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…
Earnings analysis · 10-Q
ANGX earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
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…
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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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.129
What stood out
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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.
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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.
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.