Aimei Health Technology Reports Decrease in Net Income and Total Assets for Q3 2025

Aimei Health Technology Co., Ltd. has reported its financial results for the third quarter of 2025, revealing a net income of $352,019 for the three months ending September 30, 2025, down from $743,510 in the same period of the previous year. For the nine months ending September 30, 2025, the company recorded a net income of $961,651, a significant decrease from $2,108,102 in the prior year. The decline in profitability is attributed to a reduction in interest income earned on cash held in trust, which fell to $1,546,821 from $2,770,867 year-over-year. The company's formation and operating costs also decreased, amounting to $130,152 for the quarter and $585,170 for the nine-month period, compared to $200,019 and $662,765, respectively, in the previous year.

As of September 30, 2025, Aimei Health's total assets were reported at $45.47 million, a decrease from $73.81 million at the end of 2024. The decline in total assets is primarily due to a reduction in cash held in the Trust Account, which decreased from $73.78 million to $45.44 million. The company’s current liabilities increased significantly to $2.77 million from $816,994, largely due to an increase in extension loans from related parties, which rose to $1.66 million from $227,700. The shareholders' deficit also widened to $3.44 million from $1.48 million, reflecting the company's ongoing financial challenges.

In terms of strategic developments, Aimei Health has been actively pursuing a business combination with United Hydrogen Group Inc., with a definitive agreement signed on June 19, 2024. The company has extended the deadline to complete this business combination to December 6, 2025, following multiple extensions facilitated by the Sponsor, Aimei Investment Ltd. The company has also engaged in a series of promissory notes to fund these extensions, with amounts deposited into the Trust Account to ensure compliance with the extended timeline.

Operationally, Aimei Health has not yet commenced any revenue-generating activities, as it remains focused on identifying and evaluating potential business combinations. The company has maintained a working capital deficit of approximately $2.75 million as of September 30, 2025, with only $2,979 in its operating bank account. The company’s liquidity needs have been primarily met through the net proceeds from its Initial Public Offering (IPO) and a private placement, although it may require additional financing to complete its business combination or to address potential redemptions of public shares.

Looking ahead, Aimei Health's management has expressed concerns regarding its ability to continue as a going concern if it fails to complete a business combination within the prescribed timeframe. The company has indicated that it will continue to utilize funds held outside the Trust Account for operational expenses and due diligence on potential targets. However, the uncertainty surrounding its future operations and the need for additional financing could impact its strategic objectives and overall viability in the coming months.