Core Insights - HeartCore Enterprises, Inc. has undergone a strategic transformation, shifting focus from software to financial services and capital markets-related activities, while divesting its software business subsidiary, HeartCore Japan [3][11] - The company reported a significant decrease in revenues for the full year 2025, totaling $9.0 million, down from $22.7 million in 2024, primarily due to the absence of a large Go IPO deal that contributed $13 million in warrant revenue in the previous year [4][18] - Despite the revenue decline, HeartCore achieved a net income of $5.5 million in 2025, compared to a net loss of $5.2 million in 2024, largely due to the gain from the sale of HeartCore Japan [6][18] Financial Performance - Gross profit for 2025 was $3.2 million, a decrease from $14.7 million in 2024, attributed to the lack of significant warrant-related revenue [5][18] - Operating expenses decreased to $6.3 million from $14.9 million in the previous year, reflecting cost-saving measures and the absence of impairment charges [6][18] - Adjusted EBITDA for 2025 was $6.5 million, down from $7.3 million in 2024, indicating a slight decline in operational performance [7][18] Operational Highlights - As of March 31, 2026, HeartCore was engaged with 16 Go IPO clients, with 6 clients in various stages of preparation for public registrations and U.S. exchange listings [11] - The establishment of Higgs Field in Q4 2025 marks a new operating platform in Japan, supporting the company's strategic transition towards financial services [3][11] - The company authorized a $2.0 million share repurchase program and a one-time distribution payment to stockholders, indicating a commitment to returning value to shareholders [11]

Core Viewpoint - Etoiles Capital Group Co., Ltd has successfully closed the sale of an additional 210,000 Class A ordinary shares at the IPO price of $4.00 per share, raising a total of $6,440,000 in gross proceeds from the Offering [1][2]. Group 1: Offering Details - The Offering included the full exercise of the underwriters' over-allotment option and was conducted on a firm commitment basis [1][3]. - Prime Number Capital, LLC served as the representative underwriter and sole book-runner for the Offering [3]. - The registration statement for the Offering was filed with the U.S. Securities and Exchange Commission (SEC) and declared effective on August 7, 2025 [4]. Group 2: Use of Proceeds - Proceeds from the Offering will be allocated for business expansion, technology infrastructure, strategic marketing, and general corporate purposes [2]. Group 3: Company Overview - Etoiles Capital Group operates as a Cayman Islands holding company through its Hong Kong subsidiary, providing integrated financial advisory, capital markets solutions, and IPO consulting services to corporate clients [7].