HeartCore Enterprises Reports Strong Third Quarter 2024 Financial Results

HeartCore Enterprises, Inc. (NASDAQ: HTCR) released its financial results for the third quarter ended September 30, 2024. The company reported impressive revenue growth and a significant increase in net income, driven by various operational highlights and strategic partnerships.

In the third quarter, HeartCore regained compliance with Nasdaq Listing Requirements, expanded its CMS platform offering into a SaaS delivery model, and announced key collaborations with companies like Tosho Computer Systems Co., Ltd. The transition from annual contracts to multi-year agreements for core software business contracts, along with partnerships with NTT Data Business Brains Corporation and Hitachi Systems, Ltd., contributed to the company’s success.

HeartCore CEO Sumitaka Kanno expressed satisfaction with the company’s performance, particularly recognizing the success of the Go IPO business segment, which saw two new clients listed on the Nasdaq during the quarter. The quarter also marked the highest financial results for the service, leading the company into profitable operations and showcasing the value of its consulting business.

Financially, the third quarter saw a 281% increase in revenues to $17.9 million compared to $4.7 million in the same period last year. Gross profit surged by 1,640% to $14.4 million from $0.8 million in the prior year’s quarter. Operating expenses decreased to $2.3 million from $2.6 million, contributing to a significant net income increase of 526% to $10.8 million.

For the nine months ended September 30, 2024, HeartCore reported a 46% increase in revenues to $27.0 million compared to the same period in 2023. Gross profit rose by 117% to $17.3 million, and operating expenses decreased to $7.3 million. As a result, net income increased substantially by 506% to $7.1 million from a net loss of $1.8 million in the previous year’s period.

Headquartered in Tokyo, Japan, HeartCore Enterprises is a prominent enterprise software and consulting services company providing Software as a Service (SaaS) solutions and data analytics services to enterprise customers globally. The company also operates a digital transformation business aimed at accelerating the digital transformation of enterprises.

HeartCore Enterprises continues to show robust financial growth and strategic business developments, positioning itself for future success in the enterprise software and consulting services industry. Investors and stakeholders are eagerly awaiting the company’s next steps as it maintains its strong momentum into the upcoming year.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read HeartCore Enterprises’s 8K filing here.

About HeartCore Enterprises

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 content management systems, as well as other tools and integrations, which enable companies to enhance the customer experience and drive engagement.