Company: NCL
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001575872-25-000540
Chunk: 113

Company: Northann Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 113
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 and development expenses. Our research and development expenses decreased to $256,176 for the three months ended June 30, 2025 from $419,588 for the same period in 2024. 

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Income tax expense. Our Income tax expense was $nil for the three months ended June 30, 2025 and $2,799 for the three months ended June 30, 2024.

Net (loss) income. As a result of the cumulative effect of the factors described above, our net loss was $2,261,558 for the three months ended June 30, 2025 and $997,495 for the three months ended June 30, 2024. The increase in net loss was primarily due to the decrease in gross profit, partly offset by the decrease in operating expenses.

Comparison for the Six Months Ended June 30, 2025 and 2024

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

  Six Months Ended June 30,   2025  2024   Amount  of Revenue  Amount  of Revenue Revenues  5,143,948   100.0%  8,484,424   100.0%Cost of revenues  5,667,098   110.2%  6,039,807   71.2%Gross profit  (523,150)  (10.2)%  2,444,617   28.8%Operating expenses            Selling expenses  1,539,587   29.9%  405,437   4.8%General and administrative expenses  1,987,574   38.6%  1,946,262   22.9%Research and development expenses  718,238   14.0%  932,185   11.0%(Loss) from operations  (4,768,549)  (92.7)%  (839,267)  (9.9)%Other Income (expenses)            Interest income  11   -%  -   -Interest expense  (123,734)  (2.4)%  (345,644)