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Heartcore Enterprises Inc. (HTCR-2.64%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, showing a revenue increase to $30,407,229 from $21,845,830 in the previous year. This growth is attributed to increased consulting services revenue, particularly from the GO IPO business.
Cost of revenues decreased by 8.7% to $12,579,359, resulting in a gross profit increase to $17,827,870. The gross profit margin improved to 58.6% from 36.9% in the prior year.
Operating expenses rose by 45.8% to $17,763,105, driven by impairments of intangible assets and goodwill totaling $7,154,566.
The company reported a net loss of $5,212,900, a slight increase from the previous year's loss of $4,876,700. After accounting for non-controlling interests, the net loss attributable to Heartcore Enterprises Inc. was $1,481,374.
Cash used in operating activities was $4,774,971, while investing activities generated $6,349,204, primarily from the sale of warrants.
Heartcore's balance sheet shows $2,121,089 in cash and cash equivalents, with working capital of $1,995,643 as of December 31, 2024.
The company continues to focus on expanding its international market presence and managing customer renewals to drive future growth.
The filing also discusses risks related to competitive pressures, economic conditions, and regulatory compliance, which could impact future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Heartcore Enterprises Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.