Angel Studios, Inc.
Business
Angel Studios is a media and technology company that combines a community of approximately 2.0 million Angel Guild members with a proprietary technology platform to identify, fund, produce, and distribute films and television shows. The company offers theatrical distribution, streaming via its Angel App, and licensing of original and acquired content across multiple platforms globally. Angel Studios operates through theatrical releases, direct-to-consumer streaming, international licensing partnerships, and crowdfunding mechanisms that enable both audience voting on projects and investor participation in film funding.
Summary from 10-K filed 2026-03-12
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Total revenue | 322 | 97 | 202 | — | |
| Cost of revenues | 125 | 44 | 86 | — | |
| Selling and marketing | 297 | 93 | 74 | — | |
| General and administrative | 38 | 22 | 18 | — | |
| Research and development | 16 | 13 | 10 | — | |
| Legal expense | 10 | 11 | 2 | — | |
| Total operating expenses | 486 | 183 | 190 | — | |
| Operating income (loss) | −164 | −87 | 12 | −2 | |
| Net gain (loss) on digital assets | −2 | 2 | −4,000 | — | |
| Interest expense | −12 | −2 | −4 | — | |
| Interest income | 5 | 3 | 2 | — | |
| Other income (expense) | 2 | −1 | — | — | |
| Total other income (expense), net | −6 | 2 | −2 | — | |
| Income (loss) before income tax expense (benefit) | −170 | −85 | 11 | 18 | |
| Income tax expense (benefit) | — | 4 | −3 | −362,282 | |
| Net income (loss) | −171 | −88 | 13 | — | |
| Net loss attributable to noncontrolling interests | −12,679 | −172,101 | −151,670 | — | |
| Net income (loss) attributable to controlling interests | −170 | −88 | 13 | 18 | |
| Net income (loss) per common share - basic | −1.1 | −0.64 | 0.1 | — | |
| Net income (loss) per common share - diluted | −1.1 | −0.64 | 0.1 | — | |
| Weighted average common shares outstanding - basic | 155 | 138 | 133 | — | |
| Weighted average common shares outstanding - diluted | 155 | 138 | 140 | — |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 44 | 7 | — | — | — | |
| Accounts receivable, net | 51 | 16 | — | — | — | |
| Current portion of licensing receivables, net | 10 | 9 | — | — | — | |
| Physical inventory | 1 | 2 | — | — | — | |
| Current portion of notes receivable | 1 | 747,282 | — | — | — | |
| Loan guarantee receivable | — | 9 | — | — | — | |
| Royalty advance | 14 | 2 | — | — | — | |
| Prepaid expenses and other | 14 | 7 | — | — | — | |
| Total current assets | 135 | 53 | 2 | 278,452 | 2 | |
| Licensing receivables, net | 3 | 12 | — | — | — | |
| Notes receivable, net of current portion | 4 | 4 | — | — | — | |
| Property and equipment, net | 709,845 | 778,927 | — | — | — | |
| Content, net | 6 | 2 | — | — | — | |
| Intangible assets, net | 4 | 2 | — | — | — | |
| Capitalized software, net | 13 | 13 | — | — | — | |
| Digital assets | 27 | 12 | — | — | — | |
| Investments in affiliates | 46 | 9 | — | — | — | |
| Operating lease right-of-use assets | 3 | 3 | — | — | — | |
| Other long-term assets | 89,924 | 589,924 | — | — | — | |
| Total assets | 241 | 111 | 47 | 238 | 237 | |
| Accounts payable | 40 | 8 | 99,468 | 97,987 | 15,091 | |
| Accrued expenses | 24 | 13 | — | — | — | |
| Current portion of accrued licensing royalties | 31 | 15 | — | — | — | |
| Current portion of notes payable | 55 | 11 | — | — | — | |
| Current portion of operating lease liabilities | 1 | 673,295 | — | — | — | |
| Deferred revenue | 67 | 22 | — | — | — | |
| Loan guarantee payable | — | 9 | — | — | — | |
| Current portion of accrued settlement costs | — | 280,238 | — | — | — | |
| Total current liabilities | 219 | 80 | 5 | 1 | 1 | |
| Accrued settlement costs, net of current portion | — | 4 | — | — | — | |
| Accrued licensing royalties, long-term | 4 | 8 | — | — | — | |
| Notes payable, net of current portion | 42 | — | — | — | — | |
| Operating lease liabilities, net of current portion | 2 | 2 | — | — | — | |
| Total liabilities | 267 | 95 | 6 | 2 | 26 | |
| Commitments and contingencies (Note 13) | — | — | — | — | — | |
| Common stock, $0.0001 par value, 700,000,000 shares authorized; 169,095,572 and 144,396,852 shares issued and outstanding as of December 31, 2025, and December 31, 2024, respectively | 16,909 | 14,440 | — | — | — | |
| Additional paid-in capital | 210 | 95 | — | — | — | |
| Noncontrolling interests | 6 | 8 | — | — | — | |
| Accumulated deficit | −242 | −87 | −4 | −1 | −24 | |
| Total stockholders' equity | −26 | 17 | 51 | 29 | — | |
| Total liabilities and stockholders' equity | 241 | 111 | 47 | 238 | 237 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Depreciation and amortization | 14 | 8 | 6 | — | |
| Amortization of operating lease assets | 925,838 | 678,806 | 666,653 | — | |
| Stock-based compensation expense | 10 | 4 | 1 | — | |
| Net loss (gain) on digital assets | 2 | −2 | 4,000 | — | |
| Miscellaneous (gain)/loss | −2 | 1 | — | — | |
| Investments in affiliates gain | −300,000 | −100,000 | −9,364 | — | |
| Non-cash interest expense | 2 | — | — | — | |
| Paid-in-kind interest | 6 | — | 305,271 | — | |
| Bad debt expense | 233,774 | 204,151 | 2 | — | |
| Change in deferred income taxes | — | 4 | 37,611 | — | |
| Accounts receivable | −35 | 8 | −19 | — | |
| Physical inventory | 447,537 | 1 | −2 | — | |
| Royalty advance | −1 | — | — | — | |
| Prepaid expenses and other current assets | −7 | −5 | −3 | — | |
| Certificate of deposit | — | — | 154,187 | — | |
| Licensing receivables | 9 | −2 | −19 | — | |
| Other long-term assets | — | −515,000 | −4 | — | |
| Accounts payable and accrued expenses | 33 | 13 | 5 | 551,046 | |
| Accrued licensing royalties | 12 | −11 | 32 | — | |
| Operating lease liabilities | −904,592 | −636,288 | −657,296 | — | |
| Deferred revenue | 44 | 18 | 3 | — | |
| Net cash and cash equivalents provided by (used in) operating activities | −83 | −51 | 15 | 396,482 | |
| Purchases of property and equipment | −509,424 | −303,793 | −572,463 | — | |
| Issuance of notes receivable | −986,386 | −2 | −3 | — | |
| Collections of notes receivable | 659,513 | 2 | 5 | — | |
| Purchase of digital assets | — | −624,644 | −118,965 | — | |
| Sale of digital assets | 99,117 | 2 | — | — | |
| Purchase of intangible assets | −3 | — | — | — | |
| Additions to internal-use software | −9 | −8 | −9 | — | |
| Purchase of content | −6 | −519,143 | −313,855 | — | |
| Investments in affiliates | −37 | −5 | −2 | — | |
| Return on investments in affiliates | 165,774 | — | — | — | |
| Net cash and cash equivalents used in investing activities | −56 | −13 | −10 | −3 | |
| Repayment of notes payable | −67 | −18 | −27 | — | |
| Repayment of loan guarantee | −10 | — | — | — | |
| Receipt of notes payable | 157 | 24 | 29 | — | |
| Repayment of accrued settlement costs | −4 | −188,042 | −230,005 | — | |
| Exercise of stock options | 636,449 | 619,237 | 235,726 | — | |
| Issuance of common stock | 104 | 33 | 8 | — | |
| Investments in minority owned entities | — | 9 | — | — | |
| Contribution of equity in noncontrolling interests | 14 | — | — | — | |
| Redemption of equity in noncontrolling interests | −16 | — | — | — | |
| Repurchase of common stock | −437,791 | −706,645 | −107,073 | — | |
| Equity issuance costs | −705,441 | — | — | — | |
| Equity issuance costs related to minority interests | −534,299 | −502,000 | — | — | |
| Debt financing fees | −1 | — | −305,271 | — | |
| Net cash and cash equivalents provided by financing activities | 176 | 46 | 9 | 328,131 | |
| Effect of changes in foreign currency exchange rates on cash and cash equivalents | — | −2,064 | 2,064 | — | |
| Net increase (decrease) in cash and cash equivalents | 37 | −18 | 14 | — | |
| Cash paid for interest | 8 | 2 | 4 | — | |
| Conversion of debt | 7 | — | — | — | |
| Issuance of warrants | 3 | — | — | — | |
| Debt conversion feature | 2 | — | — | — | |
| Investment capital receivable | — | 5 | — | — | |
| Investment of bitcoin for issuance of common stock | — | 9 | — | — | |
| Operating lease right-of-use assets and liabilities | −1 | 2 | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Angel Studios, Inc.'s CIK number?
Angel Studios, Inc.'s SEC CIK number is 0001865200 (1865200). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Angel Studios, Inc.'s SEC filings?
All of Angel Studios, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Angel Studios, Inc. last report earnings?
Angel Studios, Inc. (ANGX) most recently filed an earnings 8-K with the SEC on Apr 30, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001865200-26-000034). This is Angel Studios, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Angel Studios, Inc.'s most recent earnings 8-K?
Angel Studios, Inc.'s latest earnings 8-K (Item 2.02) was filed Apr 30, 2026 under accession 0001865200-26-000034. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Angel Studios, Inc.'s latest earnings 8-K →
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