Angel Studios Inc (NASDAQ: ANGX) is a film and television content distribution company that funds, distributes, and monetizes independently produced films and TV shows, with a focus on content it describes as amplifying light. The company makes money through theatrical box office receipts, licensing agreements, royalties, content IP ownership, merchandise sales, and distribution partnerships. Headquartered in Provo, Utah, and co-founded in 2013 by Neal Harmon, Jeffrey Harmon, and Jordan Harmon, Angel Studios completed a business combination with Southport Acquisition Corporation on September 10, 2025, and began trading as ANGX. The company released 8 films theatrically in FY2025 and was ranked the #10 domestic distributor for 2025 by TheNumbers.com. Total global gross box office tied to material distribution agreements exceeded $573.0 million as of December 31, 2025. International distribution is handled through output partners across Latin America, Europe, Africa, Asia, and Oceania. CEO Neal Harmon has served in that role since the company's founding.
- Revenue model
- Revenue comes from theatrical box office distributions, content licensing receivables, royalties from distributed titles, merchandise sold through an online store, notes receivable from filmmakers, and content IP ownership. The company also holds digital assets and investments in affiliates such as Giant Slayer Media (invested $31.5 million in FY2025). Licensing receivables appear on both current and long-term portions of the balance sheet as of December 31, 2025.
- Products and services
- Theatrically released films including The King of Kings ($83.2 million gross box office, FY2025), an untitled December 2025 release ($83.9 million gross box office, FY2025), The Last Rodeo ($15.2 million, FY2025), and Brave the Dark, Rule Breakers, August, The Senior, and Truth & Treason (all FY2025). The company also owns the IP for the Sketch property (purchased in FY2025) and holds a First Look Agreement with an artist granting right of first refusal on future projects. Merchandise is sold via an online store to customers across all U.S. states.
- Customers and end markets
- General consumer audiences for theatrical film releases domestically and internationally. Filmmakers and independent content creators who receive notes receivable financing and distribution services. No customer concentration data disclosed in the excerpts.
- Value-chain role
- Content distributor and IP owner. Angel Studios sits between independent filmmakers and end audiences, funding production through filmmaker loans, acquiring or licensing IP, and distributing content through domestic theatrical release and an international output partner network. The company also retains content on its balance sheet as a capitalized asset.
- Geographic exposure
- Domestic theatrical distribution across the United States, headquartered in Provo, Utah. International distribution through named output partners in Brazil, Spain, Portugal, Colombia, Benelux, Ghana, Liberia, Nigeria, Croatia, former Yugoslavia, Argentina, Bolivia, Caribbean territories, Chile, Central America, Ecuador, Mexico, Peru, Paraguay, Uruguay, Germany, France, Hungary, Poland, South Africa and multiple sub-Saharan African countries, Singapore, Sri Lanka, Taiwan, Philippines, United Kingdom, Ireland, Australia, and New Zealand, as of the 10-K filed March 12, 2026.
