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5&2 Studios, Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2025 10-Q, filed Nov 14, 2025. Its latest SEC filing is a SC 13E3/A from Mar 30, 2026.

The sections below describe the company as of the FY2024 annual report.

What Did They Do?

Produces and distributes The Chosen and other Bible-based film and television content for streaming platforms, television networks, and viewers.

How Did They Make Money?

CAS pays for production work as the studio develops and produces seasons and other projects. The studio also earns royalties when licensed content is sold or used, sells merchandise when it ships, and earns event and sponsor revenue when events take place.

FY2024 revenue

Who Were Their Customers?

Come and See Foundation funds and hires the studio to produce The Chosen; television networks and streaming platforms license content, while consumers buy merchandise online and retailers buy through distributors.

Customers above 10% of revenue, FY2024
of revenue from one customer
FY2023: 57% from two customers

Did Revenues Turn Into Profits?

No. It lost $12.9M in FY2024.

Operating income, FY2024
−6% of revenue
▼ −9% (Loss) vs FY2023 (−$10.5M)
Net income, FY2024
−8% of revenue
▲ +261% (Loss) vs FY2023 (−$3.6M)
Free cash flow, FY2024
−44% of revenue
▲ +51% (Loss) vs FY2023 (−$46.7M)

How Were They Changing?

Since the FY2024 annual report
Latest quarter: Q3 FY2025, the three months to Sep 30, 2025
Revenue
▲ +201%
vs $35.3M in Q3 FY2024
Net income
▲ Now profitable
vs −$676K in Q3 FY2024
  • Jul 28, 2025 CAS granted distribution rights for Project C and hired the studio to produce it The agreement covers distribution rights to a three-season series and production services funded by CAS.

Grew. Revenue grew 12.2x in 2 years, from $13M in FY2022 to $159.3M in FY2024, about 249% a year.

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