Cheer Holding Reports Full Year 2024 Financial Results

Core Insights - Cheer Holding, Inc. reported a revenue of approximately $147.2 million for the year ended December 31, 2024, a decrease of about $5.1 million or 3.37% from $152.3 million in 2023, primarily due to a decline in advertising revenue [2][6] - The company achieved a net income of approximately $26 million for 2024, down from $30.5 million in 2023 [6][16] - Total downloads of CHEERS Apps reached approximately 523.3 million, reflecting a growth of 10.4% year-over-year [2][4] Financial Highlights - Revenues for 2024 were approximately $147.2 million, down from $152.3 million in 2023, with a notable $4.8 million drop in advertising revenue [2][16] - Net income decreased to approximately $26 million in 2024 from $30.5 million in 2023 [6][16] - Cash and cash equivalents increased to approximately $197.7 million as of December 31, 2024, compared to $194.2 million in 2023 [7][14] Operating Highlights - Operating expenses decreased slightly by about $0.1 million to approximately $121.6 million in 2024, aligning with revenue trends [3][16] - Monthly Active Users of CHEERS Video increased by 4.4% to approximately 52.3 million, while CHEERS e-Mall saw a 6.2% increase in Monthly Active Users to approximately 6.9 million [4][16] - CHEERS Telepathy experienced a significant growth of 830.8% in downloads, reaching approximately 12.1 million [4] Product Performance - CHEERS Video downloads grew by 6.3% year-over-year to approximately 436 million, with users spending an average of 60 minutes daily on the platform [4] - CHEERS e-Mall downloads increased by 13.5% year-over-year to approximately 60.7 million, with a repurchase rate of 39.7% [4] - CheerReal downloads surged by 57.6% year-over-year to approximately 14.5 million, with 25,856 digital art collections listed in 2024 [4] Cash Flow and Liquidity - Net cash provided by operating activities was approximately $22.9 million in 2024, down from $42.2 million in 2023 [18] - The company reported a total working capital of approximately $265.7 million as of December 31, 2024 [7][14] - The total assets of Cheer Holding increased to approximately $346.6 million in 2024 from $327.6 million in 2023 [14][15]