• Think of Northann as the "Tesla for floors", using advanced 3D printing technology to innovate in the traditional flooring industry.
• Northann is like the "Dyson of flooring", applying proprietary 3D printing technology to create advanced, customizable, and more functional vinyl flooring products.

• Vinyl Flooring Products: Northann manufactures and sells proprietary vinyl flooring solutions (Infinite Glass, DSE, TruBevel, and MattMaster) using innovative 3D printing technology, which constitute almost all of its revenue.
• Decorative Panels: The company also generates a small portion of its revenue from other decorative panels alongside its primary vinyl flooring products.
• Patent Licensing: Northann licenses its patents related to 3D printed flooring technology to other manufacturers, though this accounts for a very small percentage of its revenue in some fiscal years.

Northann (NCL) serves both wholesale and retail channels, selling vinyl flooring products and other decorative panels for both home and business needs. The provided text does not identify specific major customer companies by name. Instead, it indicates a customer base that includes both individuals and businesses involved in various capacities.

Based on the company description, Northann's customers can be categorized as:

1. Individual Consumers: These are retail customers purchasing flooring products for personal use in their homes or small businesses, primarily through Northann's online store, Dotfloor.com.
2. Building and Renovation Professionals: This category includes contractors, builders, and interior designers who purchase Northann's products wholesale for use in residential or commercial construction, renovation, and design projects.
3. Resellers and Distributors: These are wholesale businesses, such as flooring retailers, home improvement stores, or specialized distributors, that acquire Northann's products in bulk to resell to their own customer base.

Lin Li, Chief Executive Officer, President, Chairman of the Board, Secretary and Treasurer

Mr. Li is the founder of Northann, established in 2013. During his career, he has successfully built several businesses that have generated over one billion dollars in revenue. At Northann, he developed the industry-leading 3D printing ecosystem in the home improvement sector. 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. He is a seasoned accountant with over three decades of experience as an accountant and auditor with various professional audit firms. Since 2014, he has served as the Managing Partner at Sana Tax Corporation. Mr. Prasad obtained his Bachelor of Science in Accountancy in 2008 from National University in Sacramento, California.

Kurt Winn, Chief Operating Officer and 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 both day-to-day tactical and long-term strategic business activities. Mr. Winn holds a B.S. degree in Business Management from Arizona State University.

The key risks to Northann's business include:

1. High Revenue Concentration in Vinyl Flooring Products and Limited Geographic Markets: Northann's revenue is almost entirely derived from the wholesale and retail of vinyl flooring products, accounting for 99.52% to 100% of revenue in recent fiscal periods. Furthermore, the vast majority of this revenue comes from customers in the United States and Canada (e.g., 96.63% from the U.S. and 2.67% from Canada during the six months ended June 30, 2023). This high concentration exposes the company to significant risks associated with market fluctuations, changes in consumer preferences, or increased competition specifically within the vinyl flooring segment and these particular regions.
2. Reliance on Proprietary Additive Manufacturing Technology and Intellectual Property Protection: Northann's business model is built upon its "innovative 3D printing technology" and its portfolio of over 60 granted or pending patents. The company invests substantial resources in research and product development to maintain its technological edge. The risk lies in the continuous need to innovate, the potential for competitors to develop superior or alternative technologies, and the challenges of effectively protecting its intellectual property. The expiration of key patents or successful challenges to their intellectual property could significantly undermine their competitive advantage and profitability.
3. Competition within the Flooring Industry: Northann operates in a flooring industry described as "already developed and static." While their additive manufacturing aims to disrupt this market, they face competition from established players who may adapt by developing their own innovative solutions, leverage existing distribution networks, or offer lower-cost traditional alternatives. This competition could limit Northann's market penetration, pricing power, and overall growth potential.

Northann (NCL) operates in the vinyl flooring market across North America and Europe. The addressable markets for its main products are as follows:

• United States Vinyl Flooring Market: The market size for vinyl floor covering in the United States is projected to be USD 12.57 billion in 2025, USD 13.57 billion in 2026, and is expected to reach USD 19.01 billion by 2031, with a compound annual growth rate (CAGR) of 6.97% from 2026 to 2031.

• Canada Vinyl Flooring Market: The Canada vinyl flooring market generated a revenue of USD 1,332.9 million in 2022 and is expected to reach USD 1,955.5 million by 2030.

• Europe Vinyl Flooring Market: The Europe vinyl flooring market was valued at USD 12.38 billion in 2025 and is projected to reach USD 21.73 billion by 2034, growing from USD 13.18 billion in 2026 at a CAGR of 6.45% during the forecast period.

Northann (NCL) is anticipated to drive future revenue growth over the next 2-3 years through several key strategic initiatives and inherent strengths:

1. Expansion into Major North American Retail Channels: Northann's core product lines are set to enter one of North America's largest retail conglomerates. This strategic move is expected to significantly expand its physical footprint, accelerate revenue growth, and strengthen brand equity. This initiative is a central part of the company's 2026 strategic roadmap.
2. Continued Disruptive Product Innovation and Advanced Manufacturing: The company places a strong emphasis on disruptive product design and advanced manufacturing, aiming to transform the traditionally low-innovation interior surface industry. Northann invests substantial resources in research and product development, committed to rapidly building new products and customizable solutions, supported by a portfolio of over 60 granted or pending patents. The CEO's letter highlighted combining capital-market discipline with disruptive product innovation.
3. Strengthening "Benchwick" Brand Equity and Market Penetration of 3D Printed Flooring: Northann believes that wider market acceptance of its 3D printed flooring solutions will help establish its "Benchwick" brand and further penetrate markets. The expansion into major retail channels is also expected to play a crucial role in strengthening brand equity.
4. Growth in Direct-to-Consumer Sales via Dotfloor.com: Since its establishment in June 2020, Dotfloor operates Northann's online store, dotfloor.com, offering vinyl flooring products directly to retail customers in the United States. This multi-channel distribution strategy is poised to contribute to revenue growth by reaching a broader customer base.

Share Issuance

• Northann completed its Initial Public Offering (IPO) in October 2023, raising $6,000,000 in gross proceeds through the issuance of 1,200,000 shares of common stock at $5 per share.
• In December 2025, Northann issued a combined 3,300,000 unregistered common shares as compensation for strategic advisory agreements.
• The company also issued 12,500,000 unregistered common shares in December 2025 to acquire proprietary supply chain management software from Kingsford Consultancy Ltd.
• A 1-for-8 reverse stock split of common and series A preferred stock was implemented, effective October 7, 2025, with the aim of increasing the per-share price and maintaining its NYSE American listing.

Inbound Investments

• Northann received $6,000,000 in gross proceeds from its Initial Public Offering in October 2023.

Outbound Investments

• Northann acquired proprietary supply chain management software from Kingsford Consultancy Ltd. in December 2025, with the transaction compensated through the issuance of 12,500,000 unregistered common shares.
• The company also entered into agreements in December 2025 to acquire and develop other software assets, with payment made by issuing unregistered common stock.

Capital Expenditures

• Northann's capital expenditures were reported as approximately $0.76 million in 2022, $1.32 million in 2023, $0.49 million in 2024, and $0.30 million in 2025.
• Proceeds from the 2023 IPO were designated for the acquisition of facilities and equipment in the United States, among other uses like product development and working capital.