Angel Studios, Inc. filings document the company’s operating results, material events, governance matters, and capital-structure disclosures as a public media and technology issuer. Recent 8-K reports furnish quarterly and annual financial results, operational highlights, Angel Guild disclosures, content-related updates, and Regulation FD communications.
The company’s SEC record also includes material-agreement disclosures involving credit facility amendments and obligations assumed after its completed business combination. Proxy and governance materials address shareholder voting matters, board and governance topics, material agreements, operating and financial results, and capital-structure information relevant to ANGX’s public-company reporting.
Angel Studios, Inc. provided preliminary results for the first quarter of 2026. The company expects revenue between $105.0 million and $109.0 million. It also projects Adjusted EBITDA, a non-GAAP metric, in a loss range of $(4.0) million to $(6.0) million.
Management defines Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock compensation, gain or loss on digital assets, and exceptional items. These figures are preliminary, may change after quarter-end review procedures, and have not been audited or reviewed by Tanner LLP.
Angel Studios, Inc. provided preliminary results for the first quarter of 2026. The company expects revenue between $105.0 million and $109.0 million. It also projects Adjusted EBITDA, a non-GAAP metric, in a loss range of $(4.0) million to $(6.0) million.
Management defines Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock compensation, gain or loss on digital assets, and exceptional items. These figures are preliminary, may change after quarter-end review procedures, and have not been audited or reviewed by Tanner LLP.
Angel Studios, Inc. is asking stockholders to vote at its 2026 annual meeting, which will be held virtually on May 21, 2026 at 11:00 a.m. Mountain time. Holders of Class A and higher-vote Class B common stock as of March 23, 2026 may participate and vote online.
Stockholders will elect five directors for one-year terms and vote on ratifying Tanner LLP as independent registered public accounting firm for the year ending December 31, 2026. The proxy statement details the company’s dual-class structure, board and committee composition, director and executive biographies, and compensation programs, including the 2025 Long-Term Incentive Plan and a new non-employee director compensation program effective in 2026.
Angel Studios, Inc., formerly Southport Acquisition Corporation, completed a business combination with Angel Studios Legacy in September 2025 and now operates as a community-driven media and technology company. Its model centers on the Angel Guild, a group of approximately 2.0 million paying members as of December 31, 2025, who vote on and fund films and TV shows that “amplify light.”
The company uses a proprietary technology platform and AI tools to power its app, recommendation engine and production workflows, and had exclusively licensed 137 titles and produced 776 Dry Bar Comedy specials by year-end 2025. It is increasingly focused on theatrical releases: in 2025 it released eight films, including “The King of Kings” and “David,” with gross worldwide box office for 2025 releases ranging from $3.0 million to $83.9 million per title, and reports that material distribution agreements are tied to more than $573.0 million in total global gross box office as of December 31, 2025.
Financially, Angel Studios recorded net losses attributable to controlling interests of $170.5 million in 2025 and $88.3 million in 2024, compared with net income in 2023 and 2021. The company highlights significant risks around its relatively new business model, intense competition in streaming and theatrical markets, piracy, technology and cybersecurity, and regulatory and intellectual property challenges. It also discloses past Disney-related copyright litigation and a completed bankruptcy reorganization, as well as an arbitration with The Chosen that resulted in termination of a key distribution agreement and a July 2025 settlement.
Angel Studios, Inc. reported very rapid growth but widening losses for the fourth quarter and full year 2025. Fourth quarter revenue reached $109.9 million, up from $31.0 million a year earlier, driven mainly by a $54.7 million increase in Angel Guild revenue and a $19.6 million rise in theatrical revenue from the DAVID release. Full-year revenue was $321.6 million, compared with $96.5 million in 2024. Gross margin in Q4 improved to 60% from 58%, but heavy selling and marketing spend of $120.6 million in the quarter contributed to a Q4 net loss of $78.6 million, or ($0.47) per share. For 2025, net loss widened to $170.5 million. As of December 31, 2025, cash and cash equivalents were $44.1 million, up from $7.2 million a year earlier, while total liabilities rose to $267.2 million and stockholders’ equity turned negative at $(25.8) million. The company highlighted Angel Guild annual recurring revenue of $360 million and expects a significantly narrowed Adjusted EBITDA loss of less than $25 million for full-year 2026.
Angel Studios, Inc. large shareholder Stephen D. Oskoui converted 57,770 shares of Class B Common Stock into 57,770 shares of Class A Common Stock at a stated price of $0.00 per share.
Following the conversion, he directly holds 111,274 shares of Class A Common Stock. An additional 19,459,882 shares of Class A Common Stock are held indirectly through Gigafund 1, LP, where he and Luke Nosek control voting and investment decisions, subject to a stated beneficial ownership disclaimer.
Angel Studios, Inc. insider option exercise and tax share delivery
Ten percent owner Stephen D. Oskoui exercised options for 137,651 shares of Class B common stock at an exercise price of $2.24 per share, following the conversion of options to purchase 137,651 shares at a reported price of $0.00 per option.
To cover the exercise price or tax obligations, 79,881 shares of Class B common stock were disposed of through a tax-withholding transaction at $3.86 per share, leaving 57,770 shares of Class B common stock held directly after these transactions.
Angel Studios, Inc. has amended and ratified its Loan and Security Agreement with Trinity Capital and other lenders through a First Credit Facility Amendment effective as of September 9, 2025. This follows a September 10, 2025 business combination in which Angel Studios assumed all liabilities and obligations of the original borrower under the credit facility.
The amendment also reflects the formation of a joint venture and its acquisition of rights, titles and interests in the animated feature film provisionally entitled DAVID. Key financial covenants were revised, including setting the required liquidity level at $30,000,000.
In addition, the company must provide evidence to the administrative agent that it has received net cash proceeds of an additional $30,000,000 from the sale or issuance of Angel Studios’ equity interests between January 1, 2025 and June 30, 2026, on terms and conditions satisfactory to the administrative agent.
Angel Studios, Inc. director Steven I. Sarowitz reported the conversion of restricted stock units into Class A Common Stock. On January 26, 2026, 2,648 RSUs were converted on a one-for-one basis into 2,648 shares of Class A Common Stock at a price of $0.00 per share, all held directly.
The RSUs were granted under the company’s 2025 Long-Term Incentive Plan and became effective on October 23, 2025, vesting in substantially equal quarterly installments over one year. Following this transaction, Sarowitz directly holds 2,648 shares of Class A Common Stock and 7,945 RSUs, which will convert into additional shares as they vest.
Angel Studios, Inc. director Paul Ahlstrom reported an RSU vesting that delivered 2,648 shares of Class A common stock. On January 23, 2026, 2,648 Restricted Stock Units were converted into 2,648 shares of Class A common stock at a price of $0.00 per share under a previously granted equity award.
The RSUs were granted under the company’s 2025 Long-Term Incentive Plan and became effective on October 23, 2025, vesting in substantially equal quarterly installments over one year. After this transaction, Ahlstrom directly held 2,163,682 shares of Class A common stock and 7,945 RSUs, with each RSU convertible into one share of common stock upon vesting.