Aimei Health Technology Reports Q1 2025 Financial Results with Significant Net Income Decline

Aimei Health Technology Co., Ltd. reported its financial results for the first quarter of 2025, revealing a net income of $184,662, a significant decrease from the $755,500 reported in the same period of 2024. The company's revenue primarily stems from interest earned on assets held in trust, which totaled $598,076 for the quarter, down from $909,132 a year earlier. Operating costs increased to $413,414, compared to $153,632 in the prior year, contributing to the overall decline in profitability.

The company's balance sheet as of March 31, 2025, shows total assets of $43.6 million, a decrease from $73.8 million at the end of 2024. This decline is largely attributed to a reduction in cash held in the trust account, which fell from $73.8 million to $43.6 million. Current liabilities also increased significantly, rising to $1.7 million from $817,000, primarily due to accrued expenses and an extension loan from a related party.

In terms of strategic developments, Aimei Health is in the process of completing a business combination with United Hydrogen Group Inc., which was formalized through a definitive agreement on June 19, 2024. The company has extended its deadline to finalize this merger until June 6, 2025, following several monthly extensions funded by its sponsor. As of the latest report, Aimei Health has not yet commenced any operational activities, as it is still in the pre-business combination phase.

Operationally, Aimei Health's user engagement metrics remain limited, as the company has not yet generated any operating revenue. The total number of ordinary shares outstanding remained stable at 2,126,000, excluding shares subject to possible redemption. The company has also seen a significant redemption of shares, with 2,904,267 shares redeemed at approximately $10.77 per share, totaling around $31.27 million, reflecting shareholder confidence in the ongoing business combination process.

Looking ahead, Aimei Health's management has expressed confidence in its ability to meet liquidity needs through existing cash reserves and potential working capital loans from its sponsor. However, the company has acknowledged that failure to complete the business combination within the specified timeframe could raise substantial doubt about its ability to continue as a going concern. The management's outlook remains focused on finalizing the merger with United Hydrogen, which is expected to provide a pathway to operational revenue generation.