HeartCore Enterprises, Inc. (HTCR) Cash Flow Statement
Where HTCR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$4.0M
- Capital expenditures
- $2 0.0% of revenue
- Free cash flow
- −$4.0M −44.3% margin
- Returned to shareholders
- $3.3M
- Change in cash
- $12,152 cash at year-end $2.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HTCR operating cash flow, capex and free cash flow
HTCR cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$685,8032019 | −$4.0M2025 | — | |
| Capital expenditures | $30,8222019 | $22025 | −80.0%/yr | |
| Free cash flow | −$716,6252019 | −$4.0M2025 | — | |
| Free cash flow margin | −9.9%2019 | −44.3%2025 | −34.3 pts | |
| Stock-based compensation | $4,2402019 | −$151,1392025 | — | |
| Dividends paid | $02023 | $3.3M2025 | — | |
| Share buybacks (net) | $02021 | $02025 | — | |
| Capex / revenue | 0.4%2019 | 0.0%2025 | −0.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HTCR cash flow by activity
HTCR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HTCR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$3.9M | −$5.2M | −$4.2M | −$6.7M | −$327,044 | $155,064 | −$1.2M |
| Depreciation & amortization | $46,373 | $749,639 | $683,019 | $83,333 | $105,394 | $114,467 | $132,709 |
| Stock-based compensation | −$151,139 | $368,744 | $1.4M | $1.5M | $18,787 | $0 | $4,240 |
| Change in working capital | $1.0M | $1.2M | $1.0M | −$10,929 | $300,289 | $55,240 | $178,247 |
| Other non-cash items | −$1.0M | −$1.9M | −$3.3M | $276,772 | $668,874 | $420,977 | $222,575 |
| Cash from operating activities | −$4.0M | −$4.8M | −$4.3M | −$4.8M | $766,300 | $745,748 | −$685,803 |
| Investing activities | |||||||
| Capital expenditures | −$2 | −$7,446 | −$526,260 | −$57,071 | −$36,153 | −$27,170 | −$30,822 |
| Investments (net) | $1.1M | $6.3M | −$1.8M | −$12,200 | −$179,029 | −$401,150 | −$464,024 |
| Acquisitions & other investing | $4.7M | $7,446 | $530,688 | $57,071 | $36,153 | $27,170 | $30,822 |
| Cash from investing activities | $5.8M | $6.3M | −$1.8M | −$12,200 | −$179,029 | −$401,150 | −$464,024 |
| Financing activities | |||||||
| Dividends paid | −$3.3M | −$834,566 | $0 | — | — | — | — |
| Share repurchases & issuance (net) | $250,000 | — | −$3.5M | −$3.5M | $0 | — | — |
| Net borrowing (repayment) | −$60,780 | −$428,181 | −$23,710 | −$587,128 | −$932,265 | $1.1M | $428,313 |
| Shares issued | $1.9M | $1.4M | $0 | $13.8M | $677,945 | $932,278 | $456,736 |
| Other financing | −$663,197 | −$479,241 | $3.7M | −$820,657 | −$3,033 | −$11,524 | −$9,335 |
| Cash from financing activities | −$1.8M | −$318,646 | $136,194 | $8.9M | −$257,353 | $2.1M | $875,714 |
| Summary | |||||||
| Net change in cash | $12,152 | $1.1M | −$6.2M | $4.0M | $78,664 | $2.5M | −$262,667 |
| Cash at end of period | $2.0M | $2.1M | $1.0M | $7.2M | $3.1M | $3.1M | $535,287 |
| Free cash flow | −$4.0M | −$4.8M | −$4.9M | −$4.9M | $730,147 | $718,578 | −$716,625 |
| Free cash flow margin | −44.3% | −15.7% | −22.2% | −55.2% | 6.7% | 8.0% | −9.9% |
| Capex / revenue | 0.0% | 0.0% | 2.4% | 0.6% | 0.3% | 0.3% | 0.4% |
| Operating cash flow / net income | — | — | — | — | — | 4.81 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.3M | −$1.9M | $7.3M | −$54,225 | $1.1M | −$3.1M | −$12.3M | $10.8M | −$2.2M | −$1.5M | −$2.9M | −$2.5M |
| Depreciation & amortization | $7,674 | $7,720 | $9,379 | $8,265 | $15,530 | $26,907 | $187,980 | $185,540 | $186,861 | $188,085 | $187,819 | $189,103 |
| Stock-based compensation | $0 | $2,031 | −$220,361 | $9,018 | $27,924 | $32,280 | $131,918 | $89,072 | $56,042 | $91,712 | $162,814 | $173,306 |
| Change in working capital | −$576,304 | $439,213 | $1.5M | $1.4M | −$859,965 | −$953,917 | $1.9M | −$655,698 | −$732,631 | −$626,440 | $418,238 | $295,808 |
| Other non-cash items | $553,922 | $269,153 | −$9.5M | −$1.5M | −$919,096 | $2.0M | $8.9M | −$12.5M | $498,721 | $926,024 | $210,740 | $793,817 |
| Cash from operating activities | −$1.3M | −$1.2M | −$990,472 | −$120,102 | −$674,101 | −$2.0M | −$1.3M | −$2.0M | −$2.2M | −$898,619 | −$1.9M | −$1.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$876 | −$950 | −$1,235 | −$120,102 | −$1,235 | −$2 | −$3,312 | −$35,209 | −$4,134 | −$6,354 | −$9,602 | −$336,207 |
| Investments (net) | $346,894 | $0 | $0 | −$19,904 | $618,575 | $473,061 | $1.0M | $45,500 | $5.3M | $10,814 | $858 | −$600,164 |
| Acquisitions & other investing | $835,100 | −$3 | $4.5M | $125,248 | $1,235 | $2 | $3,312 | $35,209 | $4,134 | $1.6M | — | $336,207 |
| Cash from investing activities | $1.2M | −$953 | $4.5M | −$14,758 | $618,575 | $473,061 | $1.0M | $45,500 | $5.3M | $1.7M | — | −$600,164 |
| Financing activities | ||||||||||||
| Dividends paid | — | −$27,968 | −$3.3M | −$56,833 | — | — | −$12,072 | −$417,283 | −$417,283 | — | — | $0 |
| Share repurchases & issuance (net) | — | — | −$250,000 | $250,000 | — | — | — | — | — | — | $0 | −$48,291 |
| Net borrowing (repayment) | $18,382 | −$18,382 | −$65,728 | $274,129 | −$234,634 | −$34,547 | −$30,703 | $185,033 | — | — | — | — |
| Shares issued | $0 | $0 | $103,942 | $0 | $1.8M | $134,387 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$41,515 | −$7,163 | $88,940 | −$648,423 | $62,461 | $43,100 | $1.3M | −$423,055 | $17,899 | −$474,752 | $568,245 | −$139,863 |
| Cash from financing activities | −$23,133 | −$53,513 | −$3.4M | −$181,127 | $1.6M | $142,940 | $1.2M | −$655,305 | −$399,384 | −$474,752 | $568,245 | −$188,154 |
| Summary | ||||||||||||
| Net change in cash | −$186,959 | −$1.2M | $534,943 | −$896,603 | $1.6M | −$1.4M | $888,972 | −$2.6M | $2.6M | $206,772 | −$1.2M | −$2.0M |
| Cash at end of period | $587,074 | $774,033 | $2.0M | $1.5M | $2.3M | $738,984 | $2.1M | $1.2M | $3.8M | $1.2M | $1.0M | $2.2M |
| Free cash flow | −$1.3M | −$1.2M | −$989,237 | −$304,831 | −$675,336 | −$2.0M | −$1.3M | −$2.0M | −$2.2M | −$898,619 | −$1.9M | −$1.4M |
| Free cash flow margin | −411.4% | −92.7% | −51.6% | −10.2% | −14.2% | −55.8% | −37.1% | −11.2% | −54.3% | −17.8% | −56.6% | −30.4% |
| Capex / revenue | 0.3% | 0.1% | 0.1% | 4.0% | 0.0% | 0.0% | 0.1% | 0.2% | 0.1% | 0.1% | 0.3% | 7.2% |
| Operating cash flow / net income | — | — | −0.14 | — | −0.64 | — | — | −0.19 | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
HTCR cash generation
In fiscal 2025 (ended December 31, 2025), HeartCore Enterprises generated -$4.0 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$4.0 million, −44.3% of revenue. It returned $3.3 million to shareholders through dividends ($3.3 million) and net share buybacks ($0). Cash and equivalents rose by $0.0 million over the year.
Related: HTCR income statement, HTCR balance sheet, HTCR dividend history. See the HTCR stock overview for the latest quote and news.
HTCR cash flow FAQ
What is HeartCore Enterprises's free cash flow?
HeartCore Enterprises's free cash flow was -$4.0 million in fiscal 2025: -$4.0 million of operating cash flow minus $0.0 million of capital expenditures It was -$4.8 million a year earlier..
How much cash does HeartCore Enterprises generate from operations?
HeartCore Enterprises generated -$4.0 million of cash from operating activities in fiscal 2025.
How much does HeartCore Enterprises spend on capital expenditures?
HeartCore Enterprises spent $0.0 million on capital expenditures in fiscal 2025, 0.0% of revenue, compared with $0.0 million the year before.
How much does HeartCore Enterprises pay in dividends?
HeartCore Enterprises paid $3.3 million in dividends in fiscal 2025.