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MARKETS / NASDAQ / HTCR
NASDAQ · SERVICES-COMPUTER PROCESSING & DATA PREPARATION · SMALL CAP

HeartCore Enterprises, Inc. HTCR

6 fiscal years on record · USD · FY2025 reported · SEC filings only
$9.0M
▼ 60.5% YoY
$5.8M
In brief

What this company does

In 2022, HeartCore USA started the GO IPO business, which supports Japanese companies listing on The Nasdaq Stock Market (“Nasdaq”) and the New York Stock Exchange (“NYSE”) in the United States. Prior to November 2025, we were also a software development company based in Tokyo, Japan. In 2025, we made the strategic decision to sell our software business assets in Japan and to concentrate our efforts on our GO IPO consulting business.

Written from the business description in HeartCore Enterprises, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 31 March 2026. Every sentence was checked against that document before publication.

Growth
USD 9.0M
Revenue, FY2025 · full 6-year series below
Revenue $M Net income $M
FY2025 · Revenue 9.0 · Net income 5.8
8.0M16.0M-2.5M-5.0M202020212022202320242025
Compound annual growth
+0.6%
−0.1%
+107.4%
+85.6%
+0.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −0.1% a year over five years — but profit grew faster: net income at +107.4%, earnings per share at +85.6%.

The share count rose from 0.02B to 0.03B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
61 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating -34.8% · Net 61.2%
20%40%60%-20%-40%-60%202020212022202320242025
ROE
FY2025 · ROE 86.3%
50%-100%-200%-300%202020212022202320242025
Gross margin35.1%
Operating margin-34.8%
Net margin61.2%
Return on assets40.7%
EBITDAUSD -3.1M

Each USD of equity produced 86 cents of profit this year.

Cash & shareholders
USD 3.3M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2024 · FCF -3.9
0.25M0.50M-2.00M-4.00M202020212022202320242025
Net buybacks $M Dividends $M
FY2025 · Dividends 3.3 · Net buybacks —
2M202220242025
Dividends paidUSD 3.3M
Net buybacks—
Share of profit57.0%
Consecutive raises—

USD 3.3M in dividends — 57% of the year's profit went back to shareholders.

Total assetsUSD 13.1M
EquityUSD 8.8M
CashUSD 2.0M
Gross debtUSD 498,974.00
Net debtUSD -1.5M
Current ratio1.58×

The company holds more cash than debt.

The 6-year record
6 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 202520242023202220212020
Revenue $B0.00.00.00.00.00.0
Operating income $B−0.0−0.0−0.0−0.00.00.0
EBITDA $B−0.00.0−0.0−0.00.00.0
Income tax $B0.0−0.0−0.0−0.00.00.0
Net income $B0.0−0.0−0.0−0.0−0.00.0
Free cash flow $B·−0.0−0.0−0.00.00.0
EPS, diluted $0.22−0.07−0.21−0.37−0.020.01
Dividend / sh $······
Payout %57−56····
ROE %86.3−30.2−84.0−314.3··
Shares out B0.030.020.020.020.020.02

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 30 reconciliationsAUDITED

Reconciled in 6 of 19 fiscal years. 65 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityServices-Computer Processing & Data Preparation
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categoryemerging growth company, smaller reporting company
Data on record since2020

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