Northann Corp. (NYSE: NCL)

Northann Corp is a decorating solutions provider that uses additive manufacturing commonly known as 3D printing to create flooring decking and related products for customers in North America Europe and other regions. The company markets its offerings primarily under the Benchwick brand and its premium SuperOak line. Northann Corp’s operations combine product design manufacturing and distribution to deliver customizable functional and affordable building solutions.

Northann Corp generates revenue mainly from the wholesale and retail sale of vinyl flooring decorative boards and its SuperOak product line. In the fiscal year ended December 31 2025 approximately 38 percent of revenue came from vinyl flooring products 40 percent from decorative boards and 22 percent from the SuperOak line. Wholesale distribution accounted for 92.91 percent of total revenue while retail sales contributed 7.09 percent during the same period. The company sells its products through purchase orders from distributors retailers and directly to consumers via its online store. Northann Corp has expanded its retail footprint by entering vendor agreements with several major home improvement chains in North America which is expected to increase retail channel revenue beginning in fiscal year 2026.

Northann Corp operates in a competitive floorcovering industry where it faces competition from traditional wood flooring manufacturers and conventional vinyl flooring producers. The company differentiates itself through its use of 3D printing technology which enables limitless design flexibility low labor and inventory costs and on demand production. Its integrated manufacturing model reduces dependence on external suppliers shortens the innovation to customer cycle and lowers operating expenses. Northann Corp also holds a portfolio of over 80 granted pending or published patents covering various 3D printing technologies for decorative products. The company’s commitment to sustainability is reflected in its Blue Eleven initiative that uses reclaimed ocean plastic and its efforts to reduce greenhouse gas emissions through material efficiency and lower energy consumption. Additionally Northann Corp is integrating artificial intelligence across product design production optimization quality control and customer experience to further enhance its competitive advantage.

Northann Corp serves a diverse customer base that includes large sized wholesale distributors major retail supermarkets local building contractors and individual consumers undertaking home renovation projects. During the fiscal year ended December 31 2025 two major customers each accounted for more than ten percent of sales revenue together representing 69.7 percent of total revenue although their specific names are not disclosed in the filing. The company’s geographic revenue is heavily concentrated in the United States which contributed 99.22 percent of sales in fiscal year 2025 with the remainder coming from Canada and a minimal share from Europe. Northann Corp continues to pursue growth through tier‑one retail expansion U. S. manufacturing expansion and strategic asset acquisitions aimed at strengthening its market position and broadening its product offerings.