Angel Studios, Inc.

Listed Company

ANGXCIK 0001865200NYSEEmerging GrowthServices-Motion Picture & Video Tape ProductionDelawareFY ends Dec 31

Period

FY 2025

Revenue

$321.56M

Net Income

$-170.48M

Total Assets

$241.41M

Equity

$-25.78M

Shares Out

169.85M

Op. Cash Flow

$-83.30M

Business

Angel Studios, Inc. is presented as a public blank check company formed to effect an initial business combination, specifically pursuant to a proposed merger with Angel Studios. It pursues identification, evaluation and consummation of a target business through mergers, share exchanges, asset acquisitions or similar transactions. Main activities include sponsoring an IPO, maintaining a trust account for proceeds, offering redemption rights to public stockholders and negotiating transaction terms and financing. Key organizational elements include its sponsor, board-led acquisition process and governance provisions. Its securities trade in U.S. public markets and it conducts filings and solicits stockholder votes and tender offers in the United States.

Summary from filing dated 2025-04-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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

As of · In millions, except per-share amounts

Concept	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

Year Ended · In millions, except per-share amounts

Concept	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

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