Cheetah Mobile Announces First Quarter 2025 Unaudited Consolidated Financial Results

BEIJING, June 19, 2025 /PRNewswire/ -- Cheetah Mobile Inc. (NYSE: CMCM) ("Cheetah Mobile" or the "Company"), a China-based IT company, today announced its unaudited consolidated financial results for the quarter ended March 31, 2025.

Management Commentary

Mr. Sheng Fu, Cheetah Mobile's Chairman and Chief Executive Officer, remarked, "We kicked off 2025 with strong momentum - total revenue grew 36.1% year-over-year in the first quarter, and margins improved significantly. Our Internet business continued to perform robustly, with revenue increasing 46.0% year-over-year. Meanwhile, revenue from our AI and Others segment grew by 22.9% year-over-year and accelerated to 29.8% quarter-over-quarter. We narrowed our operating losses this quarter while maintaining strong investment in AI and robotics. We remain encouraged by the momentum we're seeing and expect continued progress as we execute against our AI strategy. Looking ahead, we see agentic AI as a true game-changer. AI models are moving beyond conversation and into real-world action, and Cheetah Mobile's long track record of productizing cutting-edge technology positions us to capture this shift. By doubling down on R&D and infusing AI Agents into both our consumer applications and robotics portfolio, we are helping usher China's LLM industry from infrastructure build-out to application-driven innovation. Our focus remains clear: to keep generating steady revenue and profit growth from our legacy businesses, while strengthening our position in new AI ventures by creating practical, utility-focused AI tools and robots that understand people and help them accomplish more."

Mr. Thomas Ren, Chief Financial Officer of Cheetah Mobile, commented: "We made significant progress in narrowing our losses in Q1 2025, supported by disciplined execution, cost optimization, and steady topline growth. In particular, our Internet business posted a notable improvement in operating margin, reaching 15.5% in the quarter, up from 7.9% a year ago. We also continued to improve efficiency in our AI and Others segment by focusing on scalable use cases, leveraging open-source models and AI tools and streamlining product development. While we continue to invest in the significant opportunity that LLM technology represents, we remain focused on consistent margin expansion and loss reduction, while maintaining a strong balance sheet."

First Quarter 2025 Financial Highlight

Total revenues grew by 36.1% year-over-year and 9.2% quarter-over-quarter, accelerating to RMB259.0 million (US$35.7 million) in the first quarter of 2025.
Gross profit increased by 67.2% year-over-year and 9.7% quarter-over-quarter, to RMB189.5 million (US$26.1 million) in the first quarter of 2025. Non-GAAP gross profit rose by 67.1% year-over-year and 10.0% quarter-over-quarter to RMB189.5 million (US$26.1 million).
Operating loss reduced significantly in the first quarter of 2025 to RMB26.5 million (US$3.7 million), compared to RMB80.6 million in the same period of last year and RMB207.1 million in the previous quarter. Non-GAAP operating loss in the first quarter of 2025 improved to RMB14.3 million (US$2.0 million) from RMB66.4 million in the same period of last year and RMB42.5 million in the previous quarter.
Net loss attributable to Cheetah Mobile Shareholders was RMB33.4 million (US$4.6 million), compared to RMB80.0 million in the same period of last year and RMB366.8 million in the previous quarter. Non-GAAP net loss attributable to Cheetah Mobile Shareholders was RMB21.1 million (US$2.9 million), compared to RMB65.8 million in the same period of last year and RMB202.1 million in the previous quarter.
As of March 31, 2025, the Company had cash and cash equivalents of RMB1,699.2 million (US$234.2 million), ensuring strong liquidity.
As of March 31, 2025, the Company had long-term investments of RMB813.1million (US$112.1 million).

Conference Call Information

The Company will hold a conference call on June 19, 2025, at 8:00 a.m. Eastern Time (or 8:00 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: 4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 8588778

English Translation:
International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: 4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 2026449

A live and archived webcast of the conference call will also be available at the Company's investor relations website at .

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 RMB7.2567 to US$1.00, the exchange rate in effect as of March 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 attracted hundreds of millions of users through an array of internet products and services on PCs and mobile devices. At the same time, it actively engages in the independent research and development of AI technologies, including LLM technologies. 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 service robots to international clients. Cheetah Mobile is also committed to leveraging its cutting-edge AI technologies, including LLM technologies, to empower its products and make the world smarter. It 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:

Non-GAAP cost of revenues excludes share-based compensation expenses;
Non-GAAP gross profit excludes share-based compensation expenses;
Non-GAAP gross margin excludes share-based compensation expenses;
Total non-GAAP operating expenses exclude share-based compensation expenses, amortization of intangible assets and impairment of goodwill resulting from business acquisitions;
Non-GAAP research and development expenses exclude share-based compensation expenses, amortization of intangible assets resulting from business acquisitions;
Non-GAAP selling and marketing expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;
Non-GAAP general and administrative expenses exclude share-based compensation expenses;
Non-GAAP operating profit/loss excludes share-based compensation expenses, amortization of intangible assets and impairment of goodwill resulting from business acquisitions;
Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses, amortization of intangible assets and impairment of goodwill resulting from business acquisitions;
Non-GAAP diluted earnings/losses per ADS excludes share-based compensation expenses, amortization of intangible assets and impairment of goodwill resulting from business acquisitions; and
Non-GAAP adjusted EBITDA represents net loss attributable to Cheetah Mobile shareholders excluding share-based compensation, interest income, depreciation and amortization, impairment of goodwill, net income attributable to noncontrolling interests, other income/expenses, net and income tax expenses/benefits.

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 and impairment of goodwill 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:

CHEETAH MOBILE INC.

Condensed Consolidated Balance Sheets

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

As of

December 31, 2024

March 31, 2025

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

1,833,031

1,699,237

234,161

Short-term investments

335

321

Accounts receivable, net

473,619

393,503

54,226

Prepayments and other current assets, net

1,365,761

1,006,307

138,673

Due from related parties, net

106,934

109,053

15,028

Total current assets

3,779,680

3,208,421

442,132

Non-current assets:

Property and equipment, net

51,564

41,590

5,731

Operating lease right-of-use assets

26,323

23,346

3,217

Intangible assets, net

190,665

183,518

25,289

Goodwill

424,099

58,442

Long-term investments

817,330

813,119

112,051

Deferred tax assets

128,581

124,493

17,156

Other non-current assets

86,059

84,896

11,701

Total non-current assets

1,724,621

1,695,061

233,587

Total assets

5,504,301

4,903,482

675,719

LIABILITIES, MEZZANINE EQUITY
AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

219,566

220,088

30,329

Accrued expenses and other current liabilities

2,756,805

2,178,388

300,190

Due to related parties

69,606

70,896

9,770

Income tax payable

35,804

35,680

4,917

Total current liabilities

3,081,781

2,505,052

345,206

Non-current liabilities:

Deferred tax liabilities

43,046

42,023

5,791

Other non-current liabilities

172,348

169,416

23,346

Total non-current liabilities

215,394

211,439

29,137

Total liabilities

3,297,175

2,716,491

374,343

Mezzanine equity:

Redeemable noncontrolling interests

189,725

191,984

26,456

Shareholders' equity:

Ordinary shares

248

Additional paid-in capital

2,722,504

2,730,456

376,267

Accumulated deficit

(1,232,577)

(1,265,934)

(174,450)

Accumulated other comprehensive income

410,423

411,397

56,692

Total Cheetah Mobile Inc. shareholders'
equity

1,900,598

1,876,167

258,543

Noncontrolling interests

116,803

118,840

16,377

Total shareholders' equity

2,017,401

1,995,007

274,920

Total liabilities, mezzanine equity and
shareholders' equity

5,504,301

4,903,482

675,719

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

March 31, 2024

December 31, 2024

March 31, 2025

RMB

USD

Revenues

190,288

237,089

259,006

35,692

Internet business

109,020

160,152

159,141

21,930

AI and others

81,268

76,937

99,865

13,762

Cost of revenues (a)

(76,952)

(64,317)

(69,505)

(9,578)

Gross profit

113,336

172,772

189,501

26,114

Operating income and expenses:

Research and development (a)

(57,331)

(65,506)

(61,244)

(8,440)

Selling and marketing (a)

(67,940)

(104,851)

(104,838)

(14,447)

General and administrative (a)

(69,145)

(56,281)

(52,624)

(7,252)

Impairment of goodwill

(152,890)

Other operating income/(expense), net

508

(377)

2,670

368

Total operating income and expenses

(193,908)

(379,905)

(216,036)

(29,771)

Operating loss

(80,572)

(207,133)

(26,535)

(3,657)

Other income/(expenses):

Interest income, net

15,316

9,862

5,605

772

Foreign exchange (losses)/gains

(3,277)

(32,236)

1,650

227

Other expense, net

(7,595)

(82,300)

(4,009)

(552)

Loss before income taxes

(76,128)

(311,807)

(23,289)

(3,210)

Income tax expenses

(198)

(51,064)

(4,820)

(664)

Net loss

(76,326)

(362,871)

(28,109)

(3,874)

Less: net income attributable to
noncontrolling interests

3,709

3,913

5,248

723

Net loss attributable to Cheetah Mobile
shareholders

(80,035)

(366,784)

(33,357)

(4,597)

Net loss per share

Basic

(0.0549)

(0.2438)

(0.0235)

(0.0032)

Diluted

(0.0550)

(0.2439)

(0.0236)

(0.0033)

Net loss per ADS

Basic

(2.7450)

(12.1907)

(1.1749)

(0.1600)

Diluted

(2.7500)

(12.1947)

(1.1814)

(0.1650)

Weighted average number of shares
outstanding

Basic

1,494,213,830

1,512,707,145

1,515,787,128

Diluted

1,494,213,830

1,512,707,145

1,515,787,128

Weighted average number of ADSs
outstanding

Basic

29,884,277

30,254,143

30,315,743

Diluted

29,884,277

30,254,143

30,315,743

Other comprehensive income/(loss) , net of
tax of nil

Foreign currency translation adjustments

21,031

51,667

(272)

(37)

Unrealized gains on available-for-sale
securities, net

1,772

7,277

2,660

367

Other comprehensive income

22,803

58,944

2,388

330

Total comprehensive loss

(53,523)

(303,927)

(25,721)

(3,544)

Less: Total comprehensive income
attributable to noncontrolling interests

2,426

2,199

6,662

918

Total comprehensive loss attributable to
Cheetah Mobile shareholders

(55,949)

(306,126)

(32,383)

(4,462)

For The Three Months Ended

March 31,
2024

December 31,
2024

March 31,
2025

(a) Share-based compensation expenses

RMB

USD

Cost of revenues

(460)

Research and development

292

1,280

296

Selling and marketing

(44)

(495)

General and administrative

7,245

4,819

5,212

718

Total

7,585

5,144

5,584

770

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 March 31, 2025

GAAP

Share-based

Amortization of

Non-GAAP

Result

Compensation

intangible assets*

Result

RMB

USD

Revenues

259,006

35,692

Cost of revenues

(69,505)

(69,500)

(9,577)

Gross profit

189,501

189,506

26,115

Research and development

(61,244)

296

6,156

(54,792)

(7,551)

Selling and marketing

(104,838)

469

(104,298)

(14,372)

General and administrative

(52,624)

5,212

(47,412)

(6,534)

Other operating income, net

2,670

368

Total operating income and expenses

(216,036)

5,579

6,625

(203,832)

(28,089)

Operating loss

(26,535)

5,584

6,625

(14,326)

(1,974)

Net loss attributable to Cheetah Mobile shareholders

(33,357)

5,584

6,625

(21,148)

(2,914)

Diluted losses per ordinary share (RMB)

(0.0236)

0.0037

0.0043

(0.0156)

Diluted losses per ADS (RMB)

(1.1814)

0.1850

0.2164

(0.7800)

Diluted losses per ADS (USD)

(0.1650)

0.0255

0.0320

(0.1075)

For The Three Months Ended December 31, 2024

GAAP

Share-based

Amortization of

Impairment

Non-GAAP

Result

Compensation

intangible assets*

of goodwill

Result

RMB

Revenues

237,089

Cost of revenues

(64,317)

(460)

(64,777)

Gross profit

172,772

(460)

172,312

Research and development

(65,506)

1,280

6,156

(58,070)

Selling and marketing

(104,851)

(495)

469

(104,877)

General and administrative

(56,281)

4,819

(51,462)

Impairment of goodwill

(152,890)

152,890

Other operating loss, net

(377)

Total operating income and expenses

(379,905)

5,604

6,625

152,890

(214,786)

Operating loss

(207,133)

5,144

6,625

152,890

(42,474)

Net loss attributable to Cheetah Mobile shareholders

(366,784)

5,144

6,625

152,890

(202,125)

Diluted losses per ordinary share (RMB)

(0.2439)

0.0034

0.0044

0.1011

(0.1350)

Diluted losses per ADS (RMB)

(12.1947)

0.1700

0.2200

5.0547

(6.7500)

For The Three Months Ended March 31, 2024

GAAP

Share-based

Amortization of

Non-GAAP

Result

Compensation

intangible assets*

Result

RMB

Revenues

190,288

Cost of revenues

(76,952)

(76,860)

Gross profit

113,336

113,428

Research and development

(57,331)

292

6,156

(50,883)

Selling and marketing

(67,940)

(44)

469

(67,515)

General and administrative

(69,145)

7,245

(61,900)

Other operating income, net

508

Total operating income and expenses

(193,908)

7,493

6,625

(179,790)

Operating loss

(80,572)

7,585

6,625

(66,362)

Net loss attributable to Cheetah Mobile shareholders

(80,035)

7,585

6,625

(65,825)

Diluted losses per ordinary share (RMB)

(0.0550)

0.0052

0.0043

(0.0455)

Diluted losses per ADS (RMB)

(2.7500)

0.2600

0.2150

(2.2750)

* 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 March 31, 2025

Internet Business

AI and others

Consolidated

RMB

USD

Revenues

159,141

99,865

259,006

35,692

Operating Costs and expenses

Cost of revenues(i)

22,992

46,508

69,500

9,577

Selling and marketing(i)

67,496

37,271

104,767

14,437

Research and development(i)

32,843

28,105

60,948

8,399

Other segment items(i)

11,203

33,539

44,742

6,166

Adjusted operating income/(losses)

24,607

(45,558)

(20,951)

(2,887)

Unallocated amounts-share based compensations

(5,584)

(770)

Operating loss

(26,535)

(3,657)

Reconciliation of segment profit/(loss)

Interest income, net

5,605

772

Foreign exchange gains, net

1,650

227

Other (expense)/income, net

(4,009)

(552)

Loss before income taxes

(23,289)

(3,210)

For The Three Months Ended December 31, 2024

Internet Business

AI and others

Consolidated

RMB

Revenues

160,152

76,937

237,089

Operating Costs and expenses

Cost of revenues(i)

21,174

43,603

64,777

Selling and marketing(i)

70,243

35,103

105,346

Research and development(i)

30,651

33,575

64,226

Other segment items(i)

11,877

192,852

204,729

Adjusted operating income/(losses)

26,207

(228,196)

(201,989)

Unallocated amounts-share based compensations

(5,144)

Operating loss

(207,133)

Reconciliation of segment profit/(loss)

Interest income, net

9,862

Foreign exchange losses, net

(32,236)

Other (expense)/income, net

(82,300)

Loss before income taxes

(311,807)

For The Three Months Ended March 31, 2024

Internet Business

AI and others

Consolidated

RMB

Revenues

109,020

81,268

190,288

Operating Costs and expenses

Cost of revenues(i)

19,221

57,639

76,860

Selling and marketing(i)

38,205

29,779

67,984

Research and development(i)

26,787

30,252

57,039

Other segment items(i)

16,145

45,247

61,392

Adjusted operating income/(losses)

8,662

(81,649)

(72,987)

Unallocated amounts-share based compensations

(7,585)

Operating loss

(80,572)

Reconciliation of segment profit/(loss)

Interest income, net

15,316

Foreign exchange losses, net

(3,277)

Other (expense)/income, net

(7,595)

Loss before income taxes

(76,128)

(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

March 31, 2024

December 31, 2024

March 31, 2025

RMB

USD

Net loss attributable to Cheetah Mobile shareholders

(80,035)

(366,784)

(33,357)

(4,597)

Add:

Income tax expenses

198

51,064

4,820

664

Interest income, net

(15,316)

(9,862)

(5,605)

(772)

Depreciation and other amortization

12,312

14,619

9,782

1,348

Net income attributable to noncontrolling interests

3,709

3,913

5,248

723

Other expense

10,872

114,536

2,359

325

Share-based compensation

7,585

5,144

5,584

770

Impairment of goodwill

152,890

Adjusted EBITDA

(60,675)

(34,480)

(11,169)

(1,539)

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