NCL

Company Overview — What Does Northann Corp. Do?

We bring additive manufacturing, commonly known as 3D printing, and the volume production of innovative building solutions, to your home or business. Our robust portfolio of manufacturing solutions relies upon the use of ink, coating, resin, sound padding, glue and other raw materials to create a wide variety of flooring, decking and other products for customers throughout North America (mainly the United States and Canada), Europe and other regions under the brand name “Benchwick.” We believe that additive manufacturing is one of the most exciting and eco-friendly technologies in the market today. Previously, the U.S. Department of Energy estimated that, compared to traditional manufacturing, additive manufacturing might slash waste and materials cost by nearly 90% and cut manufacturing energy use by half(1). As of 2019, the additive manufacturing industry was valued at over $14 billion and was expected to grow to $23 billion this year(2). Innovation has always been our core value. Our commitment to new approaches in designing and manufacturing drives us to create new ways to improve how our core customers live and work. Crazy Industry invests substantial resources in research and product development and is committed to rapidly building new products and customizable and functional solutions to delight our customers. Crazy Industry’s product development team is committed to product design and development, and they focus their efforts on enhancing function, use, performance and flexibility of our products. As of the date of this prospectus, our subsidiaries, NBS, NCP and Crazy Industry, own a portfolio of over 60 granted or pending patents. The products reflect the evolving needs of our core customer’s home and business needs. We strive to make the products customizable, functional and affordable. Presently, NCP manufactures four proprietary solutions in vinyl flooring using innovative 3D printing technology: Infinite Glass, DSE, TruBevel and MattMaster. Each solution offers distinct functionalities and aesthetic finishes. Our revenue mainly consists of wholesale and retail of the vinyl flooring products, which are primarily marketed and sold in the United States and Canada. During the fiscal years ended December 31, 2022, 2021 and 2020, 99.52%, 100% and 99.92% of our revenue came from vinyl flooring products and other decorative panels. During the six months ended June 30, 2023, 100% of our revenue came from vinyl flooring products and other decorative panels. NBS has also licensed some of its patents to other manufacturers with the goal to promote the technologies covered by those patents in the flooring industry. We believe that a wider market acceptance of 3D printed flooring will help establish the “Benchwick” brand further and to penetrate the markets and encourages innovation and changes to an already developed and static industry. During the fiscal years ended December 31, 2022 and 2021, 0.48% and 0.08% of our revenue came from patent licensing. We did not have revenue from patent licensing during the fiscal year ended December 31, 2020 or the six months ended June 30, 2023. We serve customers in North America (mainly the United States and Canada), Europe and other regions. During the fiscal year ended December 31, 2022, 85.50% of our revenue came from customers in the United States and 12.95% came from customers in Canada. During the fiscal year ended December 31, 2021, 91.53% of our revenue came from customers in the United States and 7.55% came from customers in Canada. During the fiscal year ended December 31, 2020, 69.65% of our revenue came from customers in the United States and 22.03% came from customers in Canada. During the six months ended June 30, 2023, 96.63% of our revenue came from customers in the United States and 2.67% came from customers in Canada. During the six months ended June 30, 2023 and the fiscal years ended December 31, 2022, 2021 and 2020, 0.70%, 0.49%, 0.84% and 8.32% of our revenue came from customers in Europe and less than 1% of the revenue came from customers in other regions. (1) Additive Manufacturing Building the Future Spotlight (energy.gov), by U.S. Department of Energy, Office of Technology Transitions, original published in April 2019 and updated in July 2019, https://www.energy.gov/sites/ default/files/2019/07/f64/2019-OTT-Additive-Manufacturing-Spotlight_0.pdf. (2) Additive Manufacturing Building the Future Spotlight (energy.gov), by U.S. Department of Energy, Office of Technology Transitions, original published in April 2019 and updated in July 2019, In June 2020, Dotfloor was established in California. Dotfloor operates dotfloor.com, our online store that offers our vinyl flooring products to retail customers in the United States. Our principal executive office is located at c/o Northann Distribution Center Inc, 9820 Dino Drive, Suite 110, CA 95624. The telephone number of our principal executive offices is (916) 573 3803. Our registered agent in the United States is Vcorp Services. LLC, located at 701 S. Carson Street, Suite 200, Carson City, NV. Northann Corp. (NCL) is classified as a micro-cap stock in the Materials sector, specifically within the Rubber And Plastic Products industry. The company is led by CEO Lin Li. With a market capitalization of $3M, NCL is one of the notable companies in the Materials sector.

Northann Corp. (NCL) Stock Rating — Avoid (April 2026)

As of April 2026, Northann Corp. receives a Avoid rating with a composite score of 21.8/100 and 1 out of 5 stars from the Blank Capital Research quantitative model.NCL ranks #4,324 out of 4,446 stocks in our coverage universe. Within the Materials sector, Northann Corp. ranks #290 of 284 stocks, placing it in the lower half of its Materials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

NCL Stock Price and 52-Week Range

Northann Corp. (NCL) currently trades at $0.16. The stock lost $0.01 (5.0%) in the most recent trading session. The 52-week high for NCL is $1.52, which means the stock is currently trading -89.7% from its annual peak. The 52-week low is $0.10, putting the stock 53.7% above its annual trough. Recent trading volume was 189K shares, suggesting relatively thin trading activity.

Is NCL Overvalued or Undervalued? — Valuation Analysis

Northann Corp. (NCL) carries a value factor score of 8/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 2.13x, versus the sector average of 2.83x. The price-to-sales ratio is 0.35x, compared to 0.74x for the average Materials stock.

At current multiples, Northann Corp. trades at a premium to most Materials peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Northann Corp. Profitability — ROE, Margins, and Quality Score

Northann Corp. (NCL) earns a quality factor score of 18/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -715.3%, compared to the Materials sector average of 3.3%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -88.2% versus the sector average of 0.6%.

On a margin basis, Northann Corp. reports gross margins of -4.8%, compared to 29.8% for the sector. The operating margin is -107.2% (sector: 6.0%). Net profit margin stands at -109.5%, versus 3.0% for the average Materials stock. Revenue growth is running at -8.8% on a trailing basis, compared to 1.8% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

NCL Debt, Balance Sheet, and Financial Health

Northann Corp. has a debt-to-equity ratio of 711.0%, compared to the Materials sector average of 41.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 0.73x, which may signal near-term liquidity tightness.

NCL has a beta of 1.75, meaning it is more volatile than the broader market — a $10,000 investment in NCL would be expected to move 75.0% more than the S&P 500 on any given day. The stability factor score for Northann Corp. is 13/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

Northann Corp. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Northann Corp. reported revenue of $11M and earnings per share (EPS) of $-0.07. Net income for the quarter was $-13M. Gross margin was -4.8%. Operating income came in at $-13M.

In Q3 2025, Northann Corp. reported revenue of $4M and earnings per share (EPS) of $-0.07. Net income for the quarter was $-9M. Gross margin was -40.6%. Revenue grew 38.6% year-over-year compared to Q3 2024. Operating income came in at $-9M.

In Q2 2025, Northann Corp. reported revenue of $2M and earnings per share (EPS) of $-0.02. Net income for the quarter was $-2M. Gross margin was -53.6%. Revenue grew -56.1% year-over-year compared to Q2 2024. Operating income came in at $-2M.

In Q1 2025, Northann Corp. reported revenue of $3M and earnings per share (EPS) of $-0.03. Net income for the quarter was $-3M. Gross margin was 11.4%. Revenue grew -25.2% year-over-year compared to Q1 2024. Operating income came in at $-3M.

Over the past 8 quarters, Northann Corp. has demonstrated a growth trajectory, with revenue expanding from $5M to $11M. Investors analyzing NCL stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

NCL Dividend Yield and Income Analysis

Northann Corp. (NCL) does not currently pay a dividend. This is common among smaller companies in the Rubber And Plastic Products industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Materials dividend stocks may want to explore other Materials stocks or use the stock screener to filter by dividend yield.

NCL Momentum and Technical Analysis Profile

Northann Corp. (NCL) has a momentum factor score of 24/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 36/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 44/100 reflects moderate short selling activity.

NCL vs Competitors — Materials Sector Ranking and Peer Comparison

Within the Materials sector, Northann Corp. (NCL) ranks #290 out of 284 stocks based on the Blank Capital composite score. This places NCL in the lower half of all Materials stocks in our coverage universe. Key competitors and sector peers include CF Industries Holdings, Inc. (CF) with a score of 56.6/100, Nutrien Ltd. (NTR) with a score of 56.6/100, CVR PARTNERS, LP (UAN) with a score of 55.6/100, LSB INDUSTRIES, INC. (LXU) with a score of 53.6/100, and ACME UNITED CORP (ACU) with a score of 51.2/100.

Comparing NCL against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full NCL vs S&P 500 (SPY) comparison to assess how Northann Corp. stacks up against the broader market across all factor dimensions.

NCL Next Earnings Date

No upcoming earnings date has been announced for Northann Corp. (NCL) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy NCL? — Investment Thesis Summary

The quantitative profile for Northann Corp. suggests caution. The quality score of 18/100 flags below-average profitability. The value score of 8/100 indicates premium valuation. Momentum is weak at 24/100, a headwind for near-term performance. High volatility (stability score 13/100) increases portfolio risk.

In summary, Northann Corp. (NCL) earns a Avoid rating with a composite score of 21.8/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on NCL stock.

Related Resources for NCL Investors

Explore more research and tools: NCL vs S&P 500 comparison, top Materials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare NCL head-to-head with peers: NCL vs CF, NCL vs NTR, NCL vs UAN.