HeartCore Enterprises, Inc. - Fiscal Year 2023 Financial Performance Summary

NASDAQ: HTCR | Sector: Technology | Industry: Software—Application

Date of Report: April 11, 2024

Executive Summary

HeartCore Enterprises, Inc. (NASDAQ: HTCR), a pivotal player in the software application sector, has disclosed its financial performance for the fiscal year ending December 31, 2023. Despite the challenges within the technology industry, HeartCore Enterprises has strived to augment its market position and streamline its operations for enhanced economic outcomes.

Financial Highlights

For the fiscal year of 2023, HeartCore Enterprises, Inc. reported a revenue of $21.85M, which, despite the significant efforts, underlines the competitive and operational challenges faced in the sector. The Cost of Revenue tallied at $13.78M, leading to a Gross Profit of $8.07M. The operational rigor of the company is demonstrated through its investment in Research and Development ($1.02M) and marketing strategies, evidenced by Selling and Marketing Expenses of $1.52M. General and Administrative Expenses marked a total of $9.65M, showcasing the company's commitment to strengthening its organizational structure and operational efficiency.

The company's Operating Income was challenged, resulting in a figure of $-4.12M, with a Net Income of $-4.19M. This scenario underscored the strategic challenges and investment into growth areas the company has focused on throughout the year. The Earnings Per Share (EPS) stand at $-0.21, reflecting the fiscal year's economic pressures.

In terms of liquidity and financial health, HeartCore Enterprises reported a Current Market Capitalization of $18.89M, with Total Working Capital in the negative realm at $-1.02M. Additionally, the company’s financial resilience is further demonstrated by its Altman Z-Score of 0.28 and a Piotroski Score of 2, indicating a need for strategic adjustments moving forward.

Operational Highlights and Future Outlook

The fiscal year 2023 has been a period of reevaluation and recalibration for HeartCore Enterprises as it navigates the complex dynamics of the technology sector. The company's focus on Research and Development and marketing initiatives signals a commitment to innovation and market expansion. However, the financial outcomes underscore the urgency for strategic adjustments to enhance profitability and shareholder value.

Looking ahead, HeartCore Enterprises is poised to leverage its core competencies and market position to navigate the challenges and opportunities in the software application industry. The company remains dedicated to its strategic goals of operational efficiency, market expansion, and financial resilience.

For detailed financial information and future announcements, shareholders and prospective investors are directed to the official filings with the Securities and Exchange Commission (SEC).

About HeartCore Enterprises, Inc.

HeartCore Enterprises, Inc. is a leading software application company renowned for its innovative solutions in the technology sector. Operating under the ticker HTCR on the NASDAQ, HeartCore Enterprises is dedicated to delivering exceptional software applications that meet the evolving needs of its global customer base.

CIK: 0001892322 | Report File Link: SEC Filings