Investor Presentation

Nasdaq: HTCR

September 2024

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Forward-Looking Statements
Certain information set forth in this presentation contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicablesecurities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking
statements and includes, but is not limited to:(i)Projected financial performance of the Company;(ii) Completion of, and the use of proceeds from, the sale of the shares being offered hereunder;(iii) The expected development of the Company’s business, projects, and joint ventures;(iv) Execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth;(v) Sources and availability of third-party financing for the Company’s projects;(vi) Completion of the Company’s projects that are currently underway, in development or otherwise under consideration;(vii) Renewal of the Company’s current customer, supplier and other material agreements; and(viii) Future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s
beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.
These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known andunknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result
expressed or implied by such forward-looking statements.
Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be noassurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. TheCompany undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicablesecurities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

2HeartCore Enterprises, Inc.
••••••

Tokyo based Leading Enterprise Software
Development & Consulting Company
Majority market share provider of contentmanagement (CMS) and digital transformation
solutions for well-known Japanese enterprisecustomers
Global enterprise customer count of 962, up 105%YOY
88% CMS Business Customer Retention Rate in 2023
Go IPOSM consulting service helps Japanese-based
companies go public in the U.S.
$22M revenue in 2023 (150% increase compared to2022)

Other6%3

969 clientsin Japan

HeartCore History

24 clientsoverseas

ESTABLISHED
June 2009JAPAN HEAQUARTERS
Shinagawa-ku, Tokyo

EMPLOYEES62

JUNE 2009

Content Management
System (CMS)US OFFICE
Silicon Valley, CA

OKINAWA BRANCH
Naha City, Okinawa

JANUARY 2018

DECEMBER 2019

APRIL 2023

September 2023

April 2024

Robotic Automaton
Process (RPA)

TaskMining

10th Go IPOSM
Client Signed

Hired Sabatini Global
Sales and Marketing
Team

Formed Artificial
Intelligence (AI) Software
Development Division

APRIL 2015

APRIL 2019

APRIL 2022

February 2023

February 2024

Customer Experience
Management (CXM)

ProcessMining

Go IPOSM
Consulting Service

SIGMAWAYS
Acquisition

HeartCore Luvina Vietnam*As of July 20244Enterprise Software BusinessQ2’24 Software
Business Performance$3.9M

Software Revenue

Content Management System

20%

Organic Growth Rate

ProfitableOperations

Digital Transformation

Our customer experiencemanagement platform:

Provides customers with robotics
process automation, process mining
and task mining:

Includes marketing, sales, service, andcontent management systems as well asother tools and integrations that enable
companies to attract and engage customers
throughout the customer lifecycle.

Accelerating the digital transformation ofenterprises across their entire businessincluding marketing, sales, and customer
service.

5Content Management System (CMS)
CMS software helps users create, manage, andmodify content on websites without the need forspecialized technical knowledge.

ContentManagementMarket

5.22%

Projected Global
Market Size (2024)(2024-2028)

North Americao HeartCore has heavily invested into sales &marketing and has an increase of 130% in its
YoY pipeline growth•$22.27B

Largest Market
By Region (2023)

Market Growth Rate

APAC
Fastest-Growing Market
By Region (2020-2030)

700 legacy customers will be proactively upsoldto HeartCore Version 12, the newest platformo Company aims to increase its market sharefrom 25% to 40% by incorporating all functions
related to content management
https://www.statista.com/outlook/tmo/software/enterprise-software/content-management-software/worldwide?currency=usd

Multilingual
SupportAccessibility
Check Function

Multi-Device
SupportMultiple Site
Management6

Go IPOSM Consulting Service“We have just scratched the tip of the iceberg with
our Go IPO business line,” Sumitaka Kanno, CEO
Building a Diverse Portfolio of Japan-based Growth Companies• $5 Million Net Revenue YTD - fees + warrant revenue recognition• Expect Q-to-Q volatility - change in asset value is recognized as revenue• Warrants strengthen the balance sheet• 14 signed clients currently in the Go IPO pipeline• 3 successful client IPOs since inception• 3-4 client IPOs scheduled to occur before the end of 2024
• Launched HeartCore Financial in Q1 2024
HeartCore has generated a total of $18.9 million in revenue from its Go IPO business7

Our Go IPOSM Business Model
Sumitaka Kanno, Founder and CEO of HeartCore Enterprises,
LLC authored "How to Go IPO" a popular book in Japan

Target companies must meet the following criteria
1. Sales of more than $6M for three consecutive years
2. Robust and compelling technology
3. Dominant market position
4. Annual growth rate of over 30%
5. Ability to pay $2M in IPO costs
6. Robust and attractive technology
7. Major specific market share

8HeartCore Acquisition of Sigmaways
Sigmaways generated approximately $10 million revenue (unaudited) for the year ended
December 31, 2023
Acquisition expands HeartCore’s operational footprint in the U.S. and adds significant
revenue to the Company’s top line

Provides complementary cross-sell and upsell opportunities for both companies

Reduces HeartCore’s production costs, transitioning from outsourcing resources toleveraging Sigmaways’ teamShared corporate philosophy of putting the customers first9

Sigmaways Key Clients and Affiliates
KEYCLIENTSAFFILIATIONS

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Financial Highlights
Revenue

Q2 2024$ 4,066

YTD23$21,846

YTD22$8,818

Software$3,854$15,634$ 7,370

Go IPO$151$ 6,212$ 1,448

Other$62

$366

$57

Income(Loss)*$(1,972)$(4,877)$(6,677)

EPS**$(0.09)$(0.21)$(0.37)(26% increase)(148% increase)(112% increase)(329% increase)

YTD23 compared to YTD22$ 24 ,8 9$ 18 ,6 7$ 12 ,4 4$ 6,2 2$ 0-$ 6, 2 2YTD 23

YTD 22-$ 12 ,4 4*Comprehensive income (loss) attributable to HeartCore Enterprises, Inc.
**Net income (loss) attributable to HeartCore Enterprises, Inc.

Revenue Software

Go IPO

Income(Loss)

Note: amounts are rounded in $thousand

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Outlook 2024
Expect continued growth from theenterprise software business• Growth through new customers andcross- & up-selling existing ones
• Growth through new technologies,
such as digital transformation• Growth through Sigmaways• 30% organic growth expected for 2024

Building a diversified portfolio ofJapan-based growth companies
through GO IPOSM• 14 signed clients in the pipeline• Optimistic 2024 IPO market outlook• 3 new contract wins in 2024, receiving$1.7m in initial fees and 2-3% warrants• 1 Successful Go IPO Listing in 2024
• 3-4 client IPO scheduled by end of 2024

2024 is expected to be the strongest year in HeartCore’s history
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Long-term Outlook
Transformational Period
Growing enterprise software
company building a portfolio ofJapan-based growth companies
that strengthen HeartCore’sbalance sheet.

Enterprise Software• Established strong market
position in Japan• Growth through new customers• Growth through acquisitions• Growth expected in US and India

Go IPOSM Consulting• Building a portfolio of Japanbased growth companies• Long-term asset with faster-thanmarket growth potential• Bolsters the balance sheet• Potential source of cash13

Investment Highlights

88% 40% 210% 4%
CMS Customer
Retention Rate, 2023

Aggressive M&A
Synergistic target companies
will improve earnings

Anticipated Market
Share (up from 25%)

Anticipated Revenue
Growth Y/Y

Human Resources
Investments
Focus on securing and training
the best talent in the industry

Anticipated Customer
Growth Y/Y969 25Japanese
Clients

Overseas
Clients

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APPENDIX

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Overview of Key Financials
Cash(as of June 30, 2024)

Market Cap(as of Aug. 14, 2024)

Shares Outstanding(as of June 30, 2024)

Warrants(as of Dec. 31, 2023)$3.8M$14.19M
20.86M
1.47M

Revenue（in thousands）$11,250.0$9,000.0$6,750.0$5,095.4$4,500.075.37%$2,250.0

Free Floating Shares

5.14M

$0.0

(as of June 30, 2024)$5,046.7$4,688.9$4,066.4$3,327.4

Insider Holdings(as of June 30, 2024)$8,734.2

Q1 '2023

Projected full year 2024 Revenue (subject tochange depending on timing of Go IPO client IPOs) =Q2 '2023

Q3 '2023

Q4 '2023

Q1 '2024

Q2 '2024$46.6M
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About Management TeamCEOCOOCFO• Sumitaka Kanno (Yamamoto)• Kimio Hosaka• Qizhi Gao

Chairman of Board, Chief Executive Officer, President and Director
After graduating from the Kansai Gaidai University in Japan, Kanno joined the Japan Air Force and became a pilot. He then founded
his own company, popularized snowboarding in Japan, and created a huge boom in the sport. He later worked at BroadVision inJapan, a global software vendor and former NASDAQ company. With over 20 years of experience in information technology andwebsite engineering, he developed the solutions that enterprises rely on everyday throughout their organizations.

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INVESTOR RELATIONS

Gateway Group, Inc.
Matt Glover and John Yi
HTCR@gateway-grp.com(949) 574-3860
WEBSITEhttps://heartcore-enterprises.com/
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