Aimei Health Technology Reports Decrease in Net Income and Assets in Q2 2025

Aimei Health Technology Co., Ltd. reported its financial results for the second quarter of 2025, revealing a net income of $424,970 for the three months ending June 30, 2025, a decrease from $609,092 in the same period of the previous year. For the first half of 2025, the company recorded a net income of $609,632, down from $1,364,592 in the first half of 2024. The decline in net income is attributed to a significant drop in interest income from assets held in trust, which fell to $1,064,650 in the first half of 2025 from $1,827,338 in the prior year. The company's formation and operating costs also decreased slightly, totaling $455,018 for the first half of 2025 compared to $462,746 in the same period of 2024.

As of June 30, 2025, Aimei Health's total assets amounted to $44.56 million, a substantial decrease from $73.81 million at the end of 2024. This decline is primarily due to a reduction in cash held in the trust account, which decreased from $73.78 million to $44.51 million. The company's current liabilities increased significantly to $2.21 million from $816,994 at the end of 2024, largely due to an increase in extension loans from related parties, which rose to $1.21 million from $227,700.

In terms of strategic developments, Aimei Health is in the process of completing a business combination with United Hydrogen Group Inc., as outlined in a definitive Business Combination Agreement signed on June 19, 2024. The company has extended the deadline to finalize this merger until September 6, 2025, following several monthly extensions. As part of this process, Aimei Health has redeemed approximately 2.9 million shares at a price of about $10.77 per share, totaling approximately $31.27 million, which reflects shareholder confidence in the upcoming merger.

Operationally, Aimei Health has not yet commenced any revenue-generating activities, as it is still in the pre-business combination phase. The company reported a working capital deficit of approximately $2.17 million as of June 30, 2025. The management believes that the current liquidity, bolstered by the funds held outside the trust account, will be sufficient to meet operational needs until the business combination is completed. However, the company acknowledges the risk of needing additional financing to complete the merger or to address potential shareholder redemptions.

Looking ahead, Aimei Health's management remains focused on finalizing the business combination with United Hydrogen and is actively evaluating potential target businesses for future growth. The company has indicated that it will continue to utilize funds held outside the trust account for operational expenses and due diligence related to the merger. However, the management has expressed concerns regarding the company's ability to continue as a going concern if the business combination is not completed within the specified timeframe.