The company's financial position appears fragile, with total assets contracting to $11.8 million and cash reserves falling to $774.0K as of 2026Q1.
| Total Current Assets | 6.87M | 8.42M | 9.42M | 5.49M | 8.54M | 4.62M | 4.28M | 1.93M |
| Cash & Short-Term Investments | 4.17M | 5.68M | 6.62M | 1.95M | 7.18M | 3.14M | 3.06M | 535.29K |
| Cash Only | 774.03K | 1.99M | 2.12M | 1.01M | 7.18M | 3.14M | 3.06M | 535.29K |
| Short-Term Investments | 3.39M | 3.69M | 4.5M | 942.35K | 0 | 0 | 0 | 0 |
| Accounts Receivable | 672.55K | 2.1M | 2.09M | 2.77M | 599.51K | 1.02M | 744.58K | 925.21K |
| Days Sales Outstanding | 60.49 | 85.43 | 25.09 | 46.26 | 24.81 | 34.4 | 30.11 | 46.84 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 423.59K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | 34 |
| Other Current Assets | 2.03M | 640.58K | 251.54K | 234.76K | 220.07K | 15.65K | 63.88K | 47.7K |
| Total Non-Current Assets | 4.9M | 4.65M | 4.55M | 14.13M | 3.6M | 4.51M | 6.08M | 6.01M |
| Property, Plant & Equipment | 785.64K | 321.04K | 2.52M | 3.23M | 2.85M | 3.58M | 4.67M | 4.87M |
| Fixed Asset Turnover | 10.96x | 27.94x | 12.06x | 6.76x | 3.10x | 3.02x | 1.93x | 1.48x |
| Goodwill | 0 | 0 | 0 | 3.28M | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 4.52M | 0 | 0 | 0 | 196.71K |
| Long-Term Investments | 354.95K | 0 | 577.79K | 2.39M | 246.47K | 340.27K | 400.85K | 198.5K |
| Other Non-Current Assets | 4.09M | 4.3M | 1.3M | 348.5K | 245.06K | 286.97K | 328.82K | 26.18K |
| Total Assets | 11.77M | 13.06M | 13.97M | 19.62M | 12.14M | 9.12M | 10.36M | 7.94M |
| Asset Turnover | 0.84x | 0.69x | 2.18x | 1.11x | 0.73x | 1.19x | 0.87x | 0.91x |
| Asset Growth % | -82.78% | -6.47% | -28.84% | 61.66% | 33.05% | -11.91% | 30.38% | - |
| Total Current Liabilities | 5.86M | 5.33M | 7.42M | 6.51M | 3.65M | 4.55M | 4.12M | 3.59M |
| Accounts Payable | 0 | 1.27M | 2.09M | 1.76M | 497.74K | 646.42K | 269.87K | 307.18K |
| Days Payables Outstanding | 61.14 | 79.76 | 60.54 | 46.55 | 33.23 | 41.87 | 19.67 | 24.65 |
| Short-Term Debt | 428.82K | 275.01K | 492.88K | 507.72K | 1.01M | 1.22M | 1.38M | 625.39K |
| Deferred Revenue (Current) | 3.5M | 676.22K | 1.88M | 2.17M | 1.72M | 1.69M | 2.02M | 1.76M |
| Other Current Liabilities | 4.78M | 1.22M | 1.08M | 779.17K | 53.43K | 730.77K | 187.8K | 226.95K |
| Current Ratio | 1.17x | 1.58x | 1.27x | 0.84x | 2.34x | 1.01x | 1.04x | 0.54x |
| Quick Ratio | 1.17x | 1.58x | 1.27x | 0.84x | 2.34x | 1.01x | 1.04x | 0.42x |
| Cash Conversion Cycle | -0.65 | - | - | - | - | - | - | 56.19 |
| Total Non-Current Liabilities | 646.44K | 448.38K | 3.08M | 5.45M | 3.68M | 5.13M | 7.29M | 6.43M |
| Long-Term Debt | 211.54K | 448.38K | 1.24M | 1.77M | 1.12M | 1.87M | 3.02M | 1.97M |
| Capital Lease Obligations | 1.7M | 0 | 1.66M | 2.2M | 2.42M | 3.1M | 4.08M | 4.28M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 1.26M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 434.89K | 0 | 183.9K | 208.73K | 138.02K | 156.63K | 185.48K | 185.82K |
| Total Liabilities | 6.51M | 5.78M | 10.5M | 11.96M | 7.33M | 9.68M | 11.42M | 10.03M |
| Total Debt | 640.36K | 756.18K | 3.78M | 4.89M | 4.55M | 6.19M | 8.49M | 7.3M |
| Net Debt | -133.67K | -1.23M | 1.66M | 3.88M | -2.62M | 3.05M | 5.43M | 6.76M |
| Debt / Equity | 0.12x | 0.10x | 1.09x | 0.64x | 0.95x | - | - | - |
| Debt / EBITDA | -0.25x | - | 4.64x | - | - | 37.66x | 22.29x | - |
| Net Debt / EBITDA | 0.05x | - | 2.03x | - | - | 18.58x | 14.27x | - |
| Interest Coverage | -24.25x | -46.22x | -36.14x | -29.74x | -158.89x | 1.34x | 5.53x | -26.05x |
| Total Equity | 5.26M | 7.28M | 3.46M | 7.67M | 4.81M | -558.95K | -1.06M | -2.08M |
| Equity Growth % | 808.62% | 110.36% | -54.84% | 59.47% | 960.11% | 47.28% | 49.07% | - |
| Book Value per Share | 4.14 | 5.72 | 3.31 | 7.51 | 5.45 | -0.58 | -1.09 | -2.15 |
| Total Shareholders' Equity | 6.87M | 8.78M | 4.65M | 5.17M | 4.81M | -558.95K | -1.41M | -2.43M |
| Common Stock | 129 | 2.54K | 2.19K | 2.08K | 1.76K | 1.55K | 1.52K | 1.36K |
| Retained Earnings | -15.63M | -13.76M | -16.24M | -14.76M | -10.57M | -3.9M | -4.01M | -4.17M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -66.1K | -58.5K | 343.94K | 331.88K | 364.84K | -15.17K | -136.89K | -72.5K |
| Minority Interest | -1.61M | -1.5M | -1.19M | 2.5M | 0 | 0 | 353.82K | 351.22K |
Liquidity and solvency fragility
As reported in financial statements, HeartCore's total assets have declined from $25.5 million in 2024Q3 to $11.8 million in 2026Q1, reflecting a significant contraction in the company's resource base that mirrors the broader instability of its core software and consulting business model.
The consistent reduction in total assets suggests that the company is failing to reinvest in its operational capacity or that it is liquidating assets to cover ongoing cash burn. This downward trajectory warrants concern regarding the firm's ability to maintain its competitive positioning in the Japanese enterprise software market.
Based on the company's reported figures, cash reserves have dwindled to $774.0K as of 2026Q1, a precarious level that provides little protection against operational shocks given the firm's history of negative cash flow and reliance on lumpy, non-recurring revenue streams from its consulting segments.
With a current ratio of 1.17, the company appears to have just enough liquidity to cover immediate obligations, but the lack of a substantial cash cushion leaves it highly exposed to any delays in project-based income. Investors should monitor whether this liquidity profile necessitates dilutive capital raises in the near term.
According to recent SEC filings, HeartCore's debt-to-equity ratio of 0.12 in 2026Q1 appears deceptively low, yet this metric fails to account for the company's inability to generate consistent operating income to service even modest debt obligations in a high-burn environment.
While the absolute debt level remains relatively contained, the reliance on external financing to bridge operational gaps suggests that the company's capital structure is not optimized for long-term stability. The shift in leverage over the last ten quarters indicates a lack of a coherent long-term financing strategy.
As indicated by historical data, the complete removal of $3.3 million in goodwill from the balance sheet by 2025Q1 suggests that previous acquisitions failed to deliver expected synergies, effectively forcing a write-down that highlights the risks inherent in the company's inorganic growth strategy.
The absence of intangible assets on the current balance sheet may simplify the valuation, but it also underscores the lack of durable, acquired intellectual property that could otherwise support the firm's market position. This development suggests that the company's past attempts to scale through acquisition have not yielded sustainable value.
Quick answers to the most common questions about buying HTCR stock.
As of 2025, HeartCore Enterprises, Inc. (HTCR) had total assets of $13.1M including $8.4M in current assets.
HeartCore Enterprises, Inc. (HTCR) carries total debt of $0.8M, offset by $5.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
HeartCore Enterprises, Inc. (HTCR) has total shareholders' equity (book value) of $8.8M ($5.72 book value per share). Book value represents the net worth of the company belonging to common stock holders.
HeartCore Enterprises, Inc. (HTCR) reported a current ratio of 1.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.