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AQUNR

Aquaron Acquisition Corp.

AQUNR

Aquaron Acquisition Corp. • NASDAQ
$0.30 ▲ 15.16% (+0.04)
Market Cap $783000
52w High $0.30
52w Low $0.30
Dividend Yield 0%
P/E 0
Volume 7.90K
Outstanding Shares 113.46M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $0 $191.738K ▼ $-157.122K ▲ 0% $0.12 ▲ $-192.638K ▲
Q1-2025 $0 $464.483K ▲ $-383.1K ▼ 0% $-0.22 ▼ $-470.383K ▼
Q4-2024 $0 $337.451K ▼ $-254K ▲ 0% $-0.16 $-337K ▲
Q3-2024 $0 $351.448K ▲ $-258K ▼ 0% $-0.16 ▼ $-351K ▼
Q2-2024 $0 $126.096K $55.371K 0% $0.034 $-21.01K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $6.517K ▲ $1.515M ▼ $6.555M ▲ $-5.041M ▼
Q1-2025 $290 ▼ $9.61M ▲ $6.233M ▲ $3.377M ▼
Q4-2024 $7.83K ▼ $9.488M ▲ $5.645M ▲ $3.843M ▼
Q3-2024 $109.65K ▼ $9.384M ▲ $5.232M ▲ $4.153M ▼
Q2-2024 $211.47K $9.231M $4.82M $4.41M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-157.122K ▲ $-6.572K ▲ $8.137M ▲ $-8.124M ▼ $6.227K ▲ $-6.572K ▲
Q1-2025 $-383.1K ▼ $-25.329K ▲ $-42.211K ▼ $60K $-7.54K ▲ $-25.329K ▲
Q4-2024 $-253.643K ▲ $-121.821K ▲ $-39.999K ▲ $60K ▼ $-101.82K $-121.821K ▲
Q3-2024 $-257.656K ▼ $-130.82K ▲ $-80K ▼ $109K ▲ $-101.82K ▼ $-130.82K ▲
Q2-2024 $55.371K $-595.768K $23.834M $-23.055M $183.775K $-595.77K

Five-Year Company Overview

Income Statement

Income Statement Aquaron is a pure SPAC shell, so its income statement is not a traditional operating business profile. It has had no meaningful revenue, no gross profit, and no real operating activity. The small swings in reported earnings per share mainly reflect one‑off SPAC accounting items and running costs (legal, listing, deal expenses), not an underlying business trend. In short, the income statement tells you almost nothing about future economics because the real story would begin only if and when the HUTURE merger closes.

Balance Sheet

Balance Sheet The balance sheet is very light, with only modest reported assets and equity and essentially no debt at the shell level. That is typical for a SPAC: most of the cash raised sits in a separate trust and does not show up like a normal operating company’s assets. The capital structure looks simple and largely unlevered, but investors need to remember that today’s balance sheet reflects a cash shell, not HUTURE’s future manufacturing footprint, working capital needs, or potential borrowing once the merger is completed.

Cash Flow

Cash Flow Reported cash flows are effectively flat, which is consistent with a company that has no operations and only basic corporate expenses. There is no internally generated cash and no capital investment in plant, equipment, or R&D under Aquaron itself. Any future cash story—cash burn, capital expenditures, or ability to fund growth—will depend entirely on the combined company’s access to the SPAC trust cash, any redemptions by shareholders, and HUTURE’s own operating performance after the merger.

Competitive Edge

Competitive Edge As a SPAC, Aquaron does not compete in a product market; its role is purely financial. Its only real differentiators are the sponsors’ ability to source and execute an attractive deal and then support the combined company. The competitive dynamics that matter are those of HUTURE: hydrogen fuel cell commercial vehicles in China. That space is early, crowded with both domestic and global players, and highly dependent on policy support and infrastructure build‑out. HUTURE’s focus on commercial trucks, experienced leadership, and Shanghai base may offer an opening, but its position versus larger automakers and other hydrogen and battery‑electric players remains uncertain and unproven at scale.

Innovation and R&D

Innovation and R&D Aquaron itself has no operating business, no products, and no R&D; it is simply a listing vehicle. The innovation story sits entirely with HUTURE, which is developing hydrogen fuel cell vehicles, starting with a light‑duty truck aimed at logistics fleets. The company appears to lean on experienced fuel‑cell leadership, a Shanghai R&D hub, and a focus on commercial applications where hydrogen’s fast refueling and long range can matter. However, details on proprietary technology, cost structure, durability, and actual customer traction are still sparse. Execution, continued innovation, and partnerships for refueling infrastructure will be critical and are key areas of uncertainty.

Summary

Aquaron Acquisition Corp. is essentially an empty shell set up to take another company public; its own financial statements show no real business, no revenue, and minimal assets. Traditional ratio and trend analysis provide little insight because the economics will be driven almost entirely by HUTURE, the hydrogen commercial vehicle company it plans to merge with. The opportunity lies in the growth potential of hydrogen trucks in logistics, backed by experienced leadership and a strong industrial ecosystem in Shanghai. The main risks include deal completion risk, shareholder redemptions, early‑stage technology and manufacturing execution, intense competition from other clean‑transport solutions, and reliance on supportive policy and infrastructure. Any assessment of AQUNR therefore hinges far more on the forthcoming detailed disclosures about HUTURE than on Aquaron’s current stand‑alone financials.