Every 10-Q that Angel Studios, Inc. (ANGX) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow ANGX and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ANGX filings page.
Angel Studios, Inc. reported Q2 2026 revenue of $111,705,930 and six‑month revenue of $226,810,996, up from $87,641,416 and $135,082,056 a year earlier. The company remained unprofitable, with a Q2 net loss of $23,794,026 and a six‑month net loss of $37,550,082, or $0.213 per basic and diluted share.
Cash and cash equivalents were $48,036,965 as of June 30, 2026, and operating activities provided $18,827,445 of cash for the first half. Total assets were $235,062,489 against total liabilities of $264,391,901, resulting in negative stockholders’ equity of $29,329,412. Notes payable had a carrying amount of $74,400,000, including a 15.00% convertible note and term loans bearing at least 13.50% interest. The company held 303.1 bitcoin with a carrying value of $17,747,262 and recorded a six‑month net loss on digital assets of $8,780,298.
Angel Guild memberships are the primary revenue driver, generating $174,063,193 in the first half and supporting $81,300,000 of related deferred revenue. Management expects existing capital, recurring membership revenues, access to debt facilities, and potential bitcoin sales to meet operating requirements for at least twelve months. The company continues to pursue content expansion through IP purchases, equity‑method investments, pending mergers for the Wingfeather Saga and Tuttle Twins franchises, and maintains film‑related guarantees with an Angel Backstop liability of $283,848 on $6,465,720 of guaranteed loans.
Angel Studios, Inc. reported strong top-line growth for the three months ended March 31, 2026, with revenue of $115.1 million, up from $47.4 million a year earlier, driven mainly by Angel Guild memberships and theatrical and licensing revenue. Operating loss narrowed sharply to $2.7 million from $33.6 million, and net loss improved to $13.8 million from $37.3 million, though the company remains unprofitable.
Cash provided by operating activities was $1.9 million versus a prior-period use of cash, while cash and cash equivalents were $38.9 million and total notes payable $102.3 million. Stockholders’ equity was negative at $(41.5) million, reflecting an accumulated deficit of $255.3 million. The company held about 303.1 bitcoin with a carrying value of $20.7 million and recorded a $5.8 million net loss on digital assets.
During the quarter, Angel Studios drew a second $20 million term-loan tranche with attached warrants and generated about $92.2 million in cash from Angel Guild memberships. Management believes existing capital resources, recurring revenues, available debt capacity, and the ability to sell digital assets will support operations for at least the next twelve months. Subsequent to quarter-end, the company raised $34.5 million in a Class A common stock offering and repaid in full $38.5 million of revolving P&A loans.
Angel Studios, Inc. filed its Q3 2025 10‑Q, highlighting rapid top-line growth alongside continued losses and a completed reverse recapitalization. Revenue reached $76.5 million for the quarter, up from $20.1 million a year ago, driven mainly by Angel Guild memberships and content licensing. The quarter’s operating loss was $38.1 million, with a net loss of $38.6 million. For the first nine months, revenue totaled $211.6 million and net loss was $91.9 million.
Cash and cash equivalents rose to $63.3 million as of September 30, 2025, aided by equity raises and new debt. The company reported $34.5 million in digital assets (303.1 bitcoin) under fair value accounting, recording a Q3 net gain of $2.1 million. Deferred revenue stood at $50.7 million, including $49.7 million tied to Angel Guild memberships.
Angel completed a business combination on September 10, 2025, accounted for as a reverse recapitalization. New financing included a $40.0 million first tranche of a term loan facility (up to $100.0 million) and a $5.0 million convertible note, alongside conversion of August 2025 notes into 973,002 Class A shares.