Company: NCL
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001575872-25-000699
Chunk: 15

Company: Northann Corp.
Filing Date: 2025-11-18
Form: 424B3
Chunk 15
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 for the nine months ended September 30, 2025 and 2024.

Net earnings per share of common stock

The Company has adopted ASC Topic 260, “Earnings
per Share,” (“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with
complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying
consolidation financial statements, basic earnings (loss) per share is computed by dividing net loss by the weighted average number of
shares of common stock outstanding during the period.

|                                                                         |     | September 30, 
 2025          
 (Unaudited)   |             |    |     | 2024 |            |    |
|:------------------------------------------------------------------------|:----|:--------------|------------:|:---|:----|:-----|-----------:|:---|
| Net (loss)                                                              |     | $             | (13,691,600 | )  |     | $    |   (440,897 | )  |
| Weighted average number of shares of common stock outstanding - basic   |     |               |  91,645,170 | *  |     |      | 22,861,075 | *  |
| Weighted average number of shares of common stock outstanding - diluted |     |               |  91,645,170 | *  |     |      | 22,861,075 | *  |
| Basic and diluted (loss) earnings per share                             |     | $             |       (0.15 | )* |     | $    |      (0.02 | )* |

* Retrospectively restated for the effect of 1-for-2 reverse
stock split. (Note 16)

| F-9 |

Segments

The Company evaluates a reporting unit by first
identifying its operating segments, and then evaluates each operating segment to determine if it includes one or more components that
constitute a business. If there are components within an operating segment that meets the definition of a business, the Company evaluates
those components to determine if they must be aggregated into one or more reporting units. If applicable, when determining if it is appropriate
to aggregate different operating segments, the Company determines if the segments are economically similar and, if so, the operating segments
are aggregated. The Company has only one major reportable segment in the periods presented. The Company’s chief operation decision
maker is the