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.