Angel Studios Q2 revenue rises on Guild growth

Angel Studios reported strong second-quarter 2026 growth driven by its Angel Guild subscription community.

Rhea-AI Filing Summary

Angel Studios reported strong second-quarter 2026 growth driven by its Angel Guild subscription community. Total revenue rose 27.5% year-over-year to $111.7 million, while Guild revenue grew 93.8% to $90.7 million and accounted for about 81.2% of revenue. Paying Guild members reached 2.61 million, up 99.2% from a year earlier, and exceeded 2.85 million as of July 31, 2026.

Profitability was mixed. Gross margin declined to about 54% from 69%, reflecting less high-margin theatrical revenue, and net loss widened to approximately $23.8 million (loss of $0.129 per share). However, operating loss narrowed to $18.5 million, Adjusted EBITDA loss improved to roughly $11.7 million, and operating cash flow turned positive at $16.9 million versus a $(10.6) million outflow last year. Cash and equivalents were $48.0 million at June 30, 2026, and the company reiterated guidance to limit full-year 2026 Adjusted EBITDA loss to no more than $25 million, supported by seven planned theatrical releases in the second half of 2026.

Positive

• Angel Guild revenue in Q2 2026 grew 93.8% year-over-year to $90.7 million, driven by 99.2% growth in paying memberships and now representing 81.2% of total company revenue.
• Operating cash flow in Q2 2026 turned positive at $16.9 million, compared with a cash outflow of ($10.6) million in Q2 2025, indicating significantly improved cash generation from operations.
• Year-to-date Adjusted EBITDA loss narrowed to $7.7 million for the first half of 2026 from $46.2 million in the first half of 2025, showing substantial improvement in underlying operating performance.

Negative

• Q2 2026 net loss widened to approximately $23.8 million from $15.7 million in Q2 2025, and net loss per share increased to $0.129 from $0.106.
• Gross margin contracted to about 54% in Q2 2026 from approximately 69% a year earlier, mainly due to a less favorable revenue mix with lower contribution from high-margin theatrical releases.
• Stockholders’ equity remained negative at $(29.3) million as of June 30, 2026, reflecting an accumulated deficit of $(279.1) million despite growth in revenues and membership.

Filing Explained

Existing holders face a larger share base, while the June 30 balance sheet reports negative stockholders’ equity.

Angel Studios’s Form 8-K reports second-quarter results for the period ended June 30, 2026; the reported common-share increase expands the share base and reduces an existing holder’s percentage ownership absent offsetting changes.

The balance sheet lists 186,504,214 issued and outstanding common shares at June 30, 2026, versus 169,095,572 at December 31, 2025; cash flows also list $34,534,500 of common-stock issuance during the six months.

The filing reports total liabilities of $264,391,901 and total stockholders’ equity of $(29,329,412) at June 30, 2026, showing negative book equity at that date.

Form 8-Ks report specified material events within four business days; here, the company furnished the results under Item 2.02 and said they are not deemed filed for Section 18 purposes.

The common-stock issuance line does not identify its consideration, dilution terms, or use of proceeds, so those financing mechanics remain unresolved in this disclosure.

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.

Key Figures

Total Revenue Q2 2026: $111,705,930 Angel Guild Revenue Q2 2026: $90.7 million Paying Angel Guild Members: 2.61 million +5 more

8 metrics

Total Revenue Q2 2026 $111,705,930 Three months ended June 30, 2026; 27.5% higher than $87,641,416 in Q2 2025.

Angel Guild Revenue Q2 2026 $90.7 million Up 93.8% year-over-year from $46.8 million in Q2 2025; 81.2% of total revenue.

Paying Angel Guild Members 2.61 million Paying members during Q2 2026, up 99.2% from 1.31 million in Q2 2025.

Net Loss Q2 2026 $(23,794,026) Net loss for the three months ended June 30, 2026.

Operating Cash Flow Q2 2026 $16.9 million Positive operating cash flow in Q2 2026 versus $(10.6) million in Q2 2025.

Cash and Cash Equivalents $48,036,965 Cash and cash equivalents as of June 30, 2026.

Total Stockholders’ Equity $(29,329,412) Total stockholders’ equity as of June 30, 2026.

Adjusted EBITDA Loss H1 2026 $(7,698,141) Adjusted EBITDA loss for the six months ended June 30, 2026, vs $(46,217,060) in H1 2025.

Key Terms

Adjusted EBITDA, deferred revenue, digital assets, noncontrolling interests, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA was a loss of approximately $11.7 million in the second quarter of 2026"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

deferred revenue financial

"Deferred revenue was 82,549,436 within current liabilities as of June 30, 2026"

Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.

digital assets financial

"Digital assets were 17,747,262 as of June 30, 2026, with Bitcoin holdings of 303.1 BTC"

Digital assets are electronic files or representations of value stored electronically, such as cryptocurrencies, digital tokens, or digital art. They matter to investors because they can be bought, sold, and used for transactions much like physical assets, but exist entirely in digital form, offering new opportunities for investment and financial innovation.

noncontrolling interests financial

"Noncontrolling interests were (182,367) as part of stockholders’ equity at June 30, 2026"

The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.

audience-driven model technical

"Angel is pioneering a first-of-its-kind audience-driven model for film and television selection"

Earnings Snapshot

Total revenue: $111.7 million · Guidance included

quarter ended June 30, 2026

Total revenue $111.7 million Increase of 27.5% from $87.6 million in the second quarter of 2025.

Angel Guild revenue $90.7 million Up 93.8% year-over-year from $46.8 million in Q2 2025.

Net loss approximately $23.8 million Compared with net loss of approximately $15.7 million in the second quarter of 2025.

Adjusted EBITDA loss of approximately $11.7 million Improved from Adjusted EBITDA loss of approximately $17.5 million in the second quarter of 2025.

Operating cash flow $16.9 million Improved from $(10.6) million in operating cash flow in Q2 2025.

Guidance

The company reiterated guidance to reduce its full-year 2026 Adjusted EBITDA loss to no more than $25 million.

FAQ

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

What were Angel Studios (ANGX) Q2 2026 revenues and growth?

Angel Studios reported Q2 2026 revenue of $111.7 million, an increase of 27.5% from $87.6 million in Q2 2025. Angel Guild revenue contributed about 81.2% of total revenue, reaching $90.7 million, up 93.8% year-over-year from $46.8 million.

How fast is Angel Guild membership growing at Angel Studios (ANGX)?

Paying Angel Guild members reached 2.61 million in Q2 2026, up 99.2% from 1.31 million a year earlier. Membership also grew 17.6% sequentially from 2.22 million, and surpassed 2.85 million paying members as of July 31, 2026.

Did Angel Studios (ANGX) generate positive cash flow in Q2 2026?

Yes. Angel Studios generated positive operating cash flow of $16.9 million in Q2 2026, compared with ($10.6) million in Q2 2025. Despite this improvement in cash generation, the company still recorded a net loss of approximately $23.8 million in the quarter.

What was Angel Studios (ANGX) profitability and Adjusted EBITDA in Q2 2026?

Angel Studios posted a Q2 2026 net loss of about $23.8 million, or $0.129 per share. Adjusted EBITDA was a loss of approximately $11.7 million, better than the roughly $17.5 million Adjusted EBITDA loss in Q2 2025, and year-to-date loss improved to $7.7 million.

What guidance did Angel Studios (ANGX) give for full-year 2026?

The company reiterated guidance to keep its full-year 2026 Adjusted EBITDA loss to no more than $25 million. Management highlighted seven planned theatrical releases in the second half of 2026 as key drivers of Angel Guild growth and future financial performance.

What is Angel Studios’ (ANGX) cash position and debt as of June 30, 2026?

As of June 30, 2026, Angel Studios held $48.0 million in cash and cash equivalents. Notes payable included $17.2 million classified as current and $57.2 million as long-term, alongside significant current liabilities such as $82.5 million in deferred revenue.

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

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Available on EDGAR 08/04/2026 - 04:21 PM Accepted by SEC EDGAR 08/04/2026 - 04:20 PM Learn about SEC filing dates

0001865200false00018652002026-08-042026-08-04

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

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CURRENT REPORT

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

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Date of Report (Date of earliest event reported): August 4, 2026

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Angel Studios, Inc.

(Exact Name of Registrant as Specified in Its Charter)

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

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295 W Center St.
Provo, UT 84601

(Address of principal executive offices)

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(760) 933-8437

(Registrant’s telephone number, including area code)

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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:

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☐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))

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

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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

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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).

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Emerging growth company ☒

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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. ☐

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Item 2.02 Results of Operations and Financial Condition

On August 4, 2026, Angel Studios, Inc. (the “Company”) issued a press release announcing its financial results and operational highlights for the Company’s quarter ended June 30, 2026. 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

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(d) Exhibits

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of Exhibit
Exhibit No.		Description of Exhibit
99.1		Press Release dated August 4, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURE

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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.

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​	ANGEL STUDIOS, INC.
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Date: August 4, 2026	By:	/s/ Scott Klossner
​	​	Scott Klossner
​	​	Chief Financial Officer

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Exhibit 99.1

Angel Reports Second Quarter 2026 Results: Guild Membership Climbs 99.2% Year-Over-Year

~ Guild Revenue of $90.7 Million, Up 93.8% Year-Over-Year ~

~ Guild Selling & Marketing Expense Falls to 52.8% of Guild Revenue in Q2 2026, Reduced from 71.6% in Q2 2025 ~

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PROVO, Utah — August 4, 2026 — Angel (NYSE: ANGX) (the “Company”), a media and technology company successfully pioneering a first of its kind audience-driven model in which Angel Guild community members watch, screen and vote on which films and television series get distributed on the Angel platform, today reported financial results for the second quarter ended June 30, 2026.

A Growing Community Choosing Values-Driven Entertainment

At the center of Angel's second quarter is the continued, accelerating growth of the Angel Guild. The Guild grew from 2.22 million to 2.61 million paying members during the quarter, a 17.6% sequential increase and 99.2% growth from 1.31 million members in the second quarter of 2025.

That momentum has continued past quarter-end: as of July 31, 2026, the Angel Guild has surpassed 2.85 million paying members. During the quarter, the Company also began publishing Guild membership figures in real time at angel.com/impact, giving members and the public ongoing visibility into the community's growth.

The Angel Guild's recurring revenue stream reflects this community expansion directly: Guild revenue grew 93.8% year-over-year to $90.7 million, and in Q2 2026, represented approximately 81.2% of total Company revenue.

Growing the Community Efficiently

● Q2 2026 Angel Guild membership grew approximately 390,000 vs 230,000 members in Q2 2025 (69.6% increase), while Guild selling and marketing expense increased by only 43.0%.

● Guild selling and marketing expense was 52.8% of Guild revenue in Q2 2026, compared to 71.6% in Q2 2025, reflecting improved efficiency in acquiring and retaining members as the Guild scales.

● Positive operating cash flow of $16.9 million in Q2 2026, compared to ($10.6) million in Q2 2025, a $27.5 million year-over-year improvement, driven partly by strong Guild membership growth with reduced selling and marketing expenses as a percent of revenue.

Message from our CEO

“Guild membership is up 99% year-over-year while we cut Guild marketing spend as a share of Guild revenue by more than 26%,” said Neal Harmon, co-founder and CEO. “That’s the model working on Angel’s proprietary tech platform: audience-driven curation, values-based storytelling, and filmmaker rev-share are making Angel stronger, more efficient, and harder to replicate with every film release and with every new Guild member.”

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Second Quarter 2026 Financial Results

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Angel Guild revenue was $90.7 million in Q2 2026, up 93.8% year-over-year from $46.8 million in Q2 2025, and up 8.9% sequentially from $83.3 million in Q1 2026. Guild revenue growth was driven by 99.2% year-over-year growth in paying memberships.

Total revenue was $111.7 million in the second quarter of 2026, compared to $87.6 million in the second quarter of 2025, an increase of 27.5%.

Gross Margin percentage was approximately 54%, compared to approximately 69% in the prior-year period. The largest driver of that decline was a shift in revenue mix: Q2 2025 included a heavy concentration of theatrical revenue (King of Kings), which carries structurally higher gross margins.

Total operating expenses, excluding cost of revenues, were $78.5 million in the second quarter of 2026, compared to $81.7 million in the second quarter of 2025. Sales and marketing was managed to $61.1 million in Q2 2026, which was slightly less than $61.5 million in the same quarter last year on a significantly higher revenue base. Operating loss was $18.5 million in the second quarter of 2026, compared to an operating loss of $21.3 million in the second quarter of 2025.

Angel had positive operating cash flow of $16.9 million in Q2 2026, compared to ($10.6) million in Q2 2025.

Net loss was approximately $23.8 million in the second quarter of 2026, compared to a net loss of $15.7 million in the second quarter of 2025. Net loss per share was $0.129, compared to $0.106 per share in the second quarter of 2025.

Adjusted EBITDA¹ was a loss of approximately $11.7 million in the second quarter of 2026, compared to Adjusted EBITDA of $4.0 million in the first quarter of 2026 and an Adjusted EBITDA loss of approximately $17.5 million in the second quarter of 2025. Year-to-date Adjusted EBITDA loss was $7.7 million in the first half of 2026, compared to an Adjusted EBITDA loss of $46.2 million in the first half of 2025.

Liquidity

As of June 30, 2026, Angel had cash and cash equivalents of $48.0 million, compared to $44.1 million as of December 31, 2025, and $28.0 million as of June 30, 2025. The Company did not draw on the Trinity credit facility in Q2. Bitcoin holdings remain unchanged at 303.1 BTC.

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Outlook

The Company has slated seven theatrical releases in the second half of 2026, with each release benefiting from the interest and word of mouth of current Guild members and serving as a growth driver to attract new Guild members. We have seen significant growth in Guild membership tied to our past theatrical releases, and anticipate continued Guild growth as a result of our future theatrical releases. For example, based on our deep-attribution models, the top eight highest-acquiring films driving Guild memberships were first released in theaters by Angel.

The Company reiterates its previously stated guidance to reduce its full-year 2026 Adjusted EBITDA loss to no more than $25 million.

Webinar

¹ Adjusted EBITDA is a non-GAAP (as defined below) financial measure. See “Non-GAAP Measures” below for additional information and for a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure.

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The Company will host a webinar on Wednesday, August 5, 2026, at 11:00 a.m. Eastern Time to discuss the results and answer questions from the sell side community.

● Date: Wednesday, August 5, 2026

● Time: 11:00 a.m. Eastern Time

● Dial-in: 1-877-407-0779

● International Dial-in: 1-201-389-0914

● Webcast: HERE

A replay will be available within 24 hours after the webinar and can be accessed on the Company's investor relations website at https://angx.com.

About Angel

Angel (NYSE: ANGX) is a media and technology company successfully pioneering a first-of-its-kind audience-driven model. Founded by brothers who struggled to find films they could watch with their children, Angel was built on the belief that there was a global audience hungry for values-driven storytelling that amplifies light, celebrates hope, and inspires the moral imagination of viewers. That audience became the Angel Guild, a rapidly growing community of over 2.85 million paying members* who watch, screen, and vote on which films and television series get produced and distributed on the Angel platform. According to Rotten Tomatoes, Angel’s releases average among the highest audience satisfaction scores in the industry.** It has done so while evolving a new economic model that shares profits more fully with filmmakers, with cumulative earnings of nearly $300 million. For more information, visit www.angel.com.

*As of July 31, 2026. For the most recent Guild membership number, visit https://www.angel.com/impact.

**www.rottentomatoes.com Popcornmeter (Data sourced June 30, 2026).

Forward-Looking Statements

This press release may contain 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 “expects,” “believes,” “may,” “will,” “should,” “would,” or similar expressions. Statements regarding the Company's 2026 theatrical slate, Guild growth expectations, Adjusted EBITDA guidance, 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.

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 law.

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“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.

A reconciliation between net income/(loss) and Adjusted EBITDA is presented below:

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​	​	For the three months ended June 30,
​	​	2026		​	2025
Reconciliation of net loss to non-GAAP Adjusted EBITDA	​	​	​	​	​	​
Net loss	​	$	(23,794,026)	​	$	(15,706,671)
Interest expense, net	​	​	2,549,512	​	​	1,334,702
Depreciation and amortization	​	​	3,083,526	​	​	2,212,851
Stock-based compensation	​	​	3,541,895	​	​	2,126,929
Net loss (gain) on digital assets	​	​	2,935,243	​	​	(7,452,328)
Adjusted EBITDA	​	$	(11,683,850)	​	$	(17,484,517)
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​	​	For the six months ended June 30,
​	​	2026		​	2025
Reconciliation of net loss to non-GAAP Adjusted EBITDA	​	​	​	​	​	​
Net loss	​	$	(37,550,082)	​	$	(53,036,803)
Interest expense, net	​	​	7,873,833	​	​	1,774,166
Depreciation and amortization	​	​	6,183,955	​	​	4,439,035
Stock-based compensation	​	​	7,013,855	​	​	4,759,765
Net loss (gain) on digital assets	​	​	8,780,298	​	​	(4,153,223)
Adjusted EBITDA	​	$	(7,698,141)	​	$	(46,217,060)

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Contact:

Luk Janssens

Investor Relations

InvestorRelations@angel.com

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ANGEL STUDIOS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

​	​	As of
​	​	June 30, 2026		​	December 31, 2025
Assets	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	48,036,965	​	$	44,083,233
Accounts receivable, net	​	​	30,400,912	​	​	51,122,866
Current portion of licensing receivables, net	​	​	9,697,666	​	​	9,695,562
Physical inventory	​	​	1,480,166	​	​	1,264,101
Current portion of notes receivable	​	​	1,383,486	​	​	1,368,581
Royalty advance	​	​	18,447,053	​	​	13,827,626
Prepaid expenses and other	​	​	15,902,578	​	​	13,515,986
Total current assets	​	​	125,348,826	​	​	134,877,955
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Licensing receivables, net	​	​	6,110,510	​	​	2,579,252
Notes receivable, net of current portion	​	​	3,797,119	​	​	3,940,918
Property and equipment, net	​	​	631,293	​	​	709,845
Content, net	​	​	5,401,693	​	​	6,272,925
Intangible assets, net	​	​	2,313,410	​	​	3,850,035
Capitalized software, net	​	​	14,407,016	​	​	13,308,247
Digital assets	​	​	17,747,262	​	​	26,527,560
Investments in affiliates	​	​	46,042,383	​	​	46,014,881
Operating lease right-of-use assets	​	​	2,619,304	​	​	3,240,021
Other long-term assets	​	​	10,643,673	​	​	89,924
Total assets	​	$	235,062,489	​	$	241,411,563
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Liabilities and Stockholders’ Equity	​	​	​	​	​	​
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Current liabilities:	​	​	​	​	​	​
Accounts payable	​	$	39,813,785	​	$	39,960,272
Accrued expenses	​	​	11,136,378	​	​	24,487,884
Current portion of accrued licensing royalties	​	​	40,473,978	​	​	31,257,950
Current portion of notes payable	​	​	17,195,811	​	​	55,473,665
Current portion of operating lease liabilities	​	​	1,353,129	​	​	1,284,747
Deferred revenue	​	​	82,549,436	​	​	66,534,622
Total current liabilities	​	​	192,522,517	​	​	218,999,140
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Accrued licensing royalties, long-term	​	​	13,058,467	​	​	4,441,758
Notes payable, net of current portion	​	​	57,168,318	​	​	41,692,404
Operating lease liabilities, net of current portion	​	​	1,358,751	​	​	2,058,585
Other long-term liabilities	​	​	283,848	​	​	—
Total liabilities	​	$	264,391,901	​	$	267,191,887
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Commitments and contingencies (Note 5)	​	​	​	​	​	​
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Stockholders’ equity:	​	​	​	​	​	​
Common stock, $0.0001 par value, 700,000,000 shares authorized;  186,504,214 and 169,095,572 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively	​	$	18,650	​	$	16,909
Additional paid-in capital	​	​	249,962,975	​	​	210,079,998
Noncontrolling interests	​	​	(182,367)	​	​	5,653,837
Accumulated deficit	​	​	(279,128,670)	​	​	(241,531,068)
Total stockholders’ equity	​	​	(29,329,412)	​	​	(25,780,324)
Total liabilities and stockholders’ equity	​	$	235,062,489	​	$	241,411,563

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ANGEL STUDIOS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

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​	Three Months Ended June 30,
​	2026		​	2025
Revenues	$	111,705,930	​	$	87,641,416
Operating expenses:	​	​	​	​	​
Cost of revenues	​	51,749,499	​	​	27,286,383
Selling and marketing	​	61,141,780	​	​	61,510,343
General and administrative	​	12,408,923	​	​	9,838,725
Research and development	​	4,000,891	​	​	3,644,278
Legal expense	​	916,221	​	​	6,685,984
Total operating expenses	​	130,217,314	​	​	108,965,713
Operating loss	​	(18,511,384)	​	​	(21,324,297)
​	​	​	​	​	​
Other income (expense):	​	​	​	​	​
Net gain (loss) on digital assets	​	(2,935,243)	​	​	7,452,328
Interest expense	​	(3,094,406)	​	​	(2,742,902)
Interest income	​	544,894	​	​	1,408,200
Other income (expense)	​	202,113	​	​	(500,000)
Total other income (expense), net	​	(5,282,642)	​	​	5,617,626
Loss before income tax benefit	​	(23,794,026)	​	​	(15,706,671)
Income tax benefit	​	—	​	​	—
Net loss	$	(23,794,026)	​	$	(15,706,671)
​	​	​	​	​	​
Net income (loss) attributable to noncontrolling interests	​	(944)	​	​	62,865
Net loss attributable to controlling interests	$	(23,793,082)	​	$	(15,769,536)
​	​	​	​	​	​
Net loss per common share - basic	$	(0.129)	​	$	(0.106)
Net loss per common share - diluted	$	(0.129)	​	$	(0.106)
​	​	​	​	​	​
Weighted average common shares outstanding - basic	​	184,235,772	​	​	149,429,535
Weighted average common shares outstanding - diluted	​	184,235,772	​	​	149,429,535

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ANGEL STUDIOS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

​

​	​	​	​	​	​	​
​	​	Six Months Ended June 30,
​	​	2026		​	2025
Cash flows from operating activities:	​	​	​	​	​	​
Net loss	​	$	(37,550,082)	​	$	(53,036,803)
Adjustments to reconcile net loss to net cash and cash equivalents provided by (used in) operating activities:	​	​	​	​	​	​
Depreciation and amortization	​	​	6,183,955	​	​	4,439,035
Amortization of content assets	​	​	1,078,731	​	​	119,291
Amortization of right-of-use assets	​	​	620,717	​	​	345,761
Stock-based compensation expense	​	​	7,013,855	​	​	4,759,765
Net loss (gain) on digital assets	​	​	8,780,298	​	​	(4,153,223)
Impairment of failed acquisition	​	​	—	​	​	500,000
Investments in affiliates gain	​	​	(164,672)	​	​	(87,211)
Non-cash interest expense	​	​	705,942	​	​	161,285
Paid-in-kind interest	​	​	4,550,624	​	​	—
Bad debt recovery	​	​	(166,100)	​	​	—
Change in operating assets and liabilities:	​	​	​	​	​	​
Accounts receivable	​	​	20,888,054	​	​	(4,677,116)
Physical inventory	​	​	(216,065)	​	​	237,196
Royalty advance	​	​	(4,619,427)	​	​	—
Prepaid expenses and other current assets	​	​	(2,386,592)	​	​	(622,039)
Licensing receivables	​	​	(3,533,362)	​	​	4,062,976
Other long-term assets	​	​	(2,076,537)	​	​	—
Accounts payable and accrued expenses	​	​	(13,497,993)	​	​	6,910,533
Accrued licensing royalties	​	​	17,832,737	​	​	3,080,204
Operating lease liabilities	​	​	(631,452)	​	​	(330,670)
Deferred revenue	​	​	16,014,814	​	​	17,938,955
Net cash and cash equivalents provided by (used in) operating activities	​	​	18,827,445	​	​	(20,352,061)
​	​	​	​	​	​	​
Cash flows from investing activities:	​	​	​	​	​	​
Purchases of property and equipment	​	​	(189,070)	​	​	(118,942)
Issuance of notes receivable	​	​	(14,684)	​	​	(974,176)
Collections of notes receivable	​	​	143,578	​	​	440,643
Advances to acquisition target	​	​	(8,193,364)	​	​	—
Sale of digital assets	​	​	—	​	​	99,118
Additions to internal-use software	​	​	(5,478,477)	​	​	(4,346,719)
Purchase of content	​	​	(207,499)	​	​	(4,274,150)
Investments in affiliates	​	​	—	​	​	(2,982,032)
Return on investments in affiliates	​	​	137,170	​	​	—
Net cash and cash equivalents used in investing activities	​	​	(13,802,346)	​	​	(12,156,258)
​	​	​	​	​	​	​
Cash flows from financing activities:	​	​	​	​	​	​
Repayment of notes payable	​	​	(57,630,657)	​	​	(24,338,861)
Repayment of loan guarantee	​	​	—	​	​	(6,000,000)
Receipt of notes payable	​	​	30,000,000	​	​	48,891,000
Repayment of accrued settlement costs	​	​	—	​	​	(136,660)
Exercise of stock options	​	​	1,293,476	​	​	190,733
Issuance of common stock	​	​	34,534,500	​	​	38,503,670
Contribution of equity in noncontrolling interests	​	​	—	​	​	8,731,422
Redemption of equity in noncontrolling interests	​	​	(5,883,724)	​	​	(11,750,000)
Fees related to issuance of common stock and minority interest	​	​	(2,024,388)	​	​	(398,660)
Repurchase of common stock	​	​	(1,160,574)	​	​	(132,940)
Debt financing fees	​	​	(200,000)	​	​	(263,532)
Net cash and cash equivalents provided by (used in) financing activities	​	​	(1,071,367)	​	​	53,296,172
​	​	​	​	​	​	​
Net increase in cash and cash equivalents	​	​	3,953,732	​	​	20,787,853
Cash and cash equivalents at beginning of period	​	​	44,083,233	​	​	7,211,826
​	​	​	​	​	​	​
Cash and cash equivalents at end of period	​	$	48,036,965	​	$	27,999,679
​	​	​	​	​	​	​
Supplemental disclosure of cash flow information:	​	​	​	​	​	​
Cash paid for interest	​	$	5,665,153	​	$	2,624,497
​	​	​	​	​	​	​
Supplemental schedule of noncash financing activities:	​	​	​	​	​	​
Adoption of ASU No. 2023-08	​	$	—	​	$	15,962,018
Change from digital assets to digital assets receivable	​	​	—	​	​	21,748,336
Operating lease right-of-use assets and liabilities	​	​	—	​	​	145,980

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Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 381.8 KB

Other Documents

• EX-101 EX-101.SCH 2.6 KB
• EX-101 EX-101.LAB 15.5 KB
• EX-101 EX-101.PRE 10.1 KB