Angel Studios Inc Financials
This page shows Angel Studios Inc (ANGX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Fast top-line expansion is being funded by external capital, because higher gross profit still does not cover the full cost base.
Cash rose to$44.1M in FY2025 from$7.2M in FY2024, but that stronger cash balance did not come from operations. With operating cash flow at-$83.3M and investing using another$55.6M , the higher cash balance can only be explained by outside financing rather than by the business funding itself.
FY2025 gross margin reached
The balance sheet remains thinly capitalized: liabilities exceed assets by about
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Angel Studios Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Angel Studios Inc has an operating margin of -51.0%, meaning the company retains $-51 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -89.8% the prior year.
Angel Studios Inc's revenue surged 233.2% year-over-year to $321.6M, reflecting rapid business expansion. This strong growth earns a score of 77/100.
Angel Studios Inc's current ratio of 0.62 is below the typical benchmark, resulting in a score of 7/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Angel Studios Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Angel Studios Inc generates $0.49 in operating cash flow (-$83.3M OCF vs -$170.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Angel Studios Inc earns $-13.9 in operating income for every $1 of interest expense (-$164.1M vs $11.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Angel Studios Inc generated $321.6M in revenue in fiscal year 2025. This represents an increase of 233.2% from the prior year.
Angel Studios Inc's EBITDA was -$149.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 89.9% from the prior year.
Angel Studios Inc reported -$170.5M in net income in fiscal year 2025. This represents a decrease of 93.1% from the prior year.
Angel Studios Inc earned $-1.10 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 71.6% from the prior year.
Cash & Balance Sheet
Angel Studios Inc held $44.1M in cash against $45.5M in long-term debt as of fiscal year 2025.
Angel Studios Inc had 169M shares outstanding in fiscal year 2025. This represents an increase of 17.1% from the prior year.
Margins & Returns
Angel Studios Inc's gross margin was 61.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 7.1 percentage points from the prior year.
Angel Studios Inc's operating margin was -51.0% in fiscal year 2025, reflecting core business profitability. This is up 38.8 percentage points from the prior year.
Angel Studios Inc's net profit margin was -53.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 38.4 percentage points from the prior year.
Capital Allocation
Angel Studios Inc invested $15.5M in research and development in fiscal year 2025. This represents an increase of 20.9% from the prior year.
Angel Studios Inc spent $438K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 38.0% from the prior year.
ANGX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $115.1M | N/A | $76.5M | N/A | N/A | N/A | $20.1M | N/A |
| Cost of Revenue | $44.0M | N/A | $34.3M | N/A | N/A | N/A | $8.1M | N/A |
| Gross Profit | $71.1M | N/A | $42.2M | N/A | N/A | N/A | $12.0M | N/A |
| R&D Expenses | $4.1M | N/A | $4.2M | N/A | $3.2M | N/A | $3.2M | N/A |
| SG&A Expenses | $11.2M | N/A | $10.1M | N/A | N/A | N/A | $6.1M | N/A |
| Operating Income | -$2.7M | N/A | -$38.1M-11029.9% | -$342K | N/A | N/A | -$15.1M-5163.4% | -$288K |
| Interest Expense | $6.0M | N/A | $4.0M | N/A | $1.6M | N/A | $452K | N/A |
| Income Tax | N/A | N/A | N/A | $277-99.7% | $88K | N/A | -$80K-262.1% | $49K |
| Net Income | -$13.8M | N/A | -$38.6M-2378.2% | -$1.6M | N/A | N/A | -$13.9M-2643.7% | -$505K |
| EPS (Diluted) | $-0.08 | N/A | $-0.25 | N/A | $-0.26 | N/A | $-0.10 | N/A |
ANGX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $213.1M-11.7% | $241.4M+22.5% | $197.0M+23068.0% | $850K-17.3% | $1.0M-99.1% | $111.4M+722.4% | $13.5M+1.4% | $13.4M |
| Current Assets | $111.6M-17.2% | $134.9M+9.6% | $123.1M+29763.3% | $412K-30.6% | $594K-98.9% | $52.9M+8058.8% | $649K+4.4% | $621K |
| Cash & Equivalents | $38.9M-11.8% | $44.1M-30.4% | $63.3M+19171.3% | $329K | N/A | $7.2M-36.4% | $11.3M+2211.8% | $491K |
| Inventory | $1.4M+9.5% | $1.3M-18.0% | $1.5M | N/A | N/A | $1.7M | N/A | N/A |
| Accounts Receivable | $30.8M-39.8% | $51.1M+107.2% | $24.7M | N/A | N/A | $16.2M | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $254.5M-4.7% | $267.2M+67.2% | $159.8M+1350.6% | $11.0M+14.4% | $9.6M-92.0% | $119.9M+545.7% | $18.6M+9.7% | $16.9M |
| Current Liabilities | $188.2M-14.1% | $219.0M+93.6% | $113.1M+2266.0% | $4.8M+3.5% | $4.6M-94.2% | $80.1M+1998.5% | $3.8M+2.1% | $3.7M |
| Long-Term Debt | N/A | $45.5M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$41.5M-60.8% | -$25.8M-169.4% | $37.2M+465.5% | -$10.2M-18.1% | -$8.6M-1.2% | -$8.5M-69.3% | -$5.0M-40.3% | -$3.6M |
| Retained Earnings | -$255.3M-5.7% | -$241.5M-37.4% | -$175.8M-1516.4% | -$10.9M-16.7% | -$9.3M+89.3% | -$87.0M-1420.5% | -$5.7M-35.4% | -$4.2M |
ANGX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.9M+107.7% | -$24.7M+57.5% | -$58.1M | N/A | N/A | -$11.7M+69.0% | -$37.7M-24407.3% | $155K |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$2.5M+93.7% | -$40.0M-156.9% | -$15.6M-580.9% | $3.2M+199.8% | -$3.2M+76.0% | -$13.5M+56.8% | -$31.3M-10884.9% | -$285K |
| Financing Cash Flow | -$4.6M-110.1% | $45.4M-65.0% | $130.0M | N/A | N/A | $21.1M-62.9% | $56.9M+58225.1% | $98K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $897K+194.4% | $305K | N/A | N/A | $65K-39.0% | $107K | N/A | N/A |
ANGX Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.8% | N/A | 55.1% | N/A | N/A | N/A | 59.7% | N/A |
| Operating Margin | -2.3% | N/A | -49.8% | N/A | N/A | N/A | -75.3% | N/A |
| Net Margin | -12.0% | N/A | -50.4% | N/A | N/A | N/A | -68.9% | N/A |
| Return on Equity | N/A | N/A | -103.7% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -6.5% | N/A | -19.6%+163.4pp | -183.0% | N/A | N/A | -102.3%-98.5pp | -3.8% |
| Current Ratio | 0.59-0.0 | 0.62-0.5 | 1.09+1.0 | 0.09-0.0 | 0.13-0.5 | 0.66+0.5 | 0.170.0 | 0.17 |
| Debt-to-Equity | -6.14-4.4 | -1.76-6.1 | 4.30+5.4 | -1.08+0.0 | -1.12+13.0 | -14.10-10.4 | -3.70+1.0 | -4.73 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$25.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.62), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Frequently Asked Questions
What is Angel Studios Inc's annual revenue?
Angel Studios Inc (ANGX) reported $321.6M in total revenue for fiscal year 2025. This represents a 233.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Angel Studios Inc's revenue growing?
Angel Studios Inc (ANGX) revenue grew by 233.2% year-over-year, from $96.5M to $321.6M in fiscal year 2025.
Is Angel Studios Inc profitable?
No, Angel Studios Inc (ANGX) reported a net income of -$170.5M in fiscal year 2025, with a net profit margin of -53.0%.
What is Angel Studios Inc's EBITDA?
Angel Studios Inc (ANGX) had EBITDA of -$149.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Angel Studios Inc have?
As of fiscal year 2025, Angel Studios Inc (ANGX) had $44.1M in cash and equivalents against $45.5M in long-term debt.
What is Angel Studios Inc's gross margin?
Angel Studios Inc (ANGX) had a gross margin of 61.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Angel Studios Inc's operating margin?
Angel Studios Inc (ANGX) had an operating margin of -51.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Angel Studios Inc's net profit margin?
Angel Studios Inc (ANGX) had a net profit margin of -53.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Angel Studios Inc's operating cash flow?
Angel Studios Inc (ANGX) generated -$83.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Angel Studios Inc's total assets?
Angel Studios Inc (ANGX) had $241.4M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Angel Studios Inc spend on research and development?
Angel Studios Inc (ANGX) invested $15.5M in research and development during fiscal year 2025.
What is Angel Studios Inc's current ratio?
Angel Studios Inc (ANGX) had a current ratio of 0.62 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Angel Studios Inc's debt-to-equity ratio?
Angel Studios Inc (ANGX) had a debt-to-equity ratio of -1.76 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Angel Studios Inc's return on assets (ROA)?
Angel Studios Inc (ANGX) had a return on assets of -70.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Angel Studios Inc's cash runway?
Based on fiscal year 2025 data, Angel Studios Inc (ANGX) had $44.1M in cash against an annual operating cash burn of $83.3M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Angel Studios Inc's debt-to-equity ratio negative or unusual?
Angel Studios Inc (ANGX) has negative shareholder equity of -$25.8M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Angel Studios Inc's Piotroski F-Score?
Angel Studios Inc (ANGX) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Angel Studios Inc's earnings high quality?
Angel Studios Inc (ANGX) has an earnings quality ratio of 0.49x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Angel Studios Inc cover its interest payments?
Angel Studios Inc (ANGX) has an interest coverage ratio of -13.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Angel Studios Inc?
Angel Studios Inc (ANGX) scores 14 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.