HeartCore Enterprises, Inc. HTCR
Business section, along with other sections of this annual report on Form 10-K, includes statistical and other industry and market
data that we obtained from industry publications and research, surveys and studies conducted by third parties. Industry publications
and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to
be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe that these industry
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $9.0M | $22.7M | $21.8M | $8.8M | $10.8M | $9.0M | — |
| Cost of revenue | $5.8M | $8.0M | $13.8M | $5.5M | $5.6M | $5.0M | — |
| Gross profit | $3.2M | $14.7M | $8.1M | $3.4M | $5.2M | $4.0M | — |
| R&D | — | $179.8K | $1.0M | $641.0K | $510.7K | $311.0K | — |
| SG&A | $6.0M | $6.9M | $9.7M | $6.6M | $4.3M | $3.2M | — |
| Total operating expenses | $6.3M | $14.9M | $12.2M | $10.0M | $5.1M | $3.8M | — |
| Operating income | -$3.1M | -$161.7K | -$4.1M | -$6.7M | $59.0K | $258.7K | — |
| Interest expense | $87.7K | $118.8K | $163.0K | $41.8K | $43.2K | — | — |
| Pre-tax income | -$4.1M | -$5.5M | -$5.0M | -$6.7M | $14.9K | $227.3K | — |
| Income tax | $44.9K | $363.2K | $133.7K | $5.9K | $341.9K | $72.2K | — |
| Net income | $5.8M | -$1.5M | -$4.2M | -$6.7M | -$338.2K | $151.0K | — |
| EPS, basic | 0.25 | -0.07 | -0.21 | -0.37 | -0.02 | 0.01 | — |
| EPS, diluted | 0.22 | -0.07 | -0.21 | -0.37 | -0.02 | 0.01 | — |
| Shares, diluted (wtd. avg.) | $25.5M | $20.9M | $20.4M | $17.9M | $15.2M | $14.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.0M | $2.0M | $1.0M | $7.2M | $3.1M | $3.1M | — |
| Short-term investments | $3.7M | $4.5M | $642.3K | — | — | — | — |
| Receivables | $707.9K | $1.0M | $2.6M | $551.1K | $961.0K | $708.5K | — |
| Total current assets | $8.4M | $9.4M | $5.5M | $8.5M | $4.6M | $4.3M | — |
| Property, plant and equipment | $291.6K | $475.7K | $763.7K | $203.6K | $261.4K | $376.9K | — |
| Goodwill | — | — | $3.3M | $3.3M | — | — | — |
| Other intangibles | — | — | $4.5M | — | — | — | — |
| Total assets | $13.1M | $14.0M | $19.6M | $12.1M | $9.1M | $10.4M | — |
| Accounts payable | — | $2.0M | $1.8M | $497.7K | $646.4K | $269.9K | — |
| Short-term debt | $50.6K | $46.4K | $371.8K | $697.9K | $850.0K | $936.7K | — |
| Total current liabilities | $5.3M | $7.4M | $6.5M | $3.6M | $4.6M | $3.7M | — |
| Long-term debt | $448.4K | $498.7K | $1.8M | $1.1M | $1.9M | $3.0M | — |
| Total liabilities | $5.8M | $10.5M | $12.0M | $7.3M | $9.7M | $11.0M | — |
| Retained earnings | -$13.8M | -$16.2M | -$14.8M | -$10.6M | -$3.9M | -$3.6M | — |
| Total equity | $8.8M | $4.7M | $7.7M | $4.8M | -$559.0K | -$604.2K | -$1.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$3.1M | -$3.9M | -$4.3M | -$4.8M | $766.3K | $745.7K | — |
| Depreciation and amortisation | $46.4K | $676.0K | $683.0K | $83.3K | $105.4K | $114.5K | — |
| Stock-based compensation | -$151.1K | $368.7K | $1.4M | $1.5M | $18.8K | — | — |
| Capital expenditure | — | $7.4K | $526.3K | $57.1K | $36.2K | $27.2K | — |
| Investing cash flow | $5.6M | $6.3M | -$1.8M | -$12.2K | -$179.0K | -$401.1K | — |
| Financing cash flow | -$1.5M | $134.1K | $136.2K | $8.9M | -$257.4K | $2.1M | — |
| Dividends paid | $3.3M | $834.6K | — | — | — | — | — |
| Buybacks | — | — | — | $3.5M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-014236.
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