Cheer Holding (NASDAQ: CHR) posts steady 2025 profit and cash growth

Rhea-AI Filing Summary

Cheer Holding, Inc. reported solid full-year 2025 results, with revenue of $148,835 thousand, slightly above $147,196 thousand in 2024. Income from operations was $26,288 thousand, up from $25,592 thousand, reflecting disciplined cost control as selling and marketing expenses declined.

Net income attributable to shareholders was $25,617 thousand versus $25,966 thousand a year earlier, while comprehensive income rose to $40,217 thousand, helped by foreign currency translation gains. Cash and cash equivalents increased to $242,082 thousand and total shareholders’ equity grew to $369,768 thousand, supported by positive operating cash flow of $17,939 thousand and a 2025 private placement of ordinary shares. Management highlighted continued investment in artificial intelligence initiatives and initial steps toward overseas expansion within its CHEERS digital ecosystem.

Insights

Equity research analyst

Cheer Holding delivered stable 2025 results with stronger balance sheet and ongoing AI investment.

Cheer Holding maintained steady performance in 2025. Revenue edged up to $148,835 thousand from $147,196 thousand, and income from operations improved to $26,288 thousand despite modestly higher general and administrative and research and development expenses.

Net income attributable to shareholders was broadly flat at $25,617 thousand versus $25,966 thousand. However, comprehensive income more than doubled to $40,217 thousand, helped by a $14,604-thousand unrealized foreign currency translation gain, supporting overall equity growth.

The balance sheet strengthened, with cash and cash equivalents rising to $242,082 thousand and total liabilities falling to $31,923 thousand, partly due to lower bank borrowings. Net cash provided by operating activities was $17,939 thousand, and a private placement added $21,044 thousand, giving the company resources to pursue its AI-focused strategy and early overseas expansion efforts disclosed for the year ended December 31, 2025.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File Number: 001-38631

CHEER HOLDING, INC.

19F, Block B, Xinhua Technology Building,

No. 8 Tuofangying South Road,

Jiuxianqiao, Chaoyang District, Beijing, China 100016

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒           Form 40-F ☐

EXHIBIT INDEX

Exhibit No.		Description of Document
99.1		Press Release – Cheer Holding Announces Fiscal Year 2025 Financial Results – March 23, 2026

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Cheer Holding, Inc.
	By:	/s/ Bing Zhang
		Bing Zhang
		Chief Executive Officer
Dated: March 23, 2026

2

Exhibit 99.1

Cheer Holding Announces Fiscal Year 2025 Financial Results

BEIJING, March 23, 2026 (GLOBE NEWSWIRE) -- Cheer Holding, Inc. (NASDAQ: 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.

2

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	)
Selling and marketing			(69,441	)			(75,289	)			(76,200	)
General and administrative			(4,724	)			(3,499	)			(5,658	)
Research and development			(5,173	)			(3,428	)			(1,635	)
Total operating expenses			(122,547	)			(121,604	)			(123,042	)
Income from operations			26,288				25,592				29,285
Other income (expenses):
Interest income, net			69				262				3
Change in fair value of warrant liability			-				-				86
Other (expenses) income, net			(663	)			80				1,215
Total other (expenses) income			(594	)			342				1,304
Income before income tax			25,694				25,934				30,589
Income tax (expense) benefit			(73	)			34				(61	)
Net income			25,621				25,968				30,528
Less: net gain attributable to non-controlling interest			4				2				51
Net income attributable to Cheer Holding, Inc.’s shareholders		$	25,617			$	25,966			$	30,477
Other comprehensive gain (loss)
Unrealized foreign currency translation gain (loss)			14,604				(8,175	)			(2,233	)
Comprehensive income			40,225				17,793				28,295
Less: comprehensive gain (loss) attributable to non-controlling interests			8				(1	)			3
Comprehensive income attributable to Cheer Holding, Inc.’s shareholders		$	40,217			$	17,794			$	28,292
Earnings per ordinary share
Basic and dilutive*		$	24.07			$	125.72			$	150.31
Weighted average shares used in calculating earnings per ordinary share
Basic and dilutive*			1,064,433				206,544				172,750

* 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.

3

CHEER HOLDING, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In U.S. dollars in thousands)

		For the Years Ended December 31,
		2025				2024				2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	25,621			$	25,968			$	30,528
Adjustments to reconcile net income to net cash provided by operating activities:
(Reversal of provision) provision for credit losses			(2,939	)			(20	)			2,096
Provision for unamortized produced content			-				-				112
Depreciation and amortization			6,882				3,781				3,385
Impairment of intangible assets			1,199				-				-
Amortization of right-of-use assets			122				41				394
Loss from early termination of right-of-use assets			-				15				-
Deferred income tax expense (benefits)			73				(33	)			63
Share based compensation for employees			3,429				1,745				-
Written off of property and equipment			11				2				2
Amortization of loan origination fees			-				10				16
Change in fair value of warrant liability			-				-				(86	)
Income from waive of other payables			(22	)			(156	)			-
Changes in assets and liabilities
Accounts receivable			1,538				1,924				15,205
Prepayment and other current assets			(10,218	)			(514	)			(22,270	)
Unamortized produced content			-				(16	)			682
Accounts payable			599				(7,402	)			3,325
Contract liabilities			(26	)			(101	)			(14	)
Accrued liabilities and other payables			(1,497	)			-				(370	)
Other taxes payable			(6,722	)			(2,347	)			9,477
Lease liabilities			(111	)			(22	)			(371	)
Net cash provided by operating activities			17,939				22,875				42,174
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment			-				(1	)			(3	)
Purchase of intangible assets			(709	)			(24,861	)			-
Net cash used in investing activities			(709	)			(24,862	)			(3	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term bank loans			7,652				12,507				4,660
Repayments of short-term bank loans			(12,522	)			(6,949	)			(4,802	)
Proceeds from long-term bank loans			-				-				1,412
Payment of loan origination fees			-				(32	)			(58	)
Contribution (withdrawal of) from shareholders			-				5,525				(791	)
Borrowings from related parties			1,650				-				1,600
Repayments to related parties			-				(500	)			-
Proceeds from issuance of ordinary shares in connection with a private placement			21,044				-				80,000
Net cash provided by financing activities			17,824				10,551				82,021
Effect of exchange rate changes			9,368				(5,429	)			(149	)
Net increase in cash and cash equivalents			44,422				3,135				124,043
Cash and cash equivalents, at beginning of year			197,660				194,525				70,482
Cash and cash equivalents, at end of year		$	242,082			$	197,660			$	194,525
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interests paid		$	366			$	325			$	271
Income tax paid		$	-			$	-			$	-
SUPPLEMENTAL DISCLOSURE OF NON-CASH FLOW INFORMATION:
Acquisition of intangible assets from prepayments		$	14,390			$	4,464			$	4,464
Right-of-use assets obtained in exchange for operating lease liabilities		$	-			$	385			$	-

4

FAQ

How did Cheer Holding (CHR) perform financially in 2025?

Cheer Holding reported net income attributable to shareholders of $25,617 thousand in 2025. Revenue reached $148,835 thousand, slightly above 2024, while income from operations rose to $26,288 thousand, showing the business remained profitable with stable operating performance.

How did Cheer Holding’s 2025 results compare with 2024?

Revenue increased from $147,196 thousand in 2024 to $148,835 thousand in 2025. Net income attributable to shareholders was broadly flat, at $25,617 thousand versus $25,966 thousand, while income from operations improved slightly from $25,592 thousand to $26,288 thousand.

What was Cheer Holding’s cash position at the end of 2025?

Cheer Holding ended 2025 with cash and cash equivalents of $242,082 thousand. This was up from $197,660 thousand at the end of 2024, supported by net cash provided by operating activities of $17,939 thousand and financing cash inflows including a private placement.

How strong is Cheer Holding’s balance sheet after fiscal 2025?

Total assets were $401,691 thousand at December 31, 2025, with total liabilities of only $31,923 thousand. Total shareholders’ equity increased to $369,768 thousand, reflecting accumulated earnings, foreign currency translation gains and capital raised through issuance of ordinary shares.

What strategic priorities did Cheer Holding highlight for 2025?

Management emphasized continued momentum across its CHEERS ecosystem, with a strategic focus on artificial intelligence and groundwork for overseas expansion. They described the company as having a strong balance sheet and positioning itself to become a global leader in AI-powered digital ecosystems and related services.

How much operating cash flow did Cheer Holding generate in 2025?

Net cash provided by operating activities was $17,939 thousand in 2025. This compared with $22,875 thousand in 2024, reflecting working capital movements such as higher prepayments and tax payments, while still demonstrating that core operations generated meaningful positive cash flow.

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