Is Northann going out of business?

NORTHANN CORP. (NCL) Fundamentals

A quick summary of the latest filed figures while the full analysis loads.

NORTHANN CORP. (NCL) scores 27 out of 100 on fundamentals, Distressed / Caution, based on SEC filing data.

Leading signal: ROE quality: -89.90%

Five questions, kept separate

Survival - Critical

Under 1 mo of estimated runway from 2026-03-31, based on $240K of cash and short-term investments against $10.1M of annual burn. Debt pressure is the other decisive risk.

Business quality - Poor

-120.0% operating margin and -73.9% FCF margin produce a poor Business Quality assessment.

Trajectory - Accelerating

Revenue improved 9.9%; operating margin improved 23.2pp.

Valuation - Evidence incomplete

A positive current market capitalization is unavailable, so price-to-fundamentals evidence cannot be computed.

Event risk - Evidence unavailable

No active asserted adverse event was found in the available filing evidence. The filing evidence is stale or incomplete, so this is not proof of absence.

What the rules read

• Debt / Equity: 0.24x
• ROE quality: -89.90%
• ROIC: -108.26%
• Gross margin (industrial): -18.01%
• FCF margin: -73.89%
• Operating leverage: 666.0%
• R&D intensity: 9.09%
• Revenue growth YoY: 44.33% (Industrial YoY) - Growth from a low base; sustainability uncertain.
• Return on Assets: -53.87%
• Asset Growth Velocity: 86.68% YoY (Aggressive buildout)
• Cash Burn Deceleration: 73.96% QoQ improvement (Rapid improvement)
• Asset Efficiency: 0.44x

Read from filings through 2026-05-19.

Price as of 2026-01-05.