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HTCR

HeartCore Enterprises, Inc.

HTCR

HeartCore Enterprises, Inc. • NASDAQ
$0.47 ▼ -2.27% (-0.01)
Market Cap $10.43 M
52w High $3.38
52w Low $0.39
Dividend Yield 0.13%
P/E -0.87
Volume 22.78K
Outstanding Shares 22.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.99M ▼ $1.48M ▼ $434.072K ▼ 14.516% ▼ $0.02 ▼ $-104.401K ▼
Q2-2025 $4.744M ▲ $2.11M ▼ $1.1M ▲ 23.184% ▲ $0.05 ▲ $1.106M ▲
Q1-2025 $3.587M ▲ $2.344M ▼ $-3.087M ▲ -86.06% ▲ $-0.14 ▲ $-3.025M ▲
Q4-2024 $3.444M ▼ $10.418M ▲ $-9.255M ▼ -268.744% ▼ $-0.44 ▼ $-12.324M ▼
Q3-2024 $17.85M $2.317M $11.058M 61.947% $0.53 $11.26M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.355M ▼ $13.337M ▼ $9.513M ▼ $5.191M ▲
Q2-2025 $4.843M ▲ $13.525M ▲ $9.966M ▲ $4.84M ▲
Q1-2025 $2.99M ▼ $10.223M ▼ $9.623M ▼ $1.841M ▼
Q4-2024 $6.617M ▼ $13.965M ▼ $10.503M ▼ $4.653M ▼
Q3-2024 $8.582M $25.472M $11.157M $12.401M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $300.786K ▼ $-306.066K ▲ $2.689M ▲ $-1.771M ▼ $-322.886K ▼ $-304.831K ▲
Q2-2025 $1.062M ▲ $-674.101K ▲ $618.575K ▲ $1.628M ▲ $1.609M ▲ $-675.336K ▲
Q1-2025 $-3.087M ▲ $-2.001M ▼ $473.061K ▼ $142.94K ▼ $-1.382M ▼ $-2.001M ▼
Q4-2024 $-12.341M ▼ $-1.275M ▲ $1.032M ▲ $1.211M ▲ $888.972K ▲ $-1.279M ▲
Q3-2024 $10.817M $-2.039M $45.5K $-655.305K $-2.574M $-2.004M

Revenue by Products

Product Q1-2024Q2-2024Q3-2024Q3-2025
Consulting Services
Consulting Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Maintenance and Support Services
Maintenance and Support Services
 $0 ▲$0 ▲$0 ▲$0 ▲
OnPremise Software
OnPremise Software
 $0 ▲$0 ▲$0 ▲$0 ▲
Others
Others
 $0 ▲$0 ▲$0 ▲$0 ▲
Process Mining
Process Mining
 $0 ▲$0 ▲$0 ▲$0 ▲
Robotic Process Automation
Robotic Process Automation
 $0 ▲$0 ▲$0 ▲$0 ▲
Software as a Service SaaS
Software as a Service SaaS
 $0 ▲$0 ▲$0 ▲$0 ▲
Software Development and Other Miscellaneous Services
Software Development and Other Miscellaneous Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Task Mining
Task Mining
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement HeartCore is still a very small company in revenue terms, but sales have been edging higher over the last few years and gross profit is positive. Operating results hover around break-even, with a clear improvement from the deeper losses seen a few years ago. That said, the company is not yet delivering consistent net profits, and earnings per share remain negative. With the shift toward IPO consulting and warrant-based income, results are likely to be uneven from year to year, depending on the timing and success of individual deals rather than steady, recurring software revenue.

Balance Sheet

Balance Sheet The balance sheet is compact, with a modest asset base and very limited debt today. That means financial leverage is low, which reduces balance sheet risk, but also suggests the company does not have a large pool of resources to absorb major setbacks. Equity has turned positive and improved versus prior years, reflecting gradual repair of the capital base. Cash levels, however, do not appear especially strong, implying that HeartCore’s flexibility depends heavily on staying close to operating break-even and successfully monetizing its consulting and warrant positions.

Cash Flow

Cash Flow Cash flows have been roughly flat around break-even, with no meaningful free cash flow generation yet but also no large, sustained cash burn. Capital spending is low, which fits a consulting- and software-light model and keeps funding needs modest. The flip side is that without strong positive operating cash flow, the company has limited internal cash generation to fund expansion or cushion against slower periods. Given the reliance on transaction-driven income and warrants, cash flow could swing sharply up or down as individual IPO projects succeed, are delayed, or fail to materialize.

Competitive Edge

Competitive Edge HeartCore’s competitive position now rests on a niche: helping Japanese and broader Asia-Pacific companies list on U.S. exchanges. Its strengths include the CEO’s strong personal brand in Japan around Nasdaq listings, an early mover advantage in this specific cross-border niche, and a hands-on, end-to-end service that many small or mid-sized companies find difficult to piece together on their own. The unique fee-plus-warrants model ties HeartCore’s success to its clients’ IPO performance, which can deepen relationships and economic upside. On the risk side, the company remains small relative to global advisory firms, operates in a narrow segment that could become more crowded, and depends heavily on regulatory conditions and investor appetite for small-cap foreign listings. The business is also relationship-driven, which makes leadership continuity and reputation particularly important.

Innovation and R&D

Innovation and R&D Historically, HeartCore’s innovation was tied to its software and customer experience tools, including AI-enhanced content management. With the sale of its main software unit, the center of gravity has shifted from product technology to service design and deal structuring. The key “innovation” now is the Go IPO model itself: a packaged, process-driven way to guide Asian companies through U.S. listings, backed by specialized know-how and warrant-based compensation. The remaining software and digital transformation activities under Sigmaways still provide some technological depth and optionality, but they are now secondary. Future innovation is likely to focus more on refining the IPO platform, expanding into new countries, and scaling processes rather than building new core software products from scratch.

Summary

HeartCore is in the middle of a major transition, moving from a niche software provider to a specialized IPO advisory and consulting firm focused on Asian companies listing in the United States. Financially, the company is still very small, near break-even, and not yet consistently profitable, with a thin but improving equity base and limited cash cushion. The new Go IPO model gives HeartCore a differentiated position in a specific cross-border market, supported by the CEO’s reputation and an incentive structure that can create outsized upside when client IPOs work well. At the same time, this strategy concentrates the company’s fortunes in a volatile, deal-driven space where outcomes can swing sharply with market conditions, regulation, and the success rate of client listings. Overall, HeartCore has moved from a steadier, product-based profile toward a higher-uncertainty, event-driven business where execution quality and the ability to scale its niche offering will be key to how the numbers evolve from here.

NEWS

November 18, 2025 · 8:30 AM UTC

HeartCore Reports Financial Results for Third Quarter and Nine Months Ended September 30, 2025

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November 10, 2025 · 8:30 AM UTC

HeartCore Granted 180-Day Extension to Regain Compliance with Nasdaq's Minimum Bid Price Requirement

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October 31, 2025 · 8:30 AM UTC

HeartCore Divests Software Business Subsidiary, HeartCore Co., Ltd

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October 29, 2025 · 8:30 AM UTC

HeartCore Clarifies Form of One-Time Payment to Stockholders

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October 20, 2025 · 4:05 PM UTC

HeartCore to Authorize One-Time Dividend Payment

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