HeartCore Announces Preliminary Third Quarter 2024 Financial Results

Q3 2024 Revenues Expected to Increase to Between $17 Million and $19 MillionQ3 2024 Net Income Expected to Increase to Between $9 Million and $11 Million

NEW YORK and TOKYO, Oct. 18, 2024 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (NASDAQ:HTCR) ("HeartCore" or "the Company"), a leading enterprise software and data consulting services company based in Tokyo, announced select preliminary financial results for the third quarter ended September 30, 2024. These results are preliminary and unaudited, and are subject to all aspects of the final quarterly review process and may change as a result of new information that arises, or new determinations that are made, in this process.

Based on preliminary unaudited results, the Company expects revenues for the third quarter of 2024 to be between $17 million and $19 million, representing an increase of between 263% and 305%, compared to $4.7 million in the same quarter last year. Revenues for the nine months ended September 30, 2024 are expected to be between $26 million and $28 million, representing an increase of between 40% and 51%, compared to $18.5 million for the same period last year.

Net income is expected to be between $9 million and $11 million for the third quarter of 2024, compared to a net loss of $2.5 million in the same period last year. Net income for the nine months ended September 30, 2024 is expected to be between $5 million and $7 million, compared to a net loss of $1.8 million in the same period last year.

HeartCore's "Software Related Business" and "Go IPO Business" include the following revenue streams:

Software Related Business

Revenues from on-premise software

Revenues from maintenance and support services

Revenues from software as a service ("SaaS")

Revenues from software development and other miscellaneous services

Revenues from customized software development and services

GO IPO Business

Revenues from consulting services

Each business is expected to have the following results for the third quarter of 2024: