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Hudson Acquisition I Corp. [HUDAR] a leading financial services company, has announced its financial results for the year ended December 31, 2022. The company reported a net loss of $34.5 million for the year. Despite the challenging economic environment, Hudson Acquisition I Corp recorded annual revenue of $0.95 million.
The company's operating expenses for the year stood at $358.8 million, compared to $3 million in the previous year. This increase in expenses can be attributed to general and administrative costs as well as franchise tax expenses. The loss from operations was $424.6 million, which was higher than the previous year's loss of $20.8 million.
Despite the increase in operating expenses and loss from operations, Hudson Acquisition I Corp managed to generate a modest increase in annual revenue. The company's revenue for the year was $0.95 million, compared to $0 in the previous year. This positive trend in revenue growth reflects the company's ability to adapt to changing market conditions and generate new business opportunities.
In terms of financial stability, Hudson Acquisition I Corp's balance sheet shows a total asset value of $70.3 million as of December 31, 2022. The company's current assets, including cash and marketable securities held in Trust Account, amount to $138.9 million. On the liability side, the company has current liabilities of $289.3 million. The company's total stockholders' equity stands at a deficit of $2.5 million.
Hudson Acquisition I Corp's basic net loss per share for the year was $3.7. This represents a decrease compared to the previous year's basic net loss per share of $0.01. The decrease in earnings per share can be attributed to the higher loss from operations during the year.
Looking ahead, Hudson Acquisition I Corp remains focused on enhancing its financial performance and driving revenue growth. The company is actively exploring new business opportunities and strategic partnerships to expand its market presence and increase profitability. Additionally, the company is committed to optimizing its cost structure and improving operational efficiency in order to achieve long-term financial stability.
Despite facing challenges in the market, Hudson Acquisition I Corp has managed to maintain its financial stability and generate modest revenue growth. The company's focus on cost optimization and strategic partnerships bodes well for its future performance. Moving forward, Hudson Acquisition I Corp aims to capitalize on market opportunities and deliver value to its stakeholders.