Northann Corp. (NCLX) Balance Sheet
NCLX balance sheet, 2025
December 31, 2025 · U.S. dollars$20.4M assets = $11.4M liabilities + $9.0M equity
Both columns are drawn to the same scale: what NCLX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NCLX financial health
Descriptive bands, not a rating. Fiscal 2025.
NCLX balance sheet trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $14.4M2022 | $20.4M2025 | +12.4%/yr | |
| Total liabilities | $12.4M2022 | $11.4M2025 | −2.8%/yr | |
| Shareholders’ equity | $2.0M2022 | $9.0M2025 | +65.9%/yr | |
| Cash & short-term investments | $251,1002022 | $1.0M2025 | +60.1%/yr | |
| Total debt | $447,3762022 | $3.0M2025 | +87.9%/yr | |
| Net cash (debt) | −$196,2762022 | −$1.9M2025 | −$1.7M | |
| Working capital | −$5.4M2022 | $5.0M2025 | +$10.4M | |
| Book value per share | $0.092022 | $0.392025 | +61.6%/yr | |
| Current ratio | 0.552022 | 1.672025 | +1.12 | |
| Debt / equity | 0.232022 | 0.332025 | +0.10 | |
| Shares outstanding | 21.2M2022 | 22.9M2025 | +2.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NCLX assets
NCLX liabilities and equity
NCLX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NCLX balance sheet
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Assets | ||||
| Cash & short-term investments | $1.0M | $245,164 | $1.1M | $251,100 |
| Cash & equivalents | $1.0M | $245,164 | $1.1M | $251,100 |
| Receivables | $3.5M | $3.1M | $2.6M | $1.4M |
| Inventory | $6.2M | $2.0M | $2.6M | $4.6M |
| Other current assets | $1.6M | $565,933 | $442,486 | $351,696 |
| Total current assets | $12.3M | $5.9M | $6.8M | $6.6M |
| Property, plant & equipment (net) | $7.1M | $7.0M | $5.8M | $6.5M |
| Goodwill & intangible assets | $994,928 | $977,986 | $1.0M | $1.1M |
| Long-term investments | $0 | $0 | $0 | $0 |
| Other non-current assets | $9,030 | $9,030 | $9,030 | $227,384 |
| Total assets | $20.4M | $13.9M | $13.6M | $14.4M |
| Liabilities | ||||
| Accounts payable | $4.3M | $2.6M | $4.5M | $4.7M |
| Total current liabilities | $7.4M | $9.7M | $12.9M | $12.0M |
| Long-term debt | $3.0M | $136,947 | $124,905 | $447,376 |
| Lease obligations | $1.5M | $1.8M | $87,380 | $18,240 |
| Other long-term liabilities | $1.1M | $1.5M | $55,967 | $0 |
| Total liabilities | $11.4M | $11.3M | $13.0M | $12.4M |
| Shareholders' equity | ||||
| Retained earnings (deficit) | −$21.4M | −$9.7M | −$5.3M | $1.8M |
| Total shareholders' equity | $9.0M | $2.6M | $582,612 | $2.0M |
| Key figures | ||||
| Total debt | $3.0M | $136,947 | $124,905 | $447,376 |
| Net cash (debt) | −$1.9M | $108,217 | $976,538 | −$196,276 |
| Working capital | $5.0M | −$3.8M | −$6.1M | −$5.4M |
| Tangible book value | $8.0M | $1.6M | −$448,370 | $901,324 |
| Book value per share | $0.39 | $0.05 | $0.03 | $0.09 |
| Shares outstanding | 22.9M | 55.5M | 21.4M | 21.2M |
| Current ratio | 1.67 | 0.61 | 0.53 | 0.55 |
| Quick ratio | 0.62 | 0.35 | 0.29 | 0.14 |
| Debt / equity | 0.33 | 0.05 | 0.21 | 0.23 |
| Equity / assets | 44.1% | 18.7% | 4.3% | 13.7% |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $239,641 | $1.0M | $40,883 | $1.1M | $1.9M |
| Cash & equivalents | $239,641 | $1.0M | $40,883 | $1.1M | $1.9M |
| Receivables | $3.9M | $3.5M | $2.5M | $2.8M | $3.7M |
| Inventory | $6.1M | $6.2M | $3.5M | $3.5M | $2.3M |
| Other current assets | $2.4M | $1.6M | $598,757 | $805,462 | $600,678 |
| Total current assets | $12.6M | $12.3M | $6.6M | $8.1M | $8.6M |
| Property, plant & equipment (net) | $7.1M | $7.1M | $7.4M | $7.4M | $6.9M |
| Goodwill & intangible assets | $11.1M | $994,928 | $983,920 | $983,961 | $987,975 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $9,030 | $9,030 | $9,030 | $9,030 | $9,030 |
| Total assets | $30.8M | $20.4M | $15.0M | $16.5M | $16.5M |
| Liabilities | |||||
| Accounts payable | $6.0M | $4.3M | $5.1M | $4.0M | $4.8M |
| Total current liabilities | $8.3M | $7.4M | $9.0M | $8.0M | $11.1M |
| Long-term debt | $3.0M | $3.0M | $2.9M | $2.9M | $136,947 |
| Lease obligations | $1.4M | $1.5M | $1.6M | $1.6M | $1.7M |
| Other long-term liabilities | $999,157 | $1.1M | $1.2M | $1.3M | $1.4M |
| Total liabilities | $12.3M | $11.4M | $13.1M | $12.1M | $12.6M |
| Shareholders' equity | |||||
| Retained earnings (deficit) | −$24.3M | −$21.4M | −$23.4M | −$14.6M | −$12.3M |
| Total shareholders' equity | $18.4M | $9.0M | $1.8M | $4.4M | $3.9M |
| Key figures | |||||
| Total debt | $3.0M | $3.0M | $2.9M | $2.9M | $136,947 |
| Net cash (debt) | −$2.8M | −$1.9M | −$2.9M | −$1.8M | $1.7M |
| Working capital | $4.2M | $5.0M | −$2.4M | $154,186 | −$2.5M |
| Tangible book value | $7.4M | $8.0M | $860,703 | $3.4M | $2.9M |
| Book value per share | $0.34 | $0.39 | $0.08 | $0.05 | $0.04 |
| Shares outstanding | 53.7M | 22.9M | 22.5M | 95.5M | 95.5M |
| Current ratio | 1.51 | 1.67 | 0.73 | 1.02 | 0.77 |
| Quick ratio | 0.49 | 0.62 | 0.28 | 0.48 | 0.51 |
| Debt / equity | 0.16 | 0.33 | 1.58 | 0.65 | 0.04 |
| Equity / assets | 59.9% | 44.1% | 12.3% | 26.5% | 23.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed —); data from EODHD.
NCLX financial position
At the end of fiscal 2025 (December 31, 2025), Northann had total assets of $20.4 million (up 47.3% from a year earlier), total liabilities of $11.4 million and shareholders' equity of $9.0 million. It held $1.0 million in cash and short-term investments against $3.0 million of debt, net debt of $1.9 million. Its current ratio was 1.67. In the latest quarter (ended March 31, 2026) total assets were $30.8 million and equity $18.4 million.
Related: NCLX income statement, NCLX cash flow statement, NCLX key metrics. See the NCLX stock overview for the latest quote and news.
NCLX balance sheet FAQ
What are Northann's total assets?
Northann reported total assets of $20.4 million at the end of fiscal 2025 (December 31, 2025), compared with $13.9 million a year earlier.
How much debt does Northann have?
Northann had $3.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.33.
How much cash does Northann have?
Northann held $1.0 million in cash and short-term investments at the end of fiscal 2025; with $3.0 million of debt that is net debt of $1.9 million.
What is Northann's book value?
Northann's shareholders' equity (book value) was $9.0 million at the end of fiscal 2025, or $0.39 per share.
What is Northann's current ratio?
Northann had current assets of $12.3 million and current liabilities of $7.4 million, a current ratio of 1.67 (it can cover its short-term obligations).
How much goodwill does Northann have?
Northann carried $1.0 million of goodwill and intangible assets, 4.9% of total assets, at the end of fiscal 2025.