BEIJING, March 23, 2026 (GLOBE NEWSWIRE) -- Cheer Holding, Inc. $(CHR)$ ("Cheer Holding" or the "Company"), a leading provider of advanced mobile internet infrastructure and platform services, today announced its financial results for the fiscal year ended December 31, 2025. The Company's Annual Report on Form 20-F was filed with the U.S. Securities and Exchange Commission on March 20, 2026.
Management Commentary
"We are pleased to report another year of solid financial performance, driven by continued momentum across our CHEERS ecosystem," said Mr. Bing Zhang, Chairman and Chief Executive Officer of Cheer Holding. "Revenue growth was supported by new customer contributions, while we continued to advance our strategic focus on artificial intelligence and have begun laying the groundwork for overseas expansion. With a strong balance sheet, we remain well-positioned to execute our long-term vision of becoming a global leader in AI-powered digital ecosystems."
Financial Highlights For The Year Ended December 31, 2025
-- Total revenues increased by 1.1% to $148.8 million, compared to $147.2
million in 2024.
-- Income from operations increased by 2.7% to $26.3 million, compared to
$25.6 million in 2024.
-- Net income attributable to Cheer Holding's shareholders was $25.6 million,
compared to $26.0 million in the prior year.
-- Cash and cash equivalents stood at $242.1 million as of December 31,
2025, up from $197.7 million at the end of 2024.
Operational Highlights
-- As of December 31, 2025, cumulative app downloads across the Company's
platforms reached 550 million, representing a 5.0% increase from 523.3
million as of December 31, 2024.
-- The Company has initiated a strategic pivot toward global markets, with a
dedicated AI portrait and video product line anticipated to begin beta
testing in the second quarter of 2026.
About Cheer Holding, Inc.
Cheer Holding is a leading provider of next-generation mobile internet infrastructure and platform services in China. The Company operates a comprehensive digital ecosystem integrating platforms, applications, technology, and industry, with a focus on AI-driven content creation, e-commerce, and metaverse development. For more information, please visit ir.gsmg.co.
Safe Harbor Statement
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential, " "continue," "is/are likely to" or other similar expressions. These forward-looking statements include, but are not limited to, our success in our artificial intelligence initiatives, changes or other circumstances that could affect the Company's ability to continue successful development and launch of global expansion, artificial intelligence initiatives and technology infrastructure; the possibility that the Company may not succeed in developing its new lines of businesses due to, among other things, changes in the business environment and technological developments, competition, changes in regulation, or other economic and policy factors; the possibility that the Company's new lines of business may be adversely affected by other economic, business, and/or competitive factors, or that the Company will be able to continue to have its Class A ordinary shares listed on The Nasdaq Capital Market. In addition, the Company is subject to a number of risks and uncertainties set forth in documents filed by the Company with the Securities and Exchange Commission from time to time, including the Company's latest Annual Report on Form 20-F filed with the SEC on March 20, 2026. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.
For investor and media inquiries, please contact:
James Li
Email: ir@gsmg.co
Tel: +86 10 6778 2900 $(CN)$
CHEER HOLDING, INC.
CONSOLIDATED BALANCE SHEETS
(In U.S. dollars in thousands, except share and per
share data)
As of December 31,
----------------------
2025 2024
----------- --------
Assets
Current assets:
Cash and cash equivalents $ 242,082 $197,660
Accounts receivable, net 79,681 77,074
Prepayment and other current assets,
net 44,822 30,834
------- -------
Total current assets 366,585 305,568
------- -------
Property, plant and equipment, net 17 33
Intangible assets, net 34,734 40,531
Deferred tax assets - 72
Unamortized produced content, net 17 16
Right-of-use assets 261 371
Other non-current assets 77 -
------- -------
Total non-current assets 35,106 41,023
------- -------
TOTAL ASSETS $ 401,691 $346,591
======= =======
Liabilities and Shareholders'Equity
Current liabilities:
Short-term bank loans $ 6,435 $ 9,590
Accounts payable 2,744 2,039
Contract liabilities 1 27
Accrued liabilities and other payables 444 1,941
Due to related parties 2,753 1,100
Other taxes payable 19,285 25,095
Lease liabilities current 127 109
------- -------
Total current liabilities 31,789 39,901
------- -------
Long-term bank loan - 1,370
Lease liabilities non-current 134 250
------- -------
Total non-current liabilities 134 1,620
------- -------
TOTAL LIABILITIES $ 31,923 $ 41,521
------- -------
Shareholders' Equity
Preferred shares (par value of
$0.0001 per share; 2,000,000 shares
authorized as of December 31, 2025
and 2024; nil and nil shares issued
and outstanding as of December 31,
2025 and 2024, respectively) $ - $ -
Class A Ordinary shares (par value of
$0.05 per share; 500,000,000 shares
and 200,000,000 authorized as of
December 31, 2025 and 2024,
respectively; 4,686,248 and 205,711
shares issued and outstanding as of
December 31, 2025 and 2024,
respectively)* 234 10
Class B Ordinary shares (par value of
$0.001 per share; 500,000 shares
authorized as of December 31, 2025
and 2024; 500,000 and 500,000 shares
issued and outstanding as of December
31, 2025 and 2024, respectively) - -
Additional paid-in capital 137,734 113,485
Statutory reserve 1,411 1,411
Retained earnings 232,745 207,128
Accumulated other comprehensive loss (2,441) (17,041)
------- -------
TOTAL CHEER HOLDING, INC SHAREHOLDERS'
EQUITY 369,683 304,993
Non-controlling interest 85 77
------- -------
TOTAL SHAREHOLDERS' EQUITY 369,768 305,070
------- -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 401,691 $346,591
======= =======
* The shares and per share information are presented
on a retroactive basis to reflect the share consolidation
of Class A at a ratio of one-for-fiftieth (50) effective
on December 22, 2025.
CHEER HOLDING, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME
(In U.S. dollars in thousands, except share and per
share data)
For the Years Ended December 31,
--------------------------------------
2025 2024 2023
-------------- --------- ---------
Revenues $ 148,835 $ 147,196 $ 152,327
Operating expenses:
Cost of revenues (43,209) (39,388) (39,549)
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