Northann Corp. (NCLX) Income Statement
NCLX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNCLX revenue and net income
Where NCLX's revenue goes
2025Each bar shows an amount and its share of revenue. NCLX kept −85.8% of revenue as net income.
NCLX profit margins
NCLX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −11.4% | −13.4% | — | — |
| Gross profit | −10.1% | −14.7% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NCLX income statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Revenue | $13.6M | $15.3M | $14.0M | $21.0M |
| Cost of revenue | $10.0M | $11.4M | $12.8M | $15.2M |
| Gross profit | $3.6M | $4.0M | $1.2M | $5.8M |
| Research & development | $2.1M | $783,356 | $1.9M | $1.5M |
| Sales, general & admin | $12.8M | $4.3M | $3.8M | $2.0M |
| Total operating expenses | $25.1M | $16.7M | $18.7M | $18.9M |
| Operating income | −$11.5M | −$1.3M | −$4.8M | $2.1M |
| Interest income | $588 | $120 | $0 | — |
| Interest expense | $212,482 | $470,900 | $2.4M | $680,580 |
| Income before taxes | −$11.7M | −$4.4M | −$7.1M | $1.1M |
| Net income | −$11.7M | −$4.4M | −$7.1M | $929,059 |
| EBITDA | −$10.8M | −$3.3M | −$4.1M | $2.3M |
| EPS (diluted) | −$0.51 | — | — | — |
| Gross margin | 26.3% | 25.9% | 8.7% | 27.5% |
| Operating margin | −84.2% | −8.5% | −34.1% | 9.9% |
| Net margin | −85.8% | −28.5% | −51.1% | 4.4% |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | |
|---|---|---|---|---|---|
| Revenue | $5.0M | $4.9M | $3.5M | $1.7M | $3.4M |
| Cost of revenue | $5.5M | −$629,046 | $5.0M | $2.6M | $3.0M |
| Gross profit | −$494,653 | $5.5M | −$1.4M | −$913,808 | $390,658 |
| Research & development | $233,754 | $1.1M | $289,545 | $256,176 | $462,062 |
| Sales, general & admin | $1.2M | $2.3M | $7.0M | $1.0M | $2.5M |
| Total operating expenses | $7.8M | $2.8M | $12.3M | $3.9M | $6.0M |
| Operating income | −$2.9M | $2.1M | −$8.8M | −$2.2M | −$2.6M |
| Interest income | $2 | $573 | $4 | $11 | $0 |
| Interest expense | $43,935 | $42,760 | $45,988 | $67,678 | $56,056 |
| Income before taxes | −$2.9M | $2.0M | −$8.8M | −$2.3M | −$2.6M |
| Net income | −$2.9M | $2.0M | −$8.8M | −$2.3M | −$2.6M |
| EBITDA | −$1.8M | $2.2M | −$8.6M | −$2.1M | −$2.3M |
| Gross margin | −10.0% | 112.8% | −40.6% | −53.6% | 11.4% |
| Operating margin | −57.5% | 42.1% | −246.9% | −130.6% | −74.9% |
| Net margin | −58.4% | 41.1% | −248.2% | −132.5% | −76.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NCLX's financial statements (latest annual report filed —); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NCLX financial results
In fiscal year 2025 (ended December 31, 2025), Northann reported revenue of $13.6 million, down 11.4% from the year before. It had a net loss of $11.7 million, a net profit margin of −85.8%. Diluted earnings per share came to −$0.51.
See the NCLX stock overview for the latest quote and news, or the NCLX chart for price history and technical indicators.
NCLX income statement FAQ
What is Northann's annual revenue?
Northann reported total revenue of $13.6 million for fiscal year 2025, which ended on December 31, 2025. That was down 11.4% from $15.3 million the previous year.
Is Northann profitable?
No. Northann reported a net loss of $11.7 million in fiscal 2025, a net profit margin of −85.8%; its operating margin was −84.2%.
What is Northann's gross margin?
Northann's gross margin was 26.3% in fiscal 2025: for every $100 of revenue, Northann kept $26 after the direct cost of its products and services.
How much does Northann spend on research and development?
Northann spent $2.1 million on research and development in fiscal 2025, 15.4% of revenue.
What are Northann's earnings per share?
Northann earned $-0.51 per diluted share in fiscal 2025.
When does Northann's fiscal year end?
Northann's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025.