Company: NCL
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001575872-25-000699
Chunk: 34

Company: Northann Corp.
Filing Date: 2025-11-18
Form: 424B3
Chunk 34
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     |            |  22.0 | % |
| Travel fee                                |     |                                  |  12,138 |     |            |   1.8 | % |     |        |   4,482 |     |            |   0.8 | % |     |             |    7,656 |   |     |            | 170.8 | % |
| Office expenses                           |     |                                  |  55,637 |     |            |   8.4 | % |     |        |  62,672 |     |            |  10.9 | % |     |             |   (7,035 | ) |     |            | -11.2 | % |
| Other                                     |     |                                  |  12,303 |     |            |   2.0 | % |     |        |  56,829 |     |            |   9.9 | % |     |             |  (44,526 | ) |     |            | -78.4 | % |
| Total general and administrative expenses |     | $                                | 662,331 |     |            | 100.0 | % |     | $      | 575,678 |     |            | 100.0 | % |     | $           |   86,653 |   |     |            |  15.1 | % |

Research and development expenses.Our
research and development expenses decreased to $289,545 for the three months ended September 30, 2025 from $340,072 for the same period
in 2024.

Net (loss) income. As a result of
the cumulative effect of the factors described above, our net loss was $8,799,313 for the three months ended September 30, 2025, compared
to the net income of $496,565 for the three months ended September 30, 2024. The decrease in net income was primarily due to the decrease
in gross profit and increase in operating expenses.

| 3 |

Comparison for the Nine Months Ended September 30, 2025 and 2024

The following table sets forth key components
of our results of operations for the nine months ended September 30, 2025 and 2024, both in dollars and as a percentage of our revenues.

|                                         |     | Nine Months Ended September 30, 
 2025