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Angel Studios, Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Angel Guild Revenue brought in 65% of the revenue Angel Studios, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Angel Guild Revenue | $2.9M | $35.6M | $209.7M |
| Theatrical Release Revenue | $106.8M | $29.4M | $77.0M |
| Content Licensing | $38.7M | $16.6M | $24.5M |
| Merchandise Revenue | $18.0M | $5.8M | $7.4M |
| Entertainment, Pay-it-forward Revenue | $35.3M | $7.8M | $1.8M |
| Product and Service, Other | $663.2K | $1.2M | $1.2M |
| Entertainment, Pay-it-forward Revenue Not Related to Theatrical Releases | $31.9M | $5.6M | $1.1M |
| Entertainment, Pay-it-forward Revenue Related to Theatrical Releases | $3.4M | $2.2M | $719.4K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue39¢$124.9M
- Research and development5¢$15.5M
- Other costs56¢$181.2M
Out of $321.6M in revenue.2 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenue | $321.6M | $96.5M | $202.4M |
| Cost of revenues | $124.9M | $44.4M | $86.0M |
| Selling and marketing | $297.3M | $92.9M | $74.2M |
| General and administrative | $37.9M | $22.3M | $18.1M |
| Research and development | $15.5M | $12.8M | $9.7M |
| Legal expense | $10.1M | $10.8M | $2.0M |
| Total operating expenses | $485.7M | $183.2M | $190.1M |
| Operating income (loss) | -$164.1M | -$86.7M | $12.4M |
| Net gain (loss) on digital assets | -$1.8M | $1.7M | -$4.0K |
| Interest expense | -$11.8M | -$2.4M | -$3.7M |
| Interest income | $5.4M | $3.5M | $1.8M |
| Other income (expense) | $1.8M | -$1.0M | |
| Total other income (expense), net | -$6.4M | $1.8M | -$1.8M |
| Income (loss) before income tax expense (benefit) | -$170.5M | -$84.9M | $10.5M |
| Income tax expense (benefit) | $3.5M | -$2.7M | |
| Net income (loss) | -$170.5M | -$88.4M | $13.2M |
| Net loss attributable to noncontrolling interests | -$12.7K | -$172.1K | -$151.7K |
| Net income (loss) attributable to controlling interests | -$170.5M | -$88.3M | $13.4M |
| Net income (loss) per common share - basic | -$1.10 | -$0.64 | $0.10 |
| Net income (loss) per common share - diluted | -$1.10 | -$0.64 | $0.10 |
| Weighted average common shares outstanding - basic | 155.3M shares | 138.0M shares | 132.6M shares |
| Weighted average common shares outstanding - diluted | 155.3M shares | 138.0M shares | 139.9M shares |
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $44.1M | $7.2M | |
| Accounts receivable, net | $51.1M | $16.2M | |
| Current portion of licensing receivables, net | $9.7M | $8.8M | |
| Physical inventory | $1.3M | $1.7M | |
| Current portion of notes receivable | $1.4M | $747.3K | |
| Loan guarantee receivable | $9.1M | ||
| Royalty advance | $13.8M | $2.3M | |
| Prepaid expenses and other | $13.5M | $6.8M | |
| Total current assets | $134.9M | $52.9M | |
| Licensing receivables, net | $2.6M | $12.1M | |
| Notes receivable, net of current portion | $3.9M | $4.2M | |
| Property and equipment, net | $709.8K | $778.9K | |
| Content, net | $6.3M | $1.7M | |
| Intangible assets, net | $3.9M | $1.9M | |
| Capitalized software, net | $13.3M | $12.9M | |
| Digital assets | $26.5M | $12.5M | |
| Investments in affiliates | $46.0M | $9.1M | |
| Operating lease right-of-use assets | $3.2M | $2.7M | |
| Other long-term assets | $89.9K | $589.9K | |
| Total assets | $241.4M | $111.4M | |
| Accounts payable | $40.0M | $7.9M | |
| Accrued expenses | $24.5M | $13.1M | |
| Current portion of accrued licensing royalties | $31.3M | $15.4M | |
| Current portion of notes payable | $55.5M | $11.5M | |
| Current portion of operating lease liabilities | $1.3M | $673.3K | |
| Deferred revenue | $66.5M | $22.2M | |
| Loan guarantee payable | $9.1M | ||
| Current portion of accrued settlement costs | $280.2K | ||
| Total current liabilities | $219.0M | $80.1M | |
| Accrued settlement costs, net of current portion | $4.1M | ||
| Accrued licensing royalties, long-term | $4.4M | $8.4M | |
| Notes payable, net of current portion | $41.7M | ||
| Operating lease liabilities, net of current portion | $2.1M | $2.2M | |
| Total liabilities | $267.2M | $94.7M | |
| 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 | $16.9K | $14.4K | |
| Additional paid-in capital | $210.1M | $95.5M | |
| Noncontrolling interests | $5.7M | $8.2M | |
| Accumulated deficit | -$241.5M | -$87.0M | |
| Total stockholders' equity | -$25.8M | $16.7M | $51.0M |
| Total liabilities and stockholders' equity | $241.4M | $111.4M | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 700.0M shares | 700.0M shares | |
| Common stock, shares issued | 169.1M shares | 144.4M shares | |
| Common stock, shares outstanding | 169.1M shares | 144.4M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$170.5M | -$88.4M | $13.2M |
| Depreciation and amortization | $14.4M | $7.9M | $5.7M |
| Amortization of operating lease assets | $925.8K | $678.8K | $666.7K |
| Stock-based compensation expense | $9.7M | $3.6M | $1.0M |
| Net loss (gain) on digital assets | $1.8M | -$1.7M | $4.0K |
| Miscellaneous (gain)/loss | -$1.8M | $1.0M | |
| Investments in affiliates gain | -$271.7K | -$67.6K | -$9.4K |
| Non-cash interest expense | $1.7M | ||
| Paid-in-kind interest | $6.3M | $305.3K | |
| Bad debt expense | $233.8K | $204.2K | $2.4M |
| Change in deferred income taxes | $4.0M | $37.6K | |
| Accounts receivable | -$35.1M | $7.7M | -$19.3M |
| Physical inventory | $447.5K | $1.1M | -$2.3M |
| Royalty advance | -$1.3M | ||
| Prepaid expenses and other current assets | -$6.7M | -$4.8M | -$2.7M |
| Certificate of deposit | $154.2K | ||
| Licensing receivables | $8.6M | -$1.7M | -$19.1M |
| Other long-term assets | -$515.0K | -$4.0M | |
| Accounts payable and accrued expenses | $32.9M | $13.5M | $4.8M |
| Accrued licensing royalties | $12.0M | -$11.4M | $31.8M |
| Operating lease liabilities | -$904.6K | -$636.3K | -$657.3K |
| Deferred revenue | $44.4M | $18.3M | $3.3M |
| Net cash and cash equivalents provided by (used in) operating activities | -$83.3M | -$51.3M | $15.2M |
| Purchases of property and equipment | -$509.4K | -$303.8K | -$572.5K |
| Issuance of notes receivable | -$986.4K | -$1.9M | -$3.4M |
| Collections of notes receivable | $659.5K | $2.1M | $5.1M |
| Purchase of digital assets | -$624.6K | -$119.0K | |
| Sale of digital assets | $99.1K | $2.3M | |
| Purchase of intangible assets | -$3.0M | ||
| Additions to internal-use software | -$8.7M | -$8.4M | -$9.0M |
| Purchase of content | -$6.3M | -$519.1K | -$313.9K |
| Investments in affiliates | -$37.0M | -$5.5M | -$1.7M |
| Return on investments in affiliates | $165.8K | ||
| Net cash and cash equivalents used in investing activities | -$55.6M | -$12.8M | -$10.0M |
| Repayment of notes payable | -$67.1M | -$18.4M | -$26.8M |
| Repayment of loan guarantee | -$10.2M | ||
| Receipt of notes payable | $157.3M | $23.8M | $28.9M |
| Repayment of accrued settlement costs | -$4.4M | -$188.0K | -$230.0K |
| Exercise of stock options | $636.4K | $619.2K | $235.7K |
| Issuance of common stock | $104.1M | $32.8M | $7.5M |
| Investments in minority owned entities | $8.8M | ||
| Contribution of equity in noncontrolling interests | $13.7M | ||
| Redemption of equity in noncontrolling interests | -$15.8M | ||
| Repurchase of common stock | -$437.8K | -$706.6K | -$107.1K |
| Equity issuance costs | -$705.4K | ||
| Equity issuance costs related to minority interests | -$534.3K | -$502.0K | |
| Debt financing fees | -$1.0M | -$305.3K | |
| Net cash and cash equivalents provided by financing activities | $175.8M | $46.2M | $9.3M |
| Effect of changes in foreign currency exchange rates on cash and cash equivalents | -$2.1K | $2.1K | |
| Net increase (decrease) in cash and cash equivalents | $36.9M | -$18.0M | $14.5M |
| Cash paid for interest | $7.8M | $2.4M | $3.6M |
| Adoption of ASU No. 2023-08 | $16.0M | ||
| Conversion of debt | $7.1M | ||
| Issuance of warrants | $2.5M | ||
| Debt conversion feature | $1.9M | ||
| Investment capital receivable | $4.9M | ||
| Investment of bitcoin for issuance of common stock | $9.5M | ||
| Operating lease right-of-use assets and liabilities | -$1.4M | $2.1M |
Former names
- Southport Acquisition CorpJun 16, 2021 to Sep 10, 20253
Recent filings
- Oct 2, 20268-K
- Sep 14, 20264 PRIMARY DOCUMENT
- Sep 11, 20264 PRIMARY DOCUMENT
- Sep 3, 20264 PRIMARY DOCUMENT
- Aug 17, 20264 PRIMARY DOCUMENT
- Aug 17, 20264 PRIMARY DOCUMENT
- Aug 17, 20264 PRIMARY DOCUMENT
- Aug 17, 2026EFFECT
- Aug 14, 2026S-4/A
- Aug 14, 20264 PRIMARY DOCUMENT
- Aug 14, 20264 PRIMARY DOCUMENT
- Aug 12, 2026SCHEDULE 13D/A
- Aug 12, 2026SCHEDULE 13D/A
- Aug 4, 20268-K
- Aug 4, 202610-Q
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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