Angel Studios, Inc 8-K, filed Nov 13, 2025

Angel Studios, Inc. (ANGX)

8-K 2025-11-13 For: 2025-11-13

View Original

Added on April 12, 2026

About this 8-K

Angel Studios, Inc filed this 8-K on November 13, 2025.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

Delaware	001-41150	86-3483780
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

295 W Center St. Provo, UT 84601
(Address of principal executive offices)

(760) 933-8437
(Registrant’s telephone number, including area code)

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share	ANGX	The New York Stock Exchange

Exhibit No.	Description

99.1	Press release dated November 13, 2025

104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

	ANGEL STUDIOS, INC.

Date: November 13, 2025	By:	/s/ Scott Klossner
		Scott Klossner
		Chief Financial Officer

Date:	Friday, November 14, 2025
Time:	11:00 a.m. Eastern time
Dial-in:	1-877-407-0779
International Dial-in:	1-201-389-0914
Webcast:	Please register here

	As of
	September 30, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	63,327,263		$	7,211,826
Accounts receivable, net		24,676,850			16,234,301
Current portion of licensing receivables, net		8,697,155			8,785,636
Physical media inventory		1,541,600			1,711,638
Current portion of notes receivable		1,431,400			747,282
Loan guarantee receivable		—			9,112,500
Royalty advance		13,787,090			2,342,862
Prepaid expenses and other		9,615,398			6,803,155
Total current assets		123,076,756			52,949,200

Licensing receivables, net		5,837,685			12,074,629
Notes receivable, net of current portion		4,017,273			4,235,344
Property and equipment, net		727,915			778,927
Content, net		7,234,511			1,710,866
Intangible assets, net		4,618,347			1,917,155
Digital assets		34,545,487			12,457,387
Investments in affiliates		14,580,813			9,066,137
Operating lease right-of-use assets		2,268,990			2,744,693
Other long-term assets		89,924			589,924
Total assets	$	196,997,701		$	98,524,262

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable	$	11,071,258		$	7,929,482
Accrued expenses		11,431,131			13,074,655
Current portion of accrued licensing royalties		30,220,038			15,362,400
Current portion of notes payable		8,990,437			11,455,940
Current portion of operating lease liabilities		750,731			673,295
Deferred revenue		50,682,212			22,171,808
Loan guarantee payable		—			9,112,500
Current portion of accrued settlement costs		—			280,238
Total current liabilities		113,145,807			80,060,318

Accrued settlement costs, net of current portion		—			4,091,733
Accrued licensing royalties, long-term		3,367,099			8,367,099
Notes payable, net of current portion		41,743,343			—
Operating lease liabilities, net of current portion		1,572,999			2,153,463
Total liabilities	$	159,829,248		$	94,672,613

Commitments and contingencies

Stockholders’ equity:
Common stock, $0.0001 par value, 700,000,000 shares authorized; 168,631,209 and 144,396,852 shares issued and outstanding as of September 30, 2025, and December 31, 2024, respectively	$	16,863		$	14,440
Additional paid-in capital		207,268,109			95,485,005
Noncontrolling interests		5,645,605			8,222,953
Accumulated deficit		(175,762,124	)		(99,870,749	)
Total stockholders’ equity		37,168,453			3,851,649
Total liabilities and stockholders’ equity	$	196,997,701		$	98,524,262

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue:
Licensed content and other revenue	$	76,385,828		$	18,416,499		$	209,990,422		$	58,992,899
Pay it Forward revenue		156,654			1,704,667			1,634,116			6,492,899
Total revenue		76,542,482			20,121,166			211,624,538			65,485,798

Operating expenses:
Cost of revenues		34,333,955			8,107,950			81,100,542			31,339,159
Selling and marketing		64,683,558			16,602,045			176,719,216			54,893,723
General and administrative		10,125,018			6,059,396			27,330,996			15,972,632
Research and development		4,215,813			3,168,016			11,330,981			11,201,952
Legal expense		1,275,008			1,328,090			8,375,505			10,037,679
Total operating expenses		114,633,352			35,265,497			304,857,240			123,445,145
Operating loss		(38,090,870	)		(15,144,331	)		(93,232,702	)		(57,959,347	)

Other income (expense):
Net gain on digital assets		2,071,977			862,479			6,225,200			1,594,889
Interest expense		(3,978,212	)		(452,177	)		(8,285,269	)		(1,969,247	)
Interest income		1,510,548			754,561			4,043,439			2,581,062
Impairment of investments		(125,000	)		—			(625,000	)		—
Total other income (expense), net		(520,687	)		1,164,863			1,358,370			2,206,704
Loss before income tax benefit		(38,611,557	)		(13,979,468	)		(91,874,332	)		(55,752,643	)
Income tax benefit		—			(80,099	)		—			(4,483,167	)
Net loss	$	(38,611,557	)	$	(13,899,369	)	$	(91,874,332	)	$	(51,269,476	)

Net loss attributable to noncontrolling interests		(57,596	)		(44,193	)		(20,939	)		(87,403	)
Net loss attributable to controlling interests	$	(38,553,961	)	$	(13,855,176	)	$	(91,853,393	)	$	(51,182,073	)

Net loss per common share - basic	$	(0.246	)	$	(0.100	)	$	(0.610	)	$	(0.376	)
Net loss per common share - diluted	$	(0.246	)	$	(0.100	)	$	(0.610	)	$	(0.376	)

Weighted average common shares outstanding - basic		156,797,109			138,816,631			150,657,671			135,951,802
Weighted average common shares outstanding - diluted		156,797,109			138,816,631			150,657,671			135,951,802

	Nine Months Ended September 30,
	2025			2024
Cash flows from operating activities:
Net loss	$	(91,874,332	)	$	(51,269,476	)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Depreciation and amortization		1,528,970			768,130
Amortization of operating lease assets		621,683			509,892
Stock-based compensation expense		7,781,373			2,176,952
Net gain on digital assets		(6,225,200	)		(1,594,889	)
Investments in affiliates gain		(128,674	)		(50,307	)
Non-cash interest expense		1,554,236			—
Paid-in-kind interest		4,237,129			—
Impairment of investments		625,000			—
Change in deferred income taxes		—			(4,403,068	)
Change in operating assets and liabilities:
Accounts receivable		(8,442,549	)		19,593,173
Physical media inventory		170,038			(219,917	)
Royalty advance		(1,268,738	)		—
Prepaid expenses and other current assets		(2,514,521	)		(2,336,927	)
Licensing receivables		6,325,425			(4,032,744	)
Other long-term assets		—			(515,000	)
Accounts payable and accrued expenses		(8,763,371	)		2,937,860
Accrued licensing royalties		9,857,638			(6,788,204	)
Operating lease liabilities		(649,008	)		(478,392	)
Deferred revenue		28,510,404			6,124,186
Net cash and cash equivalents used in operating activities		(58,654,497	)		(39,578,731	)

Cash flows from investing activities:
Purchases of property and equipment		(375,820	)		(271,927	)
Issuance of notes receivable		(986,387	)		(1,455,279	)
Collections of notes receivable		520,340			1,820,313
Purchase of digital assets		—			(48,515	)
Sale of digital assets		99,118			2,182,381
Purchase of intangible assets		(3,006,012	)		—
Purchase of content		(6,320,963	)		(503,296	)
Investments in affiliates		(5,511,002	)		(1,033,516	)
Net cash and cash equivalents provided by (used in) investing activities		(15,580,726	)		690,161

Cash flows from financing activities:
Repayment of notes payable		(63,450,746	)		(18,374,314	)