Northann Corp

northann.com

What Do They Do?

Makes and sells vinyl flooring, decorative boards, and flooring made with additive manufacturing for wholesale distributors, retailers, and local building contractors.

How Do They Make Money?

Customers place purchase orders for flooring products; payment is due when products are delivered or may be made in advance. Sales on account are typically paid within 90 days.

FY2025 revenue

Who Are Their Customers?

Large wholesale distributors, major retail supermarkets, and local building contractors are customers. Sales are made through purchase orders from distributors and retailers, through wholesale and retail channels.

Do Revenues Turn Into Profits?

No. It lost $11.7M in FY2025.

Operating income, FY2025

−84% of revenue

▲ +584% (Loss) vs FY2024 (−$1.7M, −11%)

Net income, FY2025

−86% of revenue

▲ +167% (Loss) vs FY2024 (−$4.4M, −29%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q1 FY2026, the three months to Mar 31, 2026

Revenue: ▲ +44%; vs $3.4M in Q1 FY2025
Net income: ▲ +10% (Loss); vs −$2.6M in Q1 FY2025

Aug 31, 2026 Company seeks review of delisting and appoints a new auditor TQ International was appointed after LAO Professionals resigned; the company requested a hearing to review the delisting determination.
Aug 24, 2026 NYSE American suspends trading and begins delisting proceedings The company expected its stock to be quoted on OTC Markets after the suspension.
Aug 21, 2026 Lin Li resigns as CEO; François Vachon is appointed CEO Lin Li also left the board and company; Kurtis W. Winn became president, secretary and treasurer.
Aug 10, 2026 Company reports auditor’s rejection of its 2025 audit report LAO Professionals said it had not completed the audit; Northann intended a new audit of its 2024 and 2025 financial statements.

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