Angel Studios Q3 2026 net loss narrows to $5.2M
Nine-month adjusted EBITDA was a $10.9 million loss, compared with a $78.8 million loss in the first nine months of 2025.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Angel Studios, Inc. reported third-quarter 2026 results, with revenue of $159.0 million, more than double the $76.5 million reported in the third quarter of 2025. It had 2.94 million paying Guild members at September 30, 2026, after approximately 335,000 net additions during the quarter. Guild revenue was $115.6 million; Guild selling and marketing expense was 55.2% of Guild revenue, compared with 75.0% a year earlier. Theatrical release revenue was $29.0 million, versus $5.5 million in the prior-year quarter.
Angel reported a net loss of $5.2 million, compared with $38.5 million a year earlier; operating loss was $10.3 million versus $38.0 million, and Adjusted EBITDA loss was $3.2 million versus $32.6 million. Net cash provided by operating activities was $10.3 million, compared with $32.1 million used in the prior-year quarter. For the first nine months of 2026, revenue was $385.8 million versus $211.6 million, net loss was $42.7 million versus $91.5 million, and net cash provided by operating activities was $29.1 million versus $52.5 million used.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQ3 revenue reached $159.0 million, more than doubling year over year.
- Moderate pointQ3 net loss was $5.2 million, compared with a $38.5 million loss a year earlier.
- Moderate pointOperating cash flow was $10.3 million provided, versus $32.1 million used.
- Minor pointQ3 adjusted EBITDA loss was $3.2 million, compared with $32.6 million a year earlier.
Negative
- None.
Filing Explained
At September 30, 2026, current liabilities exceeded current assets ($222,102,211 versus $135,343,133), with $45,561,046 in cash and equivalents.
Angel furnished its completed third-quarter results; common shares outstanding were 196,323,468 at
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Deferred revenue financial
noncontrolling interests financial
Net cash provided by (used in) operating activities financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was ANGX's revenue in the third quarter of 2026?
How many paying Guild members did ANGX have at September 30, 2026?
Which films were named alongside ANGX's third-quarter theatrical revenue?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Its Charter)
| | |||
(State or other jurisdiction of |
| (Commission File Number) |
| (I.R.S. Employer |
(Address of principal executive offices)
(
(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:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
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 November 10, 2026, Angel Studios, Inc. (the “Company”) issued a press release announcing its financial results and operational highlights for the Company’s quarter ended September 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 |
(d) Exhibits
Exhibit No. |
| Description of Exhibit |
99.1 |
| Press Release dated November 10, 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: November 10, 2026 | By: | /s/ Scott Klossner |
Scott Klossner | ||
Chief Financial Officer | ||
Exhibit 99.1
Angel Reports Third Quarter 2026 Results
Angel (NYSE: ANGX) announced the following financial results for the quarter ended September 30, 2026:
• | Delivered total revenue growth of 107.7% year-over-year to $159.0 million in Q3, and 42.4% quarter-over-quarter |
| ● | Delivered Guild revenue of $115.6 million, up 95.3% year-over-year and 27.5% quarter-over-quarter |
• | The Angel Guild membership grew to 2.94 million paying members, up 1.36 million net new members year-over-year |
• | Reduced net loss to $5.2 million, from $23.8 million in Q2 2026 and $38.5 million in Q3 2025 |
• | Adjusted EBITDA was a loss of $10.9 million for the nine months ended September 30, 2026, compared to a loss of $78.8 million for the nine months ended September 30, 2025 |
• | Reiterated full-year 2026 guidance of an Adjusted EBITDA loss of less than $25 million |
| ● | Generated positive operating cash flow of $10.3 million |
Company Highlights
• | Led the quarter with the release of Young Washington, which drove Guild memberships while delivering $47 million at the domestic box office, Angel’s highest-grossing release of 2026 |
• | Continued to scale Angel’s TV and film library to over 1,500 releases, up from 837 releases on December 31, 2025 |
• | Completed the previously announced acquisitions of Tuttle Twins and The Wingfeather Saga, increasing total class A common stock share count by 9.4 million, and as of September 30, 2026 there are 196,323,468 shares issued and outstanding |
CEO Commentary
Our model continues to show results, surpassing analyst expectations. Q3 revenue more than doubled year-over-year to $159 million, and we added approximately 335,000 net new members in the quarter to reach 2.94 million paying Guild members, while the rest of the US subscription video on demand (SVOD) industry lost 1.7 million subscribers, according to Antenna*. Just as important, we are scaling more efficiently. Guild selling and marketing expense was 55% of Guild revenue this quarter, compared to 75% a year ago.
The Angel team has more than doubled revenue in our first year as a publicly listed company. But we have greater ambitions than that. I am reminded of a quote from Cabrini, “The world is too small for what [we] intend to do.”
* Source: Antenna, “Premium SVOD: Q3'26 Net Additions Down Slightly; September Programming Yields Growth,” https://www.antenna.live/insights/premium-svod-q326-net-additions-down-slightly-september-programming-yields-growth. Antenna figures reflect net subscriber additions for U.S. premium SVOD services in Q3 2026.
Note: Adjusted EBITDA is a non-GAAP financial measure. See Note 1 for additional information regarding Adjusted EBITDA. A reconciliation to the most comparable GAAP financial measure is provided under “Reconciliation of Net Loss to Adjusted EBITDA.”
Angel Guild Operating and Financial Data
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|---|
$, in millions (except where noted) | September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 |
Paying Guild members (#, in millions, as of period end) | 2.94 | 2.61 | 1.58 | 2.94 | 1.58 |
Net member additions (#, in thousands) | ~335 | ~390 | ~269 | ~939 | ~1,030 |
Guild revenues | $115.6 | $90.7 | $59.2 | $289.7 | $140.7 |
Guild revenues as % of total revenues | 72.7% | 81.2% | 77.4% | 75.1% | 66.5% |
Guild selling and marketing expense as % of Guild revenues | 55.2% | 52.8% | 75.0% | 51.2% | 79.5% |
Guild Business Highlights
• | Guild revenue grew 95.3% year-over-year and 27.5% quarter-over-quarter to $115.6 million, driven by 86.1% year-over-year growth in paying members |
• | Paying Guild members grew from 2.61 million to 2.94 million during the quarter, a 12.6% quarter-over-quarter increase |
• | Added approximately 335,000 net members in Q3 2026 and approximately 939,000 in the first nine months of 2026 |
• | Guild selling and marketing expense was 55% of Guild revenue, compared to 75% in Q3 2025 |
Theatrical Highlights and Outlook
• Theatrical release revenue was $29.0 million in Q3 2026, up from $5.5 million in Q3 2025, with the release of Young Washington, Brink of War and Runner
• Angel's holiday slate is built for the big screen and timed for the season when families go to the movies together. It opens with Drummer Boy, a period-piece musical, continues with Hershey, a heartwarming story of the Hershey Company’s roots, and closes at Christmas with Zero A.D., the story of the birth of Christ
Third Quarter Financial Highlights
| Three Months Ended | Nine Months Ended | |||
$, in millions | September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 |
Revenue | | | | | |
Guild | $115.6 | $90.7 | $59.2 | $289.7 | $140.7 |
Other | 43.4 | 21.0 | 17.3 | 96.1 | 70.9 |
Total | $159.0 | $111.7 | $76.5 | $385.8 | $211.6 |
Profitability | | | | | |
Gross margin % | 63% | 54% | 55% | 60% | 62% |
Operating loss | $(10.3) | $(18.5) | $(38.0) | $(31.5) | $(92.9) |
Net loss | $(5.2) | $(23.8) | $(38.5) | $(42.7) | $(91.5) |
Adjusted EBITDA | $(3.2) | $(11.7) | $(32.6) | $(10.9) | $(78.8) |
Cash Flow | | | | | |
Net cash provided by (used in) operating activities | $10.3 | $16.9 | $(32.1) | $29.1 | $(52.5) |
Balance Sheet (as of period end) | | | | | |
Deferred revenue | $98.5 | $82.5 | $50.7 | $98.5 | $50.7 |
Cash and cash equivalents | $45.6 | $48.0 | $63.3 | $45.6 | $63.3 |
Note: Adjusted EBITDA is a non-GAAP financial measure. See Note 1 for additional information regarding Adjusted EBITDA. A reconciliation to the most comparable GAAP financial measure is provided under “Reconciliation of Net Loss to Adjusted EBITDA.”
Income Statement
• | Total revenue was $159.0 million, up 107.7% year-over-year and 42.4% quarter-over-quarter |
• | Q3 2026 Gross margin was 63%, compared to 55% in Q3 2025 and 54% in Q2 2026 |
• | Net loss was $5.2 million, or $0.03 per share, compared to $38.5 million, or $0.25 per share, in Q3 2025 |
• | Adjusted EBITDA loss was $3.2 million, compared to a loss of $11.7 million in Q2 2026 and a loss of $32.6 million in Q3 2025; nine-month 2026 Adjusted EBITDA loss of $10.9 million, compared to a $78.8 million loss in the first nine months of 2025 |
Balance Sheet
• | As of September 30, 2026, Angel had cash and cash equivalents of $45.6 million, up $1.5 million from $44.1 million as of December 31, 2025 |
• | Year to date, positive operating cash flow of $29.1 million compared to a negative $52.5 million through September 30, 2025 |
• | Deferred revenue grew to $98.5 million, from $82.5 million at June 30, 2026 and $66.5 million at December 31, 2025, reflecting growth in annual Guild memberships, which are paid in advance |
• | Total notes payable stood at $75.5 million compared to $97.2 million at December 31, 2025 |
• | Angel holds 304 bitcoin which was valued at $25.4 million as of September 30, 2026 compared to a value of $26.5 million as of December 31, 2025 |
Webinar Information
The Company will host a webinar on Wednesday, November 11, 2026, at 8:00 a.m. Eastern Time to discuss the results and answer questions from the sell side community. Dial-in: 1-877-407-0779 (international: 1-201-389-0914). The webcast can be accessed [HERE]. A replay will be available within 24 hours after the webinar on the Company’s investor relations website at https://angx.com.
Notes
Note 1. Non-GAAP Financial Measures
“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.
Note 2. Other Definitions
Paying Guild members
Angel Guild paying members represents the number of memberships with an active paid Angel Guild subscription as of the end of the period.
Guild selling and marketing expense
Guild selling and marketing expense is the portion of our selling and marketing expense spent on acquiring and retaining Angel Guild members. It consists mainly of paid digital advertising and other member-acquisition and retention marketing. It excludes marketing for theatrical releases and other non-Guild marketing. We present it as a percentage of Angel Guild revenue for the same period, which shows how efficiently we grow the Guild.
Consolidated Financial Statements
Angel Condensed Consolidated Statements of Operations
(unaudited)
| Three Months Ended September 30, | |
| 2026 | 2025 |
Revenues | $ 159,015,551 | $ 76,542,482 |
Operating expenses | | |
Cost of revenues | 59,016,013 | 34,333,955 |
Selling and marketing | 92,104,919 | 64,683,558 |
General and administrative | 12,885,778 | 10,125,018 |
Research and development | 4,682,302 | 4,102,827 |
Legal expense | 676,451 | 1,275,008 |
Total operating expenses | 169,365,463 | 114,520,366 |
Operating loss | (10,349,912) | (37,977,884) |
Other income (expense) | | |
Net gain on digital assets | 7,588,558 | 2,071,977 |
Interest expense | (4,279,857) | (3,978,212) |
Interest income | 797,730 | 1,510,548 |
Other income (expense) | 974,309 | (125,000) |
Total other income (expense), net | 5,080,740 | (520,687) |
Loss before income tax expense | (5,269,172) | (38,498,571) |
Income tax benefit | (115,239) | — |
Net loss | $ (5,153,933) | $ (38,498,571) |
Net income (loss) attributable to noncontrolling interests | (1,642) | (57,596) |
Net loss attributable to controlling interests | (5,152,291) | (38,440,975) |
Net loss per common share | | |
Basic and diluted | $ (0.027) | $ (0.245) |
Weighted average common shares outstanding | | |
Basic and diluted | 189,346,763 | 156,797,109 |
Reconciliation of Net Loss to Adjusted EBITDA
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||
| 2026 | 2025 | 2026 | 2025 |
Net loss | $ (5,153,933) | $ (38,498,571) | $ (42,704,015) | $ (91,535,374) |
Add (deduct): | | | | |
Interest expense, net | 3,482,127 | 2,467,664 | 11,355,960 | 4,241,830 |
Depreciation and amortization | 2,935,933 | 2,473,738 | 9,119,888 | 6,912,773 |
Stock-based compensation | 4,266,958 | 3,021,608 | 11,280,813 | 7,781,373 |
Net loss (gain) on digital assets | (7,588,558) | (2,071,977) | 1,191,740 | (6,225,200) |
Income tax benefit | (115,239) | — | (115,239) | — |
Misc. (gain) on acquisition | (1,026,151) | — | (1,026,151) | — |
Adjusted EBITDA | $ (3,198,863) | $ (32,607,538) | $ (10,897,004) | $ (78,824,598) |
Angel Condensed Consolidated Balance Sheets
(unaudited)
| September 30, 2026 | December 31, 2025 |
Assets | | |
Current assets | | |
Cash and cash equivalents | $ 45,561,046 | $ 44,083,233 |
Accounts receivable, net | 38,475,784 | 51,122,866 |
Current portion of licensing receivables, net | 9,249,756 | 9,695,562 |
Royalty advance | 24,433,428 | 13,827,626 |
Prepaid expenses and other | 17,623,119 | 16,148,668 |
Total current assets | 135,343,133 | 134,877,955 |
Licensing receivables, net | 7,021,321 | 2,579,252 |
Digital assets | 25,408,776 | 26,527,560 |
Investments in affiliates | 44,301,052 | 46,014,881 |
Content, net | 29,067,311 | 6,272,925 |
Capitalized software, net | 15,382,561 | 13,308,247 |
Operating lease right-of-use assets | 3,440,003 | 3,240,021 |
Intangible assets, net | 6,459,332 | 3,850,035 |
Goodwill | 31,520,390 | — |
Other long-term assets | 18,099,282 | 4,740,687 |
Total assets | $ 316,043,161 | $ 241,411,563 |
Liabilities and Stockholders’ Equity | | |
Current liabilities | | |
Accounts payable | $ 40,713,563 | $ 39,960,272 |
Accrued expenses | 13,628,794 | 24,487,884 |
Current portion of accrued licensing royalties | 49,816,254 | 31,257,950 |
Current portion of notes payable | 18,071,492 | 55,473,665 |
Current portion of operating lease liabilities | 1,353,921 | 1,284,747 |
Deferred revenue | 98,518,187 | 66,534,622 |
Total current liabilities | 222,102,211 | 218,999,140 |
Accrued licensing royalties, long-term | 15,291,906 | 4,441,758 |
Notes payable, net of current portion | 57,385,059 | 41,692,404 |
Operating lease liabilities, net of current portion | 2,197,800 | 2,058,585 |
Other long-term liabilities | 8,938,819 | — |
Total liabilities | $ 305,915,795 | $ 267,191,887 |
Commitments and contingencies (see Note 6 in 10Q) | | |
Stockholders’ equity | | |
Common stock, $0.0001 par value, 700,000,000 shares authorized; 196,323,468 and 169,095,572 shares issued and outstanding as of September 30, 2026, and December 31, 2025, respectively | $ 19,632 | $ 16,909 |
Additional paid-in capital | 294,582,485 | 210,079,998 |
Noncontrolling interests | (193,790) | 5,653,837 |
Accumulated deficit | (284,280,961) | (241,531,068) |
Total stockholders’ equity | 10,127,366 | (25,780,324) |
Total liabilities and stockholders’ equity | $ 316,043,161 | $ 241,411,563 |
Angel Selected Cash Flow Information
(unaudited)
| Nine Months Ended September 30, | |
| 2026 | 2025 |
Net cash and cash equivalents provided by (used in) | | |
Operating activities | $ 29,116,725 | $ (52,455,381) |
Investing activities | (24,499,362) | (21,779,842) |
Financing activities | (3,139,550) | 130,350,660 |
Net increase in cash and cash equivalents | 1,477,813 | 56,115,437 |
Cash and cash equivalents, beginning of period | 44,083,233 | 7,211,826 |
Cash and cash equivalents, end of period | $ 45,561,046 | $ 63,327,263 |
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 approximately 2.94 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 filmmaker earnings of $323 million, as of September 30, 2026. For more information, visit www.angel.com.
*As of September 30, 2026. For the most recent Guild membership number, visit https://www.angel.com/impact.
**www.rottentomatoes.com Popcornmeter (Data sourced October 9, 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.
Contacts
Investors
Luk Janssens, Head of Investor Relations
InvestorRelations@angel.com
Media
Sarah Amro, Corporate Communications
press@angel.com