Cheetah Mobile Announces Fourth Quarter and Fiscal Year 2025 Unaudited Consolidated Financial Results

AI and Others revenue grew 84.7% year over year and accounted for 46.5% of total revenue in 2025

BEIJING, March 24, 2026 /PRNewswire/ -- Cheetah Mobile Inc. ("Cheetah Mobile" or the "Company") (NYSE: CMCM), a China-based IT company with a commitment to AI innovation, today announced its unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2025.

Full Year 2025 Financial Highlights

Total revenues increased by 42.6% year over year to RMB 1,150.4 million (US$164.5 million) in 2025, driven by strong expansion across business segments.

Gross profit increased by 53.0% year over year to RMB 834.0 million (US$119.3 million). Gross margin improved to 72.5% in 2025 from 67.6% in 2024. On a non-GAAP basis, gross profit was RMB 834.0 million (US$119.3 million), and non-GAAP gross margin was 72.5%.

Operating loss decreased by 59.0% year over year to RMB 179.4 million (US$25.7 million) in 2025. On a non-GAAP basis, operating profit was RMB 14.2 million (US$2.0 million), compared with a non-GAAP operating loss of RMB 231.8 million in 2024.

Cash and cash equivalents were RMB 1,506.6 million (US$215.4 million) as of December 31, 2025.

Fourth Quarter 2025 Financial Highlights

Total revenues increased by 30.3% year over year and 7.5% quarter over quarter to RMB 308.9 million (US$44.2 million) in the fourth quarter of 2025.

Gross profit increased by 18.9% year over year to RMB 205.4 million (US$29.4 million) in the fourth quarter of 2025. On a non-GAAP basis, gross profit increased by 19.2% year over year to RMB 205.4 million (US$29.4 million).

Operating loss decreased by 29.6% year over year to RMB 145.8 million (US$20.8 million) in the fourth quarter of 2025. On a non-GAAP basis, operating profit was RMB 15.5 million (US$2.2 million), compared with a non-GAAP operating loss of RMB 42.5 million in the fourth quarter of 2024.

Management Commentary

Fu Sheng, Chief Executive Officer of Cheetah Mobile, commented: "2025 marked a turning point for Cheetah Mobile. We delivered revenue growth while meaningfully improving operating efficiency and achieved full-year non-GAAP operating profitability. Our robotics business, which represented approximately 18.9% of total revenue in the fourth quarter, increased 93.6% year over year and 42.9% quarter over quarter, showing strong growth momentum. We are expanding our robotic product portfolio with a consumer-facing smart wheelchair, leveraging our existing autonomous mobility technologies. Our internet business remained a stable cash-generating platform, supporting disciplined investment in AI-driven capabilities. Leveraging our long-standing utility product experience, we continued to enhance our AI agent products, with the introduction of EasyClaw, our AI coworker platform designed to help users create and deploy AI agents more easily. While monetization remains at an early stage, these initiatives are part of our long-term strategy to build sustainable growth engines."

Thomas Ren, Chief Financial Officer of Cheetah Mobile, commented: "In 2025, we continued to strengthen operating discipline and improve cost efficiency across the organization. Although we reported a GAAP operating loss for the year, operating loss narrowed significantly year over year. On a non-GAAP basis, we achieved operating profitability, reflecting an improved cost structure and increasing operating leverage. Within our Internet business, internet value-added services, which contributed 74.8% of this segment's revenues in the fourth quarter of 2025, expanded by 32.0% year over year and 16.2% quarter over quarter, enhancing earnings visibility and margin stability. In our AI and Others segment, revenue contribution increased year over year and accounted for nearly half of total revenues in the fourth quarter of 2025, while operating loss narrowed as we maintained selective investment and cost control. We ended the year with a solid cash position, providing financial flexibility to support disciplined capital allocation."

Conference Call Information

The Company will hold a conference call on March 24, 2026, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial results. Listeners may access the call by dialing the following numbers:

Main Line:

International: 1-412-317-6061

United States Toll Free: 1-888-317-6003

Mainland China Toll Free: +86-4001-206115

Hong Kong Toll Free: 800-963976

Conference ID: 8826704

English Translation:

International: 1-412-317-6061

United States Toll Free: 1-888-317-6003

Mainland China Toll Free: +86-4001-206115

Hong Kong Toll Free: 800-963976

Conference ID: 6928279

A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cmcm.com.

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars in this press release were made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025, as set forth in the H.10 statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America ("U.S. GAAP").

About Cheetah Mobile Inc.

Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has developed and launched a diversified suite of software products for PCs and mobile devices, designed to address users' needs in document processing, system optimization, image editing and web browsing, among others. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, multi-cloud management platform to companies globally, as well as robotic products to international clients. At the same time, it actively engages in research and development of advanced technologies to empower its products and services. Cheetah Mobile has been listed on the New York Stock Exchange since May 2014.

Safe Harbor Statement

This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Such statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements, including but are not limited to the following: Cheetah Mobile's growth strategies; Cheetah Mobile's ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile's ability to monetize its platform; Cheetah Mobile's future business development, financial condition and results of operations; competition with companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile's revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile's filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Use of Non-GAAP Financial Measures

This release contains non-GAAP financial measures, including but not limited to:

The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of share-based compensation expenses, amortization of intangible assets, amortization of intangible assets resulting from business acquisitions, impairment of goodwill and intangible assets resulting from business acquisitions, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Cheetah Mobile Inc. Reconciliation of GAAP and non-GAAP Results".

Investor Relations Contact

Helen Jing Zhu

Cheetah Mobile Inc.

Tel: +86 10 6292 7779

Email: [email protected]

CHEETAH MOBILE INC.

Condensed Consolidated Balance Sheets

(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"))

As of

December 31, 2024

December 31, 2025

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

1,833,031

1,506,625

215,445

Short-term investments

335

9,527

1,362

Accounts receivable, net

473,619

468,058

66,931

Prepayments and other current assets, net

1,365,761

1,154,774

165,132

Due from related parties, net

106,934

94,821

13,559

Total current assets

3,779,680

3,233,805

462,429

Non-current assets:

Property and equipment, net

51,564

40,238

5,754

Operating lease right-of-use assets

26,323

16,833

2,407

Intangible assets, net

190,665

54,069

7,732

Goodwill

424,099

460,034

65,784

Long-term investments

817,330

688,459

98,448

Deferred tax assets

128,581

112,913

16,146

Other non-current assets

86,059

77,521

11,085

Total non-current assets

1,724,621

1,450,067

207,356

Total assets

5,504,301

4,683,872

669,785

LIABILITIES, MEZZANINE EQUITY

AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

219,566

211,689

30,271

Accrued expenses and other current liabilities

2,756,805

2,264,659

323,842

Due to related parties

69,606

18,613

2,662

Income tax payable

35,804

54,430

7,783

Total current liabilities

3,081,781

2,549,391

364,558

Non-current liabilities:

Deferred tax liabilities

43,046

21,711

3,105

Other non-current liabilities

172,348

154,422

22,082

Total non-current liabilities

215,394

176,133

25,187

Total liabilities

3,297,175

2,725,524

389,745

Mezzanine equity:

Redeemable noncontrolling interests

189,725

197,560

28,251

Shareholders' equity:

Ordinary shares

248

254

Additional paid-in capital

2,722,504

2,736,117

391,260

Accumulated deficit

(1,232,577)

(1,490,947)

(213,203)

Accumulated other comprehensive income

410,423

362,245

51,800

Total Cheetah Mobile Inc. shareholders'

equity

1,900,598

1,607,669

229,893

Noncontrolling interests

116,803

153,119

21,896

Total shareholders' equity

2,017,401

1,760,788

251,789

Total liabilities, mezzanine equity and

shareholders' equity

5,504,301

4,683,872

669,785

CHEETAH MOBILE INC.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"), except for number of shares and per share(or ADS) data)

For The Three Months Ended

For The Year Ended

December 31,

2024

December 31,

2025

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2025

RMB

USD

RMB

USD

Revenues

237,089

308,851

44,165

806,877

1,150,444

164,511

Internet business

160,152

155,896

22,293

517,188

615,281

87,984

AI and others

76,937

152,955

21,872

289,689

535,163

76,527

Cost of revenues (a)

(64,317)

(103,475)

(14,797)

(261,682)

(316,411)

(45,246)

Gross profit

172,772

205,376

29,368

545,195

834,033

119,265

Operating income and expenses:

Research and development (a)

(65,506)

(149,863)

(21,430)

(243,391)

(346,152)

(49,499)

Selling and marketing (a)

(104,851)

(72,657)

(10,390)

(342,421)

(362,735)

(51,870)

General and administrative (a)

(56,281)

(87,101)

(12,455)

(244,385)

(266,522)

(38,112)

Impairment of goodwill and intangible

assets

(152,890)

(41,563)

(5,943)

(152,890)

(41,563)

(5,943)

Other operating (expense)/income

(377)

637

3,496

500

Total operating income and expenses

(379,905)

(351,153)

(50,214)

(982,450)

(1,013,476)

(144,924)

Operating loss

(207,133)

(145,777)

(20,846)

(437,255)

(179,443)

(25,659)

Other income/(expenses):

Interest income, net

9,862

5,484

784

44,422

30,629

4,380

Foreign exchange (losses)/gains

(32,236)

14,156

2,024

(21,726)

30,783

4,402

Other expense, net

(82,300)

(74,481)

(10,651)

(139,769)

(108,652)

(15,537)

Loss before income taxes

(311,807)

(200,618)

(28,689)

(554,328)

(226,683)

(32,414)

Income tax (expenses)/benefits

(51,064)

13,722

1,962

(47,258)

(8,469)

(1,211)

Net loss

(362,871)

(186,896)

(26,727)

(601,586)

(235,152)

(33,625)

Less: net income attributable to

noncontrolling interests

3,913

3,843

550

15,971

22,561

3,226

Net loss attributable to Cheetah

Mobile shareholders

(366,784)

(190,739)

(27,277)

(617,557)

(257,713)

(36,851)

Net loss per share

Basic

(0.2438)

(0.1262)

(0.0180)

(0.4161)

(0.1754)

(0.0251)

Diluted

(0.2439)

(0.1262)

(0.0180)

(0.4162)

(0.1764)

(0.0252)

Net loss per ADS

Basic

(12.1907)

(6.3082)

(0.9000)

(20.8042)

(8.7724)

(1.2550)

Diluted

(12.1947)

(6.3082)

(0.9000)

(20.8097)

(8.8185)

(1.2600)

Weighted average number of shares

outstanding

Basic

1,512,707,145

1,550,604,238

1,503,054,847

1,533,473,068

Diluted

1,512,707,145

1,550,604,238

1,503,054,847

1,533,473,068

Weighted average number of ADSs

outstanding

Basic

30,254,143

31,012,085

30,061,097

30,669,461

Diluted

30,254,143

31,012,085

30,061,097

30,669,461

Other comprehensive income/(loss) ,

net of tax of nil

Foreign currency translation adjustments

51,667

(25,511)

(3,648)

49,045

(50,422)

(7,210)

Unrealized gains/(losses) on available-

for-sale securities, net

7,277

(5,541)

(792)

2,642

1,121

160

Other comprehensive income/(loss)

58,944

(31,052)

(4,440)

51,687

(49,301)

(7,050)

Total comprehensive loss

(303,927)

(217,948)

(31,167)

(549,899)

(284,453)

(40,675)

Less: Total comprehensive income

attributable to noncontrolling

interests

2,199

1,889

270

14,089

21,438

3,066

Total comprehensive loss attributable to

Cheetah Mobile shareholders

(306,126)

(219,837)

(31,437)

(563,988)

(305,891)

(43,741)

For The Three Months Ended

For The Year Ended

December 31,

2024

December 31,

2025

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2025

(a) Share-based compensation expenses

RMB

USD

RMB

USD

Cost of revenues

(460)

Research and development

1,280

1,007

144

1,924

1,193

171

Selling and marketing

(495)

290

(662)

773

111

General and administrative

4,819

7,867

1,125

24,758

17,858

2,554

Total

5,144

9,166

1,310

26,101

19,840

2,838

CHEETAH MOBILE INC.

Reconciliation of GAAP and Non-GAAP Results

(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"), except for per share data )

For The Three Months Ended December 31, 2025

For The Year Ended December 31, 2025

GAAP

Share-based

Amortization

Impairment

Non-GAAP

GAAP

Share-based

Amortization

Impairment

Non-GAAP

Result

Compensation

intangible

assets*

of goodwill

and

intangible

assets

Result

Compensation

intangible

assets*

of goodwill

and

intangible

assets

Result

RMB

USD

RMB

USD

Revenues

308,851

44,165

1,150,444

164,511

Cost of revenues

(103,475)

(103,473)

(14,797)

(316,411)

(316,395)

(45,244)

Gross profit

205,376

205,378

29,368

834,033

834,049

119,267

Research and development

(149,863)

1,007

108,471

(40,385)

(5,775)

(346,152)

1,193

127,171

(217,788)

(31,143)

Selling and marketing

(72,657)

290

2,070

(70,297)

(10,053)

(362,735)

773

5,078

(356,884)

(51,033)

General and administrative

(87,101)

7,867

(79,234)

(11,330)

(266,522)

17,858

(248,664)

(35,558)

Impairment of goodwill and

intangible assets

(41,563)

41,563

(41,563)

41,563

Other operating income, net

3,496

500

Total operating income and

expenses

(351,153)

9,164

110,541

41,563

(189,885)

(27,154)

(1,013,476)

19,824

132,249

41,563

(819,840)

(117,234)

Operating (loss)/income

(145,777)

9,166

110,541

41,563

15,493

2,214

(179,443)

19,840

132,249

41,563

14,209

2,033

Net loss attributable to Cheetah

Mobile shareholders

(190,739)

9,166

110,541

41,563

(29,469)

(4,217)

(257,713)

19,840

132,249

41,563

(64,061)

(9,159)

Diluted losses per ordinary share

(RMB)

(0.1262)

0.0059

0.0714

0.0268

(0.0221)

(0.1764)

0.0129

0.0863

0.0271

(0.0501)

Diluted losses per ADS (RMB)

(6.3082)

0.2950

3.5682

1.3400

(1.1050)

(8.8185)

0.6450

4.3135

1.3550

(2.5050)

Diluted losses per ADS (USD)

(0.9000)

0.0422

0.5082

0.1916

(0.1580)

(1.2600)

0.0922

0.6158

0.1938

(0.3582)

For The Three Months Ended December 31, 2024

For The Year Ended December 31, 2024

GAAP

Share-based

Amortization of

Impairment

Non-GAAP

GAAP

Share-based

Amortization of

Impairment

Non-GAAP

Result

Compensation

intangible

assets*

of goodwill

and

intangible

assets

Result

Compensation

intangible

assets*

of goodwill

and

intangible

assets

Result

RMB

Revenues

237,089

806,877

Cost of revenues

(64,317)

(460)

(64,777)

(261,682)

(261,601)

Gross profit

172,772

(460)

172,312

545,195

545,276

Research and development

(65,506)

1,280

6,156

(58,070)

(243,391)

1,924

24,624

(216,843)

Selling and marketing

(104,851)

(495)

469

(104,877)

(342,421)

(662)

1,876

(341,207)

General and administrative

(56,281)

4,819

(51,462)

(244,385)

24,758

(219,627)

Impairment of goodwill and intangible

assets

(152,890)

152,890

(152,890)

152,890

Other operating income, net

(377)

637

Total operating income and expenses

(379,905)

5,604

6,625

152,890

(214,786)

(982,450)

26,020

26,500

152,890

(777,040)

Operating loss

(207,133)

5,144

6,625

152,890

(42,474)

(437,255)

26,101

26,500

152,890

(231,764)

Net loss attributable to Cheetah Mobile

shareholders

(366,784)

5,144

6,625

152,890

(202,125)

(617,557)

26,101

26,500

152,890

(412,066)

Diluted losses per ordinary share (RMB)

(0.2439)

0.0034

0.0044

0.1011

(0.1350)

(0.4162)

0.0174

0.0176

0.1017

(0.2795)

Diluted losses per ADS (RMB)

(12.1947)

0.1700

0.2200

5.0547

(6.7500)

(20.8097)

0.8700

0.8800

5.0847

(13.9750)

* This represents amortization of intangible assets resulting from business acquisitions.

CHEETAH MOBILE INC.

Information about Segment

(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"), except for percentage)

For The Three Months Ended December 31, 2025

For The Year Ended December 31, 2025

Internet Business

AI and others

Consolidated

Internet Business

AI and others

Consolidated

RMB

USD

RMB

USD

Revenues

155,896

152,955

308,851

44,165

615,281

535,163

1,150,444

164,511

Operating Costs and expenses

Cost of revenues (i)

31,300

72,173

103,473

14,797

106,606

209,789

316,395

45,244

Selling and marketing (i)

45,326

27,041

72,367

10,349

220,312

141,650

361,962

51,759

Research and development (i)

10,367

138,489

148,856

21,286

110,060

234,899

344,959

49,328

Other segment items (i)

22,237

98,529

120,766

17,269

63,436

223,295

286,731

41,001

Adjusted operating income/(losses)

46,666

(183,277)

(136,611)

(19,536)

114,867

(274,470)

(159,603)

(22,821)

Unallocated amounts-share based compensations

(9,166)

(1,310)

(19,840)

(2,838)

Operating loss

(145,777)

(20,846)

(179,443)

(25,659)

Reconciliation of segment profit/(loss)

Interest income, net

5,484

784

30,629

4,380

Foreign exchange gains, net

14,156

2,024

30,783

4,402

Other expense, net

(74,481)

(10,651)

(108,652)

(15,537)

Loss before income taxes

(200,618)

(28,689)

(226,683)

(32,414)

For The Three Months Ended December 31, 2024

For The Year Ended December 31, 2024

Internet

Business

AI and others

Consolidated

Internet

Business

AI and others

Consolidated

RMB

Revenues

160,152

76,937

237,089

517,188

289,689

806,877

Operating Costs and expenses

Cost of revenues (i)

21,174

43,603

64,777

79,812

181,789

261,601

Selling and marketing (i)

70,243

35,103

105,346

200,945

142,138

343,083

Research and development (i)

30,651

33,575

64,226

115,476

125,991

241,467

Other segment items (i)

11,877

192,852

204,729

58,122

313,758

371,880

Adjusted operating income/(losses)

26,207

(228,196)

(201,989)

62,833

(473,987)

(411,154)

Unallocated amounts-share based compensations

(5,144)

(26,101)

Operating loss

(207,133)

(437,255)

Reconciliation of segment profit/(loss)

Interest income, net

9,862

44,422

Foreign exchange gains, net

(32,236)

(21,726)

Other expense, net

(82,300)

(139,769)

Loss before income taxes

(311,807)

(554,328)

(i) Share-based compensations were not allocated to segments. Other segment items include general and administrative expenses and other operating expenses allocated to the respective segments.

CHEETAH MOBILE INC.

Reconciliation from Net Loss Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP)

(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"))

For The Three Months Ended

For The Year Ended

December 31,

2024

December 31,

2025

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2025

RMB

USD

RMB

USD

Net loss attributable to Cheetah Mobile

shareholders

(366,784)

(190,739)

(27,277)

(617,557)

(257,713)

(36,851)

Add:

Income tax expenses/(benefits)

51,064

(13,722)

(1,962)

47,258

8,469

1,211

Interest income, net

(9,862)

(5,484)

(784)

(44,422)

(30,629)

(4,380)

Depreciation and other amortization

14,619

114,426

16,363

51,453

147,235

21,054

Net income attributable to noncontrolling

interests

3,913

3,843

550

15,971

22,561

3,226

Other expense, net

114,536

60,325

8,627

161,495

77,869

11,135

Share-based compensation

5,144

9,166

1,310

26,101

19,840

2,838

Impairment of goodwill and intangible

assets

152,890

41,563

5,943

152,890

41,563

5,943

Adjusted EBITDA

(34,480)

19,378

2,770

(206,811)

29,195

4,176

SOURCE Cheetah Mobile