HTCR

MKT CAP:$203996

HeartCore Enterprises, Inc.

Market Cap

$203996

Technology·Software - Application·🇯🇵 Japan·NASDAQ

Technology·Software App·🇯🇵·NASDAQ

Stock Price

$3.05+$2.74 (+869.18%)

Apr 21, 2026

Company Details

HeartCore Enterprises, Inc., a software development company, provides Software as a Service solutions to enterprise customers in Japan and internationally. Its customer experience management platform includes marketing, sales, service, and ...

CEO

Peter Johann Westhuizen

IPO Date

Feb 10, 2022

Website

www.heartcore.co.jp

Key Metrics TTM

Revenue

$16M

+81.8% YoY

Net Income

-$9M

EPS (Diluted)

-$119.10

Free Cash Flow

-$5M

Revenue / Share

$290.70

Gross Margin

25.2%

Operating Margin

-41.2%

Net Margin

-57.6%

FCF Margin

-33.0%

P/S

0.0x

P/E

—

Earnings Reports

Q1 2025

May 15, 2025

$4M-28.9%EPS -$56.00

Q2 2024

Aug 14, 2024

$4MEPS -$37.40

Q1 2024

May 14, 2024

$5MEPS -$25.56

FY 2023

Apr 8, 2024

$22M+147.7%EPS -$0.21

Q4 2023

Apr 8, 2024

$3M+66.4%EPS -$0.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$2M	$1M	-$482.8K
Q1 22	$2M	$1M	-$2M
Q2 22	$3M	$1M	-$2M
Q3 22	$2M	$329.2K	-$2M
Q4 22	$2M	$468.4K	-$1M
Q4 23	$3M	$97.2K	-$3M
Q1 24	$5M	$2M	-$683.0K
Q2 24	$4M	$805.9K	-$2M
Q1 25	$4M	$1M	-$1M

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	2.2x	—
Q4 22	1.8x	—
Q4 23	1.3x	—
Q1 24	2.0x	—
Q2 24	1.0x	—
Q1 25	1.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$472.9K	-$484.4K
Q1 22	-$2M	-$2M
Q2 22	$300.0K	$287.9K
Q3 22	-$2M	-$2M
Q4 22	-$602.2K	-$617.6K
Q4 23	-$2M	-$2M
Q1 24	$741.4K	$741.4K
Q2 24	-$2M	-$2M
Q1 25	-$2M	-$2M

Capital Expenditures

Quarter	CapEx
Q4 21	$11.5K
Q1 22	$18.9K
Q2 22	$12.1K
Q3 22	$10.7K
Q4 22	$15.4K
Q4 23	$7.6K
Q1 24	$0
Q2 24	$39.3K
Q1 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	-15.9%	+20.9%
Q4 23	+46.2%	+69.1%
Q1 24	+89.0%	+32.2%
Q2 24	+117.2%	+43.4%
Q1 25	+79.4%	+39.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$18.8K	0.8%
Q1 22	$422.2K	18.5%
Q2 22	$466.7K	17.5%
Q3 22	$336.7K	18.0%
Q4 22	$294.3K	14.7%
Q4 23	$162.8K	4.9%
Q1 24	$91.7K	1.8%
Q2 24	$56.0K	1.4%
Q1 25	$32.3K	0.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$188.9K	$1M	$69.9K
Q1 22	$108.3K	$2M	$205.9K
Q2 22	$417.2K	$2M	$728.8K
Q3 22	$58.3K	$2M	$771.5K
Q4 22	$57.3K	$747.5K	$1M
Q4 23	$729.8K	$2M	$185.5K
Q1 24	$89.1K	$2M	$219.7K
Q2 24	$111.3K	$2M	$179.4K
Q1 25	$123.9K	$2M	$291.2K

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 21	—	-19.3%	—
Q1 22	—	-67.8%	—
Q2 22	—	-62.0%	—
Q3 22	—	-104.8%	—
Q4 22	-15.9%	-69.8%	-85.7
Q4 23	46.2%	-92.8%	-46.6
Q1 24	89.0%	-26.4%	62.6
Q2 24	117.2%	-50.6%	66.5
Q1 25	79.4%	-84.3%	-4.9

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$14M	$0	$14M
Q2 22	$12M	$0	$12M
Q3 22	$8M	$0	$8M
Q4 22	$7M	$0	$7M
Q1 23	$5M	$437.8K	$6M
Q2 23	$4M	$1M	$5M
Q3 23	$2M	$757.1K	$3M
Q4 23	$1M	$942.3K	$2M
Q1 24	$1M	$408.3K	$2M
Q2 24	$4M	$435.5K	$4M
Q3 24	$1M	$7M	$9M
Q4 24	$2M	$4M	$7M
Q1 25	$739.0K	$2M	$3M
Q2 25	$2M	$2M	$5M
Q3 25	$1M	$3M	$4M
Q4 25	$2M	$4M	$6M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	47K	—	—
Q1 22	43K	-8.7%	—
Q2 22	47K	+9.7%	—
Q3 22	45K	-5.8%	—
Q4 22	44K	-1.0%	-6.7%
Q4 23	21M	+47135.6%	+48188.3%
Q1 24	52K	-99.7%	+10.1%
Q2 24	52K	+0.0%	+17.0%
Q1 25	55K	+5.7%	+25.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$52.8K	45
Q1 22	$50.6K	45
Q2 22	$59.3K	45
Q3 22	$41.6K	45
Q4 22	$40.8K	49
Q4 23	$33.6K	99
Q1 24	$51.0K	99
Q2 24	$41.1K	99
Q1 25	$39.4K	91

Revenue / Employee