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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One) 



QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE 

ACT OF 1934

For the quarterly period ended September 30, 2025 



 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE 

ACT OF 1934

For the transition period from to 

Commission File No. 001-41816

NORTHANN CORP.

(Exact name of registrant as specified in its charter)

Nevada		88-1513509
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

2251 Catawba River Rd Fort Lawn, SC		29714
(Address of Principal Executive Offices)		(Zip Code)

(916) 573 3803

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value		NCL		NYSE American LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes





Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes





Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer		Accelerated filer	
Non-accelerated filer		Smaller reporting company	
		Emerging growth company	

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes





On November 12, 2025, the registrant had 

22,724,784

 shares of common stock and 1,250,000 shares of Series A Preferred Stock outstanding, post October 7
, 2025,
 1-for-8 reverse stock split.

Northann Corp.

Quarterly Report on Form 10-Q

TABLE OF CONTENTS

		Page
PART I – FINANCIAL INFORMATION		F-1

Item 1.	Financial Statements	F-1

	Consolidated Balance Sheets	F-1

	Consolidated Statements of Operations and Comprehensive Income (Loss)	F-2

	Consolidated Statements of Shareholders’ Deficit	F-3

	Consolidated Statements of Cash Flows	F-4

	Notes to Unaudited Condensed Financial Statements	F-5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	6

Item 4.	Control and Procedures	6

PART II – OTHER INFORMATION		7

Item 1.	Legal Proceedings	7

Item 1A.	Risk Factors	7

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	7

Item 7.	Defaults Upon Senior Securities	7

Item 4.	Mine Safety Disclosures	7

Item 5.	Other Information	7

Item 6.	Exhibits	8

SIGNATURES		9

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

NORTHANN CORP.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In U.S. dollars)

	September 30,			December 31,
	2025			2024
	(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	40,883		$	245,164
Accounts receivable, net		2,456,698			3,106,561
Inventory		3,478,390			1,995,611
Prepaid expense		526,201			490,948
Other receivables and other current assets		49,925			74,984
Tax recoverable		22,631			-
Total Current Assets		6,574,728			5,913,268

Property, plant and equipment, net		3,596,214			3,894,434
Construction in progress		2,230,705			1,258,701
Intangible assets, net		983,920			977,986
Operating lease right-of-use assets, net		1,559,121			1,822,266
Security deposits		9,030			9,030

TOTAL ASSETS	$	14,953,718		$	13,875,685

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts and other payables and accruals	$	5,062,684		$	2,600,469
Unearned revenue		1,594,981			-
Operating lease liabilities, current		375,573			355,754
Loan payable, current		1,279,857			4,699,081
Tax payable		-			601,317
Due to related party		689,172			1,416,432
Total Current Liabilities		9,002,267			9,673,053

Operating lease liabilities, non-current		1,183,547			1,466,512
Loan payable, non-current		2,923,281			136,947

TOTAL LIABILITIES		13,109,095			11,276,512

Commitments and contingencies		-			-

Stockholders' Equity
Preferred stock – Series A : $ 0.001 par value, 20,000,000 shares authorized, 10,000,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024		5,000			5,000
Preferred stock – Undesignated : 80,000,000 authorized , $0.001 par value , No shares issued and outstanding		-			-
Common stock: $ 0.001 par value, 400,000,000 shares authorized, 179,797,995 shares issued and outstanding as of September 30, 2025 and 55,464,000 shares issued and outstanding as of December 31, 202 4		179,798			55,464
Subscription receivable		(16,395,050	)		(1,375,000	)
Additional paid-in Capital		41,267,415			15,487,165
Accrued compensation expense		(2,110,500	)		(2,927,250	)
Accumulated deficit		(23,385,418	)		(9,693,818	)
Accumulated other comprehensive income		2,283,378			1,047,612
Total stockholders’ deficit		1,844,623			2,599,173
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	14,953,718		$	13,875,685

The accompanying notes are an integral part of these consolidated financial statements.

F-1

NORTHANN CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(In U.S. dollars)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024

Revenue	$	3,545,412		$	2,557,585		$	8,689,360		$	11,042,009
Cost of revenue		4,986,401			929,002			10,653,499			6,968,809
Gross Profit		(1,440,989	)		1,628,583			(1,964,139	)		4,073,200

Operating Expenses
Selling		6,362,313			159,368			7,901,900			564,805
General and administrative		662,331			575,678			2,649,905			2,521,940
Research and development		289,545			340,072			1,007,783			1,272,257
Total Operating Expenses		7,314,189			1,075,118			11,559,588			4,359,002

INCOME (LOSS) FROM OPERATIONS		(8,755,178	)		553,465			(13,523,727	)		(285,802	)

Other Income (Expense)
Interest income		4			-			15			-
Interest expense		(45,988	)		(53,476	)		(169,722	)		(399,120	)
Other income		1,849			-			1,849			250,248
Other expense		-			(3,426	)		(15	)		(3,426	)
Total other income (expense)		(44,135	)		(56,902	)		(167,873	)		(152,298	)

INCOME (LOSS) BEFORE TAXES		(8,799,313	)		496,563			(13,691,600	)		(438,100	)

Income tax expense		-			2			-			(2,797	)

NET INCOME (LOSS)	$	(8,799,313	)	$	496,565		$	(13,691,600	)	$	(440,897	)

Other comprehensive income
Foreign currency translation adjustment		(80,186	)		(97,305	)		1,235,766			64,946

Total comprehensive income (loss)	$	(8,879,499	)	$	399,260		$	(12,455,834	)	$	(375,951	)

Basic and dilutive earnings per share*	$	(0.07	)	$	0.02		$	(0.15	)	$	(0.02	)

Weighted average number of common shares outstanding - basic*		122,826,901			24,275,972			91,645,170			22,861,075
Weighted average number of common shares outstanding - diluted*		122,826,901			24,275,972			91,645,170			22,861,075

The accompanying notes are an integral part of these consolidated financial statements.

F-2

NORTHANN CORP.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited) 

(In U.S. dollars)


																	Accumulated
	Preferred Stock				Common Stock							Additional					Other			Total
	Number of				Number of				Subscription			Paid-in		Accumulated			Comprehensive			Stockholders'
	Shares		Par Value		Shares		Par Value		Receivable			Capital		Deficit			Income (Loss)			Deficit

Balance - December 31, 2023		5,000,000	$	5,000		21,380,000	$	21,380	$	(25,000	)		6,671,016	$	(5,313,943	)	$	(775,841	)	$	582,612
Issuance of common stock						2,860,000		2,860					1,158,736								1,161,596
Net income		-		-		-		-		-			-		(937,462	)		-			(937,462	)
Foreign currency translation adjustment		-		-		-		-		-			-					162,251			62,251
Balance - June 30, 2024		5,000,000	$	5,000		24,240,000	$	24,240	$	(25,000	)		7,829,752	$	(6,251,405	)	$	(613,590	)	$	968,997
Issuance of common stock		-		-		125,903		126		-			20,774		-			-			20,900
Net loss		-		-		-		-		-			-		496,565			-			496,565
Accumulated other comprehensive income		-		-		-		-		-			-		-			(97,305	)		(97,305	)
Balance - September 30, 2024		5,000,000	$	5,000		24,365,903	$	24,366	$	(25,000	)		7,850,526	$	(5,754,840	)	$	(710,895	)	$	1,389,157

																	Accumulated
	Preferred Stock				Common Stock							Additional					Other			Total
	Number of				Number of				Subscription			Paid-in		Accumulated			Comprehensive			Stockholders'
	Shares		Par Value		Shares		Par Value		Receivable			Capital		Deficit			Income (Loss)			Deficit

Balance - December 31, 2024		5,000,000	$	5,000		55,464,000	$	55,464	$	(1,375,000	)		12,559,915		(9,693,818	)	$	1,047,612		$	2,599,173
Net loss		-		-		-		-		-			-		(4,892,287	)		-			(4,892,287	)
Issuance of common stock				-		40,000,000		40,000		(3,592,850	)		8,093,000		-			-			4,540,150
Accrued compensation expense		-		-		-		-		-			816,750		-			-			816,750
Foreign currency translation adjustment		-		-		-		-		-			-		-			1,315,952			1,315,952
Balance - June 30, 2025		5,000,000	$	5,000		95,464,400	$	95,464	$	(4,967,850	)		21,469,665	$	(14,586,105	)	$	2,363,564		$	4,379,738
Net loss		-		-		-		-		-			-		(8,799,313	)		-			(8,799,313	)
Issuance of common stock		-		-		80,000,000		80,000		(11,427,200	)		11,347,200		-			-			-
Issuance of common stock for services		-		-		4,333,595		4,334		-			6,340,050		-			-			6,344,384
Accumulated other comprehensive income		-		-		-		-		-								(80,186	)		(80,186	)
Balance - September 30, 2025		5,000,000	$	5,000		179,797,995	$	179,798

Northann Corp. 10-Q