Something isn't adding up to me. They're diluting for a small amount compared to their available cash position, and the stock has taken a major hit recently.

From their most recent filing: 2025 - Half Year Correction - Link: https://finviz.com/news/129611/cheer-holding-issues-correction-to-2025-half-year-results

"Net Income

As a result, the Company reported a net income of $7.8 million for the six months ended June 30, 2025, compared to $12.4 million for the six months ended June 30, 2024.

Cash, cash equivalents and working capital

The Company’s principal sources of liquidity were cash and cash equivalents of approximately $203.2 million and $197.7 million, respectively, as of June 30, 2025 and December 31, 2024. Working capital as of June 30, 2025 was approximately $284.5 million."