Northann Corp. disclosed a going concern qualification in its 2024 audit opinion, complying with NYSE regulations.
Quiver AI Summary
Northann Corp. (NYSE: NCL) announced that its annual report for the fiscal year ending December 31, 2024, filed with the SEC, included an audit opinion with a going concern qualification from its independent accounting firm. This disclosure is required by NYSE regulations and does not amend the Company's audited financial statements or annual report. Northann, established in 2022, is a key player in additive manufacturing and 3D printing for the building materials sector, offering innovative products through its Benchwick brand and holding over 60 patents. The press release also includes cautionary notes about forward-looking statements and the associated risks, emphasizing that results may vary from expectations.
Potential Positives
- Northann Corp. is adhering to NYSE regulations by disclosing the receipt of an audit opinion with a going concern qualification, showing transparency and compliance.
- The company has a robust portfolio of over 60 granted or pending patents, highlighting its commitment to innovation in the additive manufacturing and 3D printing sectors.
- Northann Corp. is positioned as a leader in the building materials industry, with a focus on sustainable and innovative products through its flagship brand, Benchwick.
- As a newly founded company in 2022, Northann demonstrates growth potential in an evolving industry, which could attract future investment and interest.
Potential Negatives
- The audit opinion for the fiscal year included a going concern qualification, indicating doubts about the company's ability to continue operating as a going concern.
- This qualification may negatively impact investor confidence and the company's stock performance on the NYSE American.
- Such disclosures may raise concerns among stakeholders regarding the company’s financial health and future viability.
FAQ
What did Northann Corp. announce on July 2, 2025?
Northann Corp. announced a going concern qualification in its audit opinion for the fiscal year ended December 31, 2024.
What is a going concern qualification?
A going concern qualification indicates potential doubts about a company's ability to continue operating in the near future.
How does this affect Northann's financial statements?
This announcement does not change or amend Northann's 2024 audited financial statements or its annual report on Form 10-K.
What is Northann Corp. known for?
Northann is a leader in additive manufacturing and 3D printing technologies for the building materials industry, focusing on innovative products.
Where is Northann Corp. headquartered?
Northann Corp. is headquartered in Fort Lawn, South Carolina.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$NCL Hedge Fund Activity
We have seen 3 institutional investors add shares of $NCL stock to their portfolio, and 4 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- TWO SIGMA SECURITIES, LLC added 336,091 shares (+1060.1%) to their portfolio in Q1 2025, for an estimated $67,285
- UBS GROUP AG removed 162,455 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $32,523
- GEODE CAPITAL MANAGEMENT, LLC added 61,150 shares (+160.6%) to their portfolio in Q1 2025, for an estimated $12,242
- XTX TOPCO LTD removed 27,349 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $5,475
- VIRTU FINANCIAL LLC removed 19,504 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $3,904
- GOLDMAN SACHS GROUP INC removed 15,426 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $3,088
- BANK OF AMERICA CORP /DE/ added 6 shares (+5.3%) to their portfolio in Q1 2025, for an estimated $1
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Fort Lawn, SC, July 02, 2025 (GLOBE NEWSWIRE) -- Northann Corp. (NYSE: NCL) (“Northann” or the “Company”) announced that, as disclosed in its annual report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the Securities and Exchange Commission on July 1, 2025 and amended on July 2, 2025, the audit opinion for such fiscal year contained a going concern qualification from the Company's independent registered public accounting firm. This announcement is being made solely to comply with the NYSE American Company Guide Sections 401(h) and 610(b), which require separate disclosure of receipt of an audit opinion that contains a going concern qualification. This announcement does not represent any change or amendment to the Company's 2024 audited financial statements or to its 2024 annual report on Form 10-K.
About Northann Corp.
Founded in 2022 and headquartered in Fort Lawn, South Carolina, Northann Corp. is a leader in additive manufacturing and 3D printing technologies for the building materials industry. Through its flagship brand, Benchwick, the Company provides innovative flooring, decking, and other construction products. Northann boasts a robust portfolio of over 60 granted or pending patents, underscoring its dedication to innovation and sustainability.
Forward Looking Statements
This release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. These forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially due to several factors. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, Northann’s results may differ materially from its expectations and projections. While Northann may elect to update these forward-looking statements at some point in the future Northann specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Northann’s assessments of any date after the date of this release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
For further information, please contact:
Investor Relations
Northann Corp.
[email protected]
916-573-3803
