Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data HeartCore Enterprises, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
9.03
10.8
8.82
21.8
30.4
8.97
Cost of revenue
5.01
5.63
5.47
13.8
12.6
5.82
Gross profit
4.02
5.19
3.35
8.07
14.7
3.15
Research and development
0.31
0.51
0.64
1.02
0.18
General and administrative
3.21
4.32
6.58
9.65
6.92
6.04
Operating expenses
3.76
5.13
10
12.2
14.9
6.27
Operating income
0.26
0.06
-6.7
-4.12
-0.16
-3.12
Interest expense
0.04
0.04
0.16
0.12
0.09
Interest income
0
0.01
0.07
0.07
0.02
0.01
Other non-operating income
-0.03
-0.04
0.01
-0.89
-5.35
-1.02
Pre-tax income
0.23
0.01
-6.68
-5.01
-5.51
-4.14
Income tax
0.07
0.34
-0.01
-0.13
-0.36
0.04
Income from continuing operations
-5.15
-4.18
Net income to minority interests
0
0.01
-0.69
-3.73
-0.3
Net income
0.15
-0.34
-6.68
-4.19
-1.48
5.79
EBITDA
0.37
0.16
-6.61
-3.44
0.51
-3.07
EPS, basic
0.01
-0.02
-0.37
-0.21
-0.07
0.25
EPS, diluted
0.01
-0.02
-0.37
-0.21
-0.07
0.22
Shares, basic (weighted)
14.5
15.2
17.9
20.4
20.9
23.1
Shares, diluted (weighted)
14.8
15.2
17.9
20.4
20.9
25.5
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
3.06
3.14
7.18
1.01
1.97
1.9
Short-term investments
0.64
4.5
3.69
Receivables
0.71
0.96
0.55
2.62
1.03
0.02
Other current assets
0.06
0.02
0.22
0.23
0.14
0.21
Total current assets
4.28
4.62
8.54
5.49
9.42
8.42
Property, plant and equipment
0.38
0.26
0.2
0.76
0.48
0.28
Lease right-of-use assets
4.29
3.32
2.64
2.47
0.17
0.02
Goodwill
3.28
Intangible assets
4.52
Long-term investments
2
0.58
0.28
Other non-current assets
0.02
0.01
0
0
0.01
0
Total assets
10.4
9.12
12.1
19.6
14
13.1
Accounts payable
0.27
0.65
0.5
1.76
2.04
Deferred revenue
1.56
1.69
1.72
2.17
1.88
0.68
Short-term debt
0.94
0.85
0.7
0.37
0.05
0.05
Total current liabilities
3.67
4.55
3.65
6.51
7.42
5.33
Long-term debt
3.02
1.87
1.12
1.77
0.5
0.45
Lease liabilities
4.01
3.08
2.42
2.14
0.04
Other non-current liabilities
0.19
0.16
0.14
0.21
0.18
Total liabilities
11
9.68
7.33
12
10.5
5.78
Total debt
3.99
2.74
1.83
2.16
0.55
0.5
Paid-in capital
2.74
3.35
15
19.6
20.7
21.9
Retained earnings
-3.56
-3.9
-10.6
-14.8
-16.2
-13.8
Other comprehensive income
-0.14
-0.02
0.36
0.33
0.34
-0.06
Shareholders' equity
-0.96
-0.56
4.81
5.17
4.65
8.78
Minority interests
0.35
2.5
-1.19
-1.5
Total equity
-0.6
-0.56
4.81
7.67
3.46
7.28
Total liabilities and equity
10.4
9.12
12.1
19.6
14
13.1
Shares outstanding
15.2
15.5
17.6
20.8
21.9
1.27
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
0.16
-0.33
-6.68
-4.88
-5.21
5.49
Depreciation and amortization
0.11
0.11
0.08
0.68
0.68
0.05
Stock-based compensation
0.02
1.52
1.43
0.37
-0.15
Deferred income tax
0.07
0.33
-0
-0.29
-1.3
0.01
Change in receivables
0.24
-0.34
0.3
-0.34
1.05
0.32
Change in payables
0.01
0.55
-0.07
0.53
0.33
Cash from operations
0.75
0.77
-4.81
-4.33
-4.77
-3.12
Capital expenditures
-0.03
-0.04
-0.06
-0.53
-0.01
Acquisitions
-0.72
Purchases of investments
-0.08
Sales and maturities of investments
0.75
1.07
Cash from investing
-0.4
-0.18
-0.01
-1.78
6.35
5.59
Debt issued
1.87
0.26
0.71
0.07
Debt repaid
-0.68
-0.88
-0.81
-0.71
Stock issued
0.93
0.68
0.22
1.42
0.03
Share buybacks
-3.5
Dividends paid
-0.83
-3.3
Cash from financing
2.06
-0.26
8.92
0.14
-0.32
-1.49
Exchange rate effect
0.12
-0.25
Net change in cash
2.52
0.08
4.04
-6.16
1.11
-0.14
Free cash flow
0.72
0.73
-4.87
-4.86
-4.78
Interest paid
0.03
0.03
0.04
0.09
0.14
0.11
Income taxes paid
0.01
0.01
0
0.09
0.3
0.21
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.48 on November 11, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
119.5%
Gross profit / revenue.
Operating margin
-160.0%
Operating income / revenue.
EBITDA margin
-158.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-222.4%
Pre-tax income / revenue.
Net margin
176.3%
Net income / revenue.
Operating cash flow margin
-164.8%
Cash from operations / revenue.
Return on equity (ROE)
79.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
43.8%
Net income / average total assets.
Return on invested capital (ROIC)
-64.7%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue
-9.5%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
1.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-70.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
0.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-0.1%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-78.6%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-2.0%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
-4.7%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y
-697.8%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y
107.4%
Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y
85.6%
Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
88.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
22.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-6.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
2.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
4.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
21.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
12.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
11.5%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.17x
Current assets / current liabilities.
Quick ratio
0.91x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.89x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$1.56
Revenue / diluted weighted shares.
Operating cash flow per share
-$2.58
Cash from operations / diluted weighted shares.
Book value per share
$3.40
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
0.58x
Market cap / net income. Only when net income is positive.
P/S
1.02x
Market cap / revenue.
P/B
0.46x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.46x
Market cap / tangible book value, when positive.
Earnings yield
173.3%
Net income / market cap (the inverse of P/E).
What was HeartCore Enterprises, Inc.'s revenue in fiscal 2025?
HeartCore Enterprises, Inc. reported revenue of $9.0M for fiscal 2025, 70.5% lower than the year before.
Was HeartCore Enterprises, Inc. profitable in fiscal 2025?
Yes. Net income was $5.8M, a net margin of 64.6%.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.