Northann Corp
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Northann Corp AI Insights
Informational only. Not investment advice.Snapshot
- Gross margin TTM is -15.8% - cost of revenue (15.1M) exceeds total revenue (13.0M). Fundamentally broken unit economics.[Gross Margin TTM]
- Cash at 41K with 9.0M current liabilities and -6.4M FCF TTM. Survival depends entirely on equity raises (11.4M issued TTM).[Cash and Equivalents]
- Debt/equity at 3.1x with only 1.8M equity remaining. Total liabilities (13.1M) nearly equal total assets (15.0M).[Debt to Equity]
Watch Triggers
- Gross Margin TTM: Turns positive (>0%) — First signal that unit economics can work - prerequisite for any recovery thesis
- Cash and Equivalents: Falls below 30K or new equity raise announced — Immediate liquidity crisis indicator - determines survival timeline
- Cost of Revenue TTM: Drops below Total Revenue — Currently 116% of revenue - must invert for business viability
Bull Case
Revenue grew 38.6% YoY despite losses - if unit economics can flip positive, operating leverage could drive rapid turnaround.
P/S of 0.32x is deeply discounted vs industry median 0.49x - optionality if turnaround materializes.
Bear Case
Negative gross margin (-15.8%) means every dollar of revenue destroys value. No path to profitability without fundamental business model change.
Near-zero cash (41K) with -6.4M annual FCF burn. Equity dilution or bankruptcy appears imminent.
Bull vs Bear Balance
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Forward Thesis
Without dramatic cost restructuring or capital infusion, NCL faces insolvency within 6-12 months.
- 41K cash vs 9.0M current liabilities
- Burning 6.4M FCF annually
- Negative gross margins prevent organic recovery
Valuation Context
Caveats
Public Strategies Rankings
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NCL Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$2.2M | — | ||
$7.92M | — | ||
0.00 | — | ||
$13.0M | -16.6% | — | |
$-2.40 | — | ||
-112% | -88.2% | — | |
-136% | -109.1% | — | |
$-6.39M | — | ||
-1,094% | — | ||
Beta 5Y (Monthly) | unknown | — |
NCL Dividend History
NCL Stock Splits
NCL SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/14/25 | 09/30/25 | 10-Q | |
08/19/25 | 06/30/25 | 10-Q | |
07/18/25 | 03/31/25 | 10-Q | |
07/01/25 | 12/31/24 | Unknown | |
11/19/24 | 09/30/24 | 10-Q | |
08/14/24 | 06/30/24 | 10-Q | |
05/20/24 | 03/31/24 | 10-Q | |
04/16/24 | 12/31/23 | 10-K | |
11/20/23 | 09/30/23 | 10-Q | |
08/24/23 | 06/30/23 | S-1/A | |
07/14/23 | 03/31/23 | S-1 | |
07/14/23 | 12/31/22 | S-1 | |
02/10/23 | 09/30/22 | DRS/A | |
06/30/22 | 06/30/22 | Unknown | -- |
07/14/23 | 03/31/22 | S-1 | |
02/10/23 | 12/31/21 | DRS/A | |
02/10/23 | 09/30/21 | DRS/A |