Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 143

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 7
Chunk 143
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 2024 and 2023.

During the fiscal year ended December 31, 2024, five suppliers accounted for a total of 48% of the Company’s cost of revenues. During the fiscal year ended December 31, 2023, five suppliers accounted for a total of 32% of the Company’s cost of revenues.  No other supplier accounts for over 4% of the Company’s cost of revenues.
As of  December 31, 2024, one supplier accounted for over 10% of the Company’s accounts payable. As of December 31, 2023, no supplier accounted for 10% of the Company’s accounts payable.

(b)   Credit risk
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Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of December 31, 2024 and 2023, substantially all of the Company’s cash were held by major financial institutions located in the PRC, which management believes are of high credit quality.
For the credit risk related to trade accounts receivable, the Company performs ongoing credit evaluations of its customers and, if necessary, maintains reserves for potential credit losses. Historically, such losses have been within management’s expectations.

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