Angel Studios, Inc.
angel.comWhat Do They Do?
Sells Angel Guild memberships and distributes values-driven films and television shows to viewers through theaters, streaming platforms and its app.
10-K for FY2025, filed Mar 12, 2026As of December 31, 2025, through the Angel Guild, approximately 2.0 million paying members help decide what film and TV projects we will…View ↗
Not all of our films or TV shows launch theatrically. We consider multiple different distribution strategies for our films and TV shows…View ↗
Our Product and ServicesView ↗
How Do They Make Money?
Angel Guild members pay monthly or annually, with fees covering each membership period. Theaters remit Angel’s share of ticket receipts when films are shown; content distributors pay fixed fees when licensed rights begin or royalties tied to content use.
10-K for FY2025, filed Mar 12, 2026The Angel Guild is a paid membership that gives certain benefits, such as early access to certain content and the ability to vote on future…View ↗
Prior to the digital release of licensed content, the Company might provide the option to release content as part of a theatrical release.…View ↗
The Company’s content licensing arrangements include fixed fee and minimum guarantee arrangements, and sales or usage based royalties. The…View ↗
Sales or usage based royalties represent amounts due to the Company based on the “sale” or “usage” of its content by the customer, and…View ↗
We enter into agreements with exhibitors (theater owners) whereby the exhibitor collects the ticket admission fees and retains a portion of…View ↗
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10-K for FY2025, filed Mar 12, 2026
FY2025 revenue by product or service ↗
$321.6M
-
10-K for FY2025, filed Mar 12, 2026
$321.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Angel Guild Memberships
Recurring
10-K for FY2025, filed Mar 12, 2026 |
65% |
Angel Guild Memberships, FY2025
$209.7M Sources
|
Recurring |
|
Theatrical Pay it Forward
Sold outright
10-K for FY2025, filed Mar 12, 2026 |
24% |
Theatrical Pay it Forward, FY2025
$77M Sources
|
Sold outright |
|
Content Licensing
Licensed
|
7.6% |
Content Licensing, FY2025
$24.5M Sources
|
Licensed |
|
Merchandise
Sold outright
|
2.3% |
Merchandise, FY2025
$7.4M Sources
|
Sold outright |
|
Entertainment, Pay-it-forward Revenue Related to Theatrical Releases
|
0.2% |
Entertainment, Pay-it-forward Revenue Related to Theatrical Releases, FY2025
$719.4K Sources
|
|
|
Entertainment, Pay-it-forward Revenue Not Related to Theatrical Releases
|
0.3% |
Entertainment, Pay-it-forward Revenue Not Related to Theatrical Releases, FY2025
$1.1M Sources
|
|
|
Other Deferred Revenue
Sold outright
|
0.4% |
Other Deferred Revenue, FY2025
$1.2M Sources
|
Sold outright |
Who Are Their Customers?
Viewers join the Angel Guild and watch through Angel’s app or website; theaters show Angel releases, while other distributors license films and TV shows.
10-K for FY2025, filed Mar 12, 2026As of December 31, 2025, through the Angel Guild, approximately 2.0 million paying members help decide what film and TV projects we will…View ↗
Not all of our films or TV shows launch theatrically. We consider multiple different distribution strategies for our films and TV shows…View ↗
Theatrical Distribution revenue comes from releasing our original films with our exhibitor partners. Every time a moviegoer purchases a…View ↗
Content Licensing revenue comes from licensing our films and TV shows to other distributors such as Amazon, Apple and Netflix. Our future…View ↗
Do Revenues Turn Into Profits?
No. It lost $170.5M in FY2025.
10-K for FY2025, filed Mar 12, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
−$23.8MView ↗
- ▲ +51% (Loss)
- vs −$15.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Aug 4, 2026
Reaffirmed full-year Adjusted EBITDA loss guidance
The company reiterated guidance for an Adjusted EBITDA loss of no more than $25 million.
Sources
8-K, filed Aug 4, 2026
The Company reiterates its previously stated guidance to reduce its full-year 2026 Adjusted EBITDA loss to no more than $25 million.View ↗
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Jun 30, 2026
Amended merger agreements for Tuttle Twins and Toothy Cow
The amended agreements extended the outside dates to October 31, 2026, and revised terms.
Sources
8-K, filed Jun 30, 2026
The key revisions to the A&R TTS Merger Agreement include, but are not limited to, (i) extending the Outside Date to October 31, 2026 (as…View ↗
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Apr 10, 2026
Gave preliminary first-quarter revenue and Adjusted EBITDA estimates
Estimated revenue of $105.0 million to $109.0 million and an Adjusted EBITDA loss of $(4.0) million to $(6.0) million.
Sources
8-K, filed Apr 10, 2026
Angel Studios, Inc., a Delaware corporation (the “Company”), expects to report revenue for the first quarter of 2026 in the range of $105.0…View ↗
From blank-check company to media company
The older report describes a blank-check company seeking a business combination, with no operations or revenue; the latest describes Angel as a media company producing and distributing original and licensed content.
10-K for FY2022, filed May 30, 2023We are a blank check company incorporated as a Delaware corporation on April 13, 2021 and formed for the purpose of effecting a merger…View ↗
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