However, non-GAAP financial measures have limitations and should not be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.ItemFY24FY23Net Loss-$5.2 million-$4.9 million(+) Depreciation$0.1 million$0.1 million(+) Impairment loss on goodwill$3.3 million$0.0 million(+) Impairment loss on intangible assets$3.9 million$0.0 million(+) Changes in fair value of investments in marketable securities$2.4 million$0.6 million(+) Changes in fair value of investment in warrants-$1.7 million$0.5 million(+) Loss on sale of warrants$4.0 million$0.0 million(+) Impairment of investment in equity securities$0.3 million$0.0 million(+) Loss on forgiveness of note receivable$0.1 million$0.0 million(+) Interest income$0.0 million-$0.1 million(+) Interest expenses$0.1 million$0.2 million(+) Government grants$0.0 million-$0.1 millionAdjusted EBITDA$7.3 million-$3.6 million Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, or the Private Securities Litigation Reform Act of 1995.
Announced transition from annual contracts to multi-year agreements for core software business contractsPartnered with NTT Data Business Brains Corporation to enhance website development service capabilitiesAchieved top market share in Japan for nine consecutive yearsAwarded new contract from Fourmix Co., Ltd.to implement CMS platform Management CommentaryHeartCore CEO Sumitaka Kanno commented: "Over the past year, we made several strategic advancements in our software business model, all aimed at driving sustainable and predictable revenue growth, improving margins, and enhancing our ability to effectively cross-sell and upsell to our 1,000+ enterprise customers.
NEW YORK and TOKYO, March 31, 2025 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc.(Nasdaq: HTCR) ("HeartCore” or the "Company”), a leading enterprise software and consulting services company based in Tokyo, reported financial results for the year ended December 31, 2024.
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