ProfitScout
7 months ago
$NCL News: Northann Corp. Reports Strong First Quarter 2024 Financial Results
ELK GROVE, Calif., May 22, 2024 (GLOBE NEWSWIRE) -- Northann Corp. (NYSE American: NCL), a leading innovator in 3D printing technology for home improvement products, announced its financial results for the first quarter ending March 31, 2024. The company reported substantial growth in revenues and significant progress in cost management and debt reduction.
Financial Highlights:
- Revenue: Northann Corp. reported revenues of $4.6 million for Q1 2024, a notable increase of 68% from $2.7 million in the same period of 2023. This growth reflects strong demand for the company’s advanced flooring solutions.
- Gross Profit: Gross profit for the quarter was $1.54 million, up by 24% from $1.25 million in Q1 2023, driven by higher sales volumes and efficient cost management.
- Net Income: Net income for the quarter was $60,035, compared to $185,466 in the prior year’s first quarter, representing a decrease of 68%. The decline in net income is primarily due to increased investments in research and development and higher interest expenses.
- Operating Expenses: Total operating expenses were $1.22 million, up by 42% from $853,830 in Q1 2023. The increase is attributed to expanded R&D efforts and administrative costs.
Operational and Strategic Highlights:
- Debt Reduction: The company successfully reduced its total liabilities to $12.52 million from $13.04 million at the end of 2023, a decrease of 4%. This includes a significant repayment of bank borrowings, contributing to a stronger balance sheet.
- Liquidity: As of March 31, 2024, Northann Corp. maintained a strong liquidity position with $593,934 in cash and cash equivalents?
- Product Development: Continued investment in R&D, with expenses rising to $512,597 in Q1 2024, up by 71% from $300,212 in the same period last year, reinforcing the company’s commitment to innovation.
CEO’s Statement:
"We are pleased with our robust performance in the first quarter, reflecting our team’s dedication and the growing market acceptance of our cutting-edge 3D printed flooring solutions," said Lin Li, CEO of Northann Corp. "Our strategic focus on innovation,cost management and client-oriented vision has positioned us well for sustained growth. We remain committed to enhancing shareholder value through continued operational excellence and financial discipline."
Looking Forward:
Northann Corp. continues to focus on expanding its product offerings and market reach while maintaining financial prudence. The company is optimistic about its growth prospects for the remainder of 2024, supported by ongoing product innovation and strong market demand.
About Northann Corp.
Northann specializes in 3D-printed flooring solutions under its flagship brand, "Benchwick." The Company's operations span the full spectrum of additive manufacturing, from sourcing recycled ocean plastics to the final production of intricate flooring designs. Northann offers its 3D printing ecosystem as an extensive range of proprietary solutions, including Infinite Glass, DSE, TruBevel, and MattMaster, primarily through its sales network in North America and Europe. The Company aims to redefine the essence of modern flooring and wall panels by offering stylish, durable, and ecologically conscious solutions.
For more information about Northann, please visit www.northann.com.
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For investor and media inquiries, please contact:
Investor Relations
Northann Corp.
Email: ir@northann.com
Phone: +1 (916) 573-3803
https://www.globenewswire.com/newsroom/ti?nf=OTEyMjE4MSM2MjY0NjUyIzIyNTM4NDA=
https://ml.globenewswire.com/media/NmVjNjZjNTEtNDY2My00YzhjLTgxNTYtOWU4M2QwNzdkMmUxLTEyNjUzOTM=/tiny/Northann-Corp-.png
Source: Northann Corp.
Trooperstocks
7 months ago
NEWS: $NCL Northann Corp. Announces Strategic Partnership with Adornus Cabinetry
Northann Corp.
Tue, May 14, 2024, 8:00 AM EDT
In this article:
NCL
+0.75%
Northann Corp.
ELK GROVE, Calif., May 14, 2024 (GLOBE NEWSWIRE) -- Northann Corp. (NYSE American: NCL), a leader 3D printing home improvement solutions, today announced a strategic partnership with Adornus Cabinetry, a South Carolina-based manufacturer of luxury cabinetry. The partnership will focus on combining Northann’s pioneering 3D printing technologies with Adornus’ expertise in high-quality cabinetry design and manufacturing.
This synergy, said Northann, is expected to drive new innovations in materials and design processes, leading to the manufacture of cutting-edge, sustainable cabinetry solutions that are both beautiful and functional.
Other key elements of the partnership include:
Innovation in Product Development: Northann’s 3D printing ecosystem capabilities will imbue the new line of custom cabinetry with enhanced durability, customization, and quicker production times.
Sustainability Initiatives: As both companies are committed to sustainable practices, the partnership will focus on utilizing eco-friendly materials and processes.
Economic Impact: The collaboration is set to bolster the local economy by creating jobs and utilizing local resources in South Carolina.
"We are thrilled to partner with Adornus Cabinetry,” said Northann CEO Lin Li. “This collaboration marks a significant step forward in our company’s commitment to enhancing the integration of innovative solutions in the housing and construction industries.
"This partnership also signifies our dedication to supporting American industries and economies."
Mr. Lin said the partnership is expected to commence with a series of collaborative projects in Q3 of 2024, with further details to be announced shortly.
About Northann Corp.
Northann specializes in 3D-printed flooring solutions under its flagship brand, "Benchwick." The Company's operations span the full spectrum of additive manufacturing, from sourcing recycled ocean plastics to the final production of intricate flooring designs. Northann offers its 3D printing ecosystem as an extensive range of proprietary solutions, including Infinite Glass, DSE, TruBevel, and MattMaster, primarily through its sales network in North America and Europe. The Company aims to redefine the essence of modern flooring and wall panels by offering stylish, durable, and ecologically conscious solutions.
For more information about Northann, please visit www.northann.com.
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For investor and media inquiries, please contact:
Investor Relations
Northann Corp.
Email: ir@northann.com
Phone: +1 (916) 573-3803
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor New York, NY, 10036
Office: (646) 893-5835 x2
Email: info@skylineccg.com
Trooperstocks
8 months ago
$NCL News: Northann Corp.'s Blue11-Ocean Plastic Flooring and Wall Panels Product Wins Multiple Prestigious Awards in 2024
Thu, May 2, 2024, 8:00 AM EDT
In This Article:
NCL - Northann Corp.
ELK GROVE, Calif., May 02, 2024 (GLOBE NEWSWIRE) -- Northann Corp. (NYSE American: NCL), a leader in innovative sustainable solutions, today announced that its Blue11-Ocean Plastic Flooring and Wall Panels Product has been recognized this year with industry awards for outstanding design, commitment to sustainability, and impeccable craftsmanship.
These awards include:
American Good Design Award 2024
French Design Award 2024
IDA Design Awards 2024
New York Product Design Awards
Green Product Award
Best Surfaces in TISE 2024
"We are truly honored to receive these prestigious awards, which underscore our commitment to creating products that are not only visually captivating but also environmentally conscious," remarked Northann Corp. CEO Lin Li. "This recognition fuels our passion to continue delivering innovative and sustainable solutions that resonate with our customers and contribute positively to the environment.
“Northann Corp.'s Blue11-Ocean Plastic Flooring and Wall Panels Product stands as a shining example of our company's enduring pursuit of excellence and sustainability.”
To learn more about this award-winning product and Northann Corp.'s comprehensive range of sustainable solutions, please visit www.northann.com and www.benchwick.com.
About Northann Corp.
Northann specializes in 3D-printed flooring solutions under its flagship brand, "Benchwick." The Company's operations span the full spectrum of additive manufacturing, from sourcing recycled ocean plastics to the final production of intricate flooring designs. Northann offers its 3D printing ecosystem as an extensive range of proprietary solutions, including Infinite Glass, DSE, TruBevel, and MattMaster, primarily through its sales network in North America and Europe. The Company aims to redefine the essence of modern flooring and wall panels by offering stylish, durable, and ecologically conscious solutions.
For more information about Northann, please visit www.northann.com.
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For investor and media inquiries, please contact:
Investor Relations
Northann Corp.
Email: ir@northann.com
Phone: +1 (916) 573-3803
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor New York, NY, 10036
Office: (646) 893-5835 x2
Email: info@skylineccg.com
ProfitScout
8 months ago
NCL is forward looking company that is making excellent professional alliances to grow its business on a global sale. The NCL technology to deliver sustainable building products made from recycled ocean plastics is also a valuable contribution to the health of the planet for decades to come.
From today's news:
Northann Corp’s partnership with Rexil Group of Companies Netherlands represents a significant step forward for the Company in its efforts to expand its global presence and promote sustainable practices within the industry. Both companies share a common vision for driving positive change through innovation and sustainability, making this a synergistic collaboration for both parties.
About Northann Corp.
Northann specializes in 3D-printed flooring solutions under its flagship brand, "Benchwick." The Company's operations span the full spectrum of additive manufacturing, from sourcing recycled ocean plastics to the final production of intricate flooring designs. Northann offers its 3D printing ecosystem as an extensive range of proprietary solutions, including Infinite Glass, DSE, TruBevel, and MattMaster, primarily through its sales network in North America and Europe. The Company aims to redefine the essence of modern flooring and wall panels by offering stylish, durable, and ecologically conscious solutions.
Trooperstocks
8 months ago
$NCL News: Northann Corp Enters Strategic Relationship with Rexil Group of Companies Netherlands to Promote Sustainable Technology and Products
Northann Corp.
Wed, Apr 24, 2024, 8:00 AM EDT
In This Article: NCL
Northann Corp
ELK GROVE, Calif., April 24, 2024 (GLOBE NEWSWIRE) -- Northann Corp (NYSE American: NCL), a leading innovator in 3D-printed home improvement solutions, is pleased to announce the signing of a strategic relationship with Golden Gate BCE B.V., a subsidiary of Rexil Group of Companies Netherlands, a prominent distributor in the Netherlands. This collaboration aims to enhance the presence of sustainable technology and products throughout Rexil Group of Companies Netherlands and its subsidiaries distribution channels.
Under this agreement, Rexil Group of Companies Netherlands will promote Northann Corp's environmentally friendly products, Blue11 and SuperOak, to its extensive network of customers in the Netherlands. This partnership aligns with Northann Corp's commitment to sustainability and innovation, furthering its mission to transform spaces through cutting-edge solutions.
"We are thrilled to partner with Rexil Group of Companies Netherlands to bring our sustainable technology and products to a wider audience in the Netherlands," said Lin Li, CEO and President of Northann Corp. "This collaboration underscores our dedication to environmental stewardship and showcases our commitment to providing innovative solutions to our customers."
Northann Corp’s partnership with Rexil Group of Companies Netherlands represents a significant step forward for the Company in its efforts to expand its global presence and promote sustainable practices within the industry. Both companies share a common vision for driving positive change through innovation and sustainability, making this a synergistic collaboration for both parties.
About Northann Corp.
Northann specializes in 3D-printed flooring solutions under its flagship brand, "Benchwick." The Company's operations span the full spectrum of additive manufacturing, from sourcing recycled ocean plastics to the final production of intricate flooring designs. Northann offers its 3D printing ecosystem as an extensive range of proprietary solutions, including Infinite Glass, DSE, TruBevel, and MattMaster, primarily through its sales network in North America and Europe. The Company aims to redefine the essence of modern flooring and wall panels by offering stylish, durable, and ecologically conscious solutions.
For more information about Northann, please visit www.northann.com.
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For investor and media inquiries, please contact:
Investor Relations
Northann Corp.
Email: ir@northann.com
Phone: +1 (916) 573-3803
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor New York, NY, 10036
Office: (646) 893-5835 x2
Email: info@skylineccg.com
Trooperstocks
8 months ago
$NCL News: Northann Corp.'s Benchwick Brand to Showcase SuperOak Hybrid Wood Planks Alongside Blue11 Collection at NWFA in New Orleans, April 16-18, 2024
Wed, April 17, 2024 at 8:00 AM EDT
In this article: Northann Corp., NCL +3.35%
ELK GROVE, Calif., April 17, 2024 (GLOBE NEWSWIRE) -- Northann Corp. (NYSE American: NCL) today announced that its Benchwick brand will unveil its latest patented innovation, SuperOak Hybrid Wood Planks, before showcasing its award-winning Blue11 Collection, at the National Wood Flooring Association (NWFA) Expo in New Orleans, April 16-18, 2024, at the New Orleans Ernest N. Morial Convention Center - Hall F & G.
Combining the natural beauty of wood with the durability and sustainability of modern materials, SuperOak Hybrid Wood Planks represent a breakthrough in flooring technology. The product will be in stock across the U.S. starting in May, ensuring customers have access to this revolutionary flooring solution.
"We are thrilled to introduce our Benchwick SuperOak Hybrid Wood Planks, as well as showcase our award-winning Blue11 Collection, at NWFA," said Lin Li, CEO and President of Northann Corp. "SuperOak demonstrates our dedication to pushing the boundaries of flooring technology."
Attendees of NWFA are invited to visit Northann at booth number 2219 to explore the SuperOak and Blue11 Collection and learn more about Benchwick's cutting-edge flooring solutions.
For more information about Northann Corp. and its Benchwick brand, visit www.northann.com.
About Northann Corp.
Northann specializes in 3D-printed flooring solutions under its flagship brand, "Benchwick." The Company's operations span the full spectrum of additive manufacturing, from sourcing recycled ocean plastics to the final production of intricate flooring designs. Northann offers its 3D printing ecosystem as an extensive range of proprietary solutions, including Infinite Glass, DSE, TruBevel, and MattMaster, primarily through its sales network in North America and Europe. The Company aims to redefine the essence of modern flooring and wall panels by offering stylish, durable, and ecologically conscious solutions.
For more information about Northann, please visit www.northann.com.
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For investor and media inquiries, please contact:
Investor Relations
Northann Corp.
Email: ir@northann.com
Phone: +1 (916) 573-3803
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor New York, NY, 10036
Office: (646) 893-5835 x2
Email: info@skylineccg.com
Trooperstocks
8 months ago
$NCL News: Northann Corp Announces Cross-Licensing Agreement with I4F for Digital Printing Technology
April 10 2024 - 08:00AM
Northann Corp. (NYSE American: NCL), a leading innovator in 3D-printed home improvement solutions, is pleased to announce a strategic cross-licensing agreement with I4F, a group of companies providing patents and technologies to the flooring industry.
This agreement solidifies a collaborative effort between the two companies to enhance their respective offerings in the digital printing space. Northann Corp's commitment to innovation and quality aligns perfectly with I4F's expertise in digital printing technology, creating a synergy that promises exciting advancements in the flooring industry.
"Intellectual property should not be a barrier to technological and industry advancements; it should be a catalyst for continuous innovation for humanity and the industry as a whole," said Lin Li, CEO of Northann Corp. "Our cross-license agreement with I4F is designed to further democratize this technology and help I4F's digital printing licensees greatly reduce manufacturing costs and entry barriers. After this cross-license agreement, Northann Corp will manufacture its 3D printing ecosystem with digital printing production lines in the United States, drastically reducing production costs, and further solidifying Northann’s foothold within the industry."
About Northann Corp.
Northann specializes in 3D-printed flooring solutions under its flagship brand, "Benchwick." The Company's operations span the full spectrum of additive manufacturing, from sourcing recycled ocean plastics to the final production of intricate flooring designs. Northann offers its 3D printing ecosystem as an extensive range of proprietary solutions, including Infinite Glass, DSE, TruBevel, and MattMaster, primarily through its sales network in North America and Europe. The Company aims to redefine the essence of modern flooring and wall panels by offering stylish, durable, and ecologically conscious solutions.
For more information about Northann, please visit www.northann.com.
Forward-Looking Statement
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For investor and media inquiries, please contact:
Investor Relations
Northann Corp.
Email: ir@northann.com
Phone: +1 (916) 573-3803
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, NY, 10036
Office: (646) 893-5835 x2
Email: info@skylineccg.com
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glenn1919
2 weeks ago
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