Northann Corp.

Northann Corp

Overview

• Northann Corp and its subsidiaries (NCP, NBS, Crazy Industry, and 3D PRINTING) operate in additive manufacturing to produce 3D-printed vinyl flooring and related decorative products for residential and commercial use.
• Brands:
  • Benchwick: core line of 3D-printed vinyl flooring and related products sold wholesale and retail in North America.
  • SuperOak: premium 3D-printed flooring designed to resemble hardwood with durable, water-resistant properties; carried by major U.S. retail channels.
• Business model:
  • End-to-end, vertically integrated manufacturing footprint covering product design, production, and distribution.
  • On-demand, small-batch manufacturing enabled by 3D printing technologies.
• Innovation:
  • The company applies artificial intelligence across product design, production optimization, quality control, supply chain management, and administrative functions.
  • Proprietary 3D printing technologies and an AI-based pattern platform (Envision) support decorative pattern generation and selection.

Products and technology

• Core products:
  • Benchwick 3D-printed vinyl flooring panels composed of substrate, decorative layer, and surface layer.
  • SuperOak premium line designed to mimic natural hardwood.
• Proprietary technologies:
  • Infinite Glass: decorative panel with UV-protected transparent layer to reduce discoloration and increase durability.
  • DSE (Digital Synchronized Effect): creates synchronized, multi-layer textured effects resembling wood or stone.
  • TruBevel: produces beveled, grout-like effects and rustic edges.
  • MattMaster (Electron Beam): electron-beam curing for low-gloss finishes with strong durability and reduced curing energy.
  • Blue Eleven: sustainability-focused substrate initiative using recycled materials.
  • Envision: AI-based pattern-recognition and generation system for design and pattern selection.
• Intellectual property:
  • A portfolio of patents across NBS, NCP, and Crazy Industry, totaling 84 granted/pending/published patents as of year-end 2025, with protection in the U.S., Netherlands, Europe, Australia, and other jurisdictions.
  • NBS licenses certain patents to i4F Licensing N.V.; a sublicensing framework exists, with revenue-sharing terms for sublicense fees.

Manufacturing and operations

• Facilities and capacity:
  • Changzhou, China (NCP): facility with about 88 3D printing units and capacity to produce more than 19,800 square meters of vinyl flooring per day.
  • Fort Lawn, South Carolina, USA: leased facility (106,610 sq ft total; 98,400 sq ft industrial) with partial production beginning in 2025 and targeted full capacity by mid-2027.
• Production and sourcing:
  • The South Carolina facility was ramping up production in 2025.
  • Primary raw materials include ink, coatings, resins, sound padding, and glue, sourced from a mix of domestic and international suppliers.
  • Sourcing diversification includes Vietnam, Thailand, Malaysia, and Indonesia to reduce China concentration and tariff exposure.
• Financing for U.S. expansion:
  • 3D PRINTING, a wholly owned subsidiary, entered an EB-5 loan arrangement with 3DFLOR OPPORTUNITY, LP for up to $24 million.
  • A pledge agreement secures the loan with 49 million Class A Units of 3D PRINTING as collateral; a UCC-1 Financing Statement was recorded.
• Real estate and corporate moves:
  • Headquarters relocated from California to Fort Lawn, SC in December 2024; renovations and U.S. manufacturing expansion continued thereafter.

Markets, customers, and growth

• Revenue and channels (fiscal year 2025):
  • Product mix: 38% vinyl flooring products, 40% decorative boards, 22% SuperOak.
  • Channel mix: 92.91% wholesale, 7.09% retail.
  • Geography: 99.22% United States, 0.78% Canada, Europe under 1%.
• Customers:
  • Two major customers together accounted for 69.7% of 2025 revenues (77.0% in 2024).
  • The company is expanding relationships with Tier‑1 North American home improvement retailers and reported initial retail orders in 2026.
• Strategy:
  • Positioning as a one-stop decorating solution provider using 3D printing for on-demand, customizable flooring and related products.
  • Growth priorities include U.S. retail expansion, U.S. manufacturing ramp-up, technology-driven cost optimization, and strategic asset acquisitions to broaden capabilities and equity.

Intellectual property and licenses

• Patent portfolio totals 84 granted/pending/published patents across NBS, NCP, and Crazy Industry, including 43 granted patents with U.S. and Netherlands coverage and additional filings in other jurisdictions.
• NBS has licensed some patents to i4F Licensing N.V. and granted sublicensing rights under defined revenue-sharing terms.

Employees and organization

• Employee count: 63 employees as of December 31, 2025, across U.S., China, and other entities.
• Talent and incentives:
  • Share-based awards granted under the 2023 Equity Incentive Plan; 1,500,000 shares had been granted as of year-end 2025, with subsequent authorization increasing the plan total to 3,500,000 shares.
• Capital needs:
  • The company has reported operating cash flow needs and continues to pursue debt and equity financing to fund expansion.

Financial and operational snapshot

• Revenue structure (2025): 38% vinyl flooring, 40% decorative boards, 22% SuperOak.
• Channel mix (2025): 92.91% wholesale, 7.09% retail.
• Geography (2025): 99.22% United States; 0.78% Canada; Europe <1%.
• Major customers (2025): two customers accounted for 69.7% of revenues.
• Operating cash flow (2025): net cash used in operating activities of approximately $5.68 million.
• Working capital: approximately $4.97 million positive as of 12/31/2025.
• Facilities: U.S. manufacturing facility in Fort Lawn, SC (106,610 sq ft) with ramp-up planned through 2027; China facility in Changzhou with ~88 3D printing units and capacity for ~19,800 square meters per day.
• Financing arrangements include an EB-5 loan facility up to $24 million and related collateral/security arrangements.

Corporate actions and listing

• Completed several private placements and filed an S-1 registration statement in 2024–2025.
• Implemented a 1-for-8 reverse stock split in October 2025.
• Engaged in strategic agreements, asset acquisitions, and development partnerships, and adjusted listing aspects with NYSE American while monitoring compliance.

Summary

Northann Corp is a vertically integrated developer and manufacturer of 3D-printed vinyl flooring and decorative products, operating in the U.S. and China under the Benchwick and SuperOak brands. The company combines proprietary printing technologies, an AI-based pattern platform, and a broad patent portfolio to produce on-demand, customizable products. It is expanding U.S. manufacturing to reduce tariffs and shorten supply chains, pursuing Tier‑1 retail partnerships and strategic acquisitions, and using patent licensing to support industry adoption. Revenue remains heavily U.S.-centric with wholesale as the primary channel, while retail and domestic manufacturing capacity are scaling. The company continues to pursue external financing to support its expansion plans.