Business
HeartCore Reports First Quarter 2024 Financial Results
NEW YORK and TOKYO, May 14, 2024 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (Nasdaq: HTCR) (“HeartCore” or “the Company”), a leading enterprise software
About this update from Heartcore Enterprises, Inc.
[{"type":"text","content":"NEW YORK and TOKYO, May 14, 2024 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (Nasdaq: HTCR) (“HeartCore” or “the Company”), a leading enterprise software and consulting services company based in Tokyo, reported financial results for the first quarter ended March 31, 2024. First Quarter 2024 and Recent Operational Highlights Sold a Go IPO Client Warrant for $9 million. During the first quarter ended March 31, 2024, the Company received $5 million, with the remaining $4 million received in April 2024. Due to specific accounting treatments and stipulations in the warrant agreement, HeartCore will not recognize the $9 million as revenue on the balance sheet until the client becomes a publicly listed company, which is expected to occur in Fall 2024.Disbursed first dividend payment of $0.02 per share on May 3, 2024Expanded partnership with Heart-Tech HealthEngaged with Onside Content to develop AI-based content marketing evaluation and reporting index solutionFormed an Artificial Intelligence Software Development DivisionSigned 12th, 13th, and 14th Go IPO ContractEstablished HeartCore Luvina Vietnam Co., Ltd., a joint venture with Luvina Software Joint Stock CompanySigned with Toshiba Elevator and Building Systems Corporation to implement its CMS platform Management Commentary“The first quarter brought promising developments for our software business, marking a pivotal shift as this division turned profitable for the quarter,” said HeartCore CEO Sumitaka Kanno Yamamoto. “This success stems from our proactive cost reduction initiatives without having taken our foot off the gas pedal from a sales & marketing standpoint, which have significantly improved our margins in this division. Moreover, the establishment of two new divisions within HeartCore has bolstered this momentum, demonstrating encouraging traction since its inception and contributing to the profitability of our software arm. We believe that our strategic joint venture and partnership with Luvina Software Joint Stock Company offers a dependable and cost-effective IT outsourcing and software development partner, with forecasts projecting roughly $1 million in sales within its first year, which is all attributable to HeartCore’s P&L. Additionally, our recently formed AI software development division has already secured two deals within its first month, signaling promising ...