Preheat the oven to 325°F. Line a 9x5-inch metal loaf pan with parchment paper and spray with nonstick cooking spray.
To a medium, microwave-safe bowl, add the chocolate chips. Microwave in 30-second intervals, stirring in between, until the chips are melted and smooth. Set aside to cool slightly while you prepare the dry ingredients.
In a medium bowl, whisk together the flour, cocoa powder, baking soda, and salt.
To the bowl of a stand mixer with a paddle attachment, add the eggs and sugar. Beat until light and fluffy, about 5 minutes.
With the mixer on low, add the melted chocolate, vegetable oil, and water. Mix until smooth.
Gradually add the dry ingredients to the wet ingredients, mixing until no lumps remain.
Fold in the chopped cherries.
Pour the batter into the prepared loaf pan and bake for 80-85 minutes, or until a toothpick inserted into the center of the cake comes out with a few crumbs, but no wet batter.
Allow the cake to cool completely in the pan before adding the glaze (if using).