ELK GROVE, Calif., May 22, 2024 (GLOBE NEWSWIRE) -- Northann Corp. (NYSE:NCL), a leading innovator in 3D printing technology for home improvement products, announced its financial results for the first quarter ending March 31, 2024. The company reported substantial growth in revenues and significant progress in cost management and debt reduction. Financial Highlights: - Revenue: Northann Corp. reported revenues of $4.6 million for Q1 2024, a notable increase of 68% from $2.7 million in the same period of 2023. This growth reflects strong demand for the company's advanced flooring solutions. - Gross Profit: Gross profit for the quarter was $1.54 million, up by 24% from $1.25 million in Q1 2023, driven by higher sales volumes and efficient cost management. - Net Income: Net income for the quarter was $60,035, compared to $185,466 in the prior year's first quarter, representing a decrease of 68%. The decline in net income is primarily due to increased investments in research and development and higher interest expenses. - Operating Expenses: Total operating expenses were $1.22 million, up by 42% from $853,830 in Q1 2023. The increase is attributed to expanded R&D efforts and administrative costs. Operational and Strategic Highlights: - Debt Reduction: The company successfully reduced its total liabilities to $12.52 million ...