Northann Corp.(NCL)Stock Analysis
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Quality rankings require at least $50M annual revenue or $250M total assets to filter out micro-caps and shell companies. This company reported $21.0M in revenue.
Financial data, filings, and institutional holdings below are still tracked in full — only the proprietary quality composite is unavailable for this name.
NCL Stock Analysis & AI Quality Score
AI stock analysis and institutional research for Northann Corp. (NCL), a Materials sector company. NCL is not currently included in 13F Pro's AI-ranked quality universe — quality rankings require at least $50m annual revenue or $250m total assets to filter out micro-caps and shell companies. this company reported $21.0m in revenue. Based on the latest XBRL financial filings (Q1 2026), Northann Corp. reports quarterly revenue of $5.0M, net income of $-2.9M, free cash flow of $-1.4M. Top institutional holders of NCL by reported 13-F value include GEODE CAPITAL MANAGEMENT,, XTX Topco Ltd, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. NCL trades on the NYSE exchange and files with the SEC under CIK 1923780. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate NCL daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Northann Corp. directly from SEC EDGAR.
Revenue
Q1 2026
$5.0M
Net Income
Q1 2026
$-2.9M
Free Cash Flow
Q1 2026
$-1.4M
AI Insight: NCL Financial Trends
Northann faces persistent operating losses and shrinking equity despite recent revenue recovery to $5M in Q1 2026.
• Revenue collapsed from $5M (Q1 2024) to $2M (Q2 2025), recovered to $5M by Q1 2026—volatile, no sustained growth.
• Operating income swung from breakeven to -$9M (Q3 2025); remains negative at -$3M in Q1 2026.
• Operating cash flow has been negative or flat across eight quarters, signaling structural cash burn.
⚠ Equity surged to $18M in Q1 2026 from $2M in Q3 2025—likely dilutive equity raise masking balance sheet stress.
⚠ Cumulative net losses exceed $22M over eight quarters with no visible path to profitability.
AI Insight: NCL Ratio Trends
Northann is in financial distress, with operating margin collapsing to -57.5% in Q1 2026 and all profitability metrics deeply negative.
• Operating margin deteriorated from 7.1% in Q1 2024 to -57.5% in Q1 2026, with only Q3 2024 posting positive 21.6%.
• Net profit margin turned sharply negative: -58.4% in Q1 2026 vs. 1.3% in Q1 2024.
• ROIC collapsed from 27.3% (Q1 2024) to -61.8% (Q1 2026), indicating severe capital destruction.
⚠ Q3 2024 showed a brief recovery (21.6% OpMargin, 35.2% ROIC), but deterioration resumed Q4 2024 onward.
⚠ Leverage improved from D/E 5.74 (Q1 2024) to ~1.22 (Q1 2025), but profitability collapse suggests underlying operational failure.
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Available Research
13F Pro tracks comprehensive data for Northann Corp. including:
Top Institutional Holders of NCL
GEODE CAPITAL MANAGEMENT, LLC
$36.2K252,799 shXTX Topco Ltd
$7.8K54,600 shVANGUARD CAPITAL MANAGEMENT LLC
$6.5K45,539 shUBS Group AG
$873.006,104 shTower Research Capital LLC (TRC)
$293.002,049 shOSAIC HOLDINGS, INC.
$5.0037 shSound Income Strategies, LLC
$2.0012 sh
| Fund | Value | Shares |
|---|---|---|
| GEODE CAPITAL MANAGEMENT, LLC | $36.2K | 252,799 |
| XTX Topco Ltd | $7.8K | 54,600 |
| VANGUARD CAPITAL MANAGEMENT LLC | $6.5K | 45,539 |
| UBS Group AG | $873.00 | 6,104 |
| Tower Research Capital LLC (TRC) | $293.00 | 2,049 |
| OSAIC HOLDINGS, INC. | $5.00 | 37 |
| Sound Income Strategies, LLC | $2.00 | 12 |
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Popular Research
Is NCL a good stock to buy?
13F Pro's AI-powered analysis of Northann Corp. (NCL) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Materials sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for NCL are available on the NCL stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own NCL?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling NCL. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Northann Corp.'s investment landscape.