Cheer Holding, Inc. announced its financial results for the full year ended December 31, 2024, on March 10, 2025. The company reported revenues of approximately $147.2 million, marking a 3.37% decrease from $152.3 million in 2023. This decline was primarily attributed to a $4.8 million drop in advertising revenue, as customers reduced orders due to a challenging macroeconomic environment.
Net income for the full year 2024 was approximately $26.0 million, down from $30.5 million in the prior year. Despite the revenue and net income decline, total downloads of CHEERS Apps reached approximately 523.3 million as of December 31, 2024, representing a growth of 10.4% from December 31, 2023.
The company maintained a strong liquidity position, with cash and cash equivalents of approximately $197.7 million as of December 31, 2024. Working capital stood at approximately $265.7 million, indicating solid financial health despite the revenue headwinds in its advertising segment.
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