Northann 2026年季度报告

FORM10-Q (Mark One)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the quarterly period endedMarch 31, 2026 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesNo On May 15, 2026, the registrant had 53,733,083 shares of common stock and 625,000 shares of Series A Preferred Stock outstanding. Northann Corp.Quarterly Report on Form 10-Q TABLE OF CONTENTS PagePART I – FINANCIAL INFORMATIONF-1Item 1.Financial StatementsF-1Consolidated Balance SheetsF-1Consolidated Statements of Operations and Comprehensive Income LossF-2Consolidated Statements of Shareholders’ (Deficit)F-3Consolidated Statements of Cash FlowsF-4Notes to Consolidated Financial StatementsF-5Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations2Item 3.Quantitative and Qualitative Disclosures about Market Risk9Item 4.Control and Procedures9PART II – OTHER INFORMATION9Item 1.Legal Proceedings9Item 1A.Risk Factors9Item 2.Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities9Item 3.Defaults Upon Senior Securities10Item 4.Mine Safety Disclosures10Item 5.Other Information10Item 6.Exhibits10SIGNATURES11 PART I – FINANCIAL INFORMATION NORTHANN CORP.CONSOLIDATED BALANCE SHEETS(In U.S. dollars) LIABILITIES AND STOCKHOLDERS' EQUITY The accompanying notes are an integral part of these consolidated financial statements. NORTHANN CORP.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVELOSS(In U.S. dollars) NORTHANN CORP.CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)(In U.S. dollars) The accompanying notes are an integral part of these consolidated financial statements. NORTHANN CORP.CONSOLIDATED STATEMENTS OF CASH FLOWS(In U.S. dollars) Purchase of equipment(3,429)-Payments for construction(207,150)(149,042)Net Cash (Used in) Investing Activities(210,579)(149,042) NOTES TO CONSOLIDATED FINANCIAL STATEMENTSFOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025(In U.S. dollars) 1.ORGANIZATION AND BUSINESS The Company commenced operations in August 2013 with the establishment of Northann Building Solutions LLC. (“NBS”) inDelaware. In December 2013, Northann (Changzhou) Construction Products Ltd (“NCP”) was established in China. All of its productswere manufactured through NCP. In March 2014, Benchwich Construction Products Ltd (“Benchwick”) was established in Hong Kong. All wholesales to distributorsare conducted through Benchwick. In April 2014, Changzhou Macro Merit International Trading Co., Ltd. (“MARCO”) was established in China. All the import/export ofour products are conducted through MARCO. In February 2016, Northann Distribution Center Inc. (“NDC”) was established in California. NDC is a distribution center in the UnitedStates and maintains a small inventory for retail sales. In September 2017, Changzhou Ringold International Trading Co., Ltd. (“Ringold”) was established in China. All of the raw materialare procured from third parties through Ringold. In September 2018, Crazy Industry (Changzhou) Industry Technology Co., Ltd. (“Crazy Industry”) was established in China. CrazyIndustry is the research and development hub. In June 2020, Dotfloor Inc. (“Dotfloor”) was established in California. Dotfloor is a U.S. distribution subsidiary of the Company. In March 2022, Northann Corp. (“Northann”), the current ultimate holding company, was incorporated in Nevada as part of therestructuring transactions in contemplation of our initial public offering. In connection with its incorporation,