HeartCore Enterprises (HTCR)
Market Price (9/14/2026): $2.0 | Market Cap: $2.8 MilSector: Information Technology | Industry: Application Software
HeartCore Enterprises (HTCR)
Market Price (9/14/2026): $2.0Market Cap: $2.8 MilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 256%, Dividend Yield is 118%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 252% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -99% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -52% Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, and Digital Business Transformation. Themes include AI Software Platforms, Show more. | Weak multi-year price returns2Y Excs Rtn is -123%, 3Y Excs Rtn is -159% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -3.5 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -54% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -68%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -18% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -56%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -56% Key risksHTCR key risks include [1] a severe revenue decline resulting from its fundamental business transformation, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 256%, Dividend Yield is 118%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 252% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -99% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -52% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, and Digital Business Transformation. Themes include AI Software Platforms, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -123%, 3Y Excs Rtn is -159% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -3.5 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -54% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -68%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -18% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -56%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -56% |
| Key risksHTCR key risks include [1] a severe revenue decline resulting from its fundamental business transformation, Show more. |
Qualitative Assessment
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Updated on 9/4/2026
HeartCore Enterprises (HTCR) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. HeartCore Enterprises reported significantly weaker-than-expected financial results for its fiscal Q2 2026.
On August 13, 2026, the company announced a diluted loss per share of $-1.45 for the quarter ended June 30, 2026, substantially missing the analyst consensus for EPS of $0.40. Revenue for fiscal Q2 2026 was $321,428, falling significantly short of the expected $6.2 million and representing a 93.22% year-over-year decline. This poor performance resulted in an 8.6% stock price decline the day following the earnings announcement.
2. The company disclosed substantial doubt about its ability to continue as a going concern.
In its fiscal Q2 2026 financial results reported on August 13, 2026, HeartCore Enterprises stated a "substantial doubt about its ability to continue as a going concern" following a net loss of $2.02 million for the quarter. This critical disclosure significantly eroded investor confidence and signaled financial instability.
Show more
HeartCore Enterprises (HTCR) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. HeartCore Enterprises reported significantly weaker-than-expected financial results for its fiscal Q2 2026.
On August 13, 2026, the company announced a diluted loss per share of $-1.45 for the quarter ended June 30, 2026, substantially missing the analyst consensus for EPS of $0.40. Revenue for fiscal Q2 2026 was $321,428, falling significantly short of the expected $6.2 million and representing a 93.22% year-over-year decline. This poor performance resulted in an 8.6% stock price decline the day following the earnings announcement.
2. The company disclosed substantial doubt about its ability to continue as a going concern.
In its fiscal Q2 2026 financial results reported on August 13, 2026, HeartCore Enterprises stated a "substantial doubt about its ability to continue as a going concern" following a net loss of $2.02 million for the quarter. This critical disclosure significantly eroded investor confidence and signaled financial instability.
Show more
Updated on 9/4/2026
HeartCore Enterprises (HTCR) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. HeartCore Enterprises reported significantly weaker-than-expected financial results for its fiscal Q2 2026.
On August 13, 2026, the company announced a diluted loss per share of $-1.45 for the quarter ended June 30, 2026, substantially missing the analyst consensus for EPS of $0.40. Revenue for fiscal Q2 2026 was $321,428, falling significantly short of the expected $6.2 million and representing a 93.22% year-over-year decline. This poor performance resulted in an 8.6% stock price decline the day following the earnings announcement.
2. The company disclosed substantial doubt about its ability to continue as a going concern.
In its fiscal Q2 2026 financial results reported on August 13, 2026, HeartCore Enterprises stated a "substantial doubt about its ability to continue as a going concern" following a net loss of $2.02 million for the quarter. This critical disclosure significantly eroded investor confidence and signaled financial instability.
3. Strategic divestitures occurred amidst declining core Go IPO consulting revenue.
HeartCore completed the strategic divestiture of Sigmaways on June 25, 2026, and entered into an agreement to divest its 51% equity interest in HeartCore Luvina Vietnam. While framed as "portfolio optimization" to focus on Go IPO consulting, the fiscal Q2 2026 results indicated that Go IPO consulting revenue had declined due to fewer clients and extended IPO timelines, suggesting challenges in its newly concentrated core business.
Show less
HeartCore Enterprises (HTCR) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. HeartCore Enterprises reported significantly weaker-than-expected financial results for its fiscal Q2 2026.
On August 13, 2026, the company announced a diluted loss per share of $-1.45 for the quarter ended June 30, 2026, substantially missing the analyst consensus for EPS of $0.40. Revenue for fiscal Q2 2026 was $321,428, falling significantly short of the expected $6.2 million and representing a 93.22% year-over-year decline. This poor performance resulted in an 8.6% stock price decline the day following the earnings announcement.
2. The company disclosed substantial doubt about its ability to continue as a going concern.
In its fiscal Q2 2026 financial results reported on August 13, 2026, HeartCore Enterprises stated a "substantial doubt about its ability to continue as a going concern" following a net loss of $2.02 million for the quarter. This critical disclosure significantly eroded investor confidence and signaled financial instability.
3. Strategic divestitures occurred amidst declining core Go IPO consulting revenue.
HeartCore completed the strategic divestiture of Sigmaways on June 25, 2026, and entered into an agreement to divest its 51% equity interest in HeartCore Luvina Vietnam. While framed as "portfolio optimization" to focus on Go IPO consulting, the fiscal Q2 2026 results indicated that Go IPO consulting revenue had declined due to fewer clients and extended IPO timelines, suggesting challenges in its newly concentrated core business.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -45.0% change in HTCR stock from 5/31/2026 to 9/13/2026 was primarily driven by a -45.7% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.62 | 1.99 | -45.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6 | 6 | 2.1% |
| Net Income Margin (%) | 110.6% | 60.0% | -45.7% |
| P/E Multiple | 0.7 | 0.7 | 10.0% |
| Shares Outstanding (Mil) | 1 | 1 | -9.8% |
| Cumulative Contribution | -45.0% |
Market Drivers
5/31/2026 to 9/13/2026| Return | Correlation | |
|---|---|---|
| HTCR | -45.0% | |
| Market (SPY) | 1.0% | 37.0% |
| Sector (XLK) | -1.8% | 20.5% |
Fundamental Drivers
The -63.0% change in HTCR stock from 2/28/2026 to 9/13/2026 was primarily driven by a -53.7% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.37 | 1.99 | -63.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7 | 6 | -3.2% |
| P/S Multiple | 0.9 | 0.4 | -53.7% |
| Shares Outstanding (Mil) | 1 | 1 | -17.4% |
| Cumulative Contribution | -63.0% |
Market Drivers
2/28/2026 to 9/13/2026| Return | Correlation | |
|---|---|---|
| HTCR | -63.0% | |
| Market (SPY) | 11.7% | 33.2% |
| Sector (XLK) | 35.4% | 21.0% |
Fundamental Drivers
The -89.6% change in HTCR stock from 8/31/2025 to 9/13/2026 was primarily driven by a -67.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.07 | 1.99 | -89.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20 | 6 | -67.5% |
| P/S Multiple | 1.1 | 0.4 | -59.0% |
| Shares Outstanding (Mil) | 1 | 1 | -21.7% |
| Cumulative Contribution | -89.6% |
Market Drivers
8/31/2025 to 9/13/2026| Return | Correlation | |
|---|---|---|
| HTCR | -89.6% | |
| Market (SPY) | 19.5% | 30.2% |
| Sector (XLK) | 43.6% | 25.2% |
Fundamental Drivers
The -88.5% change in HTCR stock from 8/31/2023 to 9/13/2026 was primarily driven by a -63.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.32 | 1.99 | -88.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18 | 6 | -63.4% |
| P/S Multiple | 1.0 | 0.4 | -57.5% |
| Shares Outstanding (Mil) | 1 | 1 | -26.1% |
| Cumulative Contribution | -88.5% |
Market Drivers
8/31/2023 to 9/13/2026| Return | Correlation | |
|---|---|---|
| HTCR | -88.5% | |
| Market (SPY) | 75.7% | 19.0% |
| Sector (XLK) | 117.7% | 17.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HTCR Return | - | -82% | -30% | 199% | -80% | -66% | -97% |
| Peers Return | -2% | -54% | 79% | 19% | -2% | -21% | -25% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| HTCR Win Rate | - | 36% | 33% | 58% | 17% | 33% | |
| Peers Win Rate | 48% | 25% | 62% | 53% | 43% | 38% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| HTCR Max Drawdown | - | - | -83% | -51% | -87% | -70% | |
| Peers Max Drawdown | -24% | -59% | -22% | -32% | -38% | -48% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PATH, PEGA, NOW, CRM, ADBE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/11/2026 (YTD)
How Low Can It Go
| Event | HTCR | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -16.8% | -7.8% |
| % Gain to Breakeven | 20.1% | 8.5% |
| Time to Breakeven | 11 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -71.4% | -9.5% |
| % Gain to Breakeven | 249.9% | 10.5% |
| Time to Breakeven | 378 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.7% | -6.7% |
| % Gain to Breakeven | 29.3% | 7.1% |
| Time to Breakeven | 2 days | 31 days |
In The Past
HeartCore Enterprises's stock fell -16.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 20.1% gain to breakeven.
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Asset Allocation
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| Event | HTCR | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -71.4% | -9.5% |
| % Gain to Breakeven | 249.9% | 10.5% |
| Time to Breakeven | 378 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.7% | -6.7% |
| % Gain to Breakeven | 29.3% | 7.1% |
| Time to Breakeven | 2 days | 31 days |
In The Past
HeartCore Enterprises's stock fell -16.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 20.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About HeartCore Enterprises (HTCR)
HeartCore Enterprises, Inc. (HTCR) is a Japanese software development company that delivers Software-as-a-Service (SaaS) solutions to enterprise customers both in Japan and internationally. A primary offering is its comprehensive customer experience management (CXM) platform. This platform integrates essential systems for marketing, sales, service, and content management, alongside other tools, all designed to help businesses enhance customer interactions and drive engagement.
In addition to its CXM platform, HeartCore Enterprises provides data analytics services, assisting clients in creating optimized web experiences. The company also operates a digital transformation (DX) business, which offers solutions such as Robotics Process Automation (RPA), process mining, and task mining. These tools are aimed at accelerating the digital transformation processes for enterprises, helping them streamline operations and improve efficiency.
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- Imagine a Salesforce for customer experience combined with UiPath-like tools for process automation, all geared towards enterprise digital transformation.
- An Adobe Experience Cloud for enterprises, specializing in enhancing customer interactions and accelerating digital transformation.
- A comprehensive HubSpot for large enterprises, providing integrated customer experience management along with advanced process automation capabilities.
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- Customer Experience Management (CXM) Platform: A Software as a Service (SaaS) platform encompassing tools for marketing, sales, service, and content management to enhance customer engagement.
- Data Analytics Services: Services that empower enterprise businesses to create optimized web experiences for their clients through data-driven insights.
- Digital Transformation (DX) Business Services: Services providing robotics process automation, process mining, and task mining to accelerate enterprise digital transformation.
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HeartCore Enterprises (HTCR) sells its Software as a Service (SaaS) solutions, data analytics services, and digital transformation tools primarily to other companies, specifically "enterprise customers" across various industries in Japan and internationally.
As a B2B software and service provider, HeartCore Enterprises does not publicly disclose the names of its individual major customer companies. Its customer base consists of a broad range of enterprises seeking to enhance customer experience, drive engagement, and accelerate digital transformation through its platforms and services.
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- Amazon.com, Inc. (NASDAQ: AMZN)
- Alphabet Inc. (NASDAQ: GOOGL)
- UiPath, Inc. (NYSE: PATH)
- ABBYY
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Sumitaka Kanno, Chief Executive Officer
Mr. Kanno is the founder of HeartCore, establishing the company in 2009 to address technological challenges faced by major Japanese organizations. Before founding HeartCore, he served in the Japan Air Force as a pilot after graduating from Kansai Gaidai University. He also worked at BroadVision Japan, a global software vendor. Mr. Kanno previously founded his own company, which popularized snowboarding in Japan. In October 2025, HeartCore Enterprises, Inc. (HTCR) sold its software business subsidiary, HeartCore Co. Ltd. (HeartCore Japan), to Volaris Group UK Holdco LTD. He is the author of the best-selling book "How to Go IPO on Nasdaq" and was recognized with the "Top 100 Tech Innovators & Influencers" Award in 2021.
Qizhi Gao, Chief Financial Officer
Mr. Gao has 18 years of experience in finance and accounting. He previously spent 10 years as a group leader in finance and accounting at Marubishi Corporation in Tokyo, Japan, before joining HeartCore in 2017.
Kimio Hosaka, Chief Operating Officer and Director
Mr. Hosaka joined HeartCore in 2009 and has served as the Chief Operating Officer since 2015. He holds a bachelor's degree in physics from Chuo University in Tokyo. Mr. Hosaka brings 20 years of experience in technology, having worked as an engineer and manager at All Nippon Airways Systems and Electronic Data Systems, in addition to his tenure at HeartCore.
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Key Business Risks for HeartCore Enterprises (HTCR)
- Intense Competition and Rapid Technological Change: HeartCore Enterprises operates in highly competitive and rapidly evolving markets for software development, Software as a Service (SaaS) solutions, customer experience management platforms, and digital transformation services. The company faces significant competition from larger, more established domestic and international players, as well as new entrants. The pace of technological advancement in these sectors requires continuous innovation and investment in research and development to keep its offerings competitive. Failure to adapt to new technologies, integrate emerging trends, or differentiate its products and services could lead to a loss of market share, pricing pressure, and difficulty attracting and retaining enterprise customers.
- Reliance on Customer Retention and Recurring Revenue: As a SaaS provider, a substantial portion of HeartCore's revenue is recurring, derived from customer subscriptions. The company's financial success heavily depends on its ability to retain existing customers and minimize churn. Factors such as customer dissatisfaction, perceived lack of value, competitive pressures, or economic downturns could lead to customers discontinuing their subscriptions. A significant increase in customer churn would directly and negatively impact the company's revenue streams, profitability, and growth prospects.
- Data Security and Privacy Risks: In providing its customer experience management and data analytics platforms, HeartCore Enterprises processes, stores, and transmits sensitive customer data. The company is therefore exposed to risks related to data breaches, cyberattacks, and non-compliance with evolving data privacy regulations (such as those in Japan and other international markets where it operates). Any failure to maintain robust data security measures or comply with applicable privacy laws could result in significant reputational damage, legal liabilities, regulatory fines, and a loss of trust and business from its enterprise clients.
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HeartCore Enterprises (HTCR) Addressable Market Sizes
HeartCore Enterprises operates in several key areas, each with significant addressable markets in Japan and globally:
-
Customer Experience Management (CXM) Platform
- Globally, the customer experience management market was valued at approximately USD 22.35 billion in 2025 and is projected to grow to USD 84.22 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 15.80%. Another estimate places the global market at USD 17.86 billion in 2025, increasing to approximately USD 70.64 billion by 2035, with a CAGR of 14.74%.
- In Japan, the customer experience management market generated USD 477.6 million in 2025 and is expected to reach USD 1,601.1 million by 2033, growing at a CAGR of 16.5% from 2026 to 2033.
-
Data Analytics Services
- The global data analytics market was valued at USD 82.23 billion in 2025 and is projected to reach USD 495.87 billion by 2034, with a CAGR of 21.50%. Another report estimates the global market at USD 91.4 billion in 2025, reaching USD 584.2 billion by 2034, with a CAGR of 22.20%.
- For Japan, the data analytics market size reached USD 4,910.3 million (approximately USD 4.91 billion) in 2025 and is expected to reach USD 13,272.5 million (approximately USD 13.27 billion) by 2034, exhibiting a CAGR of 11.68% from 2026 to 2034.
-
Digital Transformation Business (Robotics Process Automation, Process Mining, and Task Mining)
Robotics Process Automation (RPA)
- The global robotic process automation market size was estimated at USD 4.98 billion in 2025 and is projected to exceed USD 44.56 billion by 2035, growing at a CAGR of over 24.5%. Another source indicates a global market size of USD 28.31 billion in 2025, increasing to approximately USD 247.34 billion by 2035, with a CAGR of 24.20%.
- In Japan, the robotic process automation market reached USD 911.2 million in 2025 and is forecast to reach USD 5,783.7 million by 2034, exhibiting a CAGR of 22.79% during 2026-2034.
Process Mining
- The global process mining market was valued at USD 470.77 million in 2024 and is expected to reach USD 9352.66 million by 2032, at a CAGR of 45.30%. Other estimates place the global process mining software market at USD 3.66 billion in 2025, growing to USD 58.18 billion by 2034 (CAGR 34.40%).
- The Japan process mining software market generated USD 63.8 million in 2024 and is expected to reach USD 1,167.1 million by 2030, with a CAGR of 64.1% from 2025 to 2030.
Task Mining
- The global task mining tool market was valued at approximately USD 2 billion in 2023 and is anticipated to reach USD 10 billion by 2030, representing a CAGR of over 25%. The global task mining software market, estimated at USD 2.5 billion in 2023, is projected to reach USD 8 billion by 2028, exhibiting a CAGR of approximately 30%.
- For Japan, the task management software market (a closely related category) is projected to grow from USD 238.24 million in 2025 to USD 1,348.13 million by 2035, with a CAGR of 18.9%.
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HeartCore Enterprises (HTCR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Expansion and Growth of Go IPO Consulting Services: HeartCore anticipates continued revenue generation from its "Go IPO Business," which helps Japanese companies go public in the U.S. The company has explicitly stated expectations to close additional Go IPO deals. Furthermore, HeartCore is strategically expanding these consulting services into new geographical markets, starting with South Korea, to tap into increasing demand from Asia-Pacific companies seeking U.S. listings.
- Enhanced and Expanded Customer Experience Management (CXM) and Content Management System (CMS) Offerings: HeartCore is positioned to benefit from the projected compound annual growth rate of 15.2% in the global Customer Experience Management (CXM) market from 2024 to 2032. The company is expanding its CMS platform into a Software as a Service (SaaS) delivery model and has established a new business development team to enhance customer success and strengthen recurring revenues. The upcoming launch of HeartCore CMS Version 13 is also expected to contribute to growth. Additionally, the company has shifted towards multi-year software licensing agreements, which began in 2024 and have corresponded to increased revenues in its Software Related Business.
- Strategic Acquisitions to Strengthen Software Business: Mergers and acquisitions (M&A) remain a central part of HeartCore's software growth strategy. The company is targeting acquisitions of companies with recurring revenue, complementary technologies, and strong AI capabilities. By integrating these acquired assets, HeartCore aims to unlock significant value through cross-sell and upsell opportunities to its existing base of over 1,000 software customers.
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Share Repurchases
- HeartCore Enterprises authorized a share repurchase program of up to $2.0 million of its common stock on February 24, 2026.
- The repurchase program has no set termination date and allows for flexible execution through various means, including open market transactions and private deals.
- Management's decision to authorize the buyback was based on its view of the company's valuation, with preliminary estimates indicating that total net assets exceeded market capitalization as of February 24, 2026.
Share Issuance
- HeartCore Enterprises closed its initial public offering (IPO) on February 14, 2022, issuing 3,000,000 shares of common stock at $5.00 per share, resulting in gross proceeds of $15.0 million.
- On July 1, 2025, the company entered into financing agreements with Crom Structured Opportunities Fund I, LP, which includes the potential to issue up to 2,000 shares of Series A Convertible Preferred Stock for gross proceeds of $2.0 million.
- These financing agreements also grant HeartCore the right to sell up to $25.0 million of its common stock to Crom Structured Opportunities Fund I, LP over time.
Inbound Investments
- On July 1, 2025, HeartCore Enterprises secured strategic financing agreements with Crom Structured Opportunities Fund I, LP, totaling up to $27 million.
- This financing was intended to support the company's M&A strategy, software growth initiatives, and to ensure compliance with Nasdaq's minimum stockholders' equity listing requirement.
- As of June 30, 2025, Crom Structured Opportunities Fund I, LP, disclosed a 5.6% beneficial ownership of HeartCore Enterprises common stock.
Outbound Investments
- HeartCore Enterprises divested its software business subsidiary, HeartCore Co., Ltd. (HeartCore Japan), to Volaris Group UK Holdco. Ltd. for approximately $12 million in an all-cash deal on October 31, 2025.
- The divestiture was a strategic move to refocus on the Go IPO consulting business, prompted by the evolving competitive landscape due to generative AI.
- The company is also evaluating strategic alternatives for divesting its subsidiary, Sigmaways.
Peer Outperformance in Application Software
nullShare of Application Software constituents that HTCR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
6%
of 152 industry peers · -87.8% return
3Y
14%
of 139 industry peers · -87.9% return
5Y
—
insufficient peer history
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Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is HTCR's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 66.7% | 194.4% | 290.6% | TTMI 835% · FLEX 749% · SANM 443% |
| Semiconductor Materials & Equipment | 27 | 129.7% | 86.1% | 107.7% | AEHR 756% · AXTI 734% · KLAC 432% |
| Technology Distributors | 9 | 33.3% | 78.3% | 101.8% | CLMB 335% · AVT 196% · SNX 147% |
| Electronic Components | 26 | 43.3% | 57.0% | 74.2% | CLS 3920% · BELFA 1373% · COHR 401% |
| Communications Equipment | 36 | 19.4% | 81.2% | 74.1% | AAOI 1361% · FEIM 1055% · LITE 979% |
| Technology Hardware, Storage & Peripherals | 21 | 37.9% | 57.2% | 37.0% | DELL 1172% · STX 1065% · SMCI 1012% |
| Semiconductors | 55 | 23.1% | 30.0% | 36.5% | POET 1852% · MU 1261% · NVDA 886% |
| Internet Services & Infrastructure | 6 | 17.9% | 39.5% | 21.5% | DOCN 60% · VRSN 34% · GDDY 32% |
| Electronic Equipment & Instruments | 27 | -12.8% | 7.6% | -9.5% | PI 229% · ACFN 120% · OSIS 119% |
| IT Consulting & Other Services | 28 | -24.3% | -15.2% | -30.4% | CHRN 499900% · APLD 1221% · TSSI 712% |
| Application Software ← | 122 | -27.1% | -16.0% | -43.0% | VIDA 193536% · INLX 5416% · PLTR 537% |
| Systems Software | 66 | -19.3% | 1.3% | -58.2% | QNC 472% · PAYS 377% · ZETA 352% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Can HeartCore Enterprises Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 84.39 |
| Mkt Cap | 6.6 |
| Rev LTM | 8,234 |
| Op Inc LTM | 938 |
| FCF LTM | 2,532 |
| FCF 3Y Avg | 2,107 |
| CFO LTM | 2,910 |
| CFO 3Y Avg | 2,523 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.4% |
| Rev Chg 3Y Avg | 10.7% |
| Rev Chg Q | 13.1% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Inc Chg LTM | 7.8% |
| Op Inc Chg 3Y Avg | 43.5% |
| Op Mgn LTM | 11.4% |
| Op Mgn 3Y Avg | 12.7% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 32.7% |
| CFO/Rev 3Y Avg | 29.7% |
| FCF/Rev LTM | 29.7% |
| FCF/Rev 3Y Avg | 27.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenues from customized software development and services | 7 | 8 | 9 | 0 | |
| Revenues from consulting services | 2 | 15 | 6 | 1 | |
| Revenues from software development services | 0 | 0 | |||
| Revenue from Customer Experience Management Platform | 6 | 6 | 9 | ||
| Revenue from Others | 0 | 0 | 0 | ||
| Revenue from Process Mining | 0 | 0 | 1 | ||
| Revenue from Robotic Process Automation | 0 | 0 | 1 | ||
| Revenue from Task Mining | 0 | 0 | 0 | ||
| Total | 9 | 23 | 22 | 9 | 11 |
Price Behavior
Price Behavior
| Market Price | $1.99 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 02/10/2022 | |
| Distance from 52W High | -89.2% | |
| 50 Days | 200 Days | |
| DMA Price | $2.55 | $4.32 |
| DMA Trend | down | down |
| Distance from DMA | -21.8% | -54.0% |
| 3M | 1YR | |
| Volatility | 82.8% | 96.4% |
| Downside Capture | 292.77 | 380.29 |
| Upside Capture | -2.05 | 65.16 |
| Correlation (SPY) | 25.8% | 35.7% |
HTCR Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.36 | 3.88 | 2.90 | 2.62 | 2.68 | 1.52 |
| Up Beta | 6.14 | 5.25 | 3.41 | 3.43 | 3.34 | 1.00 |
| Down Beta | 0.52 | 4.62 | 5.07 | 2.88 | 3.89 | 2.82 |
| Up Capture | 198% | 173% | 82% | 93% | 29% | 44% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 16 | 27 | 53 | 100 | 342 |
| Down Capture | 188% | 404% | 246% | 232% | 185% | 111% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 25 | 36 | 73 | 148 | 396 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HTCR | |
|---|---|---|---|---|
| HTCR | -88.5% | 96.8% | -1.77 | - |
| Sector ETF (XLK) | 39.7% | 26.3% | 1.24 | 28.2% |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | 35.7% |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | 5.3% |
| Commodities (DBC) | 48.3% | 20.6% | 1.80 | -7.7% |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | 12.0% |
| Bitcoin (BTCUSD) | -32.4% | 43.8% | -0.77 | 16.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HTCR | |
|---|---|---|---|---|
| HTCR | -52.3% | 141.1% | 0.00 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 12.9% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 13.6% |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | 2.8% |
| Commodities (DBC) | 11.4% | 19.5% | 0.46 | 1.1% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 9.0% |
| Bitcoin (BTCUSD) | 9.4% | 52.6% | 0.36 | 10.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HTCR | |
|---|---|---|---|---|
| HTCR | -30.9% | 141.1% | 0.00 | - |
| Sector ETF (XLK) | 24.4% | 25.0% | 0.88 | 12.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 13.6% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 2.8% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 1.1% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 9.0% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 10.0% |
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Returns Analyses
Earnings Returns History
Updated 8/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | -8.6% | -4.1% | |
| 5/15/2026 | -3.3% | 2.5% | 21.1% |
| 2/11/2026 | -1.7% | -7.7% | -11.7% |
| 11/18/2025 | -18.7% | -17.1% | -43.7% |
| 8/13/2025 | 8.1% | 10.9% | 106.9% |
| 5/15/2025 | -17.6% | -20.5% | -24.1% |
| 11/14/2024 | -5.6% | -0.8% | 33.6% |
| 8/14/2024 | 7.2% | 4.8% | -0.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 7 | 7 |
| # Negative | 11 | 9 | 8 |
| Median Positive | 11.2% | 8.3% | 27.3% |
| Median Negative | -5.6% | -11.9% | -21.0% |
| Max Positive | 92.2% | 25.3% | 106.9% |
| Max Negative | -18.7% | -20.5% | -43.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | -8.6% | -4.1% | |
| 5/15/2026 | -3.3% | 2.5% | 21.1% |
| 2/11/2026 | -1.7% | -7.7% | -11.7% |
| 11/18/2025 | -18.7% | -17.1% | -43.7% |
| 8/13/2025 | 8.1% | 10.9% | 106.9% |
| 5/15/2025 | -17.6% | -20.5% | -24.1% |
| 11/14/2024 | -5.6% | -0.8% | 33.6% |
| 8/14/2024 | 7.2% | 4.8% | -0.4% |
| 5/15/2024 | -3.0% | -11.9% | -13.0% |
| 11/13/2023 | 19.0% | 25.3% | 14.3% |
| 8/14/2023 | -8.5% | -6.2% | -21.5% |
| 5/22/2023 | 92.2% | 23.4% | 27.3% |
| 3/30/2023 | -3.5% | -13.0% | 3.0% |
| 11/18/2022 | -7.7% | 4.5% | -28.2% |
| 8/15/2022 | 11.2% | 8.3% | -20.5% |
| 5/16/2022 | -1.6% | -18.0% | 35.2% |
| SUMMARY STATS | |||
| # Positive | 5 | 7 | 7 |
| # Negative | 11 | 9 | 8 |
| Median Positive | 11.2% | 8.3% | 27.3% |
| Median Negative | -5.6% | -11.9% | -21.0% |
| Max Positive | 92.2% | 25.3% | 106.9% |
| Max Negative | -18.7% | -20.5% | -43.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/18/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/09/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/22/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/18/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/09/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/22/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
| 09/30/2021 | 02/10/2022 | 424B4 |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Yasui, Daishin | Direct | Sell | 6022025 | 0.70 | 60,000 | 42,000 | 1,541,229 | Form | |
| 2 | Yasui, Daishin | Direct | Sell | 6022025 | 0.67 | 50,000 | 33,440 | 1,512,662 | Form | |
| 3 | Yasui, Daishin | Direct | Sell | 5272025 | 0.61 | 869 | 530 | 1,410,171 | Form | |
| 4 | Yasui, Daishin | Direct | Sell | 5272025 | 0.56 | 10,000 | 5,600 | 1,295,070 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Yasui, Daishin | Direct | Sell | 6022025 | 0.70 | 60,000 | 42,000 | 1,541,229 | Form | |
| 2 | Yasui, Daishin | Direct | Sell | 6022025 | 0.67 | 50,000 | 33,440 | 1,512,662 | Form | |
| 3 | Yasui, Daishin | Direct | Sell | 5272025 | 0.61 | 869 | 530 | 1,410,171 | Form | |
| 4 | Yasui, Daishin | Direct | Sell | 5272025 | 0.56 | 10,000 | 5,600 | 1,295,070 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/13/2026