| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 2.99 | 36.9% | 83.3% |
| Total Income | 2.99 | 36.9% | 83.3% |
| Expenditure | 3.00 | 35.3% | 47.8% |
| PBT | -0.13 | 112.3% | 101.2% |
| Net Profit | 0.43 | 60.9% | 96.1% |
| OPM | -0.37% | 2.64pp | 68.16pp |
| NPM | 14.52% | 8.67pp | 47.43pp |
| EPS | 0.02 | 60.0% | 96.2% |
HeartCore Reports Q3 2025 Revenue at $3.0M vs $16.2M YoY
04 May 2026 · 4 May, 7:06 am
Summary
HeartCore Enterprises reported financial results for the third quarter and nine months ended September 30, 2025. Revenues for the quarter were $3.0 million, a decrease from $16.2 million in the same period last year. Net income for the quarter was $0.4 million, compared to $10.8 million in the prior year. For the nine-month period, revenues were $7.1 million, down from $21.3 million in the previous year, and the net loss was $1.7 million compared to a net income of $7.1 million in the same period last year. The company divested its software business subsidiary and is focusing on its Go IPO business.
Key Highlights
- 1
HeartCore Enterprises divested its software business subsidiary, HeartCore Co., Ltd.
- 2
The company authorized a one-time distribution payment to stockholders.
- 3
Revenues were $3.0 million, compared to $16.2 million in the same period last year, primarily due to the absence of signature warrant revenue from a large GO IPO deal.
- 4
Gross profit was $1.5 million, compared to $14.0 million in the same period last year, due to a decrease in gross profit from GO IPO services.
- 5
Net income was $0.4 million compared to a net income of $10.8 million in the same period last year.
- 6
Adjusted EBITDA was $0.5 million, compared to $12.0 million in the same period last year.
- 7
Revenues for the nine months ended September 30, 2025, were $7.1 million, compared to $21.3 million in the same period last year.
Management Comments
Sumitaka Kanno
This past month, we made the strategic and transformative decision to divest our software business subsidiary, HeartCore Japan, in an all-cash transaction, effectively making a full pivot into our Go IPO business. We believe this move positions HeartCore for long-term, sustainable success by sharpening our focus on a more profitable business in Go IPO. In parallel with this transaction, we also implemented meaningful expense reductions that will help lower operating costs going forward. A portion of the divestiture proceeds was used towards the one-time distribution payment, which was paid out yesterday. We are also continuing to assess all strategic alternatives to divest our subsidiary, Sigmaways. We believe this move will support our bottom-line performance going forward and further accelerate our shift towards the IPO consulting space. In recent months, we signed our 16th Go IPO client , saw one client successfully begin trading, and anticipate another will commence trading soon. Additionally, following our Go IPO Korea seminar, we have been in discussion with several prospective Korean clients which we hope to materialize in the near future. Demand from Japan also remains strong, and we believe we are on the precipice of engaging additional potential clients in the next few months. This full transition into our Go IPO business now allows us to dedicate more time and resources to its growth, and with a strong pipeline, we look forward to continued expansion of our IPO consulting business in Japan and Korea.”
Informational and educational content only. Not investment advice.