Company: NCL
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001575872-25-000699
Chunk: 7

Company: Northann Corp.
Filing Date: 2025-11-18
Form: 424B3
Chunk 7
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 ) 
 ) 
 ) 
 ) 
 ) |     | 2024 |   (440,897 
    504,943 
  1,182,496 
   (250,000 
     59,617 
          - 
    674,820 
 (1,162,252 
     54,408 
    185,792 
   (209,448 
     21,485 
   (186,225 
      4,066 
    (59,617 
    (33,786 
          - 
    345,402 
          - 
   (348,795 
   (348,795 
          - 
          - 
    430,729 
          - 
    756,343 
 (1,163,768 
   (599,664 
   (500,000 
 (1,076,360 
     62,280 
 (1,017,473 
  1,105,214 
     87,741 | ) 
 ) 
 ) 
 ) 
 ) 
 ) 
 ) 
 ) 
 ) 
 ) 
 ) 
 ) 
 ) 
 ) |
|:----------------------------------------------------------------------------------|:----|:------------------|------------:|:--|:----|:-----|-----------:|:--|
| Cash paid for income taxes                                                        |     | $                 |           - |   |     | $    |    145,325 |   |
| Cash paid for interest                                                            |     | $                 |     174,233 |   |     | $    |     40,373 |   |

<div align='center'>The accompanying notes are an integral part of
these consolidated financial statements.</div>

| F-4 |

<div align='center'>NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

AS OF AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

(In U.S. dollars)</div>

| 1. | ORGANIZATION AND BUSINESS |

The Company commenced operations in August 2013
with the establishment of Northann Building Solutions LLC. (“NBS”) in Delaware. In December 2013, Northann (Changzhou) Construction
Products Ltd (“NCP”) was established in China. All of its products were manufactured through NCP.

In March 2014, Benchwich Construction Products
Ltd (“Benchwick”) was established in Hong Kong. All wholesales to distributors are conducted through