NASDAQ : HTCR
HeartCore Enterprises, Inc. — Financial statements
Technology · Software - Application · Japan
Last price 1.48 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.24M
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Financial statements
HeartCore Enterprises, Inc. (HTCR) reported revenue of 9.08M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 9.08M | 8.97M | 22.69M | 21.85M | 8.82M | 10.82M |
| Cost of Revenue | 6.18M | 5.82M | 7.97M | 13.78M | 5.47M | 5.63M |
| Gross Profit | 2.90M | 3.15M | 14.72M | 8.07M | 3.35M | 5.19M |
| Selling, General & Admin | 6.31M | 6.27M | 7.54M | 11.17M | 9.41M | 4.62M |
| Research & Development | 179.76K | 1.02M | 641.02K | 510.74K | ||
| Operating Expenses | 6.31M | 6.27M | 7.72M | 12.19M | 10.05M | 5.13M |
| Operating Income | -3.41M | -3.12M | 6.99M | -4.12M | -6.70M | 59.02K |
| Interest Expense | -86.26K | -87.66K | -118.79K | -162.97K | -41.80K | -43.24K |
| Interest & Investment Income | 2.54K | 5.38K | 15.88K | 70.62K | 66.96K | 6.96K |
| Other Non Operating Income (Expenses) | -259.98K | 33.05K | -4.09M | 318.30K | -12.47K | -7.83K |
| EBT Excluding Unusual Items | -3.75M | -3.17M | 2.80M | -3.89M | -6.68M | 14.90K |
| Impairment of Goodwill | -3.28M | |||||
| Gain (Loss) on Sale of Investments | -846.39K | -868.56K | -1.05M | -1.12M | ||
| Asset Writedown | -3.88M | |||||
| Other Unusual Items | -100.00K | -100.00K | -100.00K | |||
| Pretax Income | -4.70M | -4.14M | -5.51M | -5.01M | -6.68M | 14.90K |
| Income Tax Expense | 37.66K | 44.90K | -363.16K | -133.66K | -5.92K | 341.94K |
| Earnings From Continuing Operations | -4.74M | -4.18M | -5.15M | -4.88M | -6.68M | -327.04K |
| Earnings From Discontinued Operations | 8.33M | 9.68M | -64.25K | |||
| Net Income to Company | 3.60M | 5.49M | -5.21M | -4.88M | -6.68M | -327.04K |
| Minority Interest in Earnings | 289.41K | 300.60K | 3.73M | 686.81K | -11.11K | |
| Net Income | 3.89M | 5.79M | -1.48M | -4.19M | -6.68M | -338.16K |
| Preferred Dividends & Other Adjustments | 141.07K | 94.36K | ||||
| Net Income to Common | 3.75M | 5.70M | -1.48M | -4.19M | -6.68M | -338.16K |
| Shares Outstanding (Basic) | 1.27M | 1.15M | 1.05M | 1.02M | 896.13K | 762.12K |
| Shares Outstanding (Diluted) | 1.27M | 1.15M | 1.05M | 1.02M | 896.13K | 762.12K |
| EPS (Basic) | 2.94 | 4.94 | -1.41 | -4.11 | -7.45 | -0.44 |
| EPS (Diluted) | 2.94 | 4.94 | -1.46 | -4.20 | -7.45 | -0.44 |
| Free Cash Flow | -3.97M | -4.15M | -5.19M | -4.86M | -4.87M | 730.15K |
| Free Cash Flow Per Share | -3.12 | -3.60 | -4.96 | -4.76 | -5.43 | 0.96 |
| Dividend Per Share | 0.80 | |||||
| Gross Margin | 31.91% | 35.14% | 64.87% | 36.93% | 38.00% | 47.94% |
| Operating Margin | -37.53% | -34.80% | 30.83% | -18.86% | -75.93% | 0.55% |
| Profit Margin | 41.23% | 63.55% | -6.53% | -19.18% | -75.72% | -3.12% |
| Free Cash Flow Margin | -43.74% | -46.29% | -22.89% | -22.23% | -55.18% | 6.75% |
| EBITDA | -3.38M | -3.07M | 7.67M | -3.44M | -6.61M | 164.41K |
| EBITDA Margin | -37.17% | -34.28% | 33.80% | -15.73% | -74.99% | 1.52% |
| D&A For EBITDA | 33.04K | 46.37K | 676.05K | 683.02K | 83.33K | 105.39K |
| EBIT | -3.41M | -3.12M | 6.99M | -4.12M | -6.70M | 59.02K |
| EBIT Margin | -37.53% | -34.80% | 30.83% | -18.86% | -75.93% | 0.55% |
| Effective Tax Rate | 2,294.78% | |||||
| Advertising Expenses | 2.93K | 1.92M | 196.99K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 587.07K | 1.99M | 1.97M | 1.01M | 7.18M | 3.14M |
| Short-Term Investments | 2.67M | 3.69M | 4.50M | 942.35K | ||
| Cash & Short-Term Investments | 3.26M | 5.68M | 6.47M | 1.95M | 7.18M | 3.14M |
| Accounts Receivable | 62.77K | 707.87K | 1.03M | 2.72M | 551.06K | 960.96K |
| Receivables | 62.77K | 807.87K | 1.13M | 2.77M | 599.51K | 1.02M |
| Prepaid Expenses | 114.34K | 182.08K | 131.32K | 536.87K | 538.23K | 444.40K |
| Other Current Assets | 831.64K | 1.75M | 1.69M | 234.76K | 220.07K | 15.65K |
| Total Current Assets | 4.26M | 8.42M | 9.42M | 5.49M | 8.54M | 4.62M |
| Property, Plant & Equipment | 665.37K | 321.04K | 648.29K | 3.23M | 2.85M | 3.58M |
| Long-Term Investments | 121.77K | 280.92K | 577.79K | 2.00M | ||
| Goodwill | 3.28M | |||||
| Other Intangible Assets | 4.52M | |||||
| Long-Term Deferred Tax Assets | 22.29K | 23.12K | 31.57K | 369.44K | 263.34K | 297.99K |
| Other Long-Term Assets | 3.79M | 4.02M | 3.19M | 348.50K | 245.06K | 286.97K |
| Total Assets | 8.87M | 13.06M | 13.97M | 19.62M | 12.14M | 9.12M |
| Accounts Payable | 286.71K | 1.15M | 1.64M | 1.76M | 497.74K | 646.42K |
| Accrued Expenses | 122.46K | 634.45K | 321.20K | 868.48K | 360.62K | 255.08K |
| Short-Term Debt | 66.33K | 224.41K | 264.02K | 698.70K | ||
| Current Portion of Long-Term Debt | 50.60K | 46.38K | 371.78K | 697.88K | 850.00K | |
| Current Portion of Leases | 280.33K | 32.79K | 150.87K | 413.98K | 311.16K | 369.74K |
| Current Income Taxes Payable | 1.74M | 1.86M | 818.03K | 162.69K | 2.75K | 10.92K |
| Current Unearned Revenue | 568.77K | 676.22K | 751.25K | 2.17M | 1.72M | 1.69M |
| Other Current Liabilities | 597.70K | 707.89K | 3.43M | 72.70K | 53.03K | 730.77K |
| Total Current Liabilities | 3.66M | 5.33M | 7.42M | 6.51M | 3.65M | 4.55M |
| Long-Term Debt | 448.38K | 498.71K | 1.77M | 1.12M | 1.87M | |
| Long-Term Leases | 139.09K | 85.12K | 2.20M | 2.42M | 3.10M | |
| Long-Term Deferred Tax Liabilities | 1.26M | |||||
| Other Long-Term Liabilities | 2.50M | 208.73K | 138.02K | 156.63K | ||
| Total Liabilities | 3.80M | 5.78M | 10.50M | 11.96M | 7.33M | 9.68M |
| Common Stock | 144.00 | 2.54K | 2.19K | 2.08K | 1.76K | 1.55K |
| Additional Paid-In Capital | 22.13M | 21.90M | 20.66M | 19.59M | 15.01M | 3.35M |
| Retained Earnings | -17.65M | -13.76M | -16.24M | -14.76M | -10.57M | -3.90M |
| Comprehensive Income & Other | -2.70K | -58.50K | 239.99K | 331.88K | 364.84K | -15.17K |
| Total Common Equity | 4.48M | 8.09M | 4.65M | 5.17M | 4.81M | -558.95K |
| Minority Interest | 170.79K | -1.50M | -1.19M | 2.50M | ||
| Shareholders' Equity | 5.07M | 7.28M | 3.46M | 7.67M | 4.81M | -558.95K |
| Total Liabilities & Equity | 8.87M | 13.06M | 13.97M | 19.62M | 12.14M | 9.12M |
| Total Debt | 485.75K | 756.18K | 1.05M | 5.46M | 4.55M | 6.19M |
| Net Cash (Debt) | 2.77M | 4.92M | 5.42M | -3.50M | 2.62M | -3.05M |
| Net Cash Per Share | 2.18 | 4.26 | 5.18 | -3.43 | 2.93 | -4.01 |
| Filing Date Shares Outstanding | 1.52M | 1.27M | 1.10M | 1.04M | 1.04M | 945.80K |
| Total Common Shares Outstanding | 1.44M | 1.27M | 1.10M | 1.04M | 882.49K | 777.32K |
| Working Capital | 604.04K | 3.09M | 2.00M | -1.02M | 4.89M | 62.92K |
| Book Value Per Share | 3.11 | 6.36 | 4.24 | 4.96 | 5.45 | -0.72 |
| Tangible Book Value | 4.48M | 8.09M | 4.65M | -2.63M | 4.81M | -558.95K |
| Tangible Book Value Per Share | 3.11 | 6.36 | 4.24 | -2.52 | 5.45 | -0.72 |
| Machinery | 338.90K | 424.57K | 433.61K | 796.00K | 423.32K | 437.36K |
| Leasehold Improvements | 195.53K | 496.81K | 298.64K | 320.26K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.89M | 5.79M | -1.48M | -4.19M | -6.68M | -338.16K |
| Depreciation & Amortization | 33.04K | 46.37K | 676.05K | 683.02K | 83.33K | 105.39K |
| Other Amortization | 3.73K | 4.55K | 6.87K | |||
| Loss (Gain) From Sale of Assets | 116.98K | 1.80K | -4.51K | |||
| Asset Writedown & Restructuring Costs | 7.15M | |||||
| Loss (Gain) From Sale of Investments | 757.10K | 868.56K | 5.10M | 615.52K | -27.00 | |
| Stock-Based Compensation | -209.31K | -151.14K | 368.74K | 1.43M | 1.52M | 18.79K |
| Other Operating Activities | -10.67M | -10.81M | -18.28M | -3.89M | 272.23K | 673.15K |
| Change in Accounts Receivable | 312.38K | 322.04K | 1.05M | -338.31K | 296.83K | -341.11K |
| Change in Accounts Payable | -375.94K | -406.06K | 366.76K | 532.79K | -70.53K | 553.01K |
| Change in Unearned Revenue | 7.68K | -75.03K | -98.14K | 553.13K | 239.13K | 304.54K |
| Change in Income Taxes | 1.15M | 1.04M | 667.48K | 162.04K | -6.92K | 1.90K |
| Change in Other Net Operating Assets | 86.69K | 143.96K | 583.22K | 115.19K | -469.45K | -218.04K |
| Operating Cash Flow | -3.97M | -4.15M | -5.19M | -4.33M | -4.81M | 766.30K |
| Capital Expenditures | -1.84K | -526.26K | -57.07K | -36.15K | ||
| Sale of Property, Plant & Equipment | 24.81K | |||||
| Cash Acquisitions | -724.91K | |||||
| Investment in Securities | 346.89K | 1.07M | 6.31M | |||
| Other Investing Activities | 5.34M | 4.52M | -554.60K | 44.87K | -142.88K | |
| Investing Cash Flow | 5.69M | 5.59M | 6.31M | -1.78M | -12.20K | -179.03K |
| Short-Term Debt Issued | 75.00K | 562.77K | ||||
| Long-Term Debt Issued | 710.11K | 258.09K | ||||
| Total Debt Issued | 75.00K | 1.27M | 258.09K | |||
| Short-Term Debt Repaid | -179.11K | -546.44K | -389.04K | -819.03K | ||
| Long-Term Debt Repaid | -60.78K | -50.44K | -733.82K | -845.22K | -932.26K | |
| Total Debt Repaid | -221.36K | -239.89K | -596.87K | -1.12M | -1.66M | -932.26K |
| Net Debt Issued (Repaid) | -221.36K | -239.89K | -521.87K | 150.02K | -1.41M | -932.26K |
| Issuance of Common Stock | 251.39K | 1.42M | 13.82M | 677.95K | ||
| Repurchase of Common Stock | -3.50M | |||||
| Common Dividends Paid | -3.30M | -3.30M | -834.57K | |||
| Other Financing Activities | 184.85K | 67.19K | -13.83K | -1.63K | -3.03K | |
| Financing Cash Flow | -3.34M | -1.49M | 134.10K | 136.19K | 8.92M | -257.35K |
| Foreign Exchange Rate Adjustments | -137.04K | -81.27K | -146.98K | -188.88K | -54.11K | -251.25K |
| Net Cash Flow | -1.76M | -135.13K | 1.11M | -6.16M | 4.04M | 78.66K |
| Free Cash Flow | -3.97M | -4.15M | -5.19M | -4.86M | -4.87M | 730.15K |
| Free Cash Flow Margin | -43.74% | -46.29% | -22.89% | -22.23% | -55.18% | 6.75% |
| Free Cash Flow Per Share | -3.12 | -3.60 | -4.96 | -4.76 | -5.43 | 0.96 |
| Levered Free Cash Flow | -1.98M | -3.84M | 7.87M | -879.27K | -3.23M | 892.98K |
| Unlevered Free Cash Flow | -1.93M | -3.79M | 7.94M | -781.15K | -3.21M | 913.14K |
| Cash Interest Paid | 76.79K | 109.44K | 143.10K | 85.63K | 41.85K | 25.08K |
| Cash Income Tax Paid | 63.33K | 211.84K | 298.47K | 91.71K | 3.01K | 9.62K |
| Change in Working Capital | 1.18M | 1.02M | 2.57M | 1.02M | -10.93K | 300.29K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.24M | 7.76M | 37.99M | 13.30M | 16.06M | |
| Enterprise Value | -526.96K | 3.75M | 35.85M | 17.89M | 12.61M | |
| Last Close Price | 1.48 | 6.10 | 30.90 | 10.33 | 14.73 | |
| PE Ratio | 0.50 | 1.36 | ||||
| Forward PE | 16.44 | 5.09 | 60.50 | 5.43 | 134.67 | |
| PS Ratio | 0.25 | 0.86 | 1.68 | 0.61 | 1.82 | |
| PB Ratio | 0.48 | 1.06 | 10.97 | 1.73 | 3.34 | |
| P/TBV Ratio | 0.50 | 0.96 | 8.16 | 3.34 | ||
| EV/Sales Ratio | 0.42 | 1.58 | 0.82 | 1.43 | ||
| EV/EBITDA Ratio | 4.67 | |||||
| EV/EBIT Ratio | 5.13 | |||||
| Debt / Equity Ratio | 0.10 | 0.10 | 0.30 | 0.71 | 0.95 | -11.08 |
| Debt / EBITDA Ratio | 0.13 | 11.34 | ||||
| Debt / FCF Ratio | 8.48 | |||||
| Net Debt / Equity Ratio | -0.55 | -0.68 | -1.57 | 0.46 | -0.55 | -5.46 |
| Net Debt / EBITDA Ratio | 0.82 | 1.60 | -0.71 | -1.02 | 0.40 | 18.58 |
| Net Debt / FCF Ratio | 0.70 | 1.19 | 1.04 | -0.72 | 0.54 | 4.18 |
| Asset Turnover | 0.81 | 0.66 | 1.35 | 1.38 | 0.83 | 1.11 |
| Quick Ratio | 0.91 | 1.20 | 1.01 | 0.72 | 2.12 | 0.90 |
| Current Ratio | 1.17 | 1.58 | 1.27 | 0.84 | 2.34 | 1.01 |
| Return on Equity (ROE) | -109.82% | -77.88% | -92.53% | -78.19% | -314.33% | |
| Return on Assets (ROA) | -19.03% | -14.44% | 26.02% | -16.21% | -39.37% | 0.38% |
| Return on Invested Capital (ROIC) | -145.35% | -132.10% | -61.70% | -198.29% | -23.01% | |
| Return on Capital Employed (ROCE) | -65.50% | -40.40% | 106.90% | -31.40% | -78.90% | 1.30% |
| Earnings Yield | 198.86% | 74.68% | -3.90% | -31.51% | -41.58% | |
| FCF Yield | -177.13% | -53.51% | -13.67% | -36.53% | -30.29% | |
| Dividend Yield | 175.68% | 2.31% | ||||
| Payout Ratio | 88.34% | 57.04% | ||||
| Buyback Yield / Dilution | -18.11% | -10.18% | -2.63% | -13.85% | -17.58% | -3.23% |
| Total Shareholder Return | 157.57% | -10.18% | -0.32% | -13.85% | -17.58% | -3.23% |