HeartCore Enterprises, Inc.
HeartCore Enterprises, Inc. is a Delaware-incorporated software company that operates mainly through its Japan-based subsidiary and a U.S. software subsidiary. It sells customer experience management software, digital transformation tools, and related services, and it also runs a GO IPO consulting business that helps Japanese companies list in the U.S.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueSoftware tools for marketing, sales, service and content management that help companies engage customers.
RPA, process mining and task mining products used to automate and optimize enterprise workflows.
CMS and other license-based software sold for deployment in customer environments.
Customized software development, implementation, education, support and related services.
Advisory services for Japanese companies pursuing Nasdaq or NYSE listings in the U.S.
Products
Reported · share of revenue- Customised Software Development and Services76.5 %
- Consulting Services21.3 %
- Software Development Services2.2 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company sells primarily to enterprise and mid-market customers that want software to manage customer engagement or automate internal processes. It also serves Japanese companies that need IPO advisory support for U.S. capital markets, which creates a second customer base tied to cross-border listing activity. Demand is driven by software modernization, workflow automation, and access to specialized advisory expertise.
Companies buying the CXM Platform and SaaS tools to improve marketing, sales, service and content workflows.
Enterprises purchasing RPA, process mining and task mining to automate processes and reduce manual work.
Customers purchasing CMS licenses and related software for deployment in their own environments.
Customers that need tailored software development, implementation and support services.
Japanese companies paying consulting fees and receiving IPO process support for U.S. listings.
Strategy
Management is shifting resources toward on-premise software and SaaS growth while still supporting custom development and consulting work. The company is also building its GO IPO pipeline, which can create advisory fees and equity-linked upside from Japanese issuers entering U.S. markets. This mix is intended to balance recurring software revenue with higher-touch services and cross-border capital markets exposure.
These products can improve revenue quality and reduce reliance on project-based services.
The business can generate consulting fees and potential equity-linked value from U.S. listings.
Shifting away from lower-priority services can support gross margin and resource allocation.
Geography
Q1/2026HeartCore is operationally centered in Japan, where its main subsidiary was founded and where it has been expanding SaaS and on-premise software sales. It also has U.S. operations through Sigmaways and HeartCore Financial, plus a Vietnam software development subsidiary, so the business spans Japan, the United States and Southeast Asia. That footprint matters because revenue is exposed to Japanese enterprise demand, U.S. software competition, and cross-border IPO market conditions.
Share of the revenue the company reports by geography.
Risks
The business is exposed to intense competition in U.S. software development, which has already pressured customized development revenue. It also depends on the timing and size of large software orders and on the health of the U.S. IPO market for GO IPO consulting, making revenue uneven and sensitive to macro and capital markets conditions. As a smaller, loss-making company with limited cash, it also faces liquidity, financing and execution risk.
Revenue from on-premise software can swing when large CMS orders are won or missed.
Exposure: On-premise software sales
Management cited intense competition as a reason for lower customized software revenue.
Exposure: Customized software development and services
Cash balances were low and operating cash flow was negative in the reported period.
Exposure: Corporate liquidity and working capital
GO IPO consulting volumes depend on U.S. market sentiment and listing activity.
Exposure: GO IPO consulting
Operations span Japan, the U.S. and Vietnam, increasing FX and coordination risk.
Exposure: International subsidiaries and revenue streams
Accounting
Judgemental itemsSoftware licenses, SaaS, consulting and custom services may recognize revenue at different times.
Impact: Affects quarterly revenue mix and comparability
The company owns 51% of Sigmaways and HeartCore Luvina, so minority interests must be allocated.
Impact: Affects net income attributable to HeartCore shareholders
Operating and finance lease liabilities are material and affect balance sheet obligations.
Impact: Affects leverage and fixed-cost analysis
Long-term bank debt creates principal repayment and interest burden.
Impact: Affects liquidity and earnings
Other income includes changes in fair value of marketable securities and warrants.
Impact: Can create volatility in non-operating results
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Last updated: 24/09/2026