Northann Corp. reported a revenue of $13.6 million for the fiscal year ending December 31, 2025, a decline of 11.4% from $15.3 million in the previous year. The decrease in revenue was attributed primarily to reduced customer demand and sales volume, exacerbated by new tariffs imposed on imports from China. The company's cost of revenues also decreased to $10 million from $11.4 million, reflecting the lower sales volume. Despite this reduction, the gross profit fell to $3.6 million, resulting in a net loss of $11.7 million, compared to a net loss of $4.4 million in 2024.
In terms of operational changes, Northann has made significant strides in expanding its manufacturing capabilities. The company transitioned from an OEM-dependent model to a fully integrated operation with the establishment of a new manufacturing facility in South Carolina, which began partial production in 2025. This facility is expected to enhance the company's innovation-to-customer cycle and reduce costs. The company also launched its SuperOak product line, which has gained traction in the U.S. market, and entered into vendor agreements with major home improvement retailers, indicating a strategic shift towards retail distribution.
The company’s workforce as of December 31, 2025, consisted of 63 employees, with a notable increase in research and development expenses, which rose to $2.1 million from $783,356 in 2024. This increase reflects Northann's commitment to innovation and product development, particularly in the 3D printing sector. The company holds a portfolio of 84 patents related to its manufacturing technologies, underscoring its focus on enhancing product functionality and customization.
Looking ahead, Northann's management expressed optimism about future growth, particularly with the anticipated increase in retail channel revenue from its partnerships with major retailers. The company is also focused on optimizing costs through technology and expanding its market share in North America and beyond. However, the financial statements raise concerns about the company's ability to continue as a going concern, given its accumulated deficit of $21.4 million and substantial cash used in operations. Management is closely monitoring its financial position and expects to strengthen its cash flow through the collection of subscription receivables and increased sales from its new retail initiatives.
About Northann Corp.
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