Northann (NCL) makes and sells vinyl and 3D-printed flooring products, primarily to U.S. customers, under two brands: Benchwick (its core vinyl flooring line) and SuperOak (a premium product designed to replicate hardwood aesthetics with the durability and water resistance of engineered flooring). Decorative boards are the largest revenue category at roughly 40% of FY25 sales, followed by vinyl flooring at ~38% and SuperOak at ~22%. Northann sells primarily through wholesale distributors (~93% of FY25 revenue), with a growing retail channel through its Dotfloor.com site and major home improvement chains. Two customers account for roughly 70% of revenue, reflecting significant concentration. Manufacturing is split between a legacy factory in Changzhou, China and a new facility in Fort Lawn, South Carolina, currently at ~10% of planned capacity and targeting full production by mid-2027. The South Carolina facility is central to Northann's strategy — it is designed to eliminate the ~65% tariff burden on Chinese imports and position the brand as "Made in the USA." Northann's 3D printing platform is the core of its differentiation pitch: it allows on-demand, small-batch production without physical molds, reducing finished goods inventory and labor per production line vs. traditional vinyl flooring manufacturing. Retail expansion and domestic manufacturing ramp are the two near-term growth priorities, alongside AI integration across design, production, and customer-facing tools.