HeartCore Announces Preliminary Third Quarter 2024 Financial Results

Core Insights - HeartCore Enterprises, Inc. expects Q3 2024 revenues to be between $17 million and$19 million, marking an increase of 263% to 305% compared to $4.7 million in Q3 2023 [2] - The company anticipates Q3 2024 net income to be between$9 million and $11 million, a significant turnaround from a net loss of$2.5 million in the same quarter last year [2] - For the nine months ended September 30, 2024, revenues are projected to be between $26 million and$28 million, reflecting a 40% to 51% increase from $18.5 million in the same period last year [2] Financial Performance - Q3 2024 revenue breakdown includes$4 million from Software Related Business and $13 million to$15 million from Go IPO Business [2] - The Go IPO Business is expected to generate approximately $12 million to$14 million in revenues from warrants issued by SBC Medical Group Holdings Incorporated [2] - The company has three additional Go IPO deals expected to close in the coming months, indicating a positive outlook for future revenue growth [2] Business Segments - HeartCore's revenue streams include on-premise software, maintenance and support services, SaaS, software development, and customized software services under the Software Related Business [2] - The Go IPO Business focuses on consulting services to assist Japanese companies in going public in the U.S. [3] - The company is shifting towards multi-year software licensing agreements starting in 2024, which is anticipated to boost revenues in the Software Related Business [2]