Cheer Holding, Inc.

What they do

Cheer Holding operates a digital media and technology business in China through its consolidated subsidiaries and variable interest entities, including Xing Cui Can and Horgos. The company was formed through the acquisition of Glory Star New Media Group Limited by TKK Symphony Acquisition Corporation. It is organized under Cayman Islands law and headquartered in Beijing. The company's Class A Ordinary Shares trade on the Nasdaq Capital Market under the symbol CHR.

Revenue drivers

• Digital media and technology services — The company generates revenue through its China-based media and technology operations, though the filing excerpt provided does not disclose segment-level revenue breakdown.

Recent performance

Cheer Holding reported revenue of $148.8 million for fiscal year 2025, up slightly from $147.2 million in 2024, following declines from $152.3 million in 2023. Net income for 2025 was $25.6 million, down 1.5% from $26.0 million in 2024 and 16.1% below 2023 net income of $30.5 million. Operating cash flow was $17.9 million in 2025, down from $22.9 million in 2024 and $42.2 million in 2023. Diluted EPS was $24.07 in 2025, a decrease from $125.72 in 2024 and $150.31 in 2023. As of December 31, 2025, total assets were $401.7 million, total liabilities were $31.9 million, and shareholder equity was $369.7 million.

Strategy

The filing excerpts provided do not detail specific strategic initiatives, investments, or priorities beyond describing the company's structure following the business combination. The company operates through its China-based consolidated entities, including Xing Cui Can and Horgos. No specific forward-looking investments or product roadmaps were disclosed in the provided excerpt.

Risks

• VIE structure risk — The company operates in China through variable interest entities (Xing Cui Can and Horgos), which may pose regulatory and enforcement risks under PRC law.
• Revenue concentration in China — Cheer Holding's operations are primarily based in Beijing, China, exposing the company to PRC regulatory, economic, and geopolitical risks.
• Declining operating cash flow — Operating cash flow declined to $17.9 million in 2025 from $42.2 million in 2023, indicating potential deterioration in cash generation.
• Falling net income — Net income has declined from $30.5 million in 2023 to $25.6 million in 2025, with diluted EPS dropping from $150.31 to $24.07 over the same period.

Outlook

The filing excerpts provided do not contain management's specific outlook or forward guidance. No forecasts or projections for future periods were included in the excerpt. Management's discussion and analysis is not available in the provided text beyond the financial data already summarized.