HeartCore Enterprises Inc
heartcore-enterprises.comWhat Do They Do?
Provides customized software development and support services to customers, and advises Japanese companies preparing to list in U.S. markets.
10-K for FY2025, filed Mar 31, 2026
How Do They Make Money?
For customized software development and support, customers are billed by the hour as work is performed. Software development services are paid for when delivered and accepted; IPO consulting fees are paid in installments over the contract, with customer shares or warrants also possible.
10-K for FY2025, filed Mar 31, 2026The Company’s customized software development and services revenues primarily include revenues from providing software development…View ↗
The Company provides customers with software development and support services pursuant to their specific requirements, which primarily…View ↗
The Company provides public listing related consulting services to customers pursuant to the specific requirements prescribed in the…View ↗
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10-K for FY2025, filed Mar 31, 2026
FY2025 revenue by product or service ↗
$9M
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10-K for FY2025, filed Mar 31, 2026
$9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Software Development Services
Sold outright
|
2.2% |
Software Development Services, FY2025
$196.5K Sources
|
Sold outright |
|
Customised Software Development and Services
Usage-based
10-K for FY2025, filed Mar 31, 2026 |
76% |
Customised Software Development and Services, FY2025
$6.9M Sources
|
Usage-based |
|
Consulting Services
Recurring
10-K for FY2025, filed Mar 31, 2026 |
21%
FY2022: 16%
|
Consulting Services, FY2025
$1.9M Sources
|
Recurring |
Who Are Their Customers?
Japanese private companies seeking U.S. listings hire HeartCore for IPO preparation and related advisory services. The company finds clients through securities, legal and accounting partners, referrals, and direct outreach.
10-K for FY2025, filed Mar 31, 2026Since February 2022, we have been offering “Go IPO” consulting services to a number of private Japanese companies where we assist such…View ↗
Unlike traditional software-driven sales models, our go-to-market approach is relationship-driven and highly targeted. We primarily source…View ↗
Our sales process typically begins with an initial assessment of a prospective client’s readiness for a U.S. public listing, including an…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 65 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Mar 31, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
−$2MView ↗
- ▼ Now a loss
- vs $1.1M in Q2 FY2025
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Aug 7, 2026
Agreed to transfer its HeartCore Luvina Vietnam stake
The transfer of its 51% interest to existing joint venture partner Luvina was expected to close on or before August 14, 2026.
Sources
8-K, filed Aug 7, 2026
On August 3, 2026, HeartCore Enterprises, Inc. (the “Company”) entered into a Capital Contribution Portion Transfer Agreement (the…View ↗
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Jun 25, 2026
Sold its Sigmaways stake and related debt
The sale included its 51% interest and $2.19 million in promissory notes; HeartCore has no further operational involvement.
Sources
8-K, filed Jun 25, 2026
On June 22, 2026, HeartCore Enterprises, Inc. (the “Company”) entered into a Stock and Debt Purchase Agreement (the “Agreement”) with…View ↗
Shrinking. Revenue fell 17% in 4 years, from $10.8M in FY2021 to $9M in FY2025, about 5% a year.
Software to consulting focus
The older report centered on customer-experience and digital-transformation software, alongside Go IPO consulting; the latest says HeartCore sold its Japanese software assets and is concentrating on Go IPO consulting.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 31, 2026We are a leading software development company based in Tokyo, Japan. We provide software through two business units. The first business…View ↗
The second business unit is a digital transformation business which provides customers with robotics process automation, process mining and…View ↗
During 2022, we started the GO IPO business, which supports Japanese companies to list on Nasdaq and NYSE in the United States. As of March…View ↗
Digital securities consulting
The older report described software and Go IPO consulting; the latest also describes Higgs Field providing consulting on digital securities.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 31, 2026
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