{ "ok": true, "cik": "1923780", "ticker": "NCL", "name": "NORTHANN CORP.", "filings": [ { "form": "8-K", "filed": "2026-10-01", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000670/0001575872-26-000670-index.htm" }, { "form": "8-K", "filed": "2026-08-31", "items": [ "3.01 Notice of Delisting or Failure to Satisfy a Listing Rule", "4.01 Changes in Registrant's Certifying Accountant" ], "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000629/0001575872-26-000629-index.htm" }, { "form": "8-K", "filed": "2026-08-24", "items": [ "3.01 Notice of Delisting or Failure to Satisfy a Listing Rule", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000603/0001575872-26-000603-index.htm" }, { "form": "8-K", "filed": "2026-08-21", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000593/0001575872-26-000593-index.htm" }, { "form": "8-K", "filed": "2026-08-10", "items": [ "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" ], "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000562/0001575872-26-000562-index.htm" }, { "form": "8-K", "filed": "2026-06-15", "items": [ "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000421/0001575872-26-000421-index.htm" } ], "events12m": 13, "healthWatch": { "window": "last 12 months", "since": "2025-10-02", "signals": [ { "code": "NT 10-K", "label": "Late annual report notice", "count": 1, "latest": { "filed": "2026-03-31", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000202/0001575872-26-000202-index.htm" } }, { "code": "3.01", "label": "Exchange listing notice or transfer", "count": 5, "latest": { "filed": "2026-08-31", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000629/0001575872-26-000629-index.htm" } }, { "code": "4.02", "label": "Earlier statements no longer to be relied on", "count": 1, "latest": { "filed": "2026-08-10", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000562/0001575872-26-000562-index.htm" } }, { "code": "NT 10-Q", "label": "Late quarterly report notice", "count": 2, "latest": { "filed": "2026-08-14", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000578/0001575872-26-000578-index.htm" } }, { "code": "4.01", "label": "Auditor change", "count": 2, "latest": { "filed": "2026-08-31", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000629/0001575872-26-000629-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 3, "latest": { "filed": "2026-10-01", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000670/0001575872-26-000670-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001923780.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1923780" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 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.", "auditor": { "changes": [ { "filed": "2026-08-31", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000629/0001575872-26-000629-index.htm" }, { "filed": "2026-08-24", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000605/0001575872-26-000605-index.htm" }, { "filed": "2026-08-10", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000562/0001575872-26-000562-index.htm" }, { "filed": "2025-05-30", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587225000372/0001575872-25-000372-index.htm" }, { "filed": "2025-05-27", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587225000366/0001575872-25-000366-index.htm" } ], "nonReliance": [ { "filed": "2026-08-24", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000605/0001575872-26-000605-index.htm" }, { "filed": "2026-08-10", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000562/0001575872-26-000562-index.htm" } ], "restatedSince": false }, "metrics": { "fiscalYearEnd": "2024-12-31", "revenue": 15349854, "revenueGrowth1y": 0.09863668268973735, "revenueGrowthPerYear": -0.1440985738078262, "yearsOfData": 3, "operatingMargin": -0.10905250304009406, "operatingMarginPrior": -0.34095314903402435, "netMargin": -0.28533659017212804, "operatingCashFlow": -1233491, "capitalSpending": null, "freeCashFlow": null, "researchAndDevelopment": 783356, "researchShareOfRevenue": 0.051033449568966584, "cash": 245164, "longTermDebt": null, "longTermDebtChange": null, "revenueHistory": [ { "fiscalYearEnd": "2022-12-31", "revenue": 20957972 }, { "fiscalYearEnd": "2023-12-31", "revenue": 13971729 }, { "fiscalYearEnd": "2024-12-31", "revenue": 15349854 } ], "totalEquity": 2599173, "totalAssets": 13875685, "equityRatio": 0.18731853598579098, "returnOnEquity": -1.685103300165091, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": -0.17, "sharesOutstanding": 26267990, "bookValuePerShare": 0.0989483017162714, "revenuePerShare": 0.584355864304806, "range80": { "low": 11009187.887689414, "high": 19768235.179720823, "baseline": 15000937.30438672, "n": 749, "band": "b00" }, "ifPaceHeld": { "low": 11009187.887689414, "high": 19768235.179720823 } }, "edgarette": "🔖 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%.", "peers": { "sic": 3089, "sicDescription": "Plastics Products, NEC", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "3089", "growth": [ 0.0208, 8 ], "opMargin": [ 0.0894, 8 ] }, "summary": "Northann (NCL) grew revenue 9.9% in FY2024 to $15 million, operating margin -10.9% against a 8.9% median for plastics products, nec, equity 18.7% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
NORTHANN CORP. against its own record and its peers
Operating marginPeer median 8.9%-10.9%Revenue, on the yearPeer median 2.1%9.9%Equity of assets18.7%Return on equity-168.5%No peer group large enough for a median
", "chartHorizon": null, "backtest": { "tests": 0, "hits": 0, "rate": null, "method": "v3", "note": "hindsight: past years, same calibrated range. The range was calibrated on 2022-2024 SEC data, so years in that window are partly in-sample." }, "caution": "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.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Northann (NCL) grew revenue 9.9% in FY2024 to $15 million, operating margin -10.9% against a 8.9% median for plastics products, nec, equity 18.7% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2024-12-31", "revenue": 15349854, "totalDebt": null, "cash": 245164 }, "experience": { "revenueGrowth1y": 0.09863668268973735, "revenueGrowthPerYear": -0.1440985738078262, "operatingMargin": -0.10905250304009406, "operatingMarginPrior": -0.34095314903402435, "netMargin": -0.28533659017212804, "freeCashFlow": null }, "soundness": { "equityRatio": 0.18731853598579098, "returnOnEquity": -1.685103300165091, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 3089, "sicDescription": "Plastics Products, NEC", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "3089", "growth": [ 0.0208, 8 ], "opMargin": [ 0.0894, 8 ] }, "credibility": { "auditedYears": 3, "weight": "little", "standard": "ASOP No. 25", "nonReliance": { "filed": "2026-08-24", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000605/0001575872-26-000605-index.htm", "restatedSince": false, "markedDown": true }, "auditorChange": { "filed": "2026-08-31", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000629/0001575872-26-000629-index.htm" } }, "healthWatch": { "window": "last 12 months", "since": "2025-10-02", "signals": [ { "code": "NT 10-K", "label": "Late annual report notice", "count": 1, "latest": { "filed": "2026-03-31", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000202/0001575872-26-000202-index.htm" } }, { "code": "3.01", "label": "Exchange listing notice or transfer", "count": 5, "latest": { "filed": "2026-08-31", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000629/0001575872-26-000629-index.htm" } }, { "code": "4.02", "label": "Earlier statements no longer to be relied on", "count": 1, "latest": { "filed": "2026-08-10", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000562/0001575872-26-000562-index.htm" } }, { "code": "NT 10-Q", "label": "Late quarterly report notice", "count": 2, "latest": { "filed": "2026-08-14", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000578/0001575872-26-000578-index.htm" } }, { "code": "4.01", "label": "Auditor change", "count": 2, "latest": { "filed": "2026-08-31", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000629/0001575872-26-000629-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 3, "latest": { "filed": "2026-10-01", "url": "https://www.sec.gov/Archives/edgar/data/1923780/000157587226000670/0001575872-26-000670-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 11009187.887689414, "high": 19768235.179720823, "baseline": 15000937.30438672, "coverage": 0.8, "method": "v3", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); range = 10th to 90th percentile of how SEC company-years of the same size band actually turned out", "calibratedOn": { "companyYears": 749, "sizeBand": "b00" }, "credibility": null, "stress": null, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 0, "hits": 0, "rate": null, "method": "v3", "note": "hindsight: past years, same calibrated range. The range was calibrated on 2022-2024 SEC data, so years in that window are partly in-sample." }, "registry": null, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "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.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001923780.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1923780" }, "speedCash": { "fiscalYear": 2024, "cashConversion": -0.0804, "growth3y": 0.0986, "volatility": 0.3532, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.1873, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "notyet", "inside": "Turns -8.0% of revenue into operating cash; revenue growing 9.9% a year over three years; no common dividend.", "outside": "Among under $50M companies: 64th percentile for cash, 63rd for growth.", "emoji": "⚡", "label": "Fast, cash not yet", "plain": "growing fast, but little cash arriving so far" }, "band": "under $50M", "cashPctInClass": 64, "growthPctInClass": 63, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "warning", "text": "filed late annual report notice, earlier statements no longer to be relied on, late quarterly report notice, auditor change in the last 12 months" }, { "key": "cash", "text": "operating cash flow was negative" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±28%" } ], "rule": "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.", "level": 3, "name": "Old boat", "plain": "three warning signs" }, "cashFlow": { "fiscalYearEnd": "2024-12-31", "operating": -1233491, "investing": -296363, "financing": -1186585, "capitalSpending": null, "free": null, "trend": [ { "fiscalYearEnd": "2022-12-31", "operating": -3430412, "free": null }, { "fiscalYearEnd": "2023-12-31", "operating": -4678716, "free": null }, { "fiscalYearEnd": "2024-12-31", "operating": -1233491, "free": null } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2024-12-31", "cash": 245164, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 13875685, "ladder": null, "currentRatio": 0.61, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2024, "cashConversion": -0.0804, "growth3y": 0.0986, "volatility": 0.3532, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.1873, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "notyet", "inside": "Turns -8.0% of revenue into operating cash; revenue growing 9.9% a year over three years; no common dividend.", "outside": "Among under $50M companies: 64th percentile for cash, 63rd for growth.", "emoji": "⚡", "label": "Fast, cash not yet", "plain": "growing fast, but little cash arriving so far" }, "band": "under $50M", "cashPctInClass": 64, "growthPctInClass": 63, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "warning", "text": "filed late annual report notice, earlier statements no longer to be relied on, late quarterly report notice, auditor change in the last 12 months" }, { "key": "cash", "text": "operating cash flow was negative" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±28%" } ], "rule": "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.", "level": 3, "name": "Old boat", "plain": "three warning signs" }, "cashFlow": { "fiscalYearEnd": "2024-12-31", "operating": -1233491, "investing": -296363, "financing": -1186585, "capitalSpending": null, "free": null, "trend": [ { "fiscalYearEnd": "2022-12-31", "operating": -3430412, "free": null }, { "fiscalYearEnd": "2023-12-31", "operating": -4678716, "free": null }, { "fiscalYearEnd": "2024-12-31", "operating": -1233491, "free": null } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2024-12-31", "cash": 245164, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 13875685, "ladder": null, "currentRatio": 0.61, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }