Tearsheet

Northann (NCL)

Market Price (12/4/2025): $0.3806 | Market Cap: $4.5 Mil
Sector: Consumer Discretionary | Industry: Household Appliances

Northann (NCL)

Market Price (12/4/2025): $0.3806
Market Cap: $4.5 Mil
Sector: Consumer Discretionary
Industry: Household Appliances

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Megatrend and thematic drivers Megatrends include Sustainable Resource Management, Sustainable & Green Buildings, and Sustainable Consumption. Themes include Green Building Materials, Show more.	Weak multi-year price returns 2Y Excs Rtn is -150%	Penny stock Mkt Price is 0.4
1			Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -5.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -44%
2			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -23%, Rev Chg QQuarterly Revenue Change % is -56%
3			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -50%
4			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 115%
5			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -72%
6			High stock price volatility Vol 12M is 665%

0	Megatrend and thematic drivers Megatrends include Sustainable Resource Management, Sustainable & Green Buildings, and Sustainable Consumption. Themes include Green Building Materials, Show more.
1	Weak multi-year price returns 2Y Excs Rtn is -150%
2	Penny stock Mkt Price is 0.4
3	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -5.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -44%
4	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -23%, Rev Chg QQuarterly Revenue Change % is -56%
5	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -50%
6	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 115%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -72%
8	High stock price volatility Vol 12M is 665%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$0.38	$2.18	$11.92
Market Cap CYE ($ Mil)	4.5	9.9	31.9	-	-
Total Debt ($ Mil)	6.5	6.7	5.9	7.5	6.4
Total Cash ($ Mil)	1.1	0.2	1.1	0.3	0.7
Enterprise Value ($ Mil)	10.0	16.6	37.8
Valuation Ratios
P/S TTM	1.0	0.5	2.2	0.0	0.0
P/EBIT TTM	-1.5	-1.8	-6.3	0.0	0.0
P/E TTM	-1.4	-1.6	-4.2	0.0	0.0
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.4
P/EBIT TTM (Sector)	7.6	8.0	7.8	6.3	8.3
P/E TTM (Sector)	10.4	11.1	10.7	8.4	10.8

	12/4/25	2024	2023
Share Price CYE	$0.38	$2.18	$11.92
Market Cap CYE ($ Mil)	4.5	9.9	31.9
Total Debt ($ Mil)	6.5	6.7	5.9
Total Cash ($ Mil)	1.1	0.2	1.1
Enterprise Value ($ Mil)	10.0	16.6	37.8
Valuation Ratios
P/S TTM	1.0	0.5	2.2
P/EBIT TTM	-1.5	-1.8	-6.3
P/E TTM	-1.4	-1.6	-4.2
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.6	8.0	7.8
P/E TTM (Sector)	10.4	11.1	10.7

	NCL	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.0
Rev Chg Q	-56.1%	7.1%
Rev Chg LTM	-20.9%	6.1%
Rev Chg 3Y Avg	-22.8%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-43.9%	18.8%
CFO/Rev LTM	-43.6%	20.5%
Net Inc Mgn	-69.4%	13.1%
VALUATION	VERY LOW
P/S	1.0	3.2
P/CFO	-2.3	15.8
P/FCF	-2.0	20.5
P/E	-1.4	23.5
STABILITY	FAIR
Debt/Equity	0.54	0.20
Cash/Assets	0.06	0.07

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Metric	Value	Date	Source
Total Granted, Pending, or Published Patents	over 80	7022025	Link
Number of Employees	49	12312024	Link
3D Printing Equipment Units	88	7022025	Link
Daily Production Capacity (square meters of vinyl flooring)	more than 18,000	7022025	Link

Recent
11/14/2025	Earnings Release	Rev: $3.0 Mil (A) vs. $null (E) EPS: -0.07 (A) vs. $null (E)

NCL Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Northann (NCL) experienced a significant stock price decline of 64.2% between August 31, 2025, and December 4, 2025, driven by several key factors: 1. Delayed Q2 2025 10-Q Filing.

Northann Corp. announced a delay in filing its Form 10-Q for the quarter ending June 30, 2025, on August 14, 2025, citing the need for additional time to compile and verify data. This delay raised concerns about the company's financial reporting and operational stability. 2. Approval of a Reverse Stock Split.

On September 25, 2025, Northann Corp. announced its Board of Directors approved a one-for-eight reverse stock split, effective October 7, 2025. This action was explicitly taken to increase the per-share price to maintain the company's listing on the NYSE American, often signaling underlying financial distress and leading to negative investor sentiment. 3. Filing to Sell Shares for Holders.

Northann filed to sell 120 million shares of common stock for holders on September 27, 2025. Such a large filing indicates a potential for significant stock dilution and increased selling pressure from existing shareholders, which can negatively impact the stock price. 4. Implementation of 1-for-8 Reverse Stock Split.

The one-for-eight reverse stock split was implemented on October 7, 2025, with shares beginning to trade on a split-adjusted basis from October 8, 2025. Although a reverse split does not directly alter a company's total market capitalization, it is frequently viewed as a sign of a company struggling to meet exchange listing requirements, often resulting in further downward pressure on the stock price as investor confidence wanes. 5. Acquisition of Software Assets and Related Deal.

On November 24, 2025, Northann Corp. acquired software assets and entered into two agreements to acquire and develop software, with one significant transaction involving Kingsford Consultancy Ltd for $5 million. While acquisitions can be strategic, paying with stock, as mentioned in some reports, can raise concerns about dilution and the company's cash position, potentially contributing to negative market reactions if not perceived favorably.

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Stock Movement Drivers

Fundamental Drivers

The -68.4% change in NCL stock from 9/3/2025 to 12/3/2025 was primarily driven by a -68.4% change in the company's P/S Multiple.

	9032025	12032025	Change
Stock Price ($)	1.24	0.39	-68.39%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	12.01	12.01	0.00%
P/S Multiple	1.23	0.39	-68.39%
Shares Outstanding (Mil)	11.93	11.93	0.00%
Cumulative Contribution			-68.39%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
NCL	-68.4%
Market (SPY)	6.2%	11.4%
Sector (XLY)	3.5%	7.1%

Fundamental Drivers

The -96.4% change in NCL stock from 6/4/2025 to 12/3/2025 was primarily driven by a -293.2% change in the company's Shares Outstanding (Mil).

	6042025	12032025	Change
Stock Price ($)	10.96	0.39	-96.42%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	15.58	12.01	-22.90%
P/S Multiple	2.14	0.39	-81.76%
Shares Outstanding (Mil)	3.03	11.93	-293.24%
Cumulative Contribution			-127.18%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
NCL	-96.4%
Market (SPY)	15.1%	7.2%
Sector (XLY)	11.5%	4.4%

Fundamental Drivers

The -80.4% change in NCL stock from 12/3/2024 to 12/3/2025 was primarily driven by a -293.2% change in the company's Shares Outstanding (Mil).

	12032024	12032025	Change
Stock Price ($)	2.00	0.39	-80.45%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	15.58	12.01	-22.90%
P/S Multiple	0.39	0.39	-0.27%
Shares Outstanding (Mil)	3.03	11.93	-293.24%
Cumulative Contribution			-248.59%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
NCL	-80.4%
Market (SPY)	14.3%	4.9%
Sector (XLY)	7.4%	4.3%

Fundamental Drivers

null
null

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
NCL	-99.6%
Market (SPY)	53.2%	4.9%
Sector (XLY)	42.3%	4.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
NCL Return	-	-	-	-	-82%	-81%	-96%
Peers Return	17%	3%	-13%	-6%	2%	-19%	-18%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
NCL Win Rate	-	-	-	0%	42%	50%
Peers Win Rate	27%	22%	15%	27%	32%	40%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
NCL Max Drawdown	-	-	-	-	-89%	-94%
Peers Max Drawdown	-18%	-5%	-18%	-13%	-24%	-31%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: SN, IRBT, ALH, XWIN, WHR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

NCL has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.

Unique Key	Event	XLY	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-40.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	67.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	680 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-33.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	51.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	82 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-21.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	28.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	105 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-60.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	150.8%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	779 days	1480 days

Compare to

In The Past

SPDR Select Sector Fund's stock fell -40.3% during the 2022 Inflation Shock from a high on 11/19/2021. A -40.3% loss requires a 67.4% gain to breakeven.

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About Northann (NCL)

We bring additive manufacturing, commonly known as 3D printing, and the volume production of innovative building solutions, to your home or business. Our robust portfolio of manufacturing solutions relies upon the use of ink, coating, resin, sound padding, glue and other raw materials to create a wide variety of flooring, decking and other products for customers throughout North America (mainly the United States and Canada), Europe and other regions under the brand name “Benchwick.” We believe that additive manufacturing is one of the most exciting and eco-friendly technologies in the market today. Previously, the U.S. Department of Energy estimated that, compared to traditional manufacturing, additive manufacturing might slash waste and materials cost by nearly 90% and cut manufacturing energy use by half(1). As of 2019, the additive manufacturing industry was valued at over $14 billion and was expected to grow to $23 billion this year(2). Innovation has always been our core value. Our commitment to new approaches in designing and manufacturing drives us to create new ways to improve how our core customers live and work. Crazy Industry invests substantial resources in research and product development and is committed to rapidly building new products and customizable and functional solutions to delight our customers. Crazy Industry’s product development team is committed to product design and development, and they focus their efforts on enhancing function, use, performance and flexibility of our products. As of the date of this prospectus, our subsidiaries, NBS, NCP and Crazy Industry, own a portfolio of over 60 granted or pending patents. The products reflect the evolving needs of our core customer’s home and business needs. We strive to make the products customizable, functional and affordable. Presently, NCP manufactures four proprietary solutions in vinyl flooring using innovative 3D printing technology: Infinite Glass, DSE, TruBevel and MattMaster. Each solution offers distinct functionalities and aesthetic finishes. Our revenue mainly consists of wholesale and retail of the vinyl flooring products, which are primarily marketed and sold in the United States and Canada. During the fiscal years ended December 31, 2022, 2021 and 2020, 99.52%, 100% and 99.92% of our revenue came from vinyl flooring products and other decorative panels. During the six months ended June 30, 2023, 100% of our revenue came from vinyl flooring products and other decorative panels. NBS has also licensed some of its patents to other manufacturers with the goal to promote the technologies covered by those patents in the flooring industry. We believe that a wider market acceptance of 3D printed flooring will help establish the “Benchwick” brand further and to penetrate the markets and encourages innovation and changes to an already developed and static industry. During the fiscal years ended December 31, 2022 and 2021, 0.48% and 0.08% of our revenue came from patent licensing. We did not have revenue from patent licensing during the fiscal year ended December 31, 2020 or the six months ended June 30, 2023. We serve customers in North America (mainly the United States and Canada), Europe and other regions. During the fiscal year ended December 31, 2022, 85.50% of our revenue came from customers in the United States and 12.95% came from customers in Canada. During the fiscal year ended December 31, 2021, 91.53% of our revenue came from customers in the United States and 7.55% came from customers in Canada. During the fiscal year ended December 31, 2020, 69.65% of our revenue came from customers in the United States and 22.03% came from customers in Canada. During the six months ended June 30, 2023, 96.63% of our revenue came from customers in the United States and 2.67% came from customers in Canada. During the six months ended June 30, 2023 and the fiscal years ended December 31, 2022, 2021 and 2020, 0.70%, 0.49%, 0.84% and 8.32% of our revenue came from customers in Europe and less than 1% of the revenue came from customers in other regions. (1) Additive Manufacturing Building the Future Spotlight (energy.gov), by U.S. Department of Energy, Office of Technology Transitions, original published in April 2019 and updated in July 2019, https://www.energy.gov/sites/ default/files/2019/07/f64/2019-OTT-Additive-Manufacturing-Spotlight_0.pdf. (2) Additive Manufacturing Building the Future Spotlight (energy.gov), by U.S. Department of Energy, Office of Technology Transitions, original published in April 2019 and updated in July 2019, In June 2020, Dotfloor was established in California. Dotfloor operates dotfloor.com, our online store that offers our vinyl flooring products to retail customers in the United States. Our principal executive office is located at c/o Northann Distribution Center Inc, 9820 Dino Drive, Suite 110, CA 95624. The telephone number of our principal executive offices is (916) 573 3803. Our registered agent in the United States is Vcorp Services. LLC, located at 701 S. Carson Street, Suite 200, Carson City, NV.

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Mohawk Industries for innovative vinyl and composite flooring.

The 3M of advanced flooring materials.

Interface for eco-friendly, high-performance vinyl and composite flooring.

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SPC Flooring: A type of rigid core luxury vinyl flooring known for its waterproof, durable, and scratch-resistant properties, often designed to mimic wood or stone.

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Northann (symbol: NCL) primarily sells its flooring products (such as SPC flooring) and other building materials to other companies, operating on a business-to-business (B2B) model.

Based on Northann's most recent annual report (Form 10-K), the company explicitly states that no single customer accounted for 10% or more of its total revenues for the past two fiscal years. This indicates a diversified customer base and means there are no "major customers" in terms of revenue concentration that can be individually named.

Northann's products are sold to a network of customers that include:

Wholesalers
Distributors
Large retailers in the home improvement and building materials industry

These companies, in turn, sell to contractors, smaller retailers, and other end-users. Due to the lack of revenue concentration from any single entity, specific names of these customer companies are not publicly disclosed as major customers.

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Lin Li, Founder, President, Chief Executive Officer, Board Director, Secretary and Treasurer

Mr. Li founded Northann in 2013 and currently serves as its President, Chief Executive Officer, Board Director, Secretary, and Treasurer. During his career, he has successfully built several businesses that have generated over one billion dollars in revenue. At Northann, Mr. Li developed an industry-leading 3D printing ecosystem within the home improvement sector. Previously, he was the General Manager of Changz.... He holds a B.S. degree from Sichuan International Studies University.

Sunny S. Prasad, Interim Chief Financial Officer

Mr. Prasad was appointed as the interim CFO of Northann Corp. effective April 23, 2024. He is a seasoned accountant with over three decades of experience.

Kurt Winn, Chief Operating Officer, Board Director

Mr. Winn is a key contributing member of Northann Corporation's leadership team, where he is responsible for creating operational strategy and directing the production of Northann's products for global markets. He also oversees the formation and direction of the sales team's training and development programs and manages day-to-day tactical and long-term strategic activities within the business. Mr. Winn holds a B.S. degree in Business Management from Arizona State University.

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The increasing commoditization and intense price competition within the Stone Plastic Composite (SPC) flooring market pose a significant emerging threat. Due to a rapid proliferation of manufacturers globally, particularly from regions with lower production costs, the market has experienced an oversupply and significant downward pressure on pricing. This trend erodes profit margins and makes it challenging for companies like Northann to maintain competitive advantages solely based on product features, thus threatening their long-term profitability and market share.

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Northann Corp. (NCL) operates primarily in the market for 3D-printed flooring solutions, particularly luxury vinyl flooring, and also offers decking products.

Addressable Market Sizes:

Luxury Vinyl Flooring/Tiles

North America: The luxury vinyl flooring market in North America was valued at approximately USD 12.21 billion in 2024 and is projected to reach USD 23.84 billion by 2031, demonstrating a compound annual growth rate (CAGR) of 8.8% from 2024 to 2031.
United States: Within North America, the U.S. luxury vinyl flooring market held a significant share, estimated at USD 9.63 billion in 2024, and is expected to grow at a CAGR of 8.6% during the forecast period.
Global: The global vinyl flooring market size was USD 36.63 billion in 2023 and is projected to grow from USD 39.19 billion in 2024 to USD 66.94 billion in 2032, at a CAGR of 6.8% during this period.

Composite Decking

Global: The global composite decking market size was valued at USD 4.2 billion in 2023 and is expected to increase from USD 4.91 billion in 2024 to USD 16.99 billion by 2032, growing at a CAGR of 16.8% from 2025 to 2032.
United States: The composite decking market in the United States is projected to be approximately USD 1.75 billion in 2025.

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Here are 3-5 expected drivers of future revenue growth for Northann (NCL) over the next 2-3 years:

Expansion of 3D Printing Facility and Manufacturing Capabilities: Northann secured a $24 million loan to expand its 3D printing facility in Fort Lawn, South Carolina. This expansion is aimed at bolstering manufacturing capabilities, effectively converting innovation into consumer products, and accelerating the launch of new products.
New Product Launches and Innovation in 3D Printing Ecosystem: The company is a key innovator in 3D printing technology for home improvement solutions. Its receipt of "Best of Innovation" awards for new products within its "Benchwick" brand 3D-printing ecosystem, including eco-friendly materials and advanced flooring solutions, indicates that continued investment in research and development and the introduction of new offerings will be a significant growth driver.
Increased Customer Demand and Enhanced Marketing Efforts: Northann reported substantial revenue growth in Q1 2024, driven by strong demand for its advanced flooring solutions. The company has previously attributed revenue increases to successful marketing efforts and growing customer interest.
Strategic Geographic Expansion and Market Penetration: The relocation of Northann's corporate headquarters to the American South is a strategic move to position the company closer to its customers, aligning with its growth and innovation strategy. This suggests efforts to deepen market penetration in key regions (North America and Europe) where its sales network is already established.
Focus on Sustainable Manufacturing and Eco-friendly Product Development: Northann's emphasis on sustainable manufacturing and the development of eco-friendly products, such as those utilizing recycled ocean plastic waste, is expected to appeal to an increasingly environmentally conscious consumer base, thereby driving demand and revenue.

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Share Issuance

Northann completed its initial public offering (IPO) on February 7, 2025, offering 1,200,000 shares of common stock at $5 per share, generating gross proceeds of $6,000,000.
On March 31, 2025, Northann issued 40,000,000 shares of common stock in a private placement to Oneflow Purchasers at $0.2033 per share, with proceeds intended for working capital.
On September 3, 2025, the company issued 80,000,000 shares of common stock in a private placement to X29 LLC and other passive investors at $0.14284 per share, also for working capital.

Inbound Investments

In a private placement closed March 31, 2025, Northann received approximately $8,133,000 (5 investors wired $1,626,600 each) from Oneflow Purchasers.
On September 3, 2025, the company received approximately $11,427,200 (5 purchasers wired $2,285,440 each) from X29 LLC and other passive investors in a private placement.

Outbound Investments

In October 2024, Northann Corp. completed the acquisition of Cedar Modern Limited.
In November 2024, the company completed the acquisition of Raleigh Industries Limited.

Capital Expenditures

Northann Corp.'s capital expenditures for the fiscal year ended December 31, 2024, were reported as $296,000.
The primary focus of capital expenditures is likely on additive manufacturing and 3D printing technologies for the building materials industry, as the company invests substantial resources in research and product development to enhance its products.

Better Bets than Northann (NCL)

	NCL	Better Performance than NCL
Metric	Value	INDUSTRY: Household Appliances
Rev Chg LTM	-20.9%	SN (18.9%), HLMN (4.5%), SCS (3.9%), HELE (-5.7%), WHR (-11.4%)
Rev Chg 3Y Avg	-22.8%	SCS (1.8%), HLMN (1.3%), HBB (-1.7%), HELE (-6.6%), WHR (-8.9%)
Op Mgn LTM	-43.9%	SN (12.8%), HELE (8.9%), HLMN (7.2%), WHR (5.3%), SCS (4.5%)
CFO/Rev LTM	-43.6%	SN (8.8%), HLMN (7.6%), HELE (5.0%), WHR (2.8%), SCS (0.5%)
FCF/Rev LTM	-50.3%	SN (6.4%), HELE (2.8%), HLMN (2.7%), WHR (0.4%), SCS (-1.1%)
Total Yield	-67.7%	HBB (16.5%), SCS (7.7%), SN (3.9%), WHR (3.7%), HLMN (2.1%)
P/S	1.0	WHR (0.3), HELE (0.3), HBB (0.3), SCS (0.4), FLXS (0.5)
P/Op Inc	-2.3

	NCL	Better Performance than NCL
Metric	Value	SECTOR: Consumer Discretionary
Rev Chg LTM	-20.9%	AMZN (10.9%), HD (8.5%), TJX (4.1%), MCD (1.2%), TSLA (-1.6%)
Rev Chg 3Y Avg	-22.8%	AMZN (11.3%), TSLA (9.3%), TJX (5.3%), MCD (4.2%), HD (2.2%)
Op Mgn LTM	-43.9%	MCD (46.1%), HD (13.1%), AMZN (11.4%), TJX (11.2%), TSLA (5.1%)
CFO/Rev LTM	-43.6%	MCD (39.9%), AMZN (18.1%), TSLA (16.5%), HD (10.8%), TJX (10.2%)
FCF/Rev LTM	-50.3%	MCD (28.1%), HD (8.6%), TSLA (7.1%), TJX (7.0%), AMZN (2.0%)
Total Yield	-67.7%	HD (6.5%), MCD (6.2%), TJX (4.9%), AMZN (3.0%), TSLA (0.4%)
P/S	1.0	F (0.3), GM (0.3), GPC (0.8), LEN (0.9), APTV (0.9)
P/Op Inc	-2.3

	NCL	Better Performance than NCL
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-20.9%	NVDA (71.6%), AVGO (28.0%), MSFT (15.6%), GOOGL (13.4%), AAPL (6.0%)
Rev Chg 3Y Avg	-22.8%	NVDA (92.0%), AVGO (24.0%), MSFT (13.2%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	-43.9%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	-43.6%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), GOOGL (39.3%), AAPL (26.6%)
FCF/Rev LTM	-50.3%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	-67.7%	GOOGL (4.6%), MSFT (3.4%), AAPL (3.0%), NVDA (2.3%), AVGO (1.5%)
P/S	1.0	CVS (0.2), MCK (0.2), UNH (0.7), DELL (0.8), CMCSA (0.9)
P/Op Inc	-2.3

		Best Bets In Consumer Discretionary Sector
	NCL
What You Pay
P/E	-1.5
P/EBIT	-1.5
What You Get
Rev Chg Q	-56.1%
Rev Chg LTM	-20.9%
Rev Chg 3Y Avg	-22.8%
FCF/Rev 3Y Avg	-27.4%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	With Northann Stock Sliding, Have You Assessed The Risk?	Return

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to NCL. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	6.8%	6.8%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.5%	0.5%	0.0%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.6%	-2.6%	-2.6%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.7%	3.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.3%	1.3%	-1.6%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	6.8%	6.8%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.5%	0.5%	0.0%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.6%	-2.6%	-2.6%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.7%	3.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.3%	1.3%	-1.6%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Northann

Peers to compare with:

Financials

	NCL	SN	IRBT	ALH	XWIN	WHR	Median
Name	Northann	SharkNin.	iRobot	Alliance.	XMax	Whirlpool
Mkt Price	0.39	107.44	3.39	22.49	5.49	80.85	13.99
Mkt Cap	0.0	15.2	0.1	-	-	4.5	2.3
Rev LTM	12	6,085	547	-	10	15,563	547
Op Inc LTM	-5	782	-149	-	-4	828	-4
FCF LTM	-6	392	-107	-	-1	62	-1
FCF 3Y Avg	-4	176	-45	-	-2	229	-2
CFO LTM	-5	537	-107	-	-1	437	-1
CFO 3Y Avg	-3	313	-43	-	-2	720	-2

Growth & Margins

	NCL	SN	IRBT	ALH	XWIN	WHR	Median
Name	Northann	SharkNin.	iRobot	Alliance.	XMax	Whirlpool
Rev Chg LTM	-20.9%	18.9%	-33.1%	-	-0.0%	-11.4%	-11.4%
Rev Chg 3Y Avg	-22.8%	-	-24.3%	-	-9.1%	-8.9%	-15.9%
Rev Chg Q	-56.1%	14.3%	-24.6%	-	-4.9%	1.0%	-4.9%
QoQ Delta Rev Chg LTM	-15.4%	3.5%	-8.0%	-	-1.3%	0.3%	-1.3%
Op Mgn LTM	-43.9%	12.8%	-27.3%	-	-38.4%	5.3%	-27.3%
Op Mgn 3Y Avg	-19.7%	10.5%	-21.9%	-	-68.5%	5.1%	-19.7%
QoQ Delta Op Mgn LTM	-21.8%	1.0%	-6.7%	-	2.5%	-0.4%	-0.4%
CFO/Rev LTM	-43.6%	8.8%	-19.6%	-	-9.5%	2.8%	-9.5%
CFO/Rev 3Y Avg	-24.3%	6.0%	-7.5%	-	-23.2%	4.1%	-7.5%
FCF/Rev LTM	-50.3%	6.4%	-19.6%	-	-9.5%	0.4%	-9.5%
FCF/Rev 3Y Avg	-27.4%	3.3%	-7.7%	-	-23.3%	1.3%	-7.7%

Valuation

	NCL	SN	IRBT	ALH	XWIN	WHR	Median
Name	Northann	SharkNin.	iRobot	Alliance.	XMax	Whirlpool
Mkt Cap	0.0	15.2	0.1	-	-	4.5	2.3
P/S	1.0	2.4	0.2	-	-	0.3	0.7
P/EBIT	-1.5	18.4	-0.7	-	-	8.8	4.1
P/E	-1.5	25.3	-0.6	-	-	-24.1	-1.0
P/CFO	-2.4	27.1	-1.2	-	-	10.1	4.5
Total Yield	-67.7%	3.9%	-166.7%	-	-	3.7%	-32.0%
Dividend Yield	0.0%	0.0%	0.0%	-	-	7.8%	0.0%
FCF Yield 3Y Avg	-	1.6%	-32.4%	-	-	3.8%	1.6%
D/E	0.5	0.1	1.8	-	-	1.9	1.2
Net D/E	0.4	0.0	1.6	-	-	1.7	1.0

Returns

	NCL	SN	IRBT	ALH	XWIN	WHR	Median
Name	Northann	SharkNin.	iRobot	Alliance.	XMax	Whirlpool
1M Rtn	-34.3%	26.0%	17.3%	-16.2%	-	15.4%	15.4%
3M Rtn	-68.4%	-8.9%	6.3%	-	-	-8.5%	-8.7%
6M Rtn	-96.4%	22.2%	1.6%	-	-	1.2%	1.4%
12M Rtn	-80.4%	8.7%	-57.9%	-	-	-22.2%	-40.0%
3Y Rtn	-	-	-93.6%	-	-	-33.5%	-63.6%
1M Excs Rtn	-34.3%	26.0%	17.3%	-16.2%	-	15.5%	15.5%
3M Excs Rtn	-72.5%	-16.7%	2.6%	-	-	-16.4%	-16.5%
6M Excs Rtn	-111.1%	7.5%	-13.1%	-	-	-13.5%	-13.3%
12M Excs Rtn	-94.2%	-6.7%	-69.0%	-	-	-36.4%	-52.7%
3Y Excs Rtn	-	-	-166.3%	-	-	-105.3%	-135.8%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	8/19/2025	7/1/2025	4/16/2024	7/14/2023	2/10/2023	7/14/2023
Key Financials
Total Revenue	12	15	14	21	35	13
EBITDA	-7	-3	-4	2	2	1
Operating Income	-5	-1	-5	2	1	1
Net Income	-8	-4	-7	1	0	0
EPS	-1.42	-1.36	-2.80	0.32	0.11	0.15
Growth Rates
Total Revenue Growth	-20.9%	9.9%	-33.3%	-39.3%	163.7%	-
EBITDA Growth	-37.3%	20.1%	-274.9%	37.2%	34.1%	-
Operating Income Growth	-3.7%	72.6%	-329.3%	81.3%	108.5%	-
Net Income Growth	-10.3%	38.6%	-867.7%	187.9%	-27.3%	-
Margins
EBITDA Margin	-60.5%	-21.2%	-29.2%	11.1%	4.9%	9.7%
Operating Income Margin	-43.9%	-8.5%	-34.1%	9.9%	3.3%	4.2%
Net Income Margin	-69.4%	-28.5%	-51.1%	4.4%	0.9%	3.4%
Cash & Debt
Total Cash	1	0	1	0	1	0
Total Debt	7	7	6	7	6	5
Net Debt / (Cash)	5	6	5	7	6	4
Cash Flows
Net Cash from Operations	-5	-1	-5	-3	5	-1
Free Cash from Operations	-6	-2	-5	-4	3	-2
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/19/2025	7/18/2025	7/1/2025	11/19/2024	8/14/2024	5/20/2024	4/16/2024	11/20/2023	8/24/2023	7/14/2023	7/14/2023	2/10/2023
Key Financials Quarterly
Total Revenue	2	3	4	3	4	5	5	2	5	3	1	5
Ebitda	-2	-2	-4	1	-1	0	-2	-3	0	1	1	1
Operating Income	-2	-3	-1	1	-0	0	-3	-2	0	0	0	2
Net Income	-2	-3	-4	0	-1	0	-4	-3	-1	0	1	0
EPS	-0.16	-0.22	-1.20	0.16	-0.32	0.05	-1.38	-1.10	-0.26	0.07	0.24	0.17
Key Financials TTM
Total Revenue TTM	12	14	15	16	15	16	14	11	14	16	21	27
Ebitda TTM	-7	-6	-3	-2	-5	-4	-4	-0	3	2	3	2
Operating Income TTM	-5	-3	-0	-3	-5	-5	-5	-1	3	1	2	3
Net Income TTM	-8	-7	-4	-4	-8	-7	-7	-3	1	0	1	0
Growth Rates Quarterly
Total Revenue Growth	-56.1%	-25.2%	-5.0%	18.4%	-14.4%	68.0%	294.2%	-60.6%	-31.9%	-64.3%	-83.8%	-48.3%
EBITDA Growth	-136.2%	-602.8%	-72.6%	133.2%	-568.9%	-27.8%	-257.2%	-429.9%	120.1%	-51.6%	63.2%	-6.6%
Operating Income Growth	-2453.1%	-885.0%	70.1%	129.0%	-154.0%	-17.2%	-3146.1%	-201.2%	116.5%	-61.8%	-81.8%	115.4%
Net Income Growth	-126.7%	-4482.1%	-6.5%	117.0%	-43.1%	-67.6%	-632.3%	-685.1%	42.6%	-80.5%	2126.1%	-22.3%
Margins Quarterly
EBITDA Margin	-123.6%	-67.7%	-86.5%	35.1%	-23.0%	10.1%	-47.6%	-125.0%	4.2%	23.4%	119.4%	14.9%
Operating Income Margin	-130.6%	-74.9%	-23.7%	21.6%	-2.2%	7.1%	-75.2%	-88.4%	3.6%	14.5%	9.7%	34.4%
Net Income Margin	-132.5%	-76.5%	-91.4%	19.4%	-25.6%	1.3%	-81.6%	-135.2%	-15.3%	6.8%	60.4%	9.1%
Cash & Debt
Total Cash	1	2	0	0	0	1	1	0	0	0	0	0
Total Debt	7	7	7	7	5	5	6	7	8	8	7	7
Net Debt / (Cash)	5	5	6	7	4	4	5	7	8	7	7	7
Cash Flows Quarterly
FCF from Operations	-3	-1	-2	0	-0	0	-3	-0	-0	-1	2	-2
Cash Flows TTM
FCF from Operations TTM	-5	-3	-1	-3	-3	-3	-5	0	-1	-3	-3	-5
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-36.5%	-49.0%	-21.8%	15.4%	-3.0%	13.0%	-127.5%	-112.1%	7.8%	19.3%	5.6%	90.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-21.6%	-14.9%	-1.2%	-18.2%	-43.6%	-48.0%	-44.5%	-18.2%	30.6%	10.3%	24.6%	9.9%

Price Behavior

Price Behavior

Market Price	$0.39
Market Cap ($ Bil)	0.0
First Trading Date	10/19/2023
Distance from 52W High	-96.4%
	50 Days	200 Days
DMA Price	$0.64	$1.84
DMA Trend	down	down
Distance from DMA	-38.4%	-78.7%
	3M	1YR
Volatility	1,295.1%	667.4%
Downside Capture	1838.81	332.37
Upside Capture	885.99	131.31
Correlation (SPY)	11.7%	5.0%

NCL Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	3.71	13.76	11.65	6.16	1.67	-1.60
Up Beta	2.31	0.49	4.98	-0.83	-0.15	-0.37
Down Beta	-0.20	-3.84	-0.69	2.53	0.64	-0.68
Up Capture	199%	3362%	2275%	15%	161%	-3%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	7	12	22	48	110	239
Down Capture	525%	765%	646%	411%	162%	110%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	29	40	76	135	282

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	223,813
Short Interest: % Change Since 10312025	64.0%
Average Daily Volume	108,765
Days-to-Cover Short Interest	2.06
Basic Shares Quantity	11,933,000
Short % of Basic Shares	1.9%

Returns Analyses

	Title
0	With Northann Stock Sliding, Have You Assessed The Risk?

SEC Filings

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Report Date	Filing Date	Filing
6302025	8192025	10-Q 6/30/2025
3312025	7182025	10-Q 3/31/2025
12312024	7012025	10-K 12/31/2024
9302024	11192024	10-Q 9/30/2024
6302024	8142024	10-Q 6/30/2024
3312024	5202024	10-Q 3/31/2024
12312023	4162024	10-K 12/31/2023
9302023	11202023	10-Q 9/30/2023
6302023	8242023	S-1/A 6/30/2023
12312022	7142023	S-1 12/31/2022
12312021	2102023	DRS/A 12/31/2021

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5	MarketWatch	Unusual Whales
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Northann (NCL)

Market Price (12/4/2025): $0.3806 | Market Cap: $4.5 MilSector: Consumer Discretionary | Industry: Household Appliances

Northann (NCL)

Market Price (12/4/2025): $0.3806Market Cap: $4.5 MilSector: Consumer DiscretionaryIndustry: Household Appliances

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Luxury Vinyl Flooring/Tiles

Composite Decking

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Market Price (12/4/2025): $0.3806 | Market Cap: $4.5 Mil
Sector: Consumer Discretionary | Industry: Household Appliances

Market Price (12/4/2025): $0.3806
Market Cap: $4.5 Mil
Sector: Consumer Discretionary
Industry: Household Appliances