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AFJK

Aimei Health Technology Co., Ltd

AFJK

Aimei Health Technology Co., Ltd • NASDAQ
$10.65 ▼ -8.97% (-1.05)
Market Cap $65.20 M
52w High $41.80
52w Low $9.50
Dividend Yield 0%
P/E 53.25
Volume 13.00K
Outstanding Shares 6.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $130.151K ▲ $352.019K ▼ 0% $0.06 ▼ $352.019K ▲
Q2-2025 $0 $41.604K ▼ $424.97K ▲ 0% $0.069 ▲ $-41.604K ▼
Q1-2025 $0 $413.414K ▲ $184.662K ▼ 0% $0.021 ▼ $184.662K ▼
Q4-2024 $0 $402.021K ▲ $444.113K ▼ 0% $0.049 ▼ $444.113K ▼
Q3-2024 $0 $200.019K $743.51K 0% $0.082 $743.51K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.979K ▲ $45.469M ▲ $3.464M ▲ $42.004M ▲
Q2-2025 $2.138K ▼ $44.556M ▲ $2.904M ▲ $41.652M ▲
Q1-2025 $7.345K ▼ $43.603M ▼ $2.376M ▲ $41.227M ▼
Q4-2024 $28.208K ▼ $73.815M ▲ $1.507M ▲ $72.308M ▲
Q3-2024 $103.559K $72.785M $920.789K $71.864M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $352.019K ▼ $-96.109K ▲ $-450K $546.95K ▼ $841 ▲ $-96.109K ▲
Q2-2025 $424.97K ▲ $-201.75K ▲ $-450K ▼ $646.543K ▲ $-5.207K ▲ $-201.75K ▲
Q1-2025 $184.662K ▼ $-224.009K ▼ $30.788M ▲ $-30.585M ▼ $-20.863K ▲ $-224.009K ▼
Q4-2024 $444.113K ▼ $-195.131K ▼ $-277.7K ▼ $397.48K ▲ $-75.351K ▼ $-195.131K ▼
Q3-2024 $743.51K $-53.946K $0 $0 $-53.946K $-53.946K

Five-Year Company Overview

Income Statement

Income Statement AFJK’s income statement is essentially empty. As a SPAC, it has had no real operating business and no revenue so far, just the typical small accounting items that come with maintaining a listed shell company. The improvement in earnings per share is more about how the SPAC structure and share count work than about any underlying business growth. From a fundamentals point of view, there is no operating track record to analyze yet; the real story will only begin if and when the United Hydrogen merger closes and the hydrogen business is folded in.

Balance Sheet

Balance Sheet The balance sheet is very simple and very small. AFJK holds a modest pool of assets and equity, with no reported debt and no operating assets like factories, inventory, or receivables. This is typical for a SPAC: it exists mainly as a financial vehicle rather than an operating company. The clean, debt‑free structure is straightforward, but it also means there is no established operating base or hard assets behind it yet—those would come from United Hydrogen after the merger, not from AFJK itself.

Cash Flow

Cash Flow Cash flows are essentially flat, with no meaningful cash coming in from operations and no significant investments going out. This reflects a company that isn’t running a business yet, only covering its own listing and administrative costs. There is no history of generating cash from customers, nor of investing in long‑term projects. Future cash flow quality and stability will depend entirely on how the combined hydrogen business performs, not on AFJK’s historical pattern, which is largely neutral and uneventful.

Competitive Edge

Competitive Edge On its own, AFJK has no competitive position; it is just a blank‑check shell. The competitive story lies with United Hydrogen, the target company. United Hydrogen aims to be a full‑chain hydrogen player, from production and storage through to transportation and end‑use applications. Its advantages appear to be a vertically integrated model, a meaningful early presence in China’s hydrogen logistics market, and partnerships that help it access technology and customers. The “Hydrogen as a Service” approach and end‑to‑end solutions could differentiate it in a fragmented sector, but this is still an emerging, highly competitive, and policy‑sensitive industry, so the durability of any advantage is not yet proven.

Innovation and R&D

Innovation and R&D The innovation focus sits with United Hydrogen, not AFJK itself. United Hydrogen is trying to innovate more in business model and integration than in pure lab research. Key ideas include its Hydrogen‑as‑a‑Service offering, which packages production, infrastructure, and applications into a single service for customers, and its planned “Super Plant” facilities designed to centralize and scale hydrogen production and related equipment. The company also emphasizes digital systems, data models, and algorithms to improve logistics, safety, and efficiency. While this suggests a forward‑leaning approach, public detail on truly proprietary technology is limited, and much of the innovation risk is in scaling these concepts and proving they work efficiently and safely at larger size and across regions.

Summary

AFJK today is not an operating business but a SPAC vehicle with a very light financial profile: no revenue, negligible cash flows, a tiny and simple balance sheet, and no standalone competitive moat. The real substance for analysis is the planned merger with United Hydrogen, which would turn AFJK into a hydrogen solutions company with ambitions across the full value chain. That future business could benefit from vertical integration, early positioning in hydrogen logistics, and an integrated service model, but it operates in a young, capital‑intensive, policy‑driven sector with meaningful execution and technology risks. Overall, current financial statements say little about future performance; the key uncertainties are whether the merger completes as expected and whether United Hydrogen can successfully scale its model, expand internationally, and sustain any early‑mover edge in a very dynamic clean‑energy landscape.