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AQUNU

Aquaron Acquisition Corp.

AQUNU

Aquaron Acquisition Corp. • NASDAQ
$12.09 ▲ 0.00% (+0.00)
Market Cap $31.55 M
52w High $14.24
52w Low $10.27
Dividend Yield 0%
P/E 0
Volume 2
Outstanding Shares 2.35M

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 still just a blank-check shell, so its income statement is essentially empty. It has no real revenues, no operating business, and any gains or losses mostly reflect SPAC-related costs, interest on trust funds, and accounting adjustments. The shift from a small profit in earlier years to a loss more recently is typical for SPACs as they incur deal and administrative expenses while still having no commercial activity of their own. Until the HUTURE merger closes and operating results are consolidated, there is no underlying business performance to evaluate here—only the cost of being a listed acquisition vehicle.

Balance Sheet

Balance Sheet The balance sheet is very small and reflects a SPAC structure rather than a normal operating company. Reported assets and equity are thin at the holding-company level, with no debt shown. In practice, most of the capital raised in the SPAC IPO usually sits in a separate trust and may not be fully visible in simplified headline figures. Overall, there is no sizable asset base or operating infrastructure on Aquaron’s own books yet; its value is tied to the planned merger rather than to tangible assets or an existing business today.

Cash Flow

Cash Flow Cash flows are essentially flat, with no sign of an operating business generating or consuming cash. This is typical for a SPAC: operating cash flow mainly reflects corporate overhead and deal costs, while investment and capital spending are minimal. Free cash flow metrics do not yet tell you anything about business quality, because there is no underlying operating engine—only the temporary SPAC structure waiting for a transaction to close.

Competitive Edge

Competitive Edge As a SPAC, Aquaron’s competitive position on its own is limited: it has no products, no customers, and no brand in an operating market. Its real relevance comes from its chosen target, HUTURE, which aims to compete in hydrogen fuel cell vehicles in China. In that future scenario, competitiveness will depend on HUTURE’s technology, cost structure, partnerships, and ability to scale manufacturing. For now, Aquaron mainly competes with other SPACs and listing routes to provide HUTURE with access to public capital, not with operating companies in the hydrogen or auto sectors.

Innovation and R&D

Innovation and R&D Aquaron itself does not conduct meaningful research and development; it is a financial vehicle. The innovation story lies almost entirely with HUTURE, which focuses on hydrogen fuel cell vehicle technology out of Shanghai. HUTURE appears to emphasize improving fuel cell efficiency, durability, and vehicle performance, supported by an in-house engineering team and dedicated R&D facilities. The company’s niche focus on hydrogen, rather than conventional battery electric vehicles, and its integration of R&D, manufacturing, and sales suggest an innovation-driven model, but detailed proof points—such as patents, specific product specs, and cost advantages—are not yet fully disclosed.

Summary

Aquaron Acquisition Corp. is a classic SPAC: no operating business, no meaningful revenues, and very lean financial statements at the holding level. Its financials primarily show the costs of staying public and pursuing a deal, not the health of an underlying company. The real economic story hinges on the completion and terms of the merger with HUTURE, a hydrogen fuel cell vehicle player in China. If and when that deal closes, the combined entity’s prospects will depend on HUTURE’s technology, manufacturing execution, ability to secure hydrogen infrastructure and partnerships, and the policy environment for clean transport. Until then, Aquaron is best understood as a transition vehicle rather than as a standalone operating business.