HTCRNasdaqServices-Computer Processing & Data PreparationUS GAAP · USD

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.

Kysy yhtiöstä
Liikevaihto9,0milj. USD
−70,5 %v/v
Liikevoitto (EBIT)−3,1milj. USD
−1 830,2 %v/v
EBIT-marginaali−34,8%
−34,3 %-yks.v/v
Nettotulos5,8milj. USD
+491,1 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−10010203040milj. USD2020: 9,0 milj. USD2020: EBIT 0,26 milj. USD20202021: 11 milj. USD2021: EBIT 0,06 milj. USD20212022: 8,8 milj. USD2022: EBIT −6,7 milj. USD20222023: 22 milj. USD2023: EBIT −4,1 milj. USD20232024: 30 milj. USD2024: EBIT −0,16 milj. USD20242025: 9,0 milj. USD2025: EBIT −3,1 milj. USD20259,0−3,1
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: HeartCore Enterprises, Inc.

Liiketoiminta

Osuus liikevaihdosta
Customer Experience Management (CXM) Software45 %

Software tools for marketing, sales, service and content management that help companies engage customers.

Digital Transformation Software20 %

RPA, process mining and task mining products used to automate and optimize enterprise workflows.

On-Premise Software Licenses20 %

CMS and other license-based software sold for deployment in customer environments.

Professional Services and Custom Development10 %

Customized software development, implementation, education, support and related services.

GO IPO Consulting5 %

Advisory services for Japanese companies pursuing Nasdaq or NYSE listings in the U.S.

Tuotteet

Raportoitu · osuus liikevaihdosta
76,5%21,3%FY2025100 %
  • Customised Software Development and Services76,5 %
  • Consulting Services21,3 %
  • Software Development Services2,2 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

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.

Enterprise CXM customers

Companies buying the CXM Platform and SaaS tools to improve marketing, sales, service and content workflows.

Digital transformation customers

Enterprises purchasing RPA, process mining and task mining to automate processes and reduce manual work.

On-premise software buyers

Customers purchasing CMS licenses and related software for deployment in their own environments.

Custom development clients

Customers that need tailored software development, implementation and support services.

GO IPO advisory clients

Japanese companies paying consulting fees and receiving IPO process support for U.S. listings.

Strategia

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.

Grow SaaS and on-premise software salesLyhyt aikaväli

These products can improve revenue quality and reduce reliance on project-based services.

Build the GO IPO advisory pipelineKeskipitkä aikaväli

The business can generate consulting fees and potential equity-linked value from U.S. listings.

Improve operating leverage through product mixKeskipitkä aikaväli

Shifting away from lower-priority services can support gross margin and resource allocation.

Maantiede

Q1/2026

HeartCore 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.

USA75 %
Other countries (US filing)23 %
Japan2,1 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

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.

Järjestetty vakavuuden mukaan
Dependence on large license ordersKorkea

Revenue from on-premise software can swing when large CMS orders are won or missed.

Kohdistuu: On-premise software sales

Competition in U.S. software developmentKorkea

Management cited intense competition as a reason for lower customized software revenue.

Kohdistuu: Customized software development and services

Liquidity pressureKorkea

Cash balances were low and operating cash flow was negative in the reported period.

Kohdistuu: Corporate liquidity and working capital

IPO market cyclicalityKeskitaso

GO IPO consulting volumes depend on U.S. market sentiment and listing activity.

Kohdistuu: GO IPO consulting

Foreign exchange and cross-border executionKeskitaso

Operations span Japan, the U.S. and Vietnam, increasing FX and coordination risk.

Kohdistuu: International subsidiaries and revenue streams

Kysy Clarifolta: HeartCore Enterprises, Inc.

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition across multiple contract types

Software licenses, SaaS, consulting and custom services may recognize revenue at different times.

Vaikutus: Affects quarterly revenue mix and comparability

Non-controlling interests

The company owns 51% of Sigmaways and HeartCore Luvina, so minority interests must be allocated.

Vaikutus: Affects net income attributable to HeartCore shareholders

Lease accounting

Operating and finance lease liabilities are material and affect balance sheet obligations.

Vaikutus: Affects leverage and fixed-cost analysis

Debt and interest expense

Long-term bank debt creates principal repayment and interest burden.

Vaikutus: Affects liquidity and earnings

Fair value measurements

Other income includes changes in fair value of marketable securities and warrants.

Vaikutus: Can create volatility in non-operating results

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Päivitetty: 24.9.2026

HeartCore Enterprises, Inc. (HTCR) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo