Northann $NCL Read from its own SEC filings · nothing written, nothing inferred
🫧 Edgar looked up NORTHANN CORP. ($NCL). Last filing: 8-K (5.02 Departure or Election of Directors; Appointment of Officers), 2026-10-01. 13 event filings (8-K) in the past twelve months. Auditor change (8-K Item 4.01) filed 2026-08-31. Non-reliance (8-K Item 4.02) filed 2026-08-24.
🔖 Exposure: revenue $15.3M (FY2024). Experience: revenue up 9.9% on the year, down 14.4% a year over 2 years; operating margin -10.9%, up from -34.1%. Soundness: equity 18.7% of assets, return on equity -168.5%. Credibility: 3 audited years, little weight, marked down from moderate: on 2026-08-24 the company said earlier statements should no longer be relied on (8-K Item 4.02), and no 10-K has been filed since. Range: 80% of past cases like this landed between $11.0M and $19.8M next year (method v3, set from 749 SEC company-years; on a year the method never saw, 83% landed inside). A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, plastics products, nec): operating margin -10.9% against a 8.9% median; growth 9.9% against 2.1%.
Speed and cash · fiscal 2024
Both views must agree for a label · a description, not advice.
| Cash flow (op · inv · fin · free) | −$1M · −$0M · −$1M · — |
| Investment book (cash · short · long) | $0M · — · — · current ratio 0.61 |
| Revenue swing · equity of assets | 35.3% · 18.7% |
Northann is growing faster than its size class, with revenue that swings more. Its own audited SEC figures.
The figures, as filed
| Fiscal year end | 2024-12-31 |
| Revenue | $15M |
| Revenue, on the year | 9.9% |
| Revenue, a year over the record | −14.4% |
| Operating margin | −10.9% |
| Operating margin, prior year | −34.1% |
| Net margin | −28.5% |
| Research and development | $1M · 5.1% of revenue |
| Total debt | — |
| Equity of assets | 18.7% |
| Return on equity | −168.5% |
| Payout of profit | — |
| Dividend per share | — |
| Earnings per share | $-0.17 |
| Book value per share | $0.10 |
| Revenue per share | $0.58 |
| Shares outstanding | 26,267,990 |
| Audited years read | 3 |
Peers: the median of 8 filers with $50M+ revenue in plastics products, nec.
Health HarborNorthann sails as: Old boat
Health watch · 12 monthsLate annual report noticeExchange listing notice or transfer ×5Earlier statements no longer to be relied onLate quarterly report notice ×2Auditor change ×2Director or officer change ×3
Sailing speed follows growth: 9.9% a year crosses the harbor in 50 seconds.
🌊 Visit the Bay →- filed late annual report notice, earlier statements no longer to be relied on, late quarterly report notice, auditor change in the last 12 months
- operating cash flow was negative
- revenue is hard to predict: its 80% range is ±28%
Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider. A picture of the signs, not a rating and not investment advice.
- 8-K · 2026-10-01 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits
- 8-K · 2026-08-31 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 4.01 Changes in Registrant's Certifying Accountant
- 8-K · 2026-08-24 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 9.01 Financial Statements and Exhibits
- 8-K · 2026-08-21 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits
- 8-K · 2026-08-10 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 4.01 Changes in Registrant's Certifying Accountant; 4.02 Non-Reliance on Previously Issued Financial Statements; 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits
- 8-K · 2026-06-15 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits
Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price. Reporting, not investment advice. No price targets and no trading recommendations. Figures from the SEC’s own data · every filing · this page as JSON · ask about another company