ANGX earnings analysis
What we found in ANGX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Angel Studios delivered Q2 revenue of $111.7 million, up 27.5% YoY but down from $115 million in Q1, while its $0.129 diluted EPS loss exceeded consensus expectations. Growth was overwhelmingly Guild-led, with revenue of $90.7 million and membership reaching 2.61 million, but the mix shift and higher royalties pushed gross margin down to 53.7% from 68.9% a year earlier. Operating cash flow improved materially to a $18.8 million six-month inflow, though net losses, bitcoin fair-value volatility, lower theatrical revenue, and ongoing debt/guarantee exposure temper the outlook.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue growth and EPS beat
- Q2 revenue rose $24.1 million, or 27.5% YoY, to $111.7 million, although it declined from $115 million in Q1 2026. Diluted EPS was a loss of $0.129, better than the $0.15 consensus loss.
- Guild membership drives recurring revenue
- Angel Guild revenue nearly doubled to $90.7 million from $46.8 million as paying members rose from 1.31 million to 2.61 million. Guild revenue represented 76.7% of 2026 year-to-date revenue, with trailing-12-month ARPU of $13.63 per month.
- Licensing and merchandise expand
- Content-licensing revenue increased $8.5 million to $15.1 million, while merchandise increased $1.3 million to $2.4 million. Management attributed licensing growth to larger deals associated with 2026 theatrical releases and merchandise growth largely to DVD sales.
- Operating loss improves YoY
- Operating loss improved by $2.8 million YoY to $18.5 million, lifting operating margin to negative 16.6% from negative 24.3%. Adjusted EBITDA loss improved to $11.7 million from $17.5 million.
- Operating cash flow turns positive
- Six-month operating cash flow swung to an $18.8 million inflow from a $20.4 million outflow, a $39.2 million improvement. Management cited higher net Guild cash receipts, lower marketing spend as a percentage of revenue, and collection of DAVID theatrical receipts.
- Liquidity improved despite repayments
- Cash increased $4.0 million from year-end to $48.0 million while notes payable declined $22.8 million, or 23%, to $74.4 million. April's equity offering generated approximately $32.5 million of net proceeds.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Sharp gross-margin compression
- Gross margin compressed to 53.7% from 68.9% a year earlier and 61.8% in Q1 2026 as cost of revenue rose $24.5 million to $51.7 million, led by a $24.0 million increase in filmmaker royalties.
- Continued losses and bitcoin volatility
- Net loss widened 51% YoY to $23.8 million, driven partly by a $2.9 million digital-asset loss versus a $7.5 million gain last year. The company had an accumulated deficit of approximately $279.1 million at June 30, 2026.
- Guarantee and reporting-control exposure
- A newly disclosed royalty-backed guarantee has maximum potential undiscounted payments of $6.5 million, versus a recorded guarantee liability of $0.3 million. Separately, the company will become an accelerated filer and face SOX 404(b) auditor attestation beginning with its 2026 Form 10-K, with management unable to assure timely remediation of any control deficiencies.
- Theatrical revenue is volatile
- Theatrical revenue fell 91.4% YoY to $2.8 million because Q2 2026 had one smaller release versus two larger releases in Q2 2025. Management expects selling and marketing costs to remain high as it adds content and pursues Guild growth.
- Financing burden and execution risk
- Debt includes $60.0 million drawn under a $100.0 million facility, with interest payable monthly; notes payable include $12.0 million of P&A notes expected to be paid within 12 months. Six-month interest expense increased $4.8 million YoY to $9.1 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.129
- Gross margin
- 53.68%
- Operating margin
- -16.57%
- Segment
- Angel Guild: $90,720,582 (+$43,916,961 YoY; +93.8%)
- Segment
- Theatrical: $2,795,742 (-$29,783,890 YoY; -91.4%)
- Segment
- Content licensing: $15,096,293 (+$8,530,720 YoY; +129.9%)
- Segment
- Merchandise: $2,442,633 (+$1,315,803 YoY; +116.8%)
- Segment
- Other: $650,680 (+$84,920 YoY; +15.0%)
What they said about what is next.
No revenue or EPS guidance was provided in the 10-Q. Management says it expects existing capital resources to meet operating requirements for at least the next 12 months and anticipates operating losses and operating cash use during 2026; the prior earnings release maintained full-year 2026 Adjusted EBITDA loss guidance of no more than $25 million.
The filing reads about the same as the one before it.
What came before.
- 10-Q · April 30, 2026
- Angel Studios experienced significant growth in Q4 2026, with revenues rising to $115.1 million, reflecting a 143% increase year-over-year. Operating loss improved considerably to $(2.7) million from $(33.6) million in…
- 10-K · March 12, 2026
- Angel Studios positions itself as a community-driven media and technology company leveraging a 2.0 million-member Angel Guild and proprietary AI/data systems to select, market and distribute values-driven film and TV…
- 10-Q · November 13, 2025
- Q3 2025 revenue rose sharply to $76.54M (vs $20.12M in Q3 2024), driven by licensed content, but the company remains loss-making with a net loss of $38.61M in the quarter (nine‑month net loss $91.87M) and negative…
- 10-Q · August 14, 2025
- This 10-Q shows a SPAC that remains pre-revenue and focused on closing the Angel Studios merger. The quarter ended June 30, 2025 produced a materially larger loss driven by a $1,217,750 negative change in fair value of…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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