Filing Flows › HeartCore Enterprises (HTCR) › Q3 2025
HeartCore Enterprises (HTCR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 18, 2025
HeartCore Enterprises (HTCR) reported revenue of $3.0M for the third quarter 2025 (Q3 2025), -82% from a year earlier and -37% from the quarter before. Operating margin was -0.4%, net earnings $351K (11.7% of revenue).
HeartCore Enterprises, Q3 2025: revenue $3.0M (-82% year over year), operating margin -0.4%, net earnings $351K, operating cash flow −$1.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.0M | -37% | -82% |
| Operating profit | −$11K | -110% | — |
| Net earnings | $351K | -68% | — |
| Operating cash flow | −$1.0M | — | — |
What changed
Revenue was $3.0M in Q3 2025, down 82% year over year and down 37% from the previous quarter. Customised Software Development and Services was the largest line at 58% of revenue. Consulting Services lost $12.6M year over year (down 91%), 95% of the total change.
Gross margin was 49.1%, down 37.2 points from a year earlier. Operating costs exceeded revenue by $11K, an operating margin of -0.4%. Operating expenses fell 11% while revenue fell 82%. Net earnings were $434K, down 96% year over year ($351K including minority interests, which bore $83K of losses). The effective tax rate was 1.0%. Non-operating items added $366K, 103% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$1.0M. Non-cash charges added back $9K of share-based compensation. Working capital and other items used $1.4M.
Questions
What was HeartCore Enterprises' revenue in the third quarter 2025?
HeartCore Enterprises (HTCR) reported revenue of $3.0M for the third quarter 2025 (Q3 2025), -82% from a year earlier and -37% from the quarter before.
Was HeartCore Enterprises profitable in the third quarter 2025?
Operating loss was $11K (-0.4% of revenue) and net earnings $351K.