Northann Corp. (NCL) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 19, 2026

Risk Assessment Details

Potential Dilution: 7.7% of current shares
Recent Dilution: 494.0% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
54M
Potential Supply
4.1M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

NCL currently has 53.7M outstanding shares. with limited dilution risk as only 4.14M additional shares (7.7%) are authorized for issuance. The company has significantly diluted shareholders by 494.0% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 19, 2026

10-Q filing | 53.7M shares outstanding

54M 4.1M
Nov 24, 2025

8-K filing: Northann Corp. issued 12,500,000 shares of common stock to Kingsford Consultancy Ltd. and 15,000,000 shares of common stock to Asia Resource Holdings Limited as consideration for software assets and development, respectively. ($11.0M proceeds)

23M 4.1M
Nov 14, 2025

10-Q filing | 22.7M shares outstanding

23M 4.1M
Oct 07, 2025
Stock Split

8-K filing: Stock split 1-for-8 | Outstanding: 175,464,400 → 21,933,050

22M 4.1M
Sep 09, 2025

8-K filing: Northann Corp. closed a private placement on September 3, 2025, issuing 80,000,000 shares of common stock to X29 Purchasers for gross proceeds of $11,427,200. ($11.43M proceeds)

180M 33M
Aug 19, 2025

10-Q filing | 95.5M shares outstanding

95M 33M
Jul 18, 2025

10-Q filing | 95.5M shares outstanding

95M 33M
Jul 01, 2025

10-K filing | 95.5M shares outstanding

95M 33M
Apr 04, 2025

8-K filing: Northann Corp. closed a private placement on March 31, 2025, issuing 40,000,000 shares of common stock at $0.2033 per share, resulting in a change in voting power and loss of "controlled company" status. ($8.13M proceeds)

95M 33M
Jan 29, 2025

S-1/A filing: This S-1/A filing registers for resale up to 30,084,400 shares of common stock by selling stockholders, which were previously issued in connection with acquisitions, consulting agreements, and a private placement.

86M 33M
Jan 14, 2025

S-1/A filing: The selling stockholders of Northann Corp. may offer and resell under this prospectus up to 30,084,400 shares of common stock.

86M 33M
Dec 23, 2024

8-K filing: Northann Corp. sold 9,000,000 shares of common stock at $0.15 per share in a private placement, resulting in gross proceeds of $1,350,000, and after the issuance there are 55,464,400 shares outstanding. ($1.35M proceeds)

55M 33M
Dec 23, 2024

S-1 filing: This S-1 filing describes a secondary offering of up to 30,084,400 shares of common stock by selling stockholders of Northann Corp.

86M 33M
Dec 06, 2024

8-K filing: Northann Corp. agreed to sell 40,000,000 shares of common stock to the Oneflow Purchasers and 80,000,000 shares of common stock to the X29 Purchasers in private placement transactions, subject to closing conditions, with anticipated use of proceeds as working capital.

86M 3M
Dec 05, 2024

8-K filing: The company issued shares of common stock to Linkun Investment LLC, CAKL Holdings Sdn Bhd, and San River International Sdn Bhd as consideration for consulting services.

34M 3M
Nov 19, 2024

10-Q filing | 34.4M shares outstanding

34M 3M
Nov 15, 2024

8-K filing: Northann Corp. issued 4,500,000 shares of common stock to Jianqun Xu in exchange for all outstanding shares of Raleigh Industries Limited, with the transaction closing on November 13, 2024, resulting in 34,364,000 shares of common stock outstanding.

34M 3M
Oct 15, 2024

8-K filing: Northann Corp. issued 4,484,400 shares of common stock to Chuntao Li in exchange for all outstanding shares of Cedar Modern Limited. The transaction closed on October 14, 2024, resulting in 28,977,490 shares of common stock outstanding.

29M 3M
Aug 14, 2024

10-Q filing | 22.9M shares outstanding

23M 3M
Jun 27, 2024

8-K filing: On June 22, 2024, Northann Corp. authorized the issuance of 5,000,000 shares of Series A Preferred Stock to Lin Li for $5,000, increasing Lin Li's holdings to 10,000,000 shares, representing all issued and outstanding shares of Series A Preferred Stock. ($0.01M proceeds)

21M 3M
May 20, 2024

10-Q filing | 21.4M shares outstanding

21M 3M
Apr 16, 2024

10-K filing | 20.3M shares outstanding

20M 3M
Nov 20, 2023

10-Q filing | 20.0M shares outstanding

20M 3M
Sep 08, 2023

S-1/A filing: The filing is for the initial public offering of 3,000,000 shares of common stock of Northann Corp., with an expected price between $3.00 and $5.00 per share.

23M 3M
Sep 05, 2023

S-1/A filing: This S-1/A filing details Northann Corp's initial public offering of 3,000,000 shares of common stock, with an expected price range of $3.00 to $5.00 per share, for a total proposed amount of $12,000,000, and outlines the company's business, risks, and corporate structure.

23M 3M
Aug 24, 2023

S-1/A filing: This is an S-1/A filing for the initial public offering of 3,000,000 shares of common stock of Northann Corp.

23M 3M
Jul 27, 2023

S-1/A filing: This S-1/A filing relates to an initial public offering of 3,000,000 shares of common stock of Northann Corp.

23M 3M
Jul 14, 2023

S-1 filing: Initial public offering of 3,000,000 shares of common stock of Northann Corp.

23M 3M
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