HeartCore Q1 revenue $5.0M (down 43% YoY); net loss $1.5M vs prior year net income $1.8M

HeartCore Enterprises, Inc.

2024-Q1 EPS reported -$0.06 revenue$5,046,732

Revenue $5.0M vs $8.7M YoY; decline due to lower Go IPO consulting from two clients listing on Nasdaq last year.
Net loss of $1.5M ($0.06 diluted EPS) vs net income of $1.8M ($0.10 diluted EPS) in Q1 2023.
Sold Go IPO client warrant for $9M in March; $5M received in Q1, $4M in April; revenue recognition deferred until client IPOs, expected Fall 2024.
Software division turned profitable for the quarter; formed AI Software Development Division, signed three new Go IPO contracts.
Paid first dividend of $0.02 per share on May 3, 2024; cash and equivalents $1.2M as of March 31, 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

HeartCore Enterprises, Inc. reported the first quarter ended March 31, 2024 results: revenue $5.0 million, net income Net loss was about $1.5 million, EPS $(0.06) per diluted share.

Period: the first quarter ended March 31, 2024
Revenue: $5.0 million
Net income: Net loss was about $1.5 million
EPS: $(0.06) per diluted share
Result: reported results

Exact text from the filing

Revenues were $5.0 million compared to $8.7 million in the same period last year.

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Source: SEC EDGAR

accession 0001493152-24-019353

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