a decline of 11.4% year-over-year, with a net loss of $11.67 million due to lower demand and higher operating expenses. Gross profit was $3.58 million, maintaining a gross margin of 26.3%. The operating loss widened to $(11.46) million, influenced by significant share-based compensation and tariff-related cost pressures. The company continues to focus on wholesale and retail vinyl flooring, primarily in the U.S. and Canada, while investing in operational growth and fulfillment initiatives."
datetime: "2026-04-14T10:05:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/282669340.md)
  - [en](https://longbridge.com/en/news/282669340.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/282669340.md)
---

# Northann 2025 Form 10-K: Revenues $13.6M, Net Loss $(11.67) M

Northann reported 2025 revenues of $13.6 million, down 11.4% year-over-year, and a net loss of $11.67 million driven by lower demand and higher operating expenses. Gross profit was $3.58 million with a gross margin near 26.3%, while operating loss widened to $(11.46) million largely due to elevated operating expenses including significant share-based compensation. The filing highlights tariff-related cost pressure and investments in fulfillment and selling initiatives as drivers of the results.

**Financial Highlights**

-   **Revenues:** $13.60 million, decrease of $1.75 million (11.4%) versus 2024, primarily due to decreased demand and a new U.S. tariff.
-   **Gross Profit:** $3.58 million; gross margin approximately 26.3%, largely flat versus 2024.
-   **Operating Income (Loss):** $(11.46) million; operating loss widened due to higher operating expenses, notably $8.30 million of share-based compensation.
-   **Net Loss:** $(11.67) million, a deterioration versus $(4.38) million in 2024, impacted by lower revenue and higher operating expenses.
-   **Net Income Per Share:** Not provided in Part II Item 7/Item 8 and therefore omitted.

**Business Highlights**

-   **Revenue Trend:** Revenues declined 11.4% year-over-year to $13.6 million in 2025, with reduced U.S. demand following implementation of a new tariff.
-   **Channel & Geographic Mix:** Business remains focused on wholesale and retail vinyl flooring, primarily serving the U.S. and Canada, with e-commerce sales through Dotfloor.com.
-   **Cost & Margin Dynamics:** Tariffs increased materially (to $847.9K), exerting pressure on the company’s cost structure despite a relatively stable gross margin.
-   **Operational Investment:** Increased R&D and selling expenditures in 2025, including elevated share-based compensation and rent for a new U.S. warehouse, aimed at supporting growth and fulfillment.
-   **Supply & Production Footprint:** Manufacturing and sourcing are concentrated in China through subsidiaries; North American fulfillment is supported by a U.S. distribution center (NDC) and a newly added warehouse to serve the market.

Original SEC Filing: Northann Corp. \[ NCL \] - 10-K - Apr. 13, 2026

**Disclaimer**

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.

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