HeartCore Announces Preliminary Third Quarter 2024 Financial Results
Rhea-AI Summary
HeartCore Enterprises (Nasdaq: HTCR) has announced preliminary financial results for Q3 2024, expecting significant growth. Revenues are projected to be between $17 million and $19 million, a 263% to 305% increase from Q3 2023. Net income is expected to range from $9 million to $11 million, compared to a net loss in the same period last year.
The company's growth is primarily attributed to its Go IPO Business, which is expected to generate $13-$15 million in Q3 2024, largely due to the successful public listing of SBC Medical Group Holdings. HeartCore's Software Related Business is projected to contribute $4 million in Q3 2024. The company anticipates closing three additional Go IPO deals in the coming months and has implemented multi-year software licensing agreements to boost revenues.
Positive
- Projected Q3 2024 revenues between $17-$19 million, a 263-305% increase year-over-year
- Expected Q3 2024 net income of $9-$11 million, compared to a net loss in Q3 2023
- Go IPO Business expected to generate $13-$15 million in Q3 2024
- Software Related Business projected to contribute $4 million in Q3 2024
- Three additional Go IPO deals expected to close in the coming months
- Implementation of multi-year software licensing agreements to increase revenues
Negative
- None.
News Market Reaction – HTCR
On the day this news was published, HTCR gained 14.14%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Q3 2024 Revenues Expected to Increase to Between
Q3 2024 Net Income Expected to Increase to Between
NEW YORK and TOKYO, Oct. 18, 2024 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (Nasdaq: HTCR) (“HeartCore” or “the Company”), a leading enterprise software and data consulting services company based in Tokyo, announced select preliminary financial results for the third quarter ended September 30, 2024. These results are preliminary and unaudited, and are subject to all aspects of the final quarterly review process and may change as a result of new information that arises, or new determinations that are made, in this process.
Based on preliminary unaudited results, the Company expects revenues for the third quarter of 2024 to be between
Net income is expected to be between
HeartCore’s “Software Related Business” and “Go IPO Business” include the following revenue streams:
Software Related Business
- Revenues from on-premise software
- Revenues from maintenance and support services
- Revenues from software as a service (“SaaS”)
- Revenues from software development and other miscellaneous services
- Revenues from customized software development and services
GO IPO Business
- Revenues from consulting services
Each business is expected to have the following results for the third quarter of 2024:
| Software Related Business | GO IPO Business | |
| Q3 2024 Revenues |
“I am pleased to announce robust preliminary results for this past third quarter, the strongest quarter in HeartCore’s history,” said the Company CEO Sumitaka Kanno. “This significant increase is primarily due to the recent public listing of our Go IPO client, SBC Medical Group Holdings Incorporated (“SBC”). The Company is expected to report approximately
About HeartCore Enterprises, Inc.
Headquartered in Tokyo, Japan, HeartCore Enterprises is a leading enterprise software and consulting services company. HeartCore offers Software as a Service (SaaS) solutions to enterprise customers in Japan and worldwide. The Company also provides data analytics services that allow enterprise businesses to create tailored web experiences for their clients through best-in-class design. HeartCore’s customer experience management platform (CXM Platform) includes marketing, sales, service and content management systems, as well as other tools and integrations, which enable companies to enhance the customer experience and drive engagement. HeartCore also operates a digital transformation business that provides customers with robotics process automation, process mining and task mining to accelerate the digital transformation of enterprises. HeartCore’s GO IPOSM consulting services helps Japanese-based companies go public in the U.S. Additional information about the Company's products and services is available at https://heartcore-enterprises.com/.
Forward-Looking Statements
All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believed,” “intend,” “expect,” “anticipate,” “plan,” “potential,” “continue,” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in HeartCore’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond HeartCore’s control which could, and likely will materially affect actual results, and levels of activity, performance, or achievements. Any forward-looking statement reflects HeartCore’s current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. HeartCore assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein.
HeartCore Investor Relations Contact:
Gateway Group, Inc.
Matt Glover and John Yi
HTCR@gateway-grp.com
(949) 574-3860
