Angel Studios revenue surges but losses widen in 2025

Angel Studios, Inc. reported very rapid growth but widening losses for the fourth quarter and full year 2025.

Accepted by SEC EDGAR 03/12/2026 - 04:42 PM EDT

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Form Type

8-K

Rhea-AI Filing Summary

Angel Studios, Inc. reported very rapid growth but widening losses for the fourth quarter and full year 2025. Fourth quarter revenue reached $109.9 million, up from $31.0 million a year earlier, driven mainly by a $54.7 million increase in Angel Guild revenue and a $19.6 million rise in theatrical revenue from the DAVID release. Full-year revenue was $321.6 million, compared with $96.5 million in 2024. Gross margin in Q4 improved to 60% from 58%, but heavy selling and marketing spend of $120.6 million in the quarter contributed to a Q4 net loss of $78.6 million, or ($0.47) per share. For 2025, net loss widened to $170.5 million. As of December 31, 2025, cash and cash equivalents were $44.1 million, up from $7.2 million a year earlier, while total liabilities rose to $267.2 million and stockholders’ equity turned negative at $(25.8) million. The company highlighted Angel Guild annual recurring revenue of $360 million and expects a significantly narrowed Adjusted EBITDA loss of less than $25 million for full-year 2026.

Positive

Revenue growth and recurring base: 2025 revenue rose to $321.6 million from $96.5 million, with the Angel Guild reaching $360 million in annual recurring revenue and Q4 gross margin improving to 60%, indicating strong top-line momentum and solid unit economics.

Negative

Deep losses and negative equity: 2025 net loss widened to $170.5 million, total liabilities reached $267.2 million, and stockholders’ equity turned negative at $(25.8) million as of December 31, 2025, highlighting elevated financial risk.

Insights

Explosive Angel Studios revenue growth is offset by very heavy spending and deepening losses.

Angel Studios is scaling quickly, with 2025 revenue rising to $321.6 million from $96.5 million, helped by Angel Guild subscriptions and DAVID’s theatrical success. Q4 gross margin reached 60%, indicating attractive unit economics at the content level.

However, selling and marketing expenses of $297.3 million in 2025 and total operating expenses of $485.7 million drove a full-year net loss of $170.5 million. The balance sheet shows total liabilities of $267.2 million and negative equity of $(25.8) million as of December 31, 2025, underscoring financial risk.

Management points to Angel Guild annual recurring revenue of $360 million and guides to a 2026 Adjusted EBITDA loss of less than $25 million. Future disclosures around cash generation and the pace of marketing spend will be important to understand sustainability of this growth model.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Angel Studios (ANGX) perform financially in Q4 2025?

Angel Studios generated $109.9 million in Q4 2025 revenue, up sharply from $31.0 million a year earlier. Growth was driven by Angel Guild membership revenue and the DAVID theatrical release. Despite higher gross margin of 60%, heavy marketing spend led to a $78.6 million net loss.

What were Angel Studios’ full-year 2025 revenue and net loss?

For 2025, Angel Studios reported $321.6 million in revenue and a net loss of $170.5 million. Revenue grew strongly from $96.5 million in 2024, but operating expenses of $485.7 million pushed losses higher as the company invested heavily in growth and content marketing.

How important is the Angel Guild to Angel Studios’ 2025 results?

The Angel Guild is central to Angel Studios’ model, representing 65.2% of total revenue. Management reports $360 million in annual recurring revenue from 2.2 million paying members, based on a trailing twelve-month average revenue per member of $13.67, underscoring a sizable subscription base.

What is Angel Studios’ 2026 Adjusted EBITDA outlook?

Angel Studios anticipates a significantly narrowed Adjusted EBITDA loss of less than $25 million for full-year 2026. Adjusted EBITDA excludes interest, taxes, depreciation, amortization, stock compensation, digital asset gains or losses, and exceptional items, and will be reported regularly starting with the next quarterly release.

What does Angel Studios’ balance sheet look like at year-end 2025?

As of December 31, 2025, Angel Studios held $44.1 million in cash and cash equivalents and total assets of $241.4 million. Total liabilities were $267.2 million, resulting in negative stockholders’ equity of $(25.8) million, indicating liabilities exceed the company’s recorded equity base.

How much is Angel Studios spending on marketing and operations?

In 2025, Angel Studios spent $297.3 million on selling and marketing and $485.7 million in total operating expenses. High spending supported Angel Guild growth and theatrical releases like DAVID but contributed to a full-year operating loss of $164.1 million and a net loss of $170.5 million.

What growth plans did Angel Studios outline for its content library?

Angel Studios plans to add 730 titles, including films, episodes, and comedy specials, by the end of 2026. The company aims to build one of the fastest-growing libraries of values-driven films and television series, expanding beyond existing successes like DAVID and the Dry Bar Comedy franchise.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 12, 2026

Angel Studios, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware		001-41150		86-3483780
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

295 W Center St.
Provo, UT 84601

(Address of principal executive offices)

(760) 933-8437

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share	ANGX	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02	Results of Operations and Financial Condition

On March 12, 2026, Angel Studios, Inc. (the “Company”) issued a press release announcing its financial results and operational highlights for the Company’s three-month and annual periods ended December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

The information under Item 2.02 of this Report, including Exhibit 99.1, attached hereto, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or Securities Act of 1933, as amended, expect as expressly set forth by specific reference in such a filing.


Item 9.01	Financial Statements and Exhibits

(d) Exhibits


Exhibit Number	Description of Exhibit
99.1	Press release dated March 12, 2026
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	ANGEL STUDIOS, INC.

Date: March 12, 2026	By:	/s/ Scott Klossner
		Scott Klossner
		Chief Financial Officer

Exhibit 99.1

Angel Reports Fourth Quarter and Full Year 2025 Financial Results

~ Fourth Quarter Record Revenue of $109.9 Million, Growth of 254.3% YoY ~

~ Revenue for the Twelve-Month Period, Increased 233.2% YoY ~

~ The Company’s Recurring Revenue Stream, The Angel Guild, Represents 65.2% of Total Revenue, having grown 488.3% YoY ~

~ DAVID Became the Highest-Grossing Faith-Based Animated Theatrical Opening of All Time ~

~ Anticipates a Significantly Narrowed Adjusted EBITDA Loss of Less than $25 Million for the Full Year 2026 ~

PROVO, Utah - Angel (NYSE: ANGX) (the "Company"), a media and technology company guided by 2.2 million grassroots Angel Guild members championing values-driven stories, today reported financial results for the fourth quarter and full year ended December 31, 2025.

Key Highlights

●

2025 fourth quarter revenue increased 254.3% year-over-year to $109.9 million, compared to $31.0 million in the fourth quarter of 2024.

●

The Company’s recurring revenue stream, referred to as the Angel Guild, represents 62.9% of total revenues for the fourth quarter, representing year-over-year Guild revenue growth of 379.9%.

●

For the 2025 full year, revenue increased 233.2% to $321.6 million, compared to $96.5 million for the full year ended December 31, 2024.

The Angel Guild represented 65.2% of total revenues for the full year 2025, growth of 488.3% year over year.

●

Guild Membership reached 2.0 million in the fourth quarter of 2025, compared to approximately 1.6 million in the third quarter of 2025 and approximately 550,000 million at the end of the fourth quarter of 2024. Quarter to date, Guild Membership stands at 2.2 million.

●

Trailing twelve month Average Revenue Per Member “ARPM” was $13.67 for the quarter ended December 31, 2025, versus $13.70 in Q3. This is reflective of innovative member acquisition strategies put in place for Q4.

●

Total shares issued and outstanding were 169,095,572 as of December 31, 2025.

●

The Company plans to double its streaming library, adding 200 films and more than 500 television episodes and specials to the Angel platform.

Theatrical Milestones and Upcoming Slate

●

DAVID became the highest-grossing faith-based animated theatrical opening of all time.

●

DAVID had the best three-day theatrical opening in the company’s history, surpassing Sound of Freedom.

●

The Company had two of the top ten highest-grossing animated domestic theatrical releases in 2025 (DAVID and The King of Kings).

●

Animal Farm, directed by Andy Serkis and featuring the voices of Seth Rogen, Woody Harrelson, Glenn Close, Gaten Matarazzo, Kathleen Turner, and Kieran Culkin, will be released in theaters on May 1, 2026.

●

Young Washington, starring Sir Ben Kingsley, Kelsey Grammer, Mary-Louise Parker, and William Franklyn-Miller, opens on July 3, 2026, tied to America’s 250th anniversary.

●

Zero A.D., directed by Alejandro Monteverde and starring Deva Cassel, Sam Worthington, and Ben Mendelsohn, with Gael García Bernal and Jim Caviezel, will release in the fourth quarter.

Message from our CEO

“We listed on NYSE, achieved the highest average domestic box office per title among all independent distributors, and received by far the highest audience satisfaction scores in the industry – again,” said Angel co-founder and CEO Neal Harmon. “It is all due to the wisdom, passion, and guidance of our Angel Guild, which more than tripled in size this year to more than two million strong, generating $360 million in annual recurring revenue. The Guild proves every day that there is a growing global audience for values-driven films and television.”

Fourth Quarter 2025 Financial Results

Total revenue was $109.9 million in the fourth quarter of 2025 and $321.6 million for the twelve months ended December 31, 2025, compared to $31.0 million and $96.5 million in the prior year periods, respectively. The quarterly increase in revenues was due to an increase in Angel Guild revenue of $54.7 million and theatrical release revenue, which increased by $19.6 million as a result of the success of the DAVID theatrical rollout.

Gross Margin for the quarter was 60% compared to 58% a year ago in Q4.

Selling and marketing for the fourth quarter of 2025 was $120.6 million, compared to $38.0 million for the 2024 comparable quarter. The increase was largely due to faster than expected Guild member growth and the marketing investment to support the DAVID release.

Net loss was $78.6 million, or ($0.47) per share, in the fourth quarter of 2025, compared to a net loss of $37.2 million, or ($0.26) per share, in the fourth quarter of 2024.

Liquidity

As of December 31, 2025, Angel has cash and cash equivalents of $44.1 million, this compares to $7.2 million as of December 31, 2024.

Outlook

The Company anticipates a significantly narrowed Adjusted EBITDA loss of less than $25 million for the full year 2026.

By the end of 2026, we expect to add 730 titles (including films, episodes, and comedy specials), making Angel one of the fastest-growing libraries of values-driven films and television series anywhere in the world.

Webinar

The Company will host a webinar on Friday, March 13, 2026, 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, March 13, 2026
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://angx.com/.

About Angel

Angel (NYSE: ANGX) is a media and technology company guided by 2.2 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 the animated musical epic DAVID and Sound of Freedom, which earned more than 250 million dollars at the worldwide box office. The company also has more than six billion views of its Dry Bar

Comedy streaming franchise, which has attracted some of the world's best-known comedians. For more information, visit www.angel.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are often identified by words such as "anticipates," "expects," "intends," "plans," "believes," "estimates," "may," "will," "should," "would," "could," or similar expressions. Statements regarding the Company’s financial performance, the anticipated Adjusted EBITDA loss for the full year 2026, and other expectations regarding future performance are forward-looking statements based on management's current expectations and assumptions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

"Adjusted EBITDA" is a non-GAAP financial measure defined by the Company as earnings before Interest, taxes, depreciation, amortization, stock compensation expense, and the gain/loss on digital assets, as well as exceptional items. Management uses Adjusted EBITDA as a supplemental measure of operating performance to evaluate the performance of the Company’s core business operations, to facilitate comparisons of operating results across reporting periods, and to assist in planning and forecasting future periods. Adjusted EBITDA is presented as a supplemental measure of the Company’s operating performance and should not be considered in isolation or as a substitute for net loss or any other measure of financial performance calculated in accordance with GAAP. The company intends to report Adjusted EBITDA on an ongoing basis beginning with its next quarterly earnings release.

“Annual recurring revenue” (ARR) is a non-GAAP financial metric calculated by multiplying the total number of Guild Members by the Company’s trailing twelve-month Average Revenue Per Member (“ARPM”) of $13.67 and annualizing that amount. ARR represents a forward-looking estimate of recurring membership revenue based on current membership levels and historical ARPM and should not be considered a substitute for revenue calculated in accordance with GAAP.

Actual results may differ materially from those anticipated due to a number of risks and uncertainties, including but not limited to: the Company's ability to grow and retain its Angel Guild membership base; the performance of the Company's theatrical and streaming content releases, including audience reception and box office results; competitive pressures from other streaming platforms, studios, and entertainment alternatives; adverse macroeconomic conditions, including inflation, changes in consumer spending, or capital market disruptions that could affect the Company's access to financing or its operating costs; and other risks described from time to time in the Company's filings with the Securities and Exchange Commission, including the risks and uncertainties described under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-

K and in any subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission.

The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

ANGEL STUDIOS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

	As of
	December 31, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	44,083,233	$	7,211,826
Accounts receivable, net		51,122,866		16,234,301
Current portion of licensing receivables, net		9,695,562		8,785,636
Physical inventory		1,264,101		1,711,638
Current portion of notes receivable		1,368,581		747,282
Loan guarantee receivable		—		9,112,500
Royalty advance		13,827,626		2,342,862
Prepaid expenses and other		13,515,986		6,803,155
Total current assets		134,877,955		52,949,200

Licensing receivables, net		2,579,252		12,074,629
Notes receivable, net of current portion		3,940,918		4,235,344
Property and equipment, net		709,845		778,927
Content, net		6,272,925		1,710,866
Intangible assets, net		3,850,035		1,917,155
Capitalized software, net		13,308,247		12,856,305
Digital assets		26,527,560		12,457,387
Investments in affiliates		46,014,881		9,066,137
Operating lease right-of-use assets		3,240,021		2,744,693
Other long-term assets		89,924		589,924
Total assets	$	241,411,563	$	111,380,567

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable	$	39,960,272	$	7,929,482
Accrued expenses		24,487,884		13,074,655
Current portion of accrued licensing royalties		31,257,950		15,362,400
Current portion of notes payable		55,473,665		11,455,940
Current portion of operating lease liabilities		1,284,747		673,295
Deferred revenue		66,534,622		22,171,808
Loan guarantee payable		—		9,112,500
Current portion of accrued settlement costs		—		280,238
Total current liabilities		218,999,140		80,060,318

Accrued settlement costs, net of current portion		—		4,091,733
Accrued licensing royalties, long-term		4,441,758		8,367,099
Notes payable, net of current portion		41,692,404		—
Operating lease liabilities, net of current portion		2,058,585		2,153,463
Total liabilities	$	267,191,887	$	94,672,613

Commitments and contingencies (Note 13)

Stockholders’ equity:
Common stock, $0.0001 par value, 700,000,000 shares authorized; 169,095,572 and 144,396,852 shares issued and outstanding as of December 31, 2025, and December 31, 2024, respectively	$	16,909	$	14,440
Additional paid-in capital		210,079,998		95,485,005
Noncontrolling interests		5,653,837		8,222,953
Accumulated deficit		(241,531,068)		(87,014,444)
Total stockholders’ equity		(25,780,324)		16,707,954
Total liabilities and stockholders’ equity	$	241,411,563	$	111,380,567

ANGEL STUDIOS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months as of December 31,				Twelve Months as of December 31,
	2025 2024				2025 2024
Revenue:
Licensed content and other revenue	$	109,770,048	$	29,698,870	$	319,760,470	$	88,691,769
Pay it Forward revenue		163,720		1,331,771		1,797,836		7,824,670
Total revenue		109,933,768		31,030,641		321,558,306		96,516,439

Operating expenses:
Cost of revenues		43,758,483		13,020,584		124,859,025		44,359,743
Selling and marketing		120,599,366		38,023,165		297,318,582		92,916,888
General and administrative		10,534,116		6,311,140		37,865,112		22,283,772
Research and development		4,196,768		1,640,758		15,527,749		12,842,710
Legal expense		1,720,811		795,198		10,096,316		10,832,877
Total operating expenses		180,809,544		59,790,845		485,666,784		183,235,990
Operating loss		(70,875,776)		(28,760,204)		(164,108,478)		(86,719,551)

Other income (expense):
Net gain (loss) on digital assets		(8,017,928)		89,057		(1,792,728)		1,683,946
Interest expense		(3,549,577)		(396,767)		(11,834,846)		(2,366,014)
Interest income		1,401,768		909,681		5,445,207		3,490,743
Other income (expense)		2,424,524		(1,000,000)		1,799,524		(1,000,000)
Total other income (expense), net		(7,741,213)		(398,029)		(6,382,843)		1,808,675
Loss before income tax benefit		(78,616,989)		(29,158,233)		(170,491,321)		(84,910,876)
Income tax benefit		-		8,017,769		-		3,534,602
Net loss	$	(78,616,989)	$	(37,176,002)	$	(170,491,321)	$	(88,445,478)

Net gain (loss) attributable to noncontrolling interests		8,260		(84,698)		(12,679)		(172,101)
Net loss attributable to controlling interests	$	(78,625,249)	$	(37,091,304)	$	(170,478,642)	$	(88,273,377)

Net loss per common share - basic	$	(0.466)	$	(0.257)	$	(1.098)	$	(0.640)
Net loss per common share - diluted	$	(0.466)	$	(0.257)	$	(1.098)	$	(0.640)

Weighted average common shares outstanding - basic		168,730,423		144,077,725		155,250,925		137,994,383
Weighted average common shares outstanding - diluted		168,730,423		144,077,725		155,250,925		137,994,383

ANGEL STUDIOS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


	Year Ended December 31,
		2025		2024
Cash flows from operating activities:
Net income (loss)	$	(170,491,321)	$	(88,445,478)
Adjustments to reconcile net income (loss) to net cash and cash equivalents provided by (used in) operating activities:
Depreciation and amortization		14,419,077		7,898,355
Amortization of operating lease assets		925,838		678,806
Stock-based compensation expense		9,666,985		3,641,940
Net loss (gain) on digital assets		1,792,728		(1,683,946)
Miscellaneous (gain)/loss		(1,799,524)		1,000,000
Investments in affiliates gain		(271,703)		(67,608)
Non-cash interest expense		1,659,821		—
Paid-in-kind interest		6,349,790		—
Bad debt expense		233,774		204,151
Change in deferred income taxes		—		4,000,319
Change in operating assets and liabilities:
Accounts receivable		(35,122,339)		7,702,451
Physical inventory		447,537		1,132,043
Royalty advance		(1,309,274)		—
Prepaid expenses and other current assets		(6,712,831)		(4,829,440)
Certificate of deposit		—		—
Licensing receivables		8,585,451		(1,729,500)
Other long-term assets		—		(515,000)
Accounts payable and accrued expenses		32,865,595		13,455,520
Accrued licensing royalties		11,970,209		(11,353,995)
Operating lease liabilities		(904,592)		(636,288)
Deferred revenue		44,362,814		18,251,160
Net cash and cash equivalents provided by (used in) operating activities		(83,331,965)		(51,296,510)

Cash flows from investing activities:
Purchases of property and equipment		(509,424)		(303,793)
Issuance of notes receivable		(986,386)		(1,865,603)
Collections of notes receivable		659,513		2,092,564
Purchase of digital assets		—		(624,644)
Sale of digital assets		99,117		2,287,978
Purchase of intangible assets		(3,006,012)		—
Additions to internal-use software		(8,693,434)		(8,415,649)
Purchase of content		(6,346,681)		(519,143)
Investments in affiliates		(36,967,815)		(5,495,376)
Return on investments in affiliates		165,774		—
Net cash and cash equivalents used in investing activities		(55,585,348)		(12,843,666)

Cash flows from financing activities:
Repayment of notes payable		(67,053,622)		(18,438,039)
Repayment of loan guarantee		(10,175,490)		—
Receipt of notes payable		157,340,048		23,750,000
Repayment of accrued settlement costs		(4,371,972)		(188,042)
Exercise of stock options		636,449		619,237
Issuance of common stock		104,148,424		32,818,130
Investments in minority owned entities		—		8,800,000
Contribution of equity in noncontrolling interests		13,730,922		—
Redemption of equity in noncontrolling interests		(15,753,060)		—
Repurchase of common stock		(437,791)		(706,645)
Equity issuance costs		(705,441)		—
Equity issuance costs related to minority interests		(534,299)		(502,000)
Debt financing fees		(1,035,448)		—
Net cash and cash equivalents provided by financing activities		175,788,720		46,152,641

Effect of changes in foreign currency exchange rates on cash and cash equivalents		—		(2,064)

Net increase (decrease) in cash and cash equivalents		36,871,407		(17,989,599)
Cash and cash equivalents at beginning of period		7,211,826		25,201,425

Cash and cash equivalents at end of period	$	44,083,233	$	7,211,826

Supplemental disclosure of cash flow information:
Cash paid for interest	$	7,814,377	$	2,371,370

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	—	4,925,053
Investment of bitcoin for issuance of common stock	—	9,474,985
Operating lease right-of-use assets and liabilities	(1,421,166)	2,137,262

View source version on businesswire.com:

https://www.businesswire.com/news/home/20260312673348/en/

Contacts:

David Shane

Corporate Communications

Press@angel.com

Luk Janssens

Investor Relations

InvestorRelations@angel.com

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents

Press Releases

EX-99.1 EX-99.1 447.6 KB

Angel Studios revenue surges but losses widen in 2025