Revenue and Profitability - Revenues for the three months ended March 31, 2024, were $4,595,531, an increase of $1,860,598 or 68% from $2,734,933 in the same period of 2023[130] - Gross profit was $1,543,990 for the three months ended March 31, 2024, with a gross margin decrease to 33.6% from 45.7% in the same period of 2023[132] - Net income for the three months ended March 31, 2024, was $60,033, a decrease from $185,466 in the same period of 2023, primarily due to increased costs[137] Costs and Expenses - Cost of revenues increased to $3,051,541 for the three months ended March 31, 2024, compared to $1,484,991 in 2023, primarily due to higher sales volume and increased raw material prices[131] - General and administrative expenses rose to $485,037 for the three months ended March 31, 2024, up from $355,127 in 2023, mainly due to increased service fees related to the company's new public status[136] - Research and development expenses increased to $512,597 for the three months ended March 31, 2024, compared to $300,211 in 2023, reflecting more ongoing projects[137] Cash Flow and Financing - Net cash provided by operating activities was $297,897 for the three months ended March 31, 2024, compared to a net cash used of $895,440 in the same period of 2023[141] - Net cash used in investing activities was $270,242 for the three months ended March 31, 2024, compared to $159,398 in 2023, mainly for construction payments[143] - Net cash used in financing activities was $641,782 for the three months ended March 31, 2024, compared to net cash provided of $521,943 in 2023, due to significant repayments of borrowings[144] - As of March 31, 2024, the company had cash of $590,169, down from $1,101,443 as of December 31, 2023, indicating a need for potential future financing[138]
Northann (NCL) - 2024 Q1 - Quarterly Report