Angel Studios (NYSE: ANGX) jumps 143% revenue, turns Adjusted EBITDA positive

Rhea-AI Filing Summary

Angel Studios reported strong first-quarter 2026 growth but remains unprofitable. Total revenue rose to $115.1 million, a 143% year-over-year increase, driven mainly by Angel Guild revenue of $83.3 million and 11% growth in Guild membership to 2.22 million.

Gross profit increased to $71.1 million, with gross margin expanding to about 62%. Selling and marketing was $56.6 million, or 49% of revenue, down from 107% a year earlier. Net loss narrowed to $13.8 million, or $(0.08) per share, and Adjusted EBITDA improved to a positive $4.0 million from a loss of $(28.7) million.

Angel ended the quarter with $38.9 million in cash and 303.1 BTC valued at $20.7 million. In April 2026, it priced an underwritten offering of 16,445,000 Class A shares at $2.10 per share for $34.5 million in gross proceeds and reiterated a full-year 2026 Adjusted EBITDA loss target of less than $25 million.

Positive

• Revenue and profitability trend: Q1 2026 revenue rose to $115.1 million (143% year-over-year), gross margin expanded to ~62%, and Adjusted EBITDA turned positive at $4.0 million versus a $(28.7) million loss a year earlier.

Negative

• Continuing losses and leverage: Despite improvements, Angel reported a Q1 2026 net loss of $13.8 million and total liabilities of $254.5 million exceeding total assets, resulting in negative stockholders’ equity of $(41.5) million.

Insights

Equity analyst

Angel shows rapid growth, better efficiency, but still carries losses and leverage.

Angel Studios delivered rapid scale in Q1 2026: revenue jumped to $115.1 million, up 143% year over year, mostly from Angel Guild subscriptions of $83.3 million. Gross profit rose to $71.1 million and gross margin improved to about 62%.

Cost discipline is evident as selling and marketing fell from 107% to 49% of revenue. Adjusted EBITDA swung from a $(28.7) million loss to a positive $4.0 million, while net loss narrowed to $(13.8) million. However, total liabilities of $254.5 million exceed assets, leaving negative equity.

Liquidity improved with cash of $38.9 million as of March 31, 2026, supplemented by an April underwritten offering raising $34.5 million in gross proceeds. Bitcoin holdings stayed at 303.1 BTC but declined in value to $20.7 million. Management reiterates an expected narrowed Adjusted EBITDA loss of less than $25 million for full-year 2026.

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, and exhibit attachments filed with this report.

Key Figures

Q1 2026 revenue: $115.1 million Q1 2026 gross profit: $71.1 million Angel Guild revenue: $83.3 million +5 more

8 metrics

Q1 2026 revenue $115.1 million Total revenue for the three months ended March 31, 2026; 143% year-over-year increase

Q1 2026 gross profit $71.1 million Gross profit for Q1 2026; 154% year-over-year increase and ~62% gross margin

Angel Guild revenue $83.3 million Angel Guild revenue contribution within Q1 2026 total revenue

Angel Guild members 2.22 million Angel Guild membership in Q1 2026 versus 1.08 million in Q1 2025

Q1 2026 net loss $13.8 million Net loss for the three months ended March 31, 2026; $(0.08) per share

Q1 2026 Adjusted EBITDA $4.0 million Adjusted EBITDA in Q1 2026 versus $(28.7) million in Q1 2025

April 2026 equity offering 16,445,000 shares at $2.10 Underwritten registered Class A common stock offering; $34.5 million gross proceeds

Bitcoin holdings value $20.7 million Value of 303.1 BTC as of Q1 2026, down from $26.5 million in Q4 2025

Key Terms

Adjusted EBITDA, Angel Guild, digital assets, deferred revenue, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA was $4.0 million in the first quarter of 2026, compared to an Adjusted EBITDA loss of $(28.7) million"

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.

Angel Guild financial

"The Angel Guild continued to expand, growing 11 percent while the company had a more efficient theatrical marketing spend."

digital assets financial

"Bitcoin holdings remain unchanged at 303.1 BTC, but have declined in value from $26.5 million to $20.7 million"

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.

deferred revenue financial

"Deferred revenue was 74,691,685 as of March 31, 2026, compared to 66,534,622 as of December 31, 2025."

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.

noncontrolling interests financial

"Noncontrolling interests were (168,495) as of March 31, 2026, compared to 5,653,837 as of December 31, 2025."

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.

Pay it Forward revenue financial

"Pay it Forward revenue was 154,602 in Q1 2026, compared to 1,233,896 in Q1 2025."

Earnings Snapshot

Revenue: $115.1 million · Guidance included

Q1 2026

Revenue $115.1 million 143% year-over-year increase

Gross profit $71.1 million 154% year-over-year increase

Net loss $(13.8) million improved from $(37.3) million in Q1 2025

Adjusted EBITDA $4.0 million improved from $(28.7) million in Q1 2025

Angel Guild members 2.22 million up from 1.08 million in Q1 2025

Guidance

Company reiterates expected narrowed Adjusted EBITDA loss of less than $25 million for full year 2026.

Understanding 8-K Material Events →

0001865200false00018652002026-04-302026-04-30

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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): April 30, 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

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On April 30, 2026, Angel Studios, Inc. (the “Company”) issued a press release announcing its financial results and operational highlights for the Company’s quarter ended March 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

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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.

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Item 9.01 Financial Statements and Exhibits

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(d) Exhibits

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Exhibit Number	Description of Exhibit
99.1	Press release dated April 30, 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: April 30, 2026	By:	/s/ Scott Klossner
​	​	Scott Klossner
​	​	Chief Financial Officer

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Exhibit 99.1

Angel Reports First Quarter 2026 Financial Results with 11% Growth in Guild Membership

~ Revenue of $115.1 Million, Representing a 143% Year-Over-Year Increase ~

~ Adjusted EBITDA Improves to $4.0 Million From $(28.7) Million in Q1 2025 ~

~ Selling and Marketing expense improved from 107% of total revenue in Q1 2025, to 49% of total revenue in Q1 2026 ~

PROVO, Utah – Angel (NYSE: ANGX) (the "Company"), a media and technology company successfully pioneering a first-of-its-kind audience-driven studio model, today reported financial results for the first quarter ended March 31, 2026.

Highlights

● The Angel Guild grew from 2.0 million to 2.22 million paying members during the quarter, representing 11% quarter-over-quarter growth and 106% growth year-over-year from 1.08 million members.

● 2026 first quarter revenue increased 143% year-over-year to $115.1 million, compared to $47.4 million in the first quarter of 2025.

● The Angel Guild selling and marketing expense improved as a percent of total Guild revenues from 79% in Q4 of 2025 to 43% in Q1 2026.

● The Company’s recurring revenue stream, the Angel Guild, represents 72% of total revenues for the first quarter 2026, representing year-over-year Angel Guild revenue growth of 140%.

● The Company delivers first quarter positive Adjusted EBITDA¹, reporting $4.0 million for the quarter ended March 31, 2026, compared to $(28.7) million for the quarter ended March 31, 2025.

● Trailing twelve-month average revenue per member ("ARPM") of $13.69 per month for the three months ended March 31, 2026.

● Net Income (loss) improves to a loss of $13.8 million or ($0.08) per share, compared to a loss of $37.3 million or ($0.26) per share for the quarter ended March 31, 2025².

Angel Streaming Platform and Theatrical Projects

● Our streaming library recently surpassed 1,000 titles, and by the end of 2026, we expect to double our library from 2025 by adding 730 titles to the platform (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.

● Angel is attracting award-winning talent and filmmakers on projects such as Young Washington (starring Golden Globe winners Kelsey Grammer and Mary-Louise Parker

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.

² Total shares issued and outstanding of 169,850,328 as of March 31, 2026.

along with Academy Award winner Ben Kingsley), The Brink of War (starring Jeff Daniels and Academy Award winner J.K. Simmons), Runner (starring Owen Wilson and Alan Ritchson), Angel And The Badman (starring Academy Award winner Tommy Lee Jones, Zachary Levi, and Neal McDonough), Drummer Boy, Hershey, and Zero A.D. (starring Deva Cassel, Sam Worthington, Jim Caviezel, and Ben Mendelsohn).

● Solo Mio, starring Kevin James, is one of Rotten Tomatoes’ highest audience-ranked romantic comedies of all time³ and is driving new Guild membership growth to the platform, after surpassing $25 million at the domestic box office.

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Message from our CEO:

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“The Angel Guild continued to expand, growing 11 percent while the company had a more efficient theatrical marketing spend. The scale and momentum of the Guild create a powerful flywheel,” said Neal Harmon, co-founder and CEO, Angel. “As premium filmmakers and high-demand genres strengthen the Angel library, the Guild grows faster, expanding the royalty pool and making Angel even more compelling to filmmakers. Each new genre unlocks audience segments, expands our addressable market, lowers customer acquisition costs, and deepens engagement.”

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Message from our CFO:

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“Recurring revenue from the Angel Guild is the engine of our business,” said Scott Klossner, CFO, Angel. “We delivered record topline revenue, greater marketing efficiency, improved gross margin, and positive Adjusted EBITDA this quarter. Our growth is powered by Angel’s innovative audience-centric model and aligning filmmakers directly with audience demand through shared upside.”

First Quarter 2026 Financial Results

Total revenue was $115.1 million in the first quarter of 2026, compared to $47.4 million in the first quarter of 2025. The increase in revenue was largely due to an increase in Angel Guild revenue, which totaled $83.3 million in Q1 2026. Angel Guild membership grew from 1.08  million in Q1 2025 to 2.22 million members in Q1 2026.

Gross profit was $71.1 million in the first quarter of 2026, compared to $28.0 million in the first quarter of 2025, representing a 154% year-over-year increase. Gross margin expanded to approximately 62% from 59% in the prior-year period, reflecting revenue growth that outpaced the increase in cost of revenues.

Selling and marketing expenses were $56.6 million, representing 49% of revenue, in the first quarter of 2026, compared to $50.5 million, representing 107% of revenue, in the first quarter of 2025.

Net loss was $13.8 million, or ($0.08) per share, in the first quarter of 2026, compared to a net loss of $37.3 million, or $(0.26) per share, in the first quarter of 2025².

Adjusted EBITDA was $4.0 million in the first quarter of 2026, compared to an Adjusted EBITDA loss of $(28.7) million in the first quarter of 2025.

³ As of March 31, 2026 with a 95% Popcornmeter score as set out on www.rottentomatoes.com.

Liquidity

As of March 31, 2026, Angel has cash and cash equivalents of $38.9 million, compared to $14.2 million as of March 31, 2025.

Bitcoin holdings remain unchanged at 303.1 BTC, but have declined in value from $26.5 million to $20.7 million from Q4 of 2025 to Q1 of 2026.

In April 2026, the Company priced an underwritten registered offering of 16,445,000 shares of Class A common stock at $2.10 per share, delivering a total of $34.5 million in gross proceeds⁴.

Outlook

The Company reiterates its expected narrowed Adjusted EBITDA loss of less than $25 million for the full year 2026.

Webinar

The Company will host a webinar on Friday, May 1, 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, May 1, 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/.

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About Angel

Angel (NYSE: ANGX) is a media and technology company successfully pioneering a first-of-its-kind audience-driven studio 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 more than 2 million paying members who watch, screen, and vote on which films and television series get produced and distributed in theaters and on the Angel app. With 100 films and more than 30 television series on the platform, Angel has achieved the highest audience satisfaction

⁴ Total shares issued and outstanding of 186,412,364 as of April 27, 2026.

scores in the industry and the highest average domestic box office per title among all independent studios. It has done so while evolving a new economic model that shares profits more fully with filmmakers. For more information, visit www.angel.com.

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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, 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.

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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.

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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.

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

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​	​	For the three months ended March 31,
​	​	2026		​	2025
Reconciliation of net loss to non-GAAP Adjusted EBITDA	​	​	​	​	​	​
Net loss	​	$	(13,756,056)	​	$	(37,330,132)
Interest expense, net	​	​	5,324,320	​	​	439,464
Depreciation and amortization	​	​	3,100,429	​	​	2,226,184
Stock-based compensation	​	​	3,471,960	​	​	2,632,836
Net loss on digital assets	​	​	5,845,056	​	​	3,299,105
Adjusted EBITDA	​	$	3,985,709	​	$	(28,732,543)

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Contacts:

David Shane

Corporate Communications

press@angel.com

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Luk Janssens

Investor Relations

InvestorRelations@angel.com

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ANGEL STUDIOS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

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​	​	As of
​	​	March 31, 2026		​	December 31, 2025
Assets	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	38,875,760	​	$	44,083,233
Accounts receivable, net	​	​	30,792,585	​	​	51,122,866
Current portion of licensing receivables, net	​	​	9,834,673	​	​	9,695,562
Physical inventory	​	​	1,383,563	​	​	1,264,101
Current portion of notes receivable	​	​	1,375,942	​	​	1,368,581
Royalty advance	​	​	18,736,980	​	​	13,827,626
Prepaid expenses and other	​	​	10,617,381	​	​	13,515,986
Total current assets	​	​	111,616,884	​	​	134,877,955
​	​	​	​	​	​	​
Licensing receivables, net	​	​	80,213	​	​	2,579,252
Notes receivable, net of current portion	​	​	3,862,655	​	​	3,940,918
Property and equipment, net	​	​	581,186	​	​	709,845
Content, net	​	​	5,828,984	​	​	6,272,925
Intangible assets, net	​	​	3,081,723	​	​	3,850,035
Capitalized software, net	​	​	13,705,384	​	​	13,308,247
Digital assets	​	​	20,682,504	​	​	26,527,560
Investments in affiliates	​	​	45,997,700	​	​	46,014,881
Operating lease right-of-use assets	​	​	2,932,555	​	​	3,240,021
Other long-term assets	​	​	4,715,599	​	​	89,924
Total assets	​	$	213,085,387	​	$	241,411,563
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Liabilities and Stockholders’ Equity	​	​	​	​	​	​
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Current liabilities:	​	​	​	​	​	​
Accounts payable	​	$	25,786,792	​	$	39,960,272
Accrued expenses	​	​	12,122,179	​	​	24,487,884
Current portion of accrued licensing royalties	​	​	33,774,958	​	​	31,257,950
Current portion of notes payable	​	​	40,470,679	​	​	55,473,665
Current portion of operating lease liabilities	​	​	1,318,472	​	​	1,284,747
Deferred revenue	​	​	74,691,685	​	​	66,534,622
Total current liabilities	​	​	188,164,765	​	​	218,999,140
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Accrued licensing royalties, long-term	​	​	2,863,265	​	​	4,441,758
Notes payable, net of current portion	​	​	61,802,915	​	​	41,692,404
Operating lease liabilities, net of current portion	​	​	1,714,213	​	​	2,058,585
Total liabilities	​	$	254,545,158	​	$	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; 169,850,328 and 169,095,572 shares issued and outstanding as of March 31, 2026, and December 31, 2025, respectively	​	$	16,985	​	$	16,909
Additional paid-in capital	​	​	214,027,327	​	​	210,079,998
Noncontrolling interests	​	​	(168,495)	​	​	5,653,837
Accumulated deficit	​	​	(255,335,588)	​	​	(241,531,068)
Total stockholders’ equity	​	​	(41,459,771)	​	​	(25,780,324)
Total liabilities and stockholders’ equity	​	$	213,085,387	​	$	241,411,563

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ANGEL STUDIOS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

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​	​	Three Months Ended March 31,
​	​	2026		​	2025
Revenue:	​	​	​	​	​	​
Licensed content and other revenue	​	$	114,950,464	​	$	46,206,744
Pay it Forward revenue	​	​	154,602	​	​	1,233,896
Total revenue	​	​	115,105,066	​	​	47,440,640
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Operating expenses:	​	​	​	​	​	​
Cost of revenues	​	​	44,002,346	​	​	19,480,204
Selling and marketing	​	​	56,596,563	​	​	50,525,314
General and administrative	​	​	11,245,458	​	​	7,367,254
Research and development	​	​	4,083,938	​	​	3,244,918
Legal expense	​	​	1,842,932	​	​	414,513
Total operating expenses	​	​	117,771,237	​	​	81,032,203
Operating loss	​	​	(2,666,171)	​	​	(33,591,563)
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Other income (expense):	​	​	​	​	​	​
Net loss on digital assets	​	​	(5,845,056)	​	​	(3,299,105)
Interest expense	​	​	(6,032,609)	​	​	(1,564,155)
Interest income	​	​	708,289	​	​	1,124,691
Other income	​	​	79,491	​	​	—
Total other expense	​	​	(11,089,885)	​	​	(3,738,569)
Loss before income tax benefit	​	​	(13,756,056)	​	​	(37,330,132)
Income tax benefit	​	​	—	​	​	—
Net loss	​	$	(13,756,056)	​	$	(37,330,132)
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Net income (loss) attributable to noncontrolling interests	​	​	48,464	​	​	(26,208)
Net loss attributable to controlling interests	​	$	(13,804,520)	​	$	(37,303,924)
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Net loss per common share - basic	​	$	(0.082)	​	$	(0.256)
Net loss per common share - diluted	​	$	(0.082)	​	$	(0.256)
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Weighted average common shares outstanding - basic	​	​	169,376,204	​	​	145,623,586
Weighted average common shares outstanding - diluted	​	​	169,376,204	​	​	145,623,586

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ANGEL STUDIOS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​	​	2026		​	2025
Cash flows from operating activities:	​	​	​	​	​	​
Net loss	​	$	(13,756,056)	​	$	(37,330,132)
Adjustments to reconcile net loss to net cash and cash equivalents provided by (used in) operating activities:	​	​	​	​	​	​
Depreciation and amortization	​	​	3,100,429	​	​	2,226,184
Amortization of content assets	​	​	537,698	​	​	58,505
Amortization of right-of-use assets	​	​	307,466	​	​	171,518
Stock-based compensation expense	​	​	3,471,960	​	​	2,632,836
Net loss on digital assets	​	​	5,845,056	​	​	3,299,105
Investments in affiliates gain	​	​	(78,199)	​	​	(40,698)
Non-cash interest expense	​	​	331,440	​	​	—
Paid-in-kind interest	​	​	3,947,996	​	​	—
Bad debt expense (recovery)	​	​	(90,648)	​	​	—
Change in operating assets and liabilities:	​	​	​	​	​	​
Accounts receivable	​	​	20,420,929	​	​	3,098,255
Physical inventory	​	​	(119,462)	​	​	102,340
Royalty advance	​	​	(4,909,354)	​	​	—
Prepaid expenses and other current assets	​	​	2,898,605	​	​	(4,230,773)
Licensing receivables	​	​	2,359,928	​	​	1,851,361
Other long-term assets	​	​	(4,625,675)	​	​	—
Accounts payable and accrued expenses	​	​	(26,539,185)	​	​	2,435,478
Accrued licensing royalties	​	​	938,515	​	​	2,286,956
Operating lease liabilities	​	​	(310,647)	​	​	(162,237)
Deferred revenue	​	​	8,157,063	​	​	13,840,858
Net cash and cash equivalents provided by (used in) operating activities	​	​	1,887,859	​	​	(9,760,444)
​	​	​	​	​	​	​
Cash flows from investing activities:	​	​	​	​	​	​
Purchases of property and equipment	​	​	(24,533)	​	​	(51,977)
Issuance of notes receivable	​	​	—	​	​	(837,309)
Collections of notes receivable	​	​	70,902	​	​	87,933
Sale of digital assets	​	​	—	​	​	99,118
Additions to internal-use software	​	​	(2,576,062)	​	​	(2,173,360)
Purchase of content	​	​	(93,757)	​	​	(259,304)
Investments in affiliates	​	​	—	​	​	(110,999)
Return on investments in affiliates	​	​	95,380	​	​	—
Net cash and cash equivalents used in investing activities	​	​	(2,528,070)	​	​	(3,245,898)
​	​	​	​	​	​	​
Cash flows from financing activities:	​	​	​	​	​	​
Repayment of notes payable	​	​	(18,744,062)	​	​	(9,691,628)
Repayment of loan guarantee	​	​	—	​	​	(2,000,000)
Receipt of notes payable	​	​	20,000,000	​	​	22,904,952
Repayment of accrued settlement costs	​	​	—	​	​	(67,486)
Exercise of stock options	​	​	1,145,012	​	​	80,516
Issuance of common stock	​	​	—	​	​	14,796,704
Investments in minority owned entities	​	​	—	​	​	228,594
Redemption of equity in noncontrolling interests	​	​	(5,870,796)	​	​	(6,000,000)
Repurchase of common stock	​	​	(897,416)	​	​	(65,029)
Debt financing fees	​	​	(200,000)	​	​	(207,076)
Net cash and cash equivalents provided by (used in) financing activities	​	​	(4,567,262)	​	​	19,979,547
​	​	​	​	​	​	​
Net increase (decrease) in cash and cash equivalents	​	​	(5,207,473)	​	​	6,973,205
Cash and cash equivalents at beginning of period	​	​	44,083,233	​	​	7,211,826
​	​	​	​	​	​	​
Cash and cash equivalents at end of period	​	$	38,875,760	​	$	14,185,031
​	​	​	​	​	​	​
Supplemental disclosure of cash flow information:	​	​	​	​	​	​
Cash paid for interest	​	$	3,440,001	​	$	1,573,293
​	​	​	​	​	​	​
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
Issuance of warrants	​	​	227,849	​	​	—

​

FAQ

How did Angel Studios (ANGX) perform financially in Q1 2026?

Angel Studios’ Q1 2026 revenue was $115.1 million, up 143% year-over-year, driven mainly by Angel Guild revenue. Gross profit reached $71.1 million with roughly 62% gross margin, and net loss narrowed to $13.8 million compared to $37.3 million a year earlier.

What is driving Angel Studios’ revenue growth and Guild metrics?

Growth is led by the Angel Guild, which generated $83.3 million of Q1 2026 revenue. Guild membership increased from 1.08 million in Q1 2025 to 2.22 million, reflecting strong adoption of Angel’s audience-driven, subscription-like model and supporting recurring revenue expansion.

Did Angel Studios improve profitability and Adjusted EBITDA in Q1 2026?

Yes. Angel Studios’ Adjusted EBITDA improved to a positive $4.0 million in Q1 2026 from a $(28.7) million loss in Q1 2025. This came alongside better marketing efficiency, lower operating loss, and stronger gross margin, although the company still reported a net loss.

What is Angel Studios’ liquidity position and debt profile as of March 31, 2026?

As of March 31, 2026, Angel held $38.9 million in cash and cash equivalents and 303.1 BTC valued at $20.7 million. Current liabilities totaled $188.2 million and notes payable were significant, reflecting a leveraged balance sheet and negative stockholders’ equity.

What equity offering did Angel Studios complete in April 2026?

In April 2026, Angel priced an underwritten registered offering of 16,445,000 Class A common shares at $2.10 per share. The transaction delivered approximately $34.5 million in gross proceeds, adding to the company’s liquidity following the first quarter.

What guidance has Angel Studios provided for full-year 2026?

Angel Studios reiterated that it expects a narrowed Adjusted EBITDA loss of less than $25 million for full-year 2026. This outlook suggests management anticipates continued operating improvement from the Q1 2026 positive Adjusted EBITDA performance, while still forecasting a full-year loss.

Filing Exhibits & Attachments

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Press Releases

• EX-99.1 EX-99.1 444.7 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