Angel Studios Reports Third Quarter 2025 Financial Results

~ Third Quarter Record Revenue of $76.5 Million, Growth of 280% YoY ~

~ Revenue for the Nine Month Period of $211.6 Million, Growth of 223% YoY ~

~ The Angel Guild, the Company’s Recurring Revenue Stream, represents 77% of Total Third Quarter Revenue, Growth of 556% YoY ~

~ Angel Made its Public Debut on the New York Stock Exchange, and Commenced Trading as ‘ANGX’ On September 11, 2025 ~

PROVO, Utah--(BUSINESS WIRE)-- Angel (NYSE: ANGX) (the “Company”), a media and technology company guided by 1.6 million grassroots Angel Guild members championing values-driven stories, today reported financial results for the third quarter ended September 30, 2025.

Company Highlights

• Third Quarter Revenues increased 280% year-over-year to $76.5 million. Revenues for the nine-month period ended September 30, grew 223% to $211.6 million.
• The Company’s recurring revenue stream, the Angel Guild, contributed $59.2 million, representing 77% of total revenues for the quarter, growth of more than 556% compared to 2024.
• The Angel Guild grew to 1.6 million members in the third quarter, compared to 1.3 million members in the second quarter of 2025, and 258,000 members at the end of the third quarter of 2024, an increase of 19% from the second quarter of 2025, and up 620% year-over-year.
• Average Revenue Per Member “ARPM” was $13.70 for the trailing twelve months ended September 30, 2025.
• As the Angel Guild continues to grow beyond 1.6 million members, the demand for original television series is extremely strong. Angel will continue to invest in compelling, values-driven series that inspire and encourage ongoing Guild engagement.
• Net loss for the third quarter was $38.6 million, compared to $13.9 million in 2024, driven largely by increased marketing and content-related expenses tied to growth of the Angel Guild and theatrical releases. Contributing to the net loss were one-time expenses associated with the Company’s NYSE debut.
• In conjunction with its public listing, the Company closed a $100 million credit facility with Trinity Capital, a leading alternative asset manager.
• Total fully diluted shares outstanding were 168,631,209 as of September 30, 2025.

Subsequent Event

• Subsequent to quarter end, Angel and 2521 Entertainment announced the acquisition of the DAVID franchise and intellectual property from Slingshot USA. DAVID is an animated film and television series based on the biblical story. David’s journey from humble shepherd to anointed king tests the limits of faith, courage, and love – culminating in a battle for the soul of a kingdom. One of Angel's most highly anticipated films, DAVID will be released in theatres on December 19, 2025.

Upcoming Slate

Theatrical:

• December 19, 2025: David
• January 9, 2026: I Was a Stranger
• February 6, 2026: Solo Mio starring Kevin James

Returning to the Guild:

• Season 18 of Dry Bar Comedy, our flagship ‘funny for everyone’ franchise, with more than 6 billion online views.
• Earlier this month, Season Four of the hit animated television series Tuttle Twins premiered. Angel Guild members have watched more than 124 million minutes of Tuttle Twins on the platform.
• The Wingfeather Saga, the bestselling book series by Andrew Peterson, now an epic animated series, launched the first two episodes of Season Three on November 12th.
• Additional episodes of Homestead Season One, the most popular franchise on the Angel platform.

Management Commentary

“Our third-quarter results underscore the strength of our community and the momentum of our audience-first model,” said Neal Harmon, Co-Founder and CEO of Angel. “The Angel Guild has grown more than 500% year over year to 1.6 million paying members – a remarkable community that doesn’t just watch, but decides which values-driven films and series get made. We have an exciting slate of projects headed to theaters and the Angel platform, and as audiences seek stories that uplift and inspire, Angel is just beginning to meet that demand.”

Third Quarter 2025 Financial Results

Total revenue was $76.5 million in the third quarter, and $211.6 million for the nine months ended September 30, compared to $20.1 million and $65.5 million in the prior year periods, respectively. The quarterly increase in revenues was due to an increase in Angel Guild Revenue of $50.2 million year-over-year.

Total cost of revenues for the third quarter was $34.3 million, compared to $8.1 million in the prior year. The increase was due to higher royalty expense of $17.0 million as a result of royalties earned by filmmakers, as they receive an allocation of net revenues generated during the quarter. We also saw higher costs related to the Angel Guild of $7.3 million driven by the increase in memberships during the quarter, consisting of increased transaction processing fees of $5.4 million.

Selling and marketing expense for the third quarter was $64.7 million, compared to $16.6 million in the prior year. This represents $44.1 million in strategic investments made to grow the Angel Guild, and $16.7 million to promote theatrical box office releases. As we continue to bring on additional content, drive Angel Guild memberships and promote future theatrical releases, this cost is expected to fluctuate, but overall remain high and be a significant component of our operating expenses.

Net loss was $38.6 million, a loss of ($0.25) per share, compared to a net loss of $13.9 million, a loss of ($0.10) per share, in the third quarter of 2024.

Liquidity

As of September 30, 2025, Angel has cash and cash equivalents of $63.3 million, compared to $7.2 million as of December 31, 2024.

The Company continues to execute its treasury strategy to hold Bitcoin as a strategic reserve asset, with BTC holdings now valued at $34.5 million.

Angel Third Quarter 2025 Earnings Webinar

The Company will host a webinar on Friday, November 14, 2025 at 11:00 a.m. Eastern Time to discuss the results and answer questions from the sell side community. The webinar can be accessed using the dial-in numbers or registration link below.

Date:		Friday, November 14, 2025
Time:		11:00 a.m. Eastern time
Dial-in:		1-877-407-0779
International Dial-in:		1-201-389-0914
Webcast:		Please register here

A replay will be available within 24 hours after the webinar and can be accessed here or on the Company’s investor relations website at https://ir.angel.com/.

About Angel

Angel (NYSE: ANGX) is a media and technology company guided by 1.6 million grassroots Angel Guild paying members championing values-driven stories. Clearly expressing the kind of programming they crave, members of the Angel Guild act as virtual co-producers, greenlighting what films and television series get produced and distributed in theaters and on the Angel app. Propelled by this audience-first momentum, Angel has released more than 40 films and 20 television series that amplify light, including “Sound of Freedom,” which earned more than $250 million at the worldwide box office. The Company also has more than 6 billion views of its Dry Bar Comedy franchise, which has attracted some of the world's best-known comedians. For more information, visit www.angel.com.

ANGEL STUDIOS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
		As of
		September 30, 2025				December 31, 2024
Assets
Current assets:
Cash and cash equivalents		$	63,327,263			$	7,211,826
Accounts receivable, net			24,676,850				16,234,301
Current portion of licensing receivables, net			8,697,155				8,785,636
Physical media inventory			1,541,600				1,711,638
Current portion of notes receivable			1,431,400				747,282
Loan guarantee receivable			—				9,112,500
Royalty advance			13,787,090				2,342,862
Prepaid expenses and other			9,615,398				6,803,155
Total current assets			123,076,756				52,949,200
Licensing receivables, net			5,837,685				12,074,629
Notes receivable, net of current portion			4,017,273				4,235,344
Property and equipment, net			727,915				778,927
Content, net			7,234,511				1,710,866
Intangible assets, net			4,618,347				1,917,155
Digital assets			34,545,487				12,457,387
Investments in affiliates			14,580,813				9,066,137
Operating lease right-of-use assets			2,268,990				2,744,693
Other long-term assets			89,924				589,924
Total assets		$	196,997,701			$	98,524,262
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	11,071,258			$	7,929,482
Accrued expenses			11,431,131				13,074,655
Current portion of accrued licensing royalties			30,220,038				15,362,400
Current portion of notes payable			8,990,437				11,455,940
Current portion of operating lease liabilities			750,731				673,295
Deferred revenue			50,682,212				22,171,808
Loan guarantee payable			—				9,112,500
Current portion of accrued settlement costs			—				280,238
Total current liabilities			113,145,807				80,060,318
Accrued settlement costs, net of current portion			—				4,091,733
Accrued licensing royalties, long-term			3,367,099				8,367,099
Notes payable, net of current portion			41,743,343				—
Operating lease liabilities, net of current portion			1,572,999				2,153,463
Total liabilities		$	159,829,248			$	94,672,613
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value, 700,000,000 shares authorized; 168,631,209 and 144,396,852 shares issued and outstanding as of September 30, 2025, and December 31, 2024, respectively		$	16,863			$	14,440
Additional paid-in capital			207,268,109				95,485,005
Noncontrolling interests			5,645,605				8,222,953
Accumulated deficit			(175,762,124	)			(99,870,749	)
Total stockholders’ equity			37,168,453				3,851,649
Total liabilities and stockholders’ equity		$	196,997,701			$	98,524,262

ANGEL STUDIOS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
	Three Months Ended September 30,									Nine Months Ended September 30,
	2025				2024					2025				2024
Revenue:
Licensed content and other revenue	$	76,385,828			$	18,416,499				$	209,990,422			$	58,992,899
Pay it Forward revenue		156,654				1,704,667					1,634,116				6,492,899
Total revenue		76,542,482				20,121,166					211,624,538				65,485,798
Operating expenses:
Cost of revenues		34,333,955				8,107,950					81,100,542				31,339,159
Selling and marketing		64,683,558				16,602,045					176,719,216				54,893,723
General and administrative		10,125,018				6,059,396					27,330,996				15,972,632
Research and development		4,215,813				3,168,016					11,330,981				11,201,952
Legal expense		1,275,008				1,328,090					8,375,505				10,037,679
Total operating expenses		114,633,352				35,265,497					304,857,240				123,445,145
Operating loss		(38,090,870	)			(15,144,331	)				(93,232,702	)			(57,959,347	)
Other income (expense):
Net gain on digital assets		2,071,977				862,479					6,225,200				1,594,889
Interest expense		(3,978,212	)			(452,177	)				(8,285,269	)			(1,969,247	)
Interest income		1,510,548				754,561					4,043,439				2,581,062
Impairment of investments		(125,000	)			—					(625,000	)			—
Total other income (expense), net		(520,687	)			1,164,863					1,358,370				2,206,704
Loss before income tax benefit		(38,611,557	)			(13,979,468	)				(91,874,332	)			(55,752,643	)
Income tax benefit		—				(80,099	)				—				(4,483,167	)
Net loss	$	(38,611,557	)		$	(13,899,369	)			$	(91,874,332	)		$	(51,269,476	)
Net loss attributable to noncontrolling interests		(57,596	)			(44,193	)				(20,939	)			(87,403	)
Net loss attributable to controlling interests	$	(38,553,961	)		$	(13,855,176	)			$	(91,853,393	)		$	(51,182,073	)
Net loss per common share - basic	$	(0.246	)		$	(0.100	)			$	(0.610	)		$	(0.376	)
Net loss per common share - diluted	$	(0.246	)		$	(0.100	)			$	(0.610	)		$	(0.376	)
Weighted average common shares outstanding - basic		156,797,109				138,816,631					150,657,671				135,951,802
Weighted average common shares outstanding - diluted		156,797,109				138,816,631					150,657,671				135,951,802

ANGEL STUDIOS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
		Nine Months Ended September 30,
		2025				2024
Cash flows from operating activities:
Net loss		$	(91,874,332	)		$	(51,269,476	)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Depreciation and amortization			1,528,970				768,130
Amortization of operating lease assets			621,683				509,892
Stock-based compensation expense			7,781,373				2,176,952
Net gain on digital assets			(6,225,200	)			(1,594,889	)
Investments in affiliates gain			(128,674	)			(50,307	)
Non-cash interest expense			1,554,236				—
Paid-in-kind interest			4,237,129				—
Impairment of investments			625,000				—
Change in deferred income taxes			—				(4,403,068	)
Change in operating assets and liabilities:
Accounts receivable			(8,442,549	)			19,593,173
Physical media inventory			170,038				(219,917	)
Royalty advance			(1,268,738	)			—
Prepaid expenses and other current assets			(2,514,521	)			(2,336,927	)
Licensing receivables			6,325,425				(4,032,744	)
Other long-term assets			—				(515,000	)
Accounts payable and accrued expenses			(8,763,371	)			2,937,860
Accrued licensing royalties			9,857,638				(6,788,204	)
Operating lease liabilities			(649,008	)			(478,392	)
Deferred revenue			28,510,404				6,124,186
Net cash and cash equivalents used in operating activities			(58,654,497	)			(39,578,731	)
Cash flows from investing activities:
Purchases of property and equipment			(375,820	)			(271,927	)
Issuance of notes receivable			(986,387	)			(1,455,279	)
Collections of notes receivable			520,340				1,820,313
Purchase of digital assets			—				(48,515	)
Sale of digital assets			99,118				2,182,381
Purchase of intangible assets			(3,006,012	)			—
Purchase of content			(6,320,963	)			(503,296	)
Investments in affiliates			(5,511,002	)			(1,033,516	)
Net cash and cash equivalents provided by (used in) investing activities			(15,580,726	)			690,161
Cash flows from financing activities:
Repayment of notes payable			(63,450,746	)			(18,374,314	)
Repayment of loan guarantee			(10,175,490	)			—
Receipt of notes payable			106,166,018				17,043,019
Repayment of accrued settlement costs			(207,563	)			(188,042	)
Exercise of stock options			308,085				457,820
Issuance of common stock			102,787,036				26,901,019
Contribution of equity in noncontrolling interests			13,730,922				—
Redemption of equity in noncontrolling interests			(15,753,060	)			—
Fees related to issuance of common stock and minority interest			(534,271	)			(206,613	)
Repurchase of common stock			(132,940	)			(600,079	)
Equity financing fees			(544,585	)			—
Debt financing fees			(1,842,746	)			—
Net cash and cash equivalents provided by financing activities			130,350,660				25,032,810
Effect of changes in foreign currency exchange rates on cash and cash equivalents			—				(2,063	)
Net increase (decrease) in cash and cash equivalents			56,115,437				(13,857,823	)
Cash and cash equivalents at beginning of period			7,211,826				25,201,425
Cash and cash equivalents at end of period		$	63,327,263			$	11,343,602
Supplemental disclosure of cash flow information:
Cash paid for interest		$	7,513,015			$	456,144
Supplemental schedule of noncash financing activities:
Adoption of ASU No. 2023-08		$	15,962,018			$	—
Conversion of debt			7,092,139				—
Issuance of warrants			2,533,091				—
Debt conversion feature			1,925,229				—
Investment capital receivable			297,722				4,925,053
Operating lease right-of-use assets and liabilities			(145,980	)			2,137,262

Cautionary Statement Regarding Forward-Looking Statements:

This communication may contain certain forward-looking statements within the meaning of the federal securities laws with respect to the business combination between Angel and Southport. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Southport's and Angel’s annual reports on Form 10-K, respectively, and quarterly reports on Form 10-Q, the registration statement or Form S-4 filed in connection with the business combination, including those under "Risk Factors" therein, and other documents filed by Southport and Angel from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Angel and Southport assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Angel nor Southport gives any assurance that either Angel or Southport, or the combined company, will achieve its expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251113976227/en/

Shannon Devine

Investor Relations

MZ Group North America

Angel@mzgroup.us

David Shane

Corporate Communications

Angel

press@angel.com

Source: Angel