Angel (NYSE: ANGX) (the “Company”), a media and technology company successfully pioneering a first of its kind audience-driven model in which Angel Guild community members watch, screen and vote on which films and television series get distributed on the Angel platform, today reported financial results for the second quarter ended June 30, 2026.
A Growing Community Choosing Values-Driven Entertainment
At the center of Angel’s second quarter is the continued, accelerating growth of the Angel Guild. The Guild grew from 2.22 million to 2.61 million paying members during the quarter, a 17.6% sequential increase and 99.2% growth from 1.31 million members in the second quarter of 2025.
That momentum has continued past quarter-end: as of July 31, 2026, the Angel Guild has surpassed 2.85 million paying members. During the quarter, the Company also began publishing Guild membership figures in real time at angel.com/impact, giving members and the public ongoing visibility into the community’s growth.
The Angel Guild’s recurring revenue stream reflects this community expansion directly: Guild revenue grew 93.8% year-over-year to $90.7 million, and in Q2 2026, represented approximately 81.2% of total Company revenue.
Growing the Community Efficiently
- Q2 2026 Angel Guild membership grew approximately 390,000 vs 230,000 members in Q2 2025 (69.6% increase), while Guild selling and marketing expense increased by only 43.0%.
- Guild selling and marketing expense was 52.8% of Guild revenue in Q2 2026, compared to 71.6% in Q2 2025, reflecting improved efficiency in acquiring and retaining members as the Guild scales.
- Positive operating cash flow of $16.9 million in Q2 2026, compared to ($10.6) million in Q2 2025, a $27.5 million year-over-year improvement, driven partly by strong Guild membership growth with reduced selling and marketing expenses as a percent of revenue.
Message from our CEO
“Guild membership is up 99% year-over-year while we cut Guild marketing spend as a share of Guild revenue by more than 26%,” said Neal Harmon, co-founder and CEO. “That’s the model working on Angel’s proprietary tech platform: audience-driven curation, values-based storytelling, and filmmaker rev-share are making Angel stronger, more efficient, and harder to replicate with every film release and with every new Guild member.”
Second Quarter 2026 Financial Results
Angel Guild revenue was $90.7 million in Q2 2026, up 93.8% year-over-year from $46.8 million in Q2 2025, and up 8.9% sequentially from $83.3 million in Q1 2026. Guild revenue growth was driven by 99.2% year-over-year growth in paying memberships.
Total revenue was $111.7 million in the second quarter of 2026, compared to $87.6 million in the second quarter of 2025, an increase of 27.5%.
Gross Margin percentage was approximately 54%, compared to approximately 69% in the prior-year period. The largest driver of that decline was a shift in revenue mix: Q2 2025 included a heavy concentration of theatrical revenue (King of Kings), which carries structurally higher gross margins.
Total operating expenses, excluding cost of revenues, were $78.5 million in the second quarter of 2026, compared to $81.7 million in the second quarter of 2025. Sales and marketing was managed to $61.1 million in Q2 2026, which was slightly less than $61.5 million in the same quarter last year on a significantly higher revenue base. Operating loss was $18.5 million in the second quarter of 2026, compared to an operating loss of $21.3 million in the second quarter of 2025.
Angel had positive operating cash flow of $16.9 million in Q2 2026, compared to ($10.6) million in Q2 2025.
Net loss was approximately $23.8 million in the second quarter of 2026, compared to a net loss of $15.7 million in the second quarter of 2025. Net loss per share was $0.129, compared to $0.106 per share in the second quarter of 2025.
Adjusted EBITDA1 was a loss of approximately $11.7 million in the second quarter of 2026, compared to Adjusted EBITDA of $4.0 million in the first quarter of 2026 and an Adjusted EBITDA loss of approximately $17.5 million in the second quarter of 2025. Year-to-date Adjusted EBITDA loss was $7.7 million in the first half of 2026, compared to an Adjusted EBITDA loss of $46.2 million in the first half of 2025.
Liquidity
As of June 30, 2026, Angel had cash and cash equivalents of $48.0 million, compared to $44.1 million as of December 31, 2025, and $28.0 million as of June 30, 2025. The Company did not draw on the Trinity credit facility in Q2. Bitcoin holdings remain unchanged at 303.1 BTC.
Outlook
The Company has slated seven theatrical releases in the second half of 2026, with each release benefiting from the interest and word of mouth of current Guild members and serving as a growth driver to attract new Guild members. We have seen significant growth in Guild membership tied to our past theatrical releases, and anticipate continued Guild growth as a result of our future theatrical releases. For example, based on our deep-attribution models, the top eight highest-acquiring films driving Guild memberships were first released in theaters by Angel.
The Company reiterates its previously stated guidance to reduce its full-year 2026 Adjusted EBITDA loss to no more than $25 million.
| ____________________ | |
| 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. |
Webinar
The Company will host a webinar on Wednesday, August 5, 2026, at 11:00 a.m. Eastern Time to discuss the results and answer questions from the sell side community.
- Date: Wednesday, August 5, 2026
- Time: 11:00 a.m. Eastern Time
- Dial-in: 1-877-407-0779
- International Dial-in: 1-201-389-0914
- Webcast: HERE
A replay will be available within 24 hours after the webinar and can be accessed on the Company’s investor relations website at https://angx.com.
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 over 2.85 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 earnings of nearly $300 million. For more information, visit www.angel.com.
*As of July 31, 2026. For the most recent Guild membership number, visit https://www.angel.com/impact.
**www.rottentomatoes.com Popcornmeter (Data sourced June 30, 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.
“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.
A reconciliation between net income/(loss) and Adjusted EBITDA is presented below:
|
|
|
For the three months ended June 30, |
||||||
|
|
|
2026 |
|
2025 |
||||
|
Reconciliation of net loss to non-GAAP Adjusted EBITDA |
|
|
|
|
|
|
||
|
Net loss |
|
$ |
(23,794,026 |
) |
|
$ |
(15,706,671 |
) |
|
Interest expense, net |
|
|
2,549,512 |
|
|
|
1,334,702 |
|
|
Depreciation and amortization |
|
|
3,083,526 |
|
|
|
2,212,851 |
|
|
Stock-based compensation |
|
|
3,541,895 |
|
|
|
2,126,929 |
|
|
Net loss (gain) on digital assets |
|
|
2,935,243 |
|
|
|
(7,452,328 |
) |
|
Adjusted EBITDA |
|
$ |
(11,683,850 |
) |
|
$ |
(17,484,517 |
) |
|
|
|
|
|
|
|
|
||
|
|
|
For the six months ended June 30, |
||||||
|
|
|
2026 |
|
2025 |
||||
|
Reconciliation of net loss to non-GAAP Adjusted EBITDA |
|
|
|
|
|
|
||
|
Net loss |
|
$ |
(37,550,082 |
) |
|
$ |
(53,036,803 |
) |
|
Interest expense, net |
|
|
7,873,833 |
|
|
|
1,774,166 |
|
|
Depreciation and amortization |
|
|
6,183,955 |
|
|
|
4,439,035 |
|
|
Stock-based compensation |
|
|
7,013,855 |
|
|
|
4,759,765 |
|
|
Net loss (gain) on digital assets |
|
|
8,780,298 |
|
|
|
(4,153,223 |
) |
|
Adjusted EBITDA |
|
$ |
(7,698,141 |
) |
|
$ |
(46,217,060 |
) |
|
ANGEL STUDIOS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||
|
|
|
As of |
||||||
|
|
|
June 30, 2026 |
|
December 31, 2025 |
||||
|
Assets |
|
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
48,036,965 |
|
|
$ |
44,083,233 |
|
|
Accounts receivable, net |
|
|
30,400,912 |
|
|
|
51,122,866 |
|
|
Current portion of licensing receivables, net |
|
|
9,697,666 |
|
|
|
9,695,562 |
|
|
Physical inventory |
|
|
1,480,166 |
|
|
|
1,264,101 |
|
|
Current portion of notes receivable |
|
|
1,383,486 |
|
|
|
1,368,581 |
|
|
Royalty advance |
|
|
18,447,053 |
|
|
|
13,827,626 |
|
|
Prepaid expenses and other |
|
|
15,902,578 |
|
|
|
13,515,986 |
|
|
Total current assets |
|
|
125,348,826 |
|
|
|
134,877,955 |
|
|
|
|
|
|
|
|
|
||
|
Licensing receivables, net |
|
|
6,110,510 |
|
|
|
2,579,252 |
|
|
Notes receivable, net of current portion |
|
|
3,797,119 |
|
|
|
3,940,918 |
|
|
Property and equipment, net |
|
|
631,293 |
|
|
|
709,845 |
|
|
Content, net |
|
|
5,401,693 |
|
|
|
6,272,925 |
|
|
Intangible assets, net |
|
|
2,313,410 |
|
|
|
3,850,035 |
|
|
Capitalized software, net |
|
|
14,407,016 |
|
|
|
13,308,247 |
|
|
Digital assets |
|
|
17,747,262 |
|
|
|
26,527,560 |
|
|
Investments in affiliates |
|
|
46,042,383 |
|
|
|
46,014,881 |
|
|
Operating lease right-of-use assets |
|
|
2,619,304 |
|
|
|
3,240,021 |
|
|
Other long-term assets |
|
|
10,643,673 |
|
|
|
89,924 |
|
|
Total assets |
|
$ |
235,062,489 |
|
|
$ |
241,411,563 |
|
|
|
|
|
|
|
|
|
||
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
|
||
|
Accounts payable |
|
$ |
39,813,785 |
|
|
$ |
39,960,272 |
|
|
Accrued expenses |
|
|
11,136,378 |
|
|
|
24,487,884 |
|
|
Current portion of accrued licensing royalties |
|
|
40,473,978 |
|
|
|
31,257,950 |
|
|
Current portion of notes payable |
|
|
17,195,811 |
|
|
|
55,473,665 |
|
|
Current portion of operating lease liabilities |
|
|
1,353,129 |
|
|
|
1,284,747 |
|
|
Deferred revenue |
|
|
82,549,436 |
|
|
|
66,534,622 |
|
|
Total current liabilities |
|
|
192,522,517 |
|
|
|
218,999,140 |
|
|
|
|
|
|
|
|
|
||
|
Accrued licensing royalties, long-term |
|
|
13,058,467 |
|
|
|
4,441,758 |
|
|
Notes payable, net of current portion |
|
|
57,168,318 |
|
|
|
41,692,404 |
|
|
Operating lease liabilities, net of current portion |
|
|
1,358,751 |
|
|
|
2,058,585 |
|
|
Other long-term liabilities |
|
|
283,848 |
|
|
|
— |
|
|
Total liabilities |
|
$ |
264,391,901 |
|
|
$ |
267,191,887 |
|
|
|
|
|
|
|
|
|
||
|
Commitments and contingencies (Note 5) |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
Stockholders’ equity: |
|
|
|
|
|
|
||
|
Common stock, $0.0001 par value, 700,000,000 shares authorized; 186,504,214 and 169,095,572 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively |
|
$ |
18,650 |
|
|
$ |
16,909 |
|
|
Additional paid-in capital |
|
|
249,962,975 |
|
|
|
210,079,998 |
|
|
Noncontrolling interests |
|
|
(182,367 |
) |
|
|
5,653,837 |
|
|
Accumulated deficit |
|
|
(279,128,670 |
) |
|
|
(241,531,068 |
) |
|
Total stockholders’ equity |
|
|
(29,329,412 |
) |
|
|
(25,780,324 |
) |
|
Total liabilities and stockholders’ equity |
|
$ |
235,062,489 |
|
|
$ |
241,411,563 |
|
|
ANGEL STUDIOS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
|||||||
|
|
|
||||||
|
|
Three Months Ended June 30, |
||||||
|
|
2026 |
|
2025 |
||||
|
Revenues |
$ |
111,705,930 |
|
|
$ |
87,641,416 |
|
|
Operating expenses: |
|
|
|
|
|
||
|
Cost of revenues |
|
51,749,499 |
|
|
|
27,286,383 |
|
|
Selling and marketing |
|
61,141,780 |
|
|
|
61,510,343 |
|
|
General and administrative |
|
12,408,923 |
|
|
|
9,838,725 |
|
|
Research and development |
|
4,000,891 |
|
|
|
3,644,278 |
|
|
Legal expense |
|
916,221 |
|
|
|
6,685,984 |
|
|
Total operating expenses |
|
130,217,314 |
|
|
|
108,965,713 |
|
|
Operating loss |
|
(18,511,384 |
) |
|
|
(21,324,297 |
) |
|
|
|
|
|
|
|
||
|
Other income (expense): |
|
|
|
|
|
||
|
Net gain (loss) on digital assets |
|
(2,935,243 |
) |
|
|
7,452,328 |
|
|
Interest expense |
|
(3,094,406 |
) |
|
|
(2,742,902 |
) |
|
Interest income |
|
544,894 |
|
|
|
1,408,200 |
|
|
Other income (expense) |
|
202,113 |
|
|
|
(500,000 |
) |
|
Total other income (expense), net |
|
(5,282,642 |
) |
|
|
5,617,626 |
|
|
Loss before income tax benefit |
|
(23,794,026 |
) |
|
|
(15,706,671 |
) |
|
Income tax benefit |
|
— |
|
|
|
— |
|
|
Net loss |
$ |
(23,794,026 |
) |
|
$ |
(15,706,671 |
) |
|
|
|
|
|
|
|
||
|
Net income (loss) attributable to noncontrolling interests |
|
(944 |
) |
|
|
62,865 |
|
|
Net loss attributable to controlling interests |
$ |
(23,793,082 |
) |
|
$ |
(15,769,536 |
) |
|
|
|
|
|
|
|
||
|
Net loss per common share – basic |
$ |
(0.129 |
) |
|
$ |
(0.106 |
) |
|
Net loss per common share – diluted |
$ |
(0.129 |
) |
|
$ |
(0.106 |
) |
|
|
|
|
|
|
|
||
|
Weighted average common shares outstanding – basic |
|
184,235,772 |
|
|
|
149,429,535 |
|
|
Weighted average common shares outstanding – diluted |
|
184,235,772 |
|
|
|
149,429,535 |
|
|
ANGEL STUDIOS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||||||
|
|
|
|
||||||
|
|
|
Six Months Ended June 30, |
||||||
|
|
|
2026 |
|
2025 |
||||
|
Cash flows from operating activities: |
|
|
|
|
|
|
||
|
Net loss |
|
$ |
(37,550,082 |
) |
|
$ |
(53,036,803 |
) |
|
Adjustments to reconcile net loss to net cash and cash equivalents provided by (used in) operating activities: |
|
|
|
|
|
|
||
|
Depreciation and amortization |
|
|
6,183,955 |
|
|
|
4,439,035 |
|
|
Amortization of content assets |
|
|
1,078,731 |
|
|
|
119,291 |
|
|
Amortization of right-of-use assets |
|
|
620,717 |
|
|
|
345,761 |
|
|
Stock-based compensation expense |
|
|
7,013,855 |
|
|
|
4,759,765 |
|
|
Net loss (gain) on digital assets |
|
|
8,780,298 |
|
|
|
(4,153,223 |
) |
|
Impairment of failed acquisition |
|
|
— |
|
|
|
500,000 |
|
|
Investments in affiliates gain |
|
|
(164,672 |
) |
|
|
(87,211 |
) |
|
Non-cash interest expense |
|
|
705,942 |
|
|
|
161,285 |
|
|
Paid-in-kind interest |
|
|
4,550,624 |
|
|
|
— |
|
|
Bad debt recovery |
|
|
(166,100 |
) |
|
|
— |
|
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
||
|
Accounts receivable |
|
|
20,888,054 |
|
|
|
(4,677,116 |
) |
|
Physical inventory |
|
|
(216,065 |
) |
|
|
237,196 |
|
|
Royalty advance |
|
|
(4,619,427 |
) |
|
|
— |
|
|
Prepaid expenses and other current assets |
|
|
(2,386,592 |
) |
|
|
(622,039 |
) |
|
Licensing receivables |
|
|
(3,533,362 |
) |
|
|
4,062,976 |
|
|
Other long-term assets |
|
|
(2,076,537 |
) |
|
|
— |
|
|
Accounts payable and accrued expenses |
|
|
(13,497,993 |
) |
|
|
6,910,533 |
|
|
Accrued licensing royalties |
|
|
17,832,737 |
|
|
|
3,080,204 |
|
|
Operating lease liabilities |
|
|
(631,452 |
) |
|
|
(330,670 |
) |
|
Deferred revenue |
|
|
16,014,814 |
|
|
|
17,938,955 |
|
|
Net cash and cash equivalents provided by (used in) operating activities |
|
|
18,827,445 |
|
|
|
(20,352,061 |
) |
|
|
|
|
|
|
|
|
||
|
Cash flows from investing activities: |
|
|
|
|
|
|
||
|
Purchases of property and equipment |
|
|
(189,070 |
) |
|
|
(118,942 |
) |
|
Issuance of notes receivable |
|
|
(14,684 |
) |
|
|
(974,176 |
) |
|
Collections of notes receivable |
|
|
143,578 |
|
|
|
440,643 |
|
|
Advances to acquisition target |
|
|
(8,193,364 |
) |
|
|
— |
|
|
Sale of digital assets |
|
|
— |
|
|
|
99,118 |
|
|
Additions to internal-use software |
|
|
(5,478,477 |
) |
|
|
(4,346,719 |
) |
|
Purchase of content |
|
|
(207,499 |
) |
|
|
(4,274,150 |
) |
|
Investments in affiliates |
|
|
— |
|
|
|
(2,982,032 |
) |
|
Return on investments in affiliates |
|
|
137,170 |
|
|
|
— |
|
|
Net cash and cash equivalents used in investing activities |
|
|
(13,802,346 |
) |
|
|
(12,156,258 |
) |
|
|
|
|
|
|
|
|
||
|
Cash flows from financing activities: |
|
|
|
|
|
|
||
|
Repayment of notes payable |
|
|
(57,630,657 |
) |
|
|
(24,338,861 |
) |
|
Repayment of loan guarantee |
|
|
— |
|
|
|
(6,000,000 |
) |
|
Receipt of notes payable |
|
|
30,000,000 |
|
|
|
48,891,000 |
|
|
Repayment of accrued settlement costs |
|
|
— |
|
|
|
(136,660 |
) |
|
Exercise of stock options |
|
|
1,293,476 |
|
|
|
190,733 |
|
|
Issuance of common stock |
|
|
34,534,500 |
|
|
|
38,503,670 |
|
|
Contribution of equity in noncontrolling interests |
|
|
— |
|
|
|
8,731,422 |
|
|
Redemption of equity in noncontrolling interests |
|
|
(5,883,724 |
) |
|
|
(11,750,000 |
) |
|
Fees related to issuance of common stock and minority interest |
|
|
(2,024,388 |
) |
|
|
(398,660 |
) |
|
Repurchase of common stock |
|
|
(1,160,574 |
) |
|
|
(132,940 |
) |
|
Debt financing fees |
|
|
(200,000 |
) |
|
|
(263,532 |
) |
|
Net cash and cash equivalents provided by (used in) financing activities |
|
|
(1,071,367 |
) |
|
|
53,296,172 |
|
|
|
|
|
|
|
|
|
||
|
Net increase in cash and cash equivalents |
|
|
3,953,732 |
|
|
|
20,787,853 |
|
|
Cash and cash equivalents at beginning of period |
|
|
44,083,233 |
|
|
|
7,211,826 |
|
|
|
|
|
|
|
|
|
||
|
Cash and cash equivalents at end of period |
|
$ |
48,036,965 |
|
|
$ |
27,999,679 |
|
|
|
|
|
|
|
|
|
||
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
||
|
Cash paid for interest |
|
$ |
5,665,153 |
|
|
$ |
2,624,497 |
|
|
|
|
|
|
|
|
|
||
|
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 |
|
|
Operating lease right-of-use assets and liabilities |
|
|
— |
|
|
|
145,980 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260804351181/en/
Media gallery
