HeartCore Enterprises, Inc.

Listed Company

HTCRCIK 0001892322NasdaqEmerging GrowthServices-Computer Processing & Data PreparationDelawareFY ends Dec 31

Period

FY 2025

Revenue

$8.97M

Net Income

$5.79M

Total Assets

$13.06M

Equity

$8.78M

Shares Out

1.44M

Op. Cash Flow

$-3.12M

HTCR$2.58−72.32% · past yearDBEQ Basic

Daily closing prices

Business

HeartCore Enterprises, Inc. provides consulting services to Japanese private companies seeking to list on U.S. securities exchanges (Nasdaq, NYSE, NYSE American). Its GO IPO service offers end-to-end advisory including Japanese GAAP to U.S. GAAP conversion, internal control documentation, SEC compliance, English translation, investor presentations, and introductions to underwriters and auditors. The company operates through its GO IPO consulting business and is developing digital securities consulting through its Higgs Field subsidiary in Japan, having divested its prior software development operations.

Summary from 10-K filed 2026-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	9	23	22	9	11
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)	6	8	14	5	6
Gross profit	3	15	8	3	5
Selling expenses	233,744	621,070	2	3	296,778
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	7	10	7	4
Research and development expenses	—	179,762	1	641,025	510,740
Impairment of intangible asset	—	4	—	—	—
Impairment of goodwill	—	3	—	—	—
Total operating expenses	6	15	12	10	5
Loss from continuing operations	−3	−161,711	−4	−7	59,018
Changes in fair value of investments in marketable securities	−1	−2	−615,520	—	—
Changes in fair value of investment in warrants	625,675	2	−501,445	—	—
Loss on sale of warrants	—	−4	—	—	—
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	70,624	66,963	6,955
Interest expenses	−87,660	−118,789	−162,968	—	—
Other income	100,233	32,042	366,283	57,268	30,614
Other expenses	−181,605	−153,917	−124,595	−69,736	−38,446
Total other expenses	−1	−5	−891,009	—	—
Loss from continuing operations before income tax expense (benefit)	−4	−6	−5	−7	14,901
Income tax expense (benefit)	44,900	−363,156	−133,664	−5,918	341,945
Net loss from continuing operations	−4	−5	—	—	—
Income (loss) from discontinued operations, net of income tax	10	−64,249	—	—	—
Net income (loss)	5	−5	−5	−7	−327,044
Less: net loss attributable to non-controlling interests	−300,596	−4	−686,810	—	11,112
Net income (loss) attributable to HeartCore Enterprises, Inc.	6	−1	−4	−7	−338,156
Dividends accrued on Series A convertible preferred shares	−94,357	—	—	—	—
Net income (loss) attributable to HeartCore Enterprises, Inc. common shareholders	6	−1	—	—	—
Foreign currency translation adjustment	−152,969	−16,614	−34,628	380,009	123,529
Total comprehensive income (loss)	5	−5	−5	−6	−203,515
Less: comprehensive loss attributable to non-controlling interests	−305,790	−4	−688,482	—	12,923
Comprehensive income (loss) attributable to HeartCore Enterprises, Inc.	6	−1	−4	−6	−216,438
Basic	−0.17	−0.07	—	—	—
Diluted	−0.17	−0.07	—	—	—
Basic	0.42	0	—	—	—
Diluted	0.38	0	—	—	—
Basic (per share)	0.25	−0.07	−0.21	−0.37	−0.02
Diluted (per share)	0.22	−0.07	−0.21	−0.37	−0.02
Basic (shares)	23	21	20	18	15
Diluted (shares)	25	21	20	18	15

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2	2	1	7	3
Accounts receivable	707,865	1	3	551,064	960,964
Investments in marketable securities	4	4	642,348	—	—
Prepaid expenses	182,077	131,325	536,865	538,230	444,405
Current portion of long-term note receivable	100,000	100,000	100,000	—	—
Deferred offering costs	250,000	—	—	—	—
Other current assets	208,503	136,217	234,761	220,070	15,654
Current assets of discontinued operations	—	2	—	—	—
Proceeds receivable from sale of discontinued operations	1	—	—	—	—
Total current assets	8	9	5	9	5
Property and equipment, net	291,589	475,697	763,730	203,627	261,414
Operating lease right-of-use assets	29,449	172,594	2	3	3
Long-term investment in warrants	280,924	577,786	2	—	—
Long-term note receivable	—	100,000	200,000	—	—
Deferred tax assets	23,121	31,575	369,436	263,339	297,990
Security deposits	282,958	108,880	348,428	244,395	278,237
Other non-current assets	549	11,715	71	661	8,737
Non-current assets of discontinued operations	—	3	—	—	—
Long-term proceeds receivable from sale of discontinued operations	4	—	—	—	—
Total non-current assets	5	5	14	4	5
Total assets	13	14	20	12	9
Accrued payroll and other employee costs	509,547	273,115	723,305	360,222	255,082
Short-term debt - related party	75,000	75,000	135,937	—	—
Current portion of long-term debts	50,598	46,382	371,783	697,877	849,995
Insurance premium financing	13,430	16,626	—	—	—
Factoring liability	135,982	172,394	562,767	—	—
Operating lease liabilities, current	32,793	134,910	396,535	291,863	332,277
Finance lease liabilities, current	—	15,956	17,445	19,294	37,459
Income tax payables	2	818,030	162,689	2,747	10,919
Deferred revenue	676,216	751,251	2	2	2
Derivative liability	121,719	—	—	—	—
Current liabilities of discontinued operations	—	3	—	—	—
Total current liabilities	5	7	7	4	5
Long-term debts	448,376	498,706	2	1	2
Operating lease liabilities, non-current	—	41,530	2	2	3
Finance lease liabilities, non-current	—	43,593	66,779	459	23,861
Asset retirement obligations	—	72,463	—	—	—
Non-current liabilities of discontinued operations	—	2	—	—	—
Total non-current liabilities	448,376	3	5	4	5
Total liabilities	6	11	12	7	10
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	2,083	1,764	1,554
Subscription receivable	—	−103,942	—	—	—
Additional paid-in capital	22	21	20	15	3
Accumulated deficit	−14	−16	−15	−11	−4
Accumulated other comprehensive income (loss)	−58,497	343,936	331,881	364,837	−15,172
Total HeartCore Enterprises, Inc. shareholders equity	9	5	5	5	−558,952
Non-controlling interests	−1	−1	3	—	—
Total shareholders equity	7	3	8	5	−558,952
Total liabilities and shareholders equity	13	14	20	12	9

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expenses	46,373	676,047	683,019	83,333	—
Loss on disposal of property and equipment	116,981	1,798	−4,514	—	—
Non-cash lease expense	62,845	126,217	346,070	273,836	—
Gain on termination of lease	−9,059	—	76	—	—
Deferred income taxes	9,192	−1	−291,596	−1,610	329,829
Stock-based compensation	−151,139	368,744	1	2	18,787
Marketable securities received as noncash consideration	—	−572,010	—	—	—
Warrants received as noncash consideration	−837,913	−13	−4	—	—
Impairment of investment in SAFE	—	75,000	—	—	—
Gain on settlement of asset retirement obligations	−45,873	—	—	—	—
Accounts receivable	322,040	1	−338,312	296,835	−341,112
Prepaid expenses	86,563	178,949	359,310	62,195	−81,473
Other assets	−119,413	71,469	−133,550	−201,226	52,005
Accrued payroll and other employee costs	234,835	−59,033	152,101	149,617	39,241
Due to related party	−585	—	1,123	−575	—
Operating lease liabilities	−54,400	−131,935	−327,877	−283,921	−346,136
Income tax payables	1	667,483	162,045	−6,915	1,898
Deferred revenue	−75,035	−98,145	553,130	239,129	304,536
Other liabilities	−3,036	523,768	64,086	−195,103	119,503
Net cash flows used in operating activities of continuing operations	−3	−4	—	—	—
Purchase of investment in SAFE	—	−75,000	—	—	—
Net proceeds from sale of warrants	—	6	—	—	—
Proceeds from sale of marketable securities	1	749,546	—	—	—
Proceeds from sale of discontinued operations, net of cash divested	5	—	—	—	—
Net cash flows provided by investing activities of continuing operations	6	6	—	—	—
Payments for finance lease	−14,666	−16,518	−22,422	−34,465	—
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	−389,035	−388,538	—
Net repayment of factoring arrangement	−36,412	−390,373	—	—	—
Capital contribution from non-controlling shareholder	—	67,195	—	—	—
Dividends paid for common shares	−3	−834,566	—	—	—
Proceeds from issuance of common shares related to at the market offering agreement	30,445	1	—	220,572	677,945
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	2	—	—	—	—
Net cash flows provided by (used in) financing activities of continuing operations	−1	134,098	—	—	—
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	−1	—	—	—
Effect of exchange rate changes	−81,271	−146,977	−188,880	−54,107	−251,254
Net change in cash and cash equivalents	−135,127	1	−6	4	78,664
Interest paid	109,440	143,101	85,634	41,848	25,081
Income taxes paid	211,844	298,466	91,707	3,013	9,623
Insurance premium financing	139,500	172,689	389,035	388,538	—
Warrants converted to marketable securities	2	6	1	—	—
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	—	3	16	—
Series A convertible preferred shares converted to common shares	668,728	—	—	—	—

Filings

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Frequently asked questions

What is HeartCore Enterprises, Inc.'s CIK number?

HeartCore Enterprises, Inc.'s SEC CIK number is 0001892322 (1892322). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find HeartCore Enterprises, Inc.'s SEC filings?

All of HeartCore Enterprises, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did HeartCore Enterprises, Inc. last report earnings?

HeartCore Enterprises, Inc. (HTCR) most recently filed an earnings 8-K with the SEC on May 15, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001493152-26-023376). This is HeartCore Enterprises, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is HeartCore Enterprises, Inc.'s most recent earnings 8-K?

HeartCore Enterprises, Inc.'s latest earnings 8-K (Item 2.02) was filed May 15, 2026 under accession 0001493152-26-023376. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View HeartCore Enterprises, Inc.'s latest earnings 8-K →
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