Aeternum Health Reports 98.6% Revenue Decline and Plans Merger with Aeternum Health LLC

Aeternum Health, Inc., formerly known as Shorepower Technologies Inc., reported a significant decline in financial performance for the first quarter of 2026, with total revenue dropping to $2,260 compared to $164,657 in the same period of 2025, marking a decrease of 98.6%. The company incurred a net loss of $139,655 for the quarter, a stark contrast to a net income of $5,891 reported in the previous year. The gross margin also fell sharply, resulting in a gross loss of $11,977, compared to a gross profit of $125,352 in the prior year.

The company's financial position has also changed notably, with total assets increasing to $75,000 as of March 31, 2026, up from $54,557 at the end of 2025. This increase was primarily driven by a rise in cash reserves, which grew to $19,156 from $15,374. However, total liabilities also increased to $2,137,041, up from $2,053,443, leading to a stockholders' deficit of $2,062,041, compared to $1,998,886 at the end of the previous fiscal year. The increase in liabilities was attributed to higher accounts payable and accrued expenses.

Strategically, Aeternum Health is undergoing a significant transformation. On February 17, 2026, the company entered into a merger agreement with Aeternum Health LLC, which will result in a shift from its current focus on transportation electrification to healthcare, specifically longevity and anti-aging solutions. Following the merger, Jeff Kim, the current CEO, will resign, and Paul Mann from Aeternum Health will take over as President and CEO. The merger is expected to close in the second quarter of 2026, pending customary closing conditions.

Operationally, the company has reported a decrease in customer engagement metrics, with no service or product sales recorded in the first quarter of 2026, compared to $40,923 in service revenue and $120,591 in product sales in the same quarter of 2025. The company currently operates 60 Truck Stop Electrification facilities with over 1,800 electrified parking spaces across 31 states, but it is preparing to divest this business as part of its strategic shift. The employee headcount remains stable, with no significant changes reported.

Looking ahead, Aeternum Health anticipates that the merger will provide new opportunities for growth in the healthcare sector. The company plans to issue shares representing 51% ownership to Aeternum Health LLC as part of the merger, along with 2,000,000 shares of Series B preferred stock. The management team is optimistic about the potential for the new business model, although the company has raised concerns about its ability to continue as a going concern due to its accumulated deficit and negative working capital.