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 LiEmail: [email protected] 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
