Hudson Acquisition I Corp. Reports Q2 2026 Financial Results with Net Income Improvement

Hudson Acquisition I Corp. reported its financial results for the second quarter of 2026, revealing a net income of $42,179, a significant improvement compared to a net loss of $77,858 in the same period of the previous year. For the first half of 2026, the company recorded a net loss of $44,340, a notable reduction from a loss of $360,472 in the first half of 2025. The improvement in financial performance was primarily driven by a reversal of over-accrued franchise tax expenses amounting to $191,583, alongside a decrease in general and administrative expenses, which totaled $243,338 for the six months ended June 30, 2026, compared to $395,266 in the prior year.

The company’s total assets as of June 30, 2026, stood at $797,029, slightly up from $796,469 at the end of 2025. Current assets increased marginally to $354,795 from $351,611, while marketable securities held in the Trust Account rose to $414,071 from $406,761. However, total liabilities also increased to $8,090,155 from $8,045,255, primarily due to higher accounts payable and accrued liabilities, which rose to $947,341 from $817,509. The accumulated deficit grew to $7,893,455 from $7,844,884, reflecting ongoing operational challenges as the company has yet to commence core operations.

Strategically, Hudson Acquisition I Corp. is in the process of completing a business combination with Aiways Automobile Europe GmbH, a transaction that remains subject to stockholder approval and customary closing conditions. The company has extended the deadline for this business combination multiple times, with the latest extension allowing until April 18, 2027. As of June 30, 2026, the company had only 36,771 public shares outstanding, a reduction of over 99% from the original issuance due to significant redemptions by stockholders during the extension votes.

Operationally, the company continues to face challenges, including a working capital deficit of $5,007,197 and an ongoing reliance on financing from its sponsor. As of June 30, 2026, the company had $1,234,779 in convertible notes payable to related parties. The management has indicated that the liquidity condition and the mandatory liquidation requirement if the business combination is not consummated by the extended deadline raise substantial doubt about the company's ability to continue as a going concern. The company intends to utilize the funds held in the Trust Account to complete the business combination and cover operational expenses, but the ongoing geopolitical tensions and economic uncertainties may impact its future performance and ability to finalize the transaction.