STOCK TITAN

[8-K] HeartCore Enterprises, Inc. Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

HeartCore Enterprises reported full-year 2025 results showing a major business shift and return to profitability. Revenue was $9.0 million, down from $22.7 million, mainly because 2024 included $13 million of warrant revenue from a single large Go IPO deal that did not repeat.

Net income was $5.5 million versus a $5.2 million net loss, driven largely by income from the sale of its software subsidiary, HeartCore Japan, reported as discontinued operations. Adjusted EBITDA was $6.5 million, slightly below $7.3 million last year, while year-end cash and cash equivalents were $2.0 million.

The company continued its transition toward financial services, divesting HeartCore Japan, establishing new subsidiary Higgs Field, authorizing a one-time distribution to stockholders, and approving a $2.0 million share repurchase program. As of March 31, 2026, HeartCore had 16 Go IPO clients, including six preparing for potential U.S. listings.

Positive

  • None.

Negative

  • None.

Insights

HeartCore’s 2025 results mix weaker revenue with divestiture-driven profit and a strategic pivot.

HeartCore’s revenue fell to $8.97 million from $22.69 million as the prior year benefited from a one-time $13 million warrant-related Go IPO deal. Core gross profit declined to $3.15 million, and the continuing business posted a loss, highlighting reliance on episodic transaction fees.

Profitability improved because of discontinued operations. Net income reached $5.49 million, helped by $9.68 million income from the sale of HeartCore Japan. Adjusted EBITDA slipped to $6.5 million from $7.3 million, indicating underlying earnings power is roughly flat after excluding large non-cash and one-time items.

The balance sheet de-risked: total liabilities dropped to $5.78 million from $10.50 million, while total shareholders’ equity more than doubled to $7.28 million. Management also returned capital via $3.30 million of common dividends and authorized a $2.0 million buyback, even with year-end cash of $1.99 million. Future filings will clarify how consistently the new financial-services model can generate revenue without extraordinary warrant or divestiture gains.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revenue $8.97M Year ended December 31, 2025 vs $22.69M in 2024
Net income $5.49M Year ended December 31, 2025 vs $5.21M net loss in 2024
Adjusted EBITDA $6.5M Year ended December 31, 2025 vs $7.3M in 2024
Cash and cash equivalents $1.99M Balance at December 31, 2025
Income from discontinued operations $9.68M 2025 income from discontinued operations, net of tax
Total liabilities $5.78M As of December 31, 2025 vs $10.50M in 2024
Total shareholders’ equity $7.28M As of December 31, 2025 vs $3.46M in 2024
Share repurchase authorization $2.0M Authorized share repurchase program disclosed in 2025 release
Adjusted EBITDA financial
"Adjusted EBITDA was $6.5 million, compared to $7.3 million in the same period last year."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
discontinued operations financial
"Income (loss) from discontinued operations, net of income tax"
Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.
Series A convertible preferred shares financial
"Series A convertible preferred shares, 4,000 and no shares designated, 1,017 and no shares issued and outstanding"
Series A convertible preferred shares are an early round of investment stock that gives holders special rights, such as being paid before common shareholders if the company is sold or shuts down, and sometimes receiving fixed dividends. They can be exchanged for ordinary (common) shares under agreed conditions, so they act like a tradeable ticket that can become regular ownership later. For investors this matters because these shares reduce downside risk while preserving the upside and affect future ownership and dilution.
derivative liability financial
"Changes in fair value of derivative liability"
A derivative liability is an obligation a company owes because of a derivatives contract—such as an option, future, swap, or forward—that has moved against it and now has negative value. Think of it like a settled bet that turned into a bill: if market moves go the other way, the company may have to pay cash or deliver assets. Investors care because these liabilities can create sudden losses, add leverage or counterparty risk, and change a company’s true financial exposure beyond its everyday operations.
non-controlling interests financial
"Non-controlling interests | | | (1,497,272 | )"
An ownership stake in a subsidiary held by outside shareholders rather than the parent company, representing the portion of that subsidiary’s assets and profits the parent does not control. For investors, it shows what part of consolidated earnings and equity belongs to others — like a roommate who owns part of a house — which affects how much value and profit per share are truly attributable to the parent company’s shareholders.
forward-looking statements regulatory
"This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Revenue $8.97M
Net income $5.49M
Adjusted EBITDA $6.5M
false 0001892322 0001892322 2026-03-31 2026-03-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) March 31, 2026

 

HEARTCORE ENTERPRISES, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-41272   87-0913420

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

14F, Shibuya Sakura Stage Central Building,

1-2 Sakuragaoka-cho,

Shibuya-ku, Tokyo, Japan

  150-0031
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code +81-3-6899-7114

 

N/A

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock   HTCR   Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 
 

 

Item 2.02. Results of Operations and Financial Condition.

 

On March 31, 2026, HeartCore Enterprises, Inc. (the “Company”) issued a press release announcing financial results for the year ended December 31, 2025. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. The information contained in any website is not a part of this Current Report on Form 8-K.

 

The information included in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
99.1   Press release of the issuer dated March 31, 2026.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Date: March 31, 2026 HEARTCORE ENTERPRISES, INC.
     
  By: /s/ Sumitaka Yamamoto
    Sumitaka Yamamoto
    Chief Executive Officer

 

 

 

 

Exhibit 99.1

 

 

HeartCore Reports Full Year 2025 Results

 

NEW YORK and TOKYO, March 31, 2026 (GLOBE NEWSWIRE) – HeartCore Enterprises, Inc. (Nasdaq: HTCR) (“HeartCore” or the “Company”), an IPO consulting services company based in Tokyo, reported financial results for the full year ended December 31, 2025.

 

Recent Operational Highlights

 

As of March 31, 2026, HeartCore was engaged with 16 Go IPO clients, including 6 clients currently in various stages of preparation for potential public registrations and U.S. exchange listings.
Authorized one-time distribution payment to stockholders.
Authorized $2.0 million share repurchase program.
Divested software business subsidiary, HeartCore Co., Ltd (“HeartCore Japan”).
Established Higgs Field Co., Ltd. (“Higgs Field”) on October 31, 2025, as a new subsidiary in Japan to support the Company’s strategic transition toward financial services.

 

Management Commentary

 

HeartCore CEO Sumitaka Kanno commented:”Over the past year, we executed a strategic transformation of our business, including the divestiture of our software business subsidiary, HeartCore Japan, and a shift toward financial services and capital markets-related activities. We have also made progress in our Go IPO business, with an expanding client base and multiple engagements advancing through various stages of the registration and listing process. In addition, we established Higgs Field in the fourth quarter of 2025 to serve as our new operating platform in Japan. Going forward, we will continue to strengthen our focus on financial services and aim to drive sustainable growth and long-term stockholder value.”

 

Full Year 2025 Financial Results

 

Revenues were $9.0 million, compared to $22.7 million in the same period last year. The decrease was primarily due to receipt of $13 million in warrant revenue from one large Go IPO deal in the prior period, and no comparable revenue in the current period.

 

Gross profit was $3.2 million, compared to $14.7 million in the same period last year. The decrease was primarily due to the absence of a significant warrant-related revenue contribution from a large Go IPO deal recognized in the prior period.

 

Operating expenses decreased to $6.3 million, compared to $14.9 million in the same period last year. The decrease was primarily due to the reduction in operating expenses to save cash flows and the absence of impairment charges for intangible assets and goodwill during the current period.

 

Net income was $5.5 million, compared to a net loss of $5.2 million in the same period last year. The increase was primarily due to the gain on the sale of HeartCore Japan.

 

Adjusted EBITDA was $6.5 million, compared to $7.3 million in the same period last year.

 

As of December 31, 2025, the Company had cash and cash equivalents of $2.0 million.

 

 

 

 

 

About HeartCore Enterprises, Inc.

 

HeartCore Enterprises, Inc. is headquartered in Tokyo, Japan, and is a leading consulting services company providing U.S. market listing support and related advisory services primarily to Japanese corporate clients. For more information, please visit https://heartcore-enterprises.com/.

 

Non-GAAP Financial Measures

 

This document includes references to adjusted EBITDA, which is a non-GAAP financial measure. For the purposes of this presentation, adjusted EBITDA is calculated by adjusting net loss to exclude depreciation and amortization, changes in fair value of investments in marketable securities, changes in fair value of investment in warrants, interest income, and interest expenses.

 

This measure is presented as supplemental information and is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”).

 

Management believes that adjusted EBITDA provides useful information to investors by highlighting the Company’s core operational performance, excluding non-cash and non-recurring items. However, non-GAAP financial measures have limitations and should not be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.

 

Item  FY25  FY24
Net income (loss)  $5.5 million  $(5.2) million
(+) Depreciation  $0.0 million  $0.1 million
(+) Impairment loss on goodwill  $0.0 million  $3.3 million
(+) Impairment loss on intangible assets  $0.0 million  $3.9 million
(+) Changes in fair value of investments in marketable securities  $1.5 million  $2.4 million
(+) Changes in fair value of investment in warrants  $(0.6) million  $(1.7) million
(+) Loss on sale of warrants  $0.0 million  $4.0 million
(+) Impairment of investment in equity securities  $0.0 million  $0.3 million
(+) Changes in fair value of derivative liability  $(0.1) million  $0.0 million
(+) Loss on forgiveness of note receivable  $0.1 million  $0.1 million
(+) Interest income  $(0.0) million  $(0.0) million
(+) Interest expenses  $0.1 million  $0.1 million
Adjusted EBITDA  $6.5 million  $7.3 million

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, or the Private Securities Litigation Reform Act of 1995. 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.

John Yi and Steven Shinmachi

HTCR@gateway-grp.com

(949) 574-3860

 

 

 

 

 

HeartCore Enterprises, Inc.

Consolidated Balance Sheets

 

   December 31,   December 31, 
   2025   2024 
         
ASSETS          
Current assets:          
Cash and cash equivalents  $1,985,962   $1,973,810 
Accounts receivable   707,865    1,030,243 
Investments in marketable securities   3,690,187    4,495,703 
Prepaid expenses   182,077    131,325 
Current portion of long-term note receivable   100,000    100,000 
Deferred offering costs   250,000    - 
Other current assets   208,503    136,217 
Current assets of discontinued operations   -    1,550,067 
Proceeds receivable from sale of discontinued operations   1,291,298    - 
Total current assets   8,415,892    9,417,365 
           
Non-current assets:          
Property and equipment, net   291,589    475,697 
Operating lease right-of-use assets   29,449    172,594 
Long-term investment in warrants   280,924    577,786 
Long-term note receivable   -    100,000 
Deferred tax assets   23,121    31,575 
Security deposits   282,958    108,880 
Other non-current assets   549    11,715 
Non-current assets of discontinued operations   -    3,069,422 
Long-term proceeds receivable from sale of discontinued operations   3,736,995    - 
Total non-current assets   4,645,585    4,547,669 
           
Total assets  $13,061,477   $13,965,034 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable and accrued expenses  $1,146,501   $1,637,108 
Accounts payable and accrued expenses - related party   124,618    47,199 
Accrued payroll and other employee costs   509,547    273,115 
Due to related party   285    885 
Short-term debt - related party   75,000    75,000 
Current portion of long-term debts   50,598    46,382 
Insurance premium financing   13,430    16,626 
Factoring liability   135,982    172,394 
Operating lease liabilities, current   32,793    134,910 
Finance lease liabilities, current   -    15,956 
Income tax payables   1,857,386    818,030 
Deferred revenue   676,216    751,251 
Derivative liability   121,719    - 
Other current liabilities   586,175    589,762 
Current liabilities of discontinued operations   -    2,843,104 
Total current liabilities   5,330,250    7,421,722 
           
Non-current liabilities:          
Long-term debts   448,376    498,706 
Operating lease liabilities, non-current   -    41,530 
Finance lease liabilities, non-current   -    43,593 
Asset retirement obligations   -    72,463 
Non-current liabilities of discontinued operations   -    2,425,005 
Total non-current liabilities   448,376    3,081,297 
           
Total liabilities   5,778,626    10,503,019 
           
Shareholders’ equity:          
Preferred shares, $0.0001 par value, 20,000,000 shares authorized; Series A convertible preferred shares, 4,000 and no shares designated, 1,017 and no shares issued and outstanding as of December 31, 2025 and 2024, respectively; aggregate liquidation preference of $1,158,362 and nil as of December 31, 2025 and 2024, respectively   691,858    - 
Common shares, $0.0001 par value, 200,000,000 shares authorized, 25,419,807 and 21,937,987 shares issued and outstanding as of December 31, 2025 and 2024, respectively   2,542    2,193 
Subscription receivable   -    (103,942)
Additional paid-in capital   21,899,754    20,656,153 
Accumulated deficit   (13,755,534)   (16,244,843)
Accumulated other comprehensive income (loss)   (58,497)   343,936 
Total HeartCore Enterprises, Inc. shareholders’ equity   8,780,123    4,653,497 
Non-controlling interests   (1,497,272)   (1,191,482)
Total shareholders’ equity   7,282,851    3,462,015 
           
Total liabilities and shareholders’ equity  $13,061,477   $13,965,034 

 

 

 

 

 

HeartCore Enterprises, Inc.

Consolidated Statements of Operations and Comprehensive Income (Loss)

 

   For the Years Ended December 31, 
   2025   2024 
         
Revenues  $8,968,732   $22,685,544 
Cost of revenues (including cost of revenues resulting from transactions with a related party of $261,257 and $160,502 for the years ended December 31, 2025 and 2024, respectively)   5,817,279    7,969,898 
Gross profit   3,151,453    14,715,646 
           
Operating expenses:          
Selling expenses   233,744    621,070 
General and administrative expenses (including general and administrative expenses resulting from transactions with a related party of $29,048 and $41,786 for the years ended December 31, 2025 and 2024, respectively)   6,039,026    6,921,959 
Research and development expenses   -    179,762 
Impairment of intangible asset   -    3,878,125 
Impairment of goodwill   -    3,276,441 
Total operating expenses   6,272,770    14,877,357 
           
Loss from continuing operations   (3,121,317)   (161,711)
           
Other income (expenses):          
Changes in fair value of investments in marketable securities   (1,494,234)   (2,412,385)
Changes in fair value of investments in warrants   625,675    1,657,699 
Loss on sale of warrants   -    (3,970,628)
Impairment of investment in equity securities   -    (300,000)
Changes in fair value of derivative liability   114,422    - 
Loss on forgiveness of note receivable   (100,000)   (100,000)
Interest income   5,381    15,882 
Interest expenses   (87,660)   (118,789)
Other income   100,233    32,042 
Other expenses   (181,605)   (153,917)
Total other expenses   (1,017,788)   (5,350,096)
           
Loss from continuing operations before income tax expense (benefit)   (4,139,105)   (5,511,807)
           
Income tax expense (benefit)   44,900    (363,156)
           
Net loss from continuing operations   (4,184,005)   (5,148,651)
Income (loss) from discontinued operations, net of income tax   9,677,293    (64,249)
Net income (loss)   5,493,288    (5,212,900)
Less: net loss attributable to non-controlling interests   (300,596)   (3,731,526)
Net income (loss) attributable to HeartCore Enterprises, Inc.   5,793,884    (1,481,374)
Dividends accrued on Series A convertible preferred shares   (94,357)   - 
Net income (loss) attributable to HeartCore Enterprises, Inc. common shareholders  $5,699,527   $(1,481,374)
           
Other comprehensive loss:          
Foreign currency translation adjustment   (152,969)   (16,614)
           
Total comprehensive income (loss)   5,340,319    (5,229,514)
Less: comprehensive loss attributable to non-controlling interests   (305,790)   (3,760,195)
Comprehensive income (loss) attributable to HeartCore Enterprises, Inc.  $5,646,109   $(1,469,319)
           
Net income (loss) from continuing operations attributable to HeartCore Enterprises, Inc. per common share          
Basic  $(0.17)  $(0.07)
Diluted  $(0.17)  $(0.07)
           
Income (loss) from discontinued operations per common share          
Basic  $0.42   $(0.00)
Diluted  $0.38   $(0.00)
           
Net income (loss) attributable to HeartCore Enterprises, Inc. per common share          
Basic  $0.25   $(0.07)
Diluted  $0.22   $(0.07)
           
Weighted average common shares outstanding          
Basic   23,072,519    20,940,956 
Diluted   25,459,388    20,940,956 

 

 

 

 

 

HeartCore Enterprises, Inc.

Consolidated Statements of Cash Flows

 

   For the year ended December 31, 
   2025   2024 
         
Cash flows from operating activities of continuing operations:          
Net income  $5,493,288   $(5,212,900)
Income from discontinued operations, net of income tax   9,677,293    (64,249)
Net loss from continuing operations   (4,184,005)   (5,148,651)
Adjustments to reconcile net loss from continuing operations to net cash flows used in operating activities of continuing operations:          
Depreciation and amortization expenses   46,373    676,047 
Loss on disposal of property and equipment   116,981    1,798 
Non-cash lease expense   62,845    126,217 
Gain on termination of lease   (9,059)   - 
Impairment of intangible asset   -    3,878,125 
Impairment of goodwill   -    3,276,441 
Deferred income taxes   9,192    (1,297,495)
Stock-based compensation   (151,139)   368,744 
Marketable securities received as noncash consideration   -    (572,010)
Warrants received as noncash consideration   (837,913)   (12,969,683)
Changes in fair value of investments in marketable securities   1,494,234    2,412,385 
Changes in fair value of investment in warrants   (625,675)   (1,657,699)
Loss on sale of warrants   -    3,970,628 
Impairment of investment in equity securities   -    300,000 
Impairment of investment in SAFE   -    75,000 
Changes in fair value of derivative liability   (114,422)   - 
Loss on forgiveness of note receivable   100,000    100,000 
Gain on settlement of asset retirement obligations   (45,873)   - 
Changes in assets and liabilities:          
Accounts receivable   322,040    1,050,522 
Prepaid expenses   86,563    178,949 
Other assets   (119,413)   71,469 
Accounts payable and accrued expenses   (485,665)   318,803 
Accounts payable and accrued expenses - related party   79,600    47,955 
Accrued payroll and other employee costs   234,835    (59,033)
Due to related party   (585)   - 
Operating lease liabilities   (54,400)   (131,935)
Income tax payables   1,036,456    667,483 
Deferred revenue   (75,035)   (98,145)
Other liabilities   (3,036)   523,768 
Net cash flows used in operating activities of continuing operations   (3,117,101)   (3,890,317)
           
Cash flows from investing activities of continuing operations:          
Purchase of investment in SAFE   -    (75,000)
Net proceeds from sale of warrants   -    5,640,000 
Proceeds from sale of marketable securities   1,071,732    749,546 
Proceeds from sale of discontinued operations, net of cash divested   4,518,868    - 
Net cash flows provided by investing activities of continuing operations   5,590,600    6,314,546 
           
Cash flows from financing activities of continuing operations:          
Payments for finance lease   (14,666)   (16,518)
Proceeds from related party debt   -    75,000 
Repayment of long-term debts   (46,114)   (33,919)
Repayment of insurance premium financing   (142,696)   (156,063)
Net repayment of factoring arrangement   (36,412)   (390,373)
Capital contribution from non-controlling shareholder   -    67,195 
Dividends paid for common shares   (3,304,575)   (834,566)
Proceeds from issuance of common shares related to at the market offering agreement   30,445    1,423,342 
Proceeds from collection of subscription receivable   103,942    - 
Proceeds from exercise of stock options   117,000    - 
Proceeds from issuance of Series A convertible preferred shares and common shares related to securities purchase agreement, net of share issuance costs   1,800,000    - 
Net cash flows provided by (used in) financing activities of continuing operations   (1,493,076)   134,098 
           
Cash flows from discontinued operations:          
Net cash flows used in operating activities of discontinued operations   (854,831)   (884,654)
Net cash flows provided by investing activities of discontinued operations   171,641    34,658 
Net cash flows used in financing activities of discontinued operations   (351,089)   (452,744)
Net cash flows used in discontinued operations   (1,034,279)   (1,302,740)
           
Effect of exchange rate changes   (81,271)   (146,977)
           
Net change in cash and cash equivalents   (135,127)   1,108,610 
           
Cash and cash equivalents - beginning of the year   2,121,089    1,012,479 
           
Cash and cash equivalents - end of the year  $1,985,962   $2,121,089 
           
Supplemental cash flow disclosures:          
Interest paid  $109,440   $143,101 
Income taxes paid  $211,844   $298,466 
           
Non-cash investing and financing transactions:          
Insurance premium financing  $139,500   $172,689 
Warrants converted to marketable securities  $1,760,450   $6,443,276 
Issuance of common shares related to equity purchase agreement  $250,000   $- 
Dividends accrued on Series A convertible preferred shares  $94,357   $- 
Issuance of common shares for dividends on Series A convertible preferred shares  $220,000   $- 
Series A convertible preferred shares converted to common shares  $668,728   $- 

 

 

 

FAQ

How did HeartCore Enterprises (HTCR) perform financially in 2025?

HeartCore generated $8.97 million in 2025 revenue, down from $22.69 million, but reported $5.49 million net income versus a prior-year net loss. The profit mainly reflects income from discontinued operations following the sale of its HeartCore Japan software subsidiary.

What were HeartCore Enterprises’ 2025 adjusted EBITDA and net income?

HeartCore reported 2025 adjusted EBITDA of $6.5 million versus $7.3 million in 2024, and net income of $5.49 million versus a $5.21 million net loss. Adjusted EBITDA excludes non-cash and non-recurring items, while net income includes the gain from selling HeartCore Japan.

Why did HeartCore Enterprises’ 2025 revenue decline compared to 2024?

Revenue decreased to $8.97 million from $22.69 million primarily because 2024 included $13 million in warrant revenue from one large Go IPO transaction. There was no comparable warrant-related revenue in 2025, reducing total reported revenue despite ongoing consulting activity.

What strategic changes did HeartCore Enterprises make in 2025?

HeartCore divested its software subsidiary HeartCore Japan and established Higgs Field Co., Ltd. to support a shift toward financial services and capital markets work. It also authorized a one-time stockholder distribution and a $2.0 million share repurchase program in line with this transition.

How many Go IPO clients does HeartCore Enterprises have?

As of March 31, 2026, HeartCore was engaged with 16 Go IPO clients. Six of these clients were described as being in various stages of preparing potential public registrations and U.S. exchange listings, reflecting demand for the company’s listing advisory services.

What is HeartCore Enterprises’ cash position and leverage after 2025?

At December 31, 2025, HeartCore held $1.99 million in cash and cash equivalents and total assets of $13.06 million. Total liabilities declined to $5.78 million, while total shareholders’ equity increased to $7.28 million, indicating a stronger net financial position.

Filing Exhibits & Attachments

5 documents
HEARTCORE ENTERPRISES INC

NASDAQ:HTCR

View HTCR Stock Overview

HTCR Rankings

HTCR Latest News

HTCR Latest SEC Filings

HTCR Stock Data

5.49M
8.68M
Software - Application
Services-computer Processing & Data Preparation
Link
Japan
TOKYO