HeartCore Enterprises Inc (NASDAQ: HTCR) is a consulting and software services company that assists private Japanese companies with initial public offerings on U.S. exchanges and provides customized software development services. Revenue comes from three streams: customized software development and services ($6.9M, 76.5% of FY2025 revenue), consulting services ($1.9M, 21.3%), and software development services ($0.2M, 2.2%), totaling $9.0M for the year ended December 31, 2025, down 60.5% from $22.7M in FY2024. The company pivoted its core focus in 2025, selling its Japan-based software subsidiary, HeartCore Co. Ltd., to Smith Japan Holdings KK on October 31, 2025, and concentrating on its Go IPO consulting business, which guides Japanese private companies through U.S. listing processes on Nasdaq, NYSE, and NYSE American. As of December 31, 2025, the company held $2.0M in cash and reported net income attributable to common shareholders of $5.7M for FY2025.

Revenue model

Transactional and project-based fees across three revenue lines: customized software development and services (76.5% of FY2025 revenue), Go IPO consulting services (21.3%), and software development services (2.2%). Consulting engagements cover IPO preparation, U.S. GAAP conversion, Nasdaq/NYSE listing support, documentation, and introductions to legal and underwriting firms.

Products and services

Go IPO consulting services: assists Japanese private companies with U.S. IPO preparation including S-1/F-1 filings, U.S. GAAP accounting conversion, internal controls documentation, investor presentations, English-language web page creation, and introductions to underwriters, law firms, and auditors. Customized software development and services (legacy, winding down post-Japan sale). Process mining and task mining licenses provided as part of IPO consulting engagements.

Customers and end markets

Private Japanese companies seeking U.S. exchange listings on Nasdaq, NYSE, or NYSE American. Accounts receivable as of December 31, 2025 primarily consisted of balances due from customers for customized software development and services.

Value-chain role

Intermediary and advisory firm positioned between Japanese private companies and U.S. capital markets. Handles process preparation, documentation, regulatory formatting, and third-party introductions rather than underwriting directly.

Geographic exposure

Operations historically centered in Tokyo, Japan (sold October 31, 2025). Residual office presence in Da Nang, Vietnam (approximately 915 square feet, lease ending January 2026). Go IPO consulting business targets Japanese issuers pursuing U.S. listings.

Source: SEC 10-K, filed 2026-03-31

Industry: Services-Computer Processing & Data Preparation