HTCR

NEW YORK and TOKYO, Aug. 13, 2026 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (Nasdaq: HTCR) (“HeartCore” or the “Company”), an IPO consulting services company based in Tokyo, reported financial results for the second quarter ended June 30, 2026. Recent Operational Highlights As of June 30, 2026, HeartCore was engaged with 16 Go IPO clients, including 6 clients currently in various stages of preparation for potential initial public offerings and U.S. exchange listings. Entered into an agreement with Luvina Software Joint Stock Company to divest the Company’s 51% equity interest in HeartCore Luvina Vietnam Company Limited (“HeartCore Luvina”) as part of ongoing portfolio optimization. Completed the strategic divestiture of Sigmaways, Inc. (“Sigmaways”), concentrating the Company’s business on Go IPO consulting, capital markets advisory, and financial services. Regained compliance with the $1.00 minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). Management CommentaryHeartCore CEO Sumitaka Kanno commented: “During the first half of 2026, we took decisive steps to simplify HeartCore’s operating structure and sharpen our strategic focus. The divestiture of Sigmaways and the pending disposition of our 51% equity interest in HeartCore Luvina Vietnam represent important components of our ongoing portfolio optimization and will allow us to further concentrate resources on our core Go IPO and planned launch of our financial services business. The Nasdaq listing environment remains selective and compliance-driven, reinforcing the importance of disciplined client selection and thorough preparation. Accordingly, we are prioritizing opportunities with clients that we believe demonstrate stronger fundamentals, organizational readiness, and a clear path toward satisfying U.S. regulatory and exchange-listing requirements. With a streamlined portfolio and a more focused pipeline, we believe HeartCore is better positioned to deepen client relationships and advance its capital markets and financial services initiatives.” Second Quarter 2026 Financial ResultsRevenues increased by 71.6% to $321,000, compared to $187,000 in the same period last year. The increase was primarily due to an increase in software development services revenue in connection with additional customer orders obtained by HeartCore Luvina, the Company’s Vietnamese subsidiary, partially offset by a decrease in Go IPO consulting services revenue primarily due to fewer Go IPO customers and extensions of IPO timelines by IPO customers during the current period. Gross loss was $70,000, compared to gross loss of $23,000 in the same period last year. The increase in gross loss was primarily due to a decrease in gross profit from Go IPO consulting services, as the Company devoted additional efforts and resources, and incurred more outsourcing expenses, to enhance its Go IPO consulting customer experience, partially offset by an increase in gross profit from software development services in light of the increase in sales. Operating expenses were $754,000, compared to $745,000 in the same period last year. The increase was primarily due to an increase in general and administrative expenses, partially offset by a decrease in selling expenses. Net loss was $2.0 million, compared to net income of $1.1 million in the same period last year, as a result of the aforementioned increase in gross loss, a shift from other income to other expenses, and a loss from discontinued operations. Adjusted EBITDA was $(1.3) million for the second quarter of 2026, compared to Adjusted EBITDA of $(0.1) million in the same period last year. Six Months Ended June 30, 2026 Financial ResultsRevenues increased by 25.9% to $554,000 for the first six months of 2026, compared to $440,000 in the same period last year. The increase was primarily due to an increase in software development services revenue in connection with additional customer orders obtained by HeartCore Luvina, partially offset by a decrease in Go IPO consulting services revenue primarily due to fewer Go IPO customers and extensions of IPO timelines by IPO customers during the current period. Gross loss was $178,000, compared to gross profit of $75,000 in the same period last year. The decline in gross profit was primarily due to a decrease in gross profit from Go IPO consulting services, as the Company devoted additional efforts and resources to enhance its Go IPO consulting customer experience, resulting in a gross loss from Go IPO consulting services, partially offset by an increase in gross profit from software development services in light of the increase in sales. Operating expenses were $2.0 million, compared to $1.9 million in the same period last year. The increase was primarily due to an increase in general and administrative expenses, partially offset by a decrease in selling expenses. Net loss was $4.0 million, compared to a net loss of $2.1 million in the same period last year, as a result of the aforementioned decrease in gross profit, an increase in other expenses, and a loss from discontinued operations. Adjusted EBITDA was $(2.9) million for the six months ended June 30, 2026, compared to Adjusted EBITDA of $(1.2) million in the same period last year. As of June 30, 2026, the Company had cash and cash equivalents of $587,000. About HeartCore Enterprises, Inc.HeartCore Enterprises, Inc. is headquartered in Tokyo, Japan, and is a leading consulting services company providing U.S. market listing support and related advisory services primarily to Japanese corporate clients. For more information, please visit https://heartcore-enterprises.com/. Non-GAAP Financial MeasuresThis document includes references to Adjusted EBITDA, which is a non-GAAP financial measure. For the purposes of this presentation, Adjusted EBITDA is calculated by adjusting net loss to exclude depreciation and amortization, changes in fair value of investments in marketable securities, changes in fair value of investment in warrants, changes in fair value of derivative liability, interest income, interest expenses, other income, and other expenses. This measure is presented as supplemental information and is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Management believes that Adjusted EBITDA provides useful information to investors by highlighting the Company’s core operational performance, excluding non-cash and non-recurring items. 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. For the six months ended June 30, 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. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believed,” “intend,” “expect,” “anticipate,” “plan,” “potential,” “continue,” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in HeartCore’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond HeartCore’s control which could, and likely will materially affect actual results, and levels of activity, performance, or achievements. Any forward-looking statement reflects HeartCore’s current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. HeartCore assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein. HeartCore Investor Relations Contact:Gateway Group, Inc.John Yi and Steven [email protected] (949) 574-3860

NEW YORK and TOKYO, May 15, 2026 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (Nasdaq: HTCR) (“HeartCore” or the “Company”), an IPO consulting services company based in Tokyo, reported financial results for the first quarter ended March 31, 2026. Recent Operational Highlights As of March 31, 2026, HeartCore was engaged with 16 Go IPO clients, including 6 clients currently in various stages of preparation for potential public registrations and U.S. exchange listings Regained Nasdaq $1.00 minimum bid price requirement Authorized $2.0 million share repurchase program Management Commentary HeartCore CEO Sumitaka Kanno commented: “During the first quarter of 2026, HeartCore continued to advance its strategic focus on financial services and capital markets-related services, with Go IPO remaining the key contributor for coming quarters. While the Nasdaq listing environment has become selective and increasingly focused on compliance, we continue to see interest from Japanese and other Asia-based companies seeking access to the U.S. capital markets. In light of these current market conditions, we are focused on expanding the number of engagements and enhancing the overall quality of our pipeline by prioritizing clients that we believe demonstrate stronger listing readiness and long-term financing potential. “Through our subsidiary Higgs Field Co., Ltd., we are also taking steps to support potential expansion into additional financial services and sectors, including digital securities and capital markets advisory services. During the first quarter, we added experienced financial industry personnel and further developed our organizational structure as we prepare to seek a Type I Financial Instruments business license in Japan. We are also working with external professionals and industry organizations to further strengthen our internal management and compliance framework. “Looking ahead, we remain focused on broadening our Go IPO client base that aligns with Nasdaq’s tightened requirements and diversifying our revenue base as we further develop and advance our financial services business.” First Quarter 2026 Financial Results Revenues were $1.2 million compared to $2.1 million in the same period last year. The decrease was primarily due to a decline in customized software development and services revenue as a result of intense competition in the U.S. software market. Gross profit was $74,000 compared to $0.5 million in the same period last year. The decrease was primarily due to lower gross profit from Go IPO consulting services resulting from increased outsourcing fees and additional resources invested to enhance customer experience, as well as lower gross profit from customized software development and services due to decreased revenues and higher subcontracting costs for outsourced software engineers amid rising salary levels in the software market. Operating expenses decreased to $1.6 million compared to $1.7 million in the same period last year. The decrease was primarily due to a decrease in selling expenses. Net loss was $2.0 million compared to a loss of $3.1 million in the same period last year. The improvement was primarily due to a reduction in the loss on the fair value of investments in marketable securities. Adjusted EBITDA was a loss of $1.6 million compared to a loss of $1.3 million in the same period last year. As of March 31, 2026, the Company had cash and cash equivalents of $0.8 million. About HeartCore Enterprises, Inc. HeartCore Enterprises, Inc. is headquartered in Tokyo, Japan, and is a leading consulting services company providing U.S. market listing support and related advisory services primarily to Japanese corporate clients. For more information, please visit https://heartcore-enterprises.com/. Non-GAAP Financial Measures This document includes references to adjusted EBITDA, which is a non-GAAP financial measure. For the purposes of this presentation, adjusted EBITDA is calculated by adjusting net loss to exclude depreciation and amortization, changes in fair value of investments in marketable securities, changes in fair value of investment in warrants, interest income, and interest expenses. This measure is presented as supplemental information and is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Management believes that adjusted EBITDA provides useful information to investors by highlighting the Company’s core operational performance, excluding non-cash and non-recurring items. 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. Forward-Looking Statements This 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. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believed,” “intend,” “expect,” “anticipate,” “plan,” “potential,” “continue,” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in HeartCore’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond HeartCore’s control which could, and likely will materially affect actual results, and levels of activity, performance, or achievements. Any forward-looking statement reflects HeartCore’s current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. HeartCore assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein. HeartCore Investor Relations Contact: Gateway Group, Inc. John Yi and Steven Shinmachi [email protected] (949) 574-3860

NEW YORK and TOKYO, March 31, 2026 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (Nasdaq: HTCR) (“HeartCore” or the “Company”), an IPO consulting services company based in Tokyo, reported financial results for the full year ended December 31, 2025. Recent Operational Highlights As of March 31, 2026, HeartCore was engaged with 16 Go IPO clients, including 6 clients currently in various stages of preparation for potential public registrations and U.S. exchange listings. Authorized one-time distribution payment to stockholders. Authorized $2.0 million share repurchase program. Divested software business subsidiary, HeartCore Co., Ltd (“HeartCore Japan”). Established Higgs Field Co., Ltd. (“Higgs Field”) on October 31, 2025, as a new subsidiary in Japan to support the Company’s strategic transition toward financial services. Management Commentary HeartCore CEO Sumitaka Kanno commented:“Over the past year, we executed a strategic transformation of our business, including the divestiture of our software business subsidiary, HeartCore Japan, and a shift toward financial services and capital markets-related activities. We have also made progress in our Go IPO business, with an expanding client base and multiple engagements advancing through various stages of the registration and listing process. In addition, we established Higgs Field in the fourth quarter of 2025 to serve as our new operating platform in Japan. Going forward, we will continue to strengthen our focus on financial services and aim to drive sustainable growth and long-term stockholder value.” Full Year 2025 Financial Results Revenues were $9.0 million, compared to $22.7 million in the same period last year. The decrease was primarily due to receipt of $13 million in warrant revenue from one large Go IPO deal in the prior period, and no comparable revenue in the current period. Gross profit was $3.2 million, compared to $14.7 million in the same period last year. The decrease was primarily due to the absence of a significant warrant-related revenue contribution from a large Go IPO deal recognized in the prior period. Operating expenses decreased to $6.3 million, compared to $14.9 million in the same period last year. The decrease was primarily due to the reduction in operating expenses to save cash flows and the absence of impairment charges for intangible assets and goodwill during the current period. Net income was $5.5 million, compared to a net loss of $5.2 million in the same period last year. The increase was primarily due to the gain on the sale of HeartCore Japan. Adjusted EBITDA was $6.5 million, compared to $7.3 million in the same period last year. As of December 31, 2025, the Company had cash and cash equivalents of $2.0 million. About HeartCore Enterprises, Inc. HeartCore Enterprises, Inc. is headquartered in Tokyo, Japan, and is a leading consulting services company providing U.S. market listing support and related advisory services primarily to Japanese corporate clients. For more information, please visit https://heartcore-enterprises.com/. Non-GAAP Financial Measures This document includes references to adjusted EBITDA, which is a non-GAAP financial measure. For the purposes of this presentation, adjusted EBITDA is calculated by adjusting net loss to exclude depreciation and amortization, changes in fair value of investments in marketable securities, changes in fair value of investment in warrants, interest income, and interest expenses. This measure is presented as supplemental information and is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Management believes that adjusted EBITDA provides useful information to investors by highlighting the Company’s core operational performance, excluding non-cash and non-recurring items. 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. Forward-Looking Statements This 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. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believed,” “intend,” “expect,” “anticipate,” “plan,” “potential,” “continue,” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in HeartCore’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond HeartCore’s control which could, and likely will materially affect actual results, and levels of activity, performance, or achievements. Any forward-looking statement reflects HeartCore’s current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. HeartCore assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein. HeartCore Investor Relations Contact: Gateway Group, Inc. John Yi and Steven Shinmachi [email protected] (949) 574-3860

FY 2025 Revenue Expected to Range Between $8.5 Million and $9.5 Million FY 2025 Net Income Expected to Range Between $3.0 Million and $4.0 Million NEW YORK and TOKYO, Feb. 11, 2026 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (NASDAQ: HTCR) (“HeartCore” or the “Company”), an IPO consulting services company based in Tokyo, today announced select preliminary financial results for the fiscal year ended December 31, 2025. These results are preliminary, unaudited, and subject to the completion of the Company’s annual audit. Actual results may differ materially as a result of the final audit process, including the receipt of additional information and related determinations. Preliminary FY 2025 Financial Highlights Based on currently available unaudited information, HeartCore expects: Revenue to be in the range of $8.5 million to $9.5 million Net income to be in the range of $3.0 million to $4.0 million The year-over-year decline in consolidated revenue primarily reflects the strategic divestiture of the Company’s wholly owned subsidiary, HeartCore Co., Ltd. (“HeartCore Japan”), which was completed on October 31, 2025. As a result of this transaction, approximately $7.0 million to $8.0 million of revenue previously generated by HeartCore Japan has been excluded from the Company’s consolidated revenue for 2025. Despite the decline in revenue, the Company recorded an approximately $7.0 million gain on the sale of HeartCore Japan, contributing to a significant improvement in profitability. As a result, HeartCore expects to report net income of $3.0 million to $4.0 million for fiscal year 2025, compared to a net loss of $5.2 million in the prior year. Expected Fiscal Year 2025 Revenue by business type: As of December 31, 2025, the Company has been engaged by a cumulative total of 16 Go IPO clients, with five companies currently under active engagement for listing preparation. HeartCore CEO Sumitaka Kanno commented: “The divestiture of HeartCore Japan, which generated approximately JPY 1.8 billion in proceeds, represents a major milestone in our capital strategy and marks a transition into our next phase of growth. We are reallocating this capital into growth initiatives and strategically realigning our business to focus within the financial services sector. No matter how advanced autonomous AI becomes, we believe that businesses built on authentic human connection will remain irreplaceable. Our Go IPO business is the embodiment of this approach, and following the divestiture of our software business, we have focused on identifying new ways to broaden and elevate our practice within the financial services sector. With a few initiatives underway aimed at both expanding our service offerings and generating new, sustainable revenue streams beyond Go IPO, we look forward to sharing further details in the coming weeks.” About HeartCore Enterprises, Inc. HeartCore Enterprises, Inc. is headquartered in Tokyo, Japan, and is a leading consulting services company providing U.S. market listing support and related advisory services primarily to Japanese corporate clients. For more information, please visit https://heartcore-enterprises.com/. Forward-Looking Statements All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believed,” “intend,” “expect,” “anticipate,” “plan,” “potential,” “continue,” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in HeartCore’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown uncertainties and other factors which are, in some cases, beyond HeartCore’s control which could, and likely will materially affect actual results, and levels of activity, performance, or achievements. Any forward-looking statement reflects HeartCore’s current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. HeartCore assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein. HeartCore Investor Relations Contact: Gateway Group, Inc. Matt Glover and John Yi [email protected] (949) 574-3860

Under US GAAP (ASC 205-20), the Company must reclassify the disposed subsidiary, HeartCore Co., Ltd., as discontinued operations. This removes its results from continuing operations in the financial statements. NEW YORK and TOKYO, Nov. 18, 2025 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (Nasdaq: HTCR) (“HeartCore” or the “Company”), an IPO consulting services company based in Tokyo, reported financial results for the third quarter and nine months ended September 30, 2025. Third Quarter 2025 and Recent Operational & Financial Highlights Divested software business subsidiary, HeartCore Co., Ltd (“HeartCore Japan”) Authorized one-time distribution payment to stockholders Announced Go IPO client, rYojbaba Co., Ltd. began trading on the Nasdaq Stock Market Signed 16th Go IPO contract Management Commentary “This past month, we made the strategic and transformative decision to divest our software business subsidiary, HeartCore Japan, in an all-cash transaction, effectively making a full pivot into our Go IPO business,” said Company CEO Sumitaka Kanno. “We believe this move positions HeartCore for long-term, sustainable success by sharpening our focus on a more profitable business in Go IPO. In parallel with this transaction, we also implemented meaningful expense reductions that will help lower operating costs going forward. A portion of the divestiture proceeds was used towards the one-time distribution payment, which was paid out yesterday. We are also continuing to assess all strategic alternatives to divest our subsidiary, Sigmaways. We believe this move will support our bottom-line performance going forward and further accelerate our shift towards the IPO consulting space. “In recent months, we signed our 16th Go IPO client, saw one client successfully begin trading, and anticipate another will commence trading soon. Additionally, following our Go IPO Korea seminar, we have been in discussion with several prospective Korean clients which we hope to materialize in the near future. Demand from Japan also remains strong, and we believe we are on the precipice of engaging additional potential clients in the next few months. This full transition into our Go IPO business now allows us to dedicate more time and resources to its growth, and with a strong pipeline, we look forward to continued expansion of our IPO consulting business in Japan and Korea.” Third Quarter 2025 Financial Results Revenues were $3.0 million, compared to $16.2 million in the same period last year. The decrease was primarily due to the signature warrant revenue of $13 million from one large GO IPO deal in the prior period, and no comparable revenue in the current period. Gross profit was $1.5 million, compared to $14.0 million in the same period last year. The decrease was primarily due to the decrease in the gross profit from GO IPO services. Operating expenses decreased to $1.5 million, compared to $1.7 million in the same period last year. The decrease was primarily cut down of various operating expenses to save cash flows. Net income was $0.4 million compared to a net income of $10.8 million in the same period last year. Adjusted EBITDA was $0.5 million, compared to $12.0 million in the same period last year. As of September 30, 2025, the Company had cash and cash equivalents of $1.5 million, compared to $2.0 million on December 31, 2024. On a pro forma basis, as of November 18, 2025, the Company has approximately $2.5 million of cash and cash equivalents, after the one-time payment to stockholders. Nine Months 2025 Financial Results Revenues were $7.1 million, compared to $21.3 million in the same period last year. The decrease was primarily due to the signature warrant revenue of $13M from one large GO IPO deal in the prior period, and no comparable revenue in the current period. Gross profit was $2.6 million, compared to $15.1 million in the same period last year. The decrease was primarily due to the decrease in the gross profit from GO IPO services. Operating expenses decreased to $4.5 million, compared to $5.5 million in the same period last year. The decrease was primarily due to a decrease in general and administrative, selling, and research and development expenses. Net loss was $1.7 million compared to a net income of $7.1 million in the same period last year. Adjusted EBITDA was $(0.6) million, compared to $10.4 million in the same period last year. About HeartCore Enterprises, Inc. HeartCore is a Tokyo-based IPO consulting services company, guiding Japanese growth companies to achieve successful U.S. exchange listings through its flagship service, Go IPO. HeartCore’s Go IPOSM consulting services provide comprehensive consultation support, including pre-IPO consulting, regulatory guidance, financial preparation, and operational readiness to help businesses navigate the complexities of a successful U.S. listing. HeartCore’s goal is to streamline the entire process for Japanese companies to provide a seamless transition into the U.S. public markets. For more details, visit https://heartcore-enterprises.com/. Non-GAAP Financial Measures This document includes references to adjusted EBITDA, which is a non-GAAP financial measure. For the purposes of this presentation, adjusted EBITDA is calculated by adjusting net loss to exclude depreciation and amortization, changes in fair value of investments in marketable securities, changes in fair value of investment in warrants, interest income, and interest expenses. This measure is presented as supplemental information and is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Management believes that adjusted EBITDA provides useful information to investors by highlighting the Company’s core operational performance, excluding non-cash and non-recurring items. 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. Forward-Looking Statements This 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. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believed,” “intend,” “expect,” “anticipate,” “plan,” “potential,” “continue,” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in HeartCore’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond HeartCore’s control which could, and likely will materially affect actual results, and levels of activity, performance, or achievements. Any forward-looking statement reflects HeartCore’s current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. HeartCore assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein. HeartCore Investor Relations Contact: Gateway Group, Inc. John Yi and Steven Shinmachi [email protected] (949) 574-3860

NEW YORK and TOKYO, Aug. 13, 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 second quarter and six months ended June 30, 2025. Second Quarter 2025 and Recent Operational & Financial Highlights As of June 30, 2025, HeartCore’s total shareholders’ equity totaled $3.5 million. The Company believes that it is now in compliance with the $2.5 million minimum stockholders’ equity requirement set forth in Nasdaq Listing Rule 5550(b) for continued listing on the Nasdaq Capital Market. Partnered with Silver Egg Technology CO., Ltd. to integrate new recommendation engine into its CMS platform. Signed 15th and 16th Go IPO Contract. Announced strategic partnership with NEC Solutions Innovators, Ltd. to enhance CMS implementation process. Management Commentary “I am pleased to report a strong second quarter, marked by our return to profitability,” said HeartCore CEO Sumitaka Kanno. “These results reflect the resilience of our software business, which was bolstered by a significant deal with a major infrastructure company that was closed during the quarter. Our second quarter results were particularly encouraging, especially during a period without any Go IPO client listings. We signed our 15th and 16th Go IPO contract wins late in the second quarter and early in the third quarter, but more notably, we expect one of our existing Go IPO clients to successfully list on the Nasdaq Stock Market in the near-term. This is expected to further strengthen our results in the third quarter. In the broader IPO market, there were several other APAC-based companies outside of our pipeline that successfully listed in 2025, which we view as a positive indicator for our Go IPO business. Looking ahead, we are excited to host our Go IPO Korea event next month, which we hope will mark the beginning of a stronger presence in the Korean market. With encouraging signs from the general IPO landscape, we remain focused on expanding our reach to APAC companies seeking to list on U.S. exchanges, while continuing to guide our existing clients throughout the listing process and ultimately, across the finish line as a publicly traded company.” Second Quarter 2025 Financial Results Revenues increased by 16.7% to $4.7 million, compared to $4.1 million in the same period last year. The increase was primarily due to (i) the increased sale of on-premise software mainly from multiple large orders of CMS licenses in the second quarter of 2025, compared to the same period last year, (ii) increased software-as-a-service (“SaaS”) revenue due to the Company putting more efforts into expanding and promoting its traditional SaaS business in Japan, and (iii) obtaining more orders, partially offset by (iv) a decrease in customized software development and services revenue in connection with the intense competition of the software market in the U.S., and a decrease in software development and other services, mainly as the Company shifted its business strategies to focus more on development and expansion its on-premise software revenue and SaaS revenue. Gross profit increased 175.2% to $2.2 million, compared to $0.8 million in the same period last year. The increase was primarily due to (i) an increase in gross profit from sales of on-premise software as the sale increased dramatically while there was not much change in the corresponding costs as the product was developed independently and fixed costs which were not proportional to sales, (ii) an increase in gross profit from customized software development and services as Sigmaways reduced outsourcing costs by ending cooperation with costly vendors, resulting in costs that decreased more dramatically than revenue did, and (iii) an increase in gross profit from the Company’s IPO consulting services. Operating expenses decreased to $2.1 million, compared to $2.3 million in the same period last year. The decrease was primarily due to a decrease in general and administrative expenses. Net income was $1.1 million, compared to a net loss of $2.2 million in the same period last year, as a result of the aforementioned increases in revenue and gross profit. Adjusted EBITDA was $0.1 million for the second quarter of 2025, compared to $(1.2) million in the same period last year. As of June 30, 2025, the Company had cash and cash equivalents of $2.3 million, compared to $2.1 million on December 31, 2024. Six Months Ended June 30, 2025 Financial Results Revenues were $8.3 million, compared to $9.1 million in the same period last year. The decrease was primarily due to (i) a decrease in customized software development and services revenue in connection with a slowdown in Sigmaways revenue, driven by intensified competition in the U.S. software market, (ii) decreased Go IPO consulting services revenue mainly due to fewer ongoing IPO consulting projects, (iii) decreased software development and other services revenue mainly as the Company shifted its business strategies to focus more on development and expansion of its on-premise software and SaaS revenue in the second quarter of 2025, resulting in fewer resources and efforts dedicated to software development and other services, partially offset by (iv) an increase in on-premise software revenue due to the Company obtaining several large CMS license orders in the current period. Gross profit increased 16.9% to $3.3 million, compared to $2.8 million in the same period last year. The increase was primarily due to (i) an increase in gross profit from the sale of on-premise software, as sales rose significantly while related costs remained largely unchanged since the product was independently developed with fixed costs not proportional to sales, and (ii) increased gross profit from customized software development and services, as Sigmaways reduced outsourcing costs by ending cooperation with costly vendors in the current period. Operating expenses decreased to $4.4 million, compared to $5.0 million in the same period last year. The improvement was primarily due to a decrease in general and administrative expenses. Net loss improved to $2.1 million, compared to a loss of $3.7 million in the same period last year, as a result of the aforementioned increase in gross profit during the period and increase in revenue in the second quarter. Adjusted EBITDA was $(1.1) million for the six months ended June 30, 2025, compared to $(1.6) million in the same period last year. About HeartCore Enterprises, Inc. Headquartered in Tokyo, Japan, HeartCore Enterprises is a leading enterprise software and consulting services company. HeartCore offers Software as a Service (SaaS) solutions to enterprise customers in Japan and worldwide. The Company also provides data analytics services that allow enterprise businesses to create tailored web experiences for their clients through best-in-class design. HeartCore’s customer experience management platform (CXM Platform) includes marketing, sales, service and content management systems, as well as other tools and integrations, which enable companies to enhance the customer experience and drive engagement. HeartCore also operates a digital transformation business that provides customers with robotics process automation, process mining and task mining to accelerate the digital transformation of enterprises. HeartCore’s GO IPOSM consulting services helps Japanese-based companies go public in the U.S. Additional information about the Company’s products and services is available at and https://heartcore-enterprises.com/. Non-GAAP Financial Measures Disclaimer This document includes references to adjusted EBITDA, which is a non-GAAP financial measure. For the purposes of this presentation, adjusted EBITDA is calculated by adjusting net loss to exclude depreciation and amortization, changes in fair value of investments in marketable securities, changes in fair value of investment in warrants, interest income, and interest expenses. This measure is presented as supplemental information and is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Management believes that adjusted EBITDA provides useful information to investors by highlighting the Company’s core operational performance, excluding non-cash and non-recurring items. 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. Forward-Looking Statements This 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. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believed,” “intend,” “expect,” “anticipate,” “plan,” “potential,” “continue,” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in HeartCore’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond HeartCore’s control which could, and likely will materially affect actual results, and levels of activity, performance, or achievements. Any forward-looking statement reflects HeartCore’s current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. HeartCore assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein. HeartCore Investor Relations Contact: Gateway Group, Inc. Matt Glover and John Yi [email protected] (949) 574-3860

HeartCore Enterprises, Inc. (HTCR) came out with quarterly earnings of $0.04 per share, beating the Zacks Consensus Estimate of a loss of $0.08 per share. This compares to a loss of $0.09 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +150.00%. A quarter ago, it was expected that this company would post a loss of $0.01 per share when it actually produced a loss of $0.06, delivering a surprise of -500%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. HeartCore Enterprises, which belongs to the Zacks Internet - Software and Services industry, posted revenues of $4.74 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 4.72%. This compares to year-ago revenues of $4.07 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. HeartCore Enterprises shares have lost about 73.8% since the beginning of the year versus the S&P 500's gain of 9.6%. While HeartCore Enterprises has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for HeartCore Enterprises was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.07 on $4.64 million in revenues for the coming quarter and -$0.36 on $17.19 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software and Services is currently in the top 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Nebius Group (NBIS), another stock in the same industry, has yet to report results for the quarter ended June 2025. This an AI-centric cloud platform is expected to post quarterly loss of $0.42 per share in its upcoming report, which represents a year-over-year change of -161.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Nebius Group's revenues are expected to be $95.05 million, down 96.5% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HeartCore Enterprises, Inc. (HTCR) : Free Stock Analysis Report Nebius Group N.V. (NBIS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

NEW YORK and TOKYO, May 15, 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 first quarter ended March 31, 2025. First Quarter 2025 and Recent Operational & Financial Highlights Announced strategic partnership with NEC Solutions Innovators, Ltd. to enhance CMS implementation process Established new business development team aimed at strengthening customer success across HeartCore’s CMS business Announced plans to expand the Go IPO consulting business into South Korea. The Company adjusted its scheduled South Korea IPO seminar event to September 2025 Management Commentary HeartCore CEO Sumitaka Kanno commented: “We continued to make meaningful strategic advancements across our software business this quarter, the cornerstone of HeartCore Enterprises. Building on the foundational improvements implemented last year, we launched a dedicated business development team this past quarter focused on strengthening customer success initiatives to better serve our CMS customers and maintain our strong retention rate. Our subsidiary Sigmaways has also made encouraging progress in reducing costs and has narrowed its losses compared to the same period last year. We will continue to closely monitor and prudently manage costs across Sigmaways’ operations. The deficit on our balance sheet this quarter does not directly reflect the performance of our core business but is rather attributable to the SBC Medical Group shares we hold. The subsequent decline in their stock price has ultimately reduced the value of the assets held by HeartCore. Nevertheless, these shares continue to offer additional liquidity options if needed. Furthermore, a few of our Go IPO clients are expected to begin trading in 2025, which will in turn provide us with additional equity in these companies following their listings. With our upcoming South Korea IPO seminar scheduled for September, we are preparing our efforts to expand our footprint beyond Japan into new APAC regions. We look forward to announcing incremental updates across both businesses throughout the rest of the year.” First Quarter 2025 Financial Results Revenues were $3.6 million compared to $5.0 million in the same period last year. The decrease was primarily due to decreased on-premise software revenue, decreased customized software development and services revenue attributed to the business slowdown of Sigmaways, and decreased Go IPO consulting services revenue as no new IPO consulting orders were entered this quarter. Gross profit was $1.1 million compared to $2.0 million in the same period last year. The decrease was primarily due to a decrease of gross profit from on-premises software and Go IPO consulting services. Operating expenses decreased 14% to $2.3 million, compared to $2.7 million in the same period last year. The improvement was primarily due to a decrease in general and administrative expenses. Net loss was $3.1 million, compared to $1.5 million in the same period last year, as a result of the aforementioned decrease in revenue and gross profit for the quarter. Adjusted EBITDA for the year totaled a loss of $1.3 million, compared to a loss of $0.3 million in the same period last year. As of March 31, 2025, the Company had cash and cash equivalents of $0.7 million, compared to $2.1 million on December 31, 2024. About HeartCore Enterprises, Inc. Headquartered in Tokyo, Japan, HeartCore Enterprises is a leading enterprise software and consulting services company. HeartCore offers Software as a Service (SaaS) solutions to enterprise customers in Japan and worldwide. The Company also provides data analytics services that allow enterprise businesses to create tailored web experiences for their clients through best-in-class design. HeartCore’s customer experience management platform (CXM Platform) includes marketing, sales, service and content management systems, as well as other tools and integrations, which enable companies to enhance the customer experience and drive engagement. HeartCore also operates a digital transformation business that provides customers with robotics process automation, process mining and task mining to accelerate the digital transformation of enterprises. HeartCore’s GO IPOSM consulting services helps Japanese-based companies go public in the U.S. Additional information about the Company’s products and services is available at and https://heartcore-enterprises.com/. Non-GAAP Financial Measures Disclaimer This document includes references to adjusted EBITDA, which is a non-GAAP financial measure. For the purposes of this presentation, adjusted EBITDA is calculated by adjusting net loss to exclude depreciation and amortization, impairment of intangible asset, and impairment of goodwill. This measure is presented as supplemental information and is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Management believes that this adjusted EBITDA provides useful information to investors by highlighting the company’s core operational performance, excluding non-cash and non-recurring items. 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. Forward-Looking Statements This 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. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believed,” “intend,” “expect,” “anticipate,” “plan,” “potential,” “continue,” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in HeartCore’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond HeartCore’s control which could, and likely will materially affect actual results, and levels of activity, performance, or achievements. Any forward-looking statement reflects HeartCore’s current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. HeartCore assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein. HeartCore Investor Relations Contact: Gateway Group, Inc. Matt Glover and John Yi [email protected] (949) 574-3860

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. Recent Operational & Financial Highlights 2024 revenue increased 39% to $30.4 million year-over-year HeartCore recorded $7.2 million in impairment of goodwill and intangible asset related to acquisition of its subsidiary Sigmaways. The losses are considered as a one-time occurrence that will not affect the Company’s business and financial performance in the future quarters. Established new business development team aimed at strengthening customer success across HeartCore’s CMS business Announced plans to expand the Go IPO consulting business into South Korea. The Company adjusted its scheduled South Korea IPO seminar event to September 2025 Announced new digital customer experience initiatives and cross-selling efforts Regained compliance with Nasdaq’s continued listing requirements Expanded CMS platform offering into a SaaS delivery model Entered into a sales collaboration with Tosho Computer Systems Co., Ltd. Announced transition from annual contracts to multi-year agreements for core software business contracts Partnered with NTT Data Business Brains Corporation to enhance website development service capabilities Achieved top market share in Japan for nine consecutive years Awarded new contract from Fourmix Co., Ltd. to implement CMS platform Management Commentary HeartCore 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. While we are confident that the initiatives we have implemented will yield meaningful returns, we have also recognized that strategic acquisitions will be critical to maintaining our market leadership in Japan and sustaining our strong customer retention rate. With a well-established customer base built over the years, our acquisition strategy will primarily focus on deepening wallet share with each client we are engaged with, while seamlessly complementing and enhancing our existing suite of software solutions. This will include acquiring companies with synergistic technologies that align with our core offerings and leveraging effective use of AI to strengthen our value proposition and competitive edge. Outside of acquisitions, another key focus for HeartCore will be to accelerate the development of new products geared for global expansion in 2025, with the target launch aimed for the first half of 2026. Currently, only a small portion of our customer base consists of enterprises outside of Japan. By focusing on creating globally scalable solutions and enhancing our offerings with synergistic technologies through strategic acquisitions, we aim to expand our presence across international markets and drive additional growth in our software business. “Looking at our financial performance, we recorded approximately $7.2 million in impairment of goodwill and intangible asset, primarily related to our subsidiary, Sigmaways. While these losses impacted our full-year results, they are classified as one-time occurrences and are not expected to affect our financial performance in future quarters. To address this, we have already implemented several corrective measures, including separating Sigmaways’ liabilities and suspending all transactions with small venture companies to minimize any non-essential costs. While net loss for the year was $5.2 million, we believe a more relevant measure of our performance is adjusted EBITDA, which totaled $7.3 million for 2024, as it excludes the losses related to Sigmaways. Nevertheless, our subsidiaries continue to deliver synergistic technologies that enable us to effectively upsell and cross-sell to our shared clients. We believe that over the long term, as we continue to develop and innovate our solutions, acquire new technologies through M&A, and tap into mutual client portfolios across our partners and subsidiaries, we will drive positive outcomes for our financial performance. “Outside of exploring synergistic M&A opportunities within our software business to fuel growth, we are also focused on expanding our Go IPO business. We recently announced our plans to extend our service into South Korea and have formed a strategic partnership with a venture fund in the region. To kick off this initiative, we will be hosting a seminar in September of this year. South Korea will be the first of several markets we aim to expand into across the APAC region, as IPO interests from foreign issuers have steadily increased over the years. Expanding beyond Japan’s borders marks a significant milestone for our Go IPO business, opening up new opportunities for us to leverage. To ensure successful market entry, we are actively seeking strategic partnerships, such as in South Korea, to gain access to their clientele portfolio that are interested in our services. We remain dedicated to executing both lines of business and look forward to our growth prospects throughout 2025.” 2024 Financial Results Revenues increased 39% to $30.4 million, compared to $21.8 million in the same period last year. The increase was primarily due to revenue from warrants and ordinary shares associated with the successful listing of two Go IPO consulting service clients. Gross profit increased 121% to $17.8 million, compared to $8.1 million in the same period last year. The increase was primarily due to the aforementioned reason. Operating expenses increased 46% to $17.8 million, compared to $12.2 million in the same period last year. The increase was primarily due to impairment of goodwill and intangible asset totaling approximately $7.2 million primarily related to our subsidiary, Sigmaways. The Company anticipates these impairment losses to be a one-time occurrence and does not foresee any material impact on its financial performance in future quarters. Net loss for 2024 was $5.2 million. Net loss attributable to HeartCore improved to $1.5 million, compared to a loss of $4.2 million in the same period last year. Adjusted EBITDA for the year totaled $7.3 million compared to $(3.6) million in the same period last year. As of December 31, 2024, the Company had cash and cash equivalents of $2.1 million, compared to $1.0 million on December 31, 2023. About HeartCore Enterprises, Inc. Headquartered in Tokyo, Japan, HeartCore Enterprises is a leading enterprise software and consulting services company. HeartCore offers Software as a Service (SaaS) solutions to enterprise customers in Japan and worldwide. The Company also provides data analytics services that allow enterprise businesses to create tailored web experiences for their clients through best-in-class design. HeartCore’s customer experience management platform (CXM Platform) includes marketing, sales, service and content management systems, as well as other tools and integrations, which enable companies to enhance the customer experience and drive engagement. HeartCore also operates a digital transformation business that provides customers with robotics process automation, process mining and task mining to accelerate the digital transformation of enterprises. HeartCore’s GO IPOSM consulting services helps Japanese-based companies go public in the U.S. Additional information about the Company's products and services is available at and https://heartcore-enterprises.com/. Non-GAAP Financial Measures Disclaimer This document includes references to adjusted EBITDA, which is a non-GAAP financial measure. For the purposes of this presentation, adjusted EBITDA is calculated by adjusting net loss to exclude depreciation and amortization, impairment of intangible asset, and impairment of goodwill. This measure is presented as supplemental information and is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Management believes that this adjusted EBITDA provides useful information to investors by highlighting the company’s core operational performance, excluding non-cash and non-recurring items. 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. Forward-Looking Statements This 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. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believed,” “intend,” “expect,” “anticipate,” “plan,” “potential,” “continue,” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in HeartCore’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond HeartCore’s control which could, and likely will materially affect actual results, and levels of activity, performance, or achievements. Any forward-looking statement reflects HeartCore’s current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. HeartCore assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein. HeartCore Investor Relations Contact: Gateway Group, Inc. Matt Glover and John Yi [email protected] (949) 574-3860