Angel Studios, Inc 10-Q for FY2026 Q2

Angel Studios, Inc. (ANGX)

10-Q 2026-08-04 For: 2026-06-30

Added on August 04, 2026

About this 10-Q

Angel Studios, Inc filed this 10-Q on August 4, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $111.71M; up 27.5% from $87.64M a year earlier
Net loss: $23.79M; compared with a net loss of $15.77M a year earlier
Diluted EPS: -$0.13; compared with -$0.11 a year earlier

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

295 W Center St., Provo, UT		84601
(Address of principal executive offices)		(Zip 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	New York Stock Exchange


Large Accelerated Filer	☐	Accelerated Filer	☐	Non-Accelerated Filer	☒
Smaller reporting company	☐	Emerging growth company	☒


PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements	3

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	43

Item 4.	Controls and Procedures	43

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	44

Item 1A.	Risk Factors	44

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45

Item 3.	Defaults Upon Senior Securities	45

Item 4.	Mine Safety Disclosures	45

Item 5.	Other Information	45

Item 6.	Exhibits	46

SIGNATURES		48


	* *	As of
		June 30, 2026			December 31, 2025
Assets
Current assets:
Cash and cash equivalents		$	48,036,965		$	44,083,233
Accounts receivable, net			30,400,912			51,122,866
Current portion of licensing receivables, net			9,697,666			9,695,562
Physical inventory			1,480,166			1,264,101
Current portion of notes receivable			1,383,486			1,368,581
Royalty advance			18,447,053			13,827,626
Prepaid expenses and other			15,902,578			13,515,986
Total current assets			125,348,826			134,877,955

Licensing receivables, net			6,110,510			2,579,252
Notes receivable, net of current portion			3,797,119			3,940,918
Property and equipment, net			631,293			709,845
Content, net			5,401,693			6,272,925
Intangible assets, net			2,313,410			3,850,035
Capitalized software, net			14,407,016			13,308,247
Digital assets			17,747,262			26,527,560
Investments in affiliates			46,042,383			46,014,881
Operating lease right-of-use assets			2,619,304			3,240,021
Other long-term assets			10,643,673			89,924
Total assets		$	235,062,489		$	241,411,563

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable		$	39,813,785		$	39,960,272
Accrued expenses			11,136,378			24,487,884
Current portion of accrued licensing royalties			40,473,978			31,257,950
Current portion of notes payable			17,195,811			55,473,665
Current portion of operating lease liabilities			1,353,129			1,284,747
Deferred revenue			82,549,436			66,534,622
Total current liabilities			192,522,517			218,999,140

Accrued licensing royalties, long-term			13,058,467			4,441,758
Notes payable, net of current portion			57,168,318			41,692,404
Operating lease liabilities, net of current portion			1,358,751			2,058,585
Other long-term liabilities			283,848			—
Total liabilities		$	264,391,901		$	267,191,887

Commitments and contingencies (Note 5)

Stockholders’ equity:
Common stock, $0.0001 par value, 700,000,000 shares authorized; 186,504,214 and 169,095,572 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively		$	18,650		$	16,909
Additional paid-in capital			249,962,975			210,079,998
Noncontrolling interests			(182,367)			5,653,837
Accumulated deficit			(279,128,670)			(241,531,068)
Total stockholders’ equity			(29,329,412)			(25,780,324)
Total liabilities and stockholders’ equity		$	235,062,489		$	241,411,563


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Revenues	$	111,705,930		$	87,641,416	$	226,810,996		$	135,082,056
Operating expenses:
Cost of revenues		51,749,499			27,286,383		95,751,845			46,766,587
Selling and marketing		61,141,780			61,510,343		117,738,343			112,035,657
General and administrative		12,408,923			9,838,725		23,654,381			17,205,979
Research and development		4,000,891			3,644,278		8,084,829			6,889,196
Legal expense		916,221			6,685,984		2,759,153			7,100,497
Total operating expenses		130,217,314			108,965,713		247,988,551			189,997,916
Operating loss		(18,511,384)			(21,324,297)		(21,177,555)			(54,915,860)

Other income (expense):
Net gain (loss) on digital assets		(2,935,243)			7,452,328		(8,780,298)			4,153,223
Interest expense		(3,094,406)			(2,742,902)		(9,127,015)			(4,307,057)
Interest income		544,894			1,408,200		1,253,182			2,532,891
Other income (expense)		202,113			(500,000)		281,604			(500,000)
Total other income (expense), net		(5,282,642)			5,617,626		(16,372,527)			1,879,057
Loss before income tax benefit		(23,794,026)			(15,706,671)		(37,550,082)			(53,036,803)
Income tax benefit		—			—		—			—
Net loss	$	(23,794,026)		$	(15,706,671)	$	(37,550,082)		$	(53,036,803)

Net income (loss) attributable to noncontrolling interests		(944)			62,865		47,520			36,657
Net loss attributable to controlling interests	$	(23,793,082)		$	(15,769,536)	$	(37,597,602)		$	(53,073,460)

Net loss per common share - basic	$	(0.129)		$	(0.106)	$	(0.213)		$	(0.360)
Net loss per common share - diluted	$	(0.129)		$	(0.106)	$	(0.213)		$	(0.360)

Weighted average common shares outstanding - basic		184,235,772			149,429,535		176,847,037			147,537,072
Weighted average common shares outstanding - diluted		184,235,772			149,429,535		176,847,037			147,537,072


	Three Months Ended

	Common Stock						Additional
	Class A			Class B			Paid-in		Accumulated		Noncontrolling		Total
	Shares	Amount		Shares	Amount		Capital		Deficit		Interests		Equity
Balance as of March 31, 2026	112,677,989	$	11,268	57,172,339	$	5,717	$	214,027,327	$	(255,335,588)	$	(168,495)	$	(41,459,771)
Stock options exercised	-		-	156,963		15		148,449		-		-		148,464
Vesting of restricted stock units	137,236		14	-		-		(14)		-		-		-
Issuance of common stock, net of fees	16,445,000		1,644	-		-		32,508,468		-		-		32,510,112
Transfer of common stock	631,531		63	(631,531)		(63)		-		-		-		-
Repurchase of common stock	(40,748)		(4)	(44,565)		(4)		(263,150)		-		-		(263,158)
Stock-based compensation expense	-		-	-		-		3,541,895		-		-		3,541,895
Redemptions from noncontrolling interests	-		-	-		-		-		-		(12,928)		(12,928)
Net loss	-		-	-		-		-		(23,793,082)		(944)		(23,794,026)
Balance as of June 30, 2026	129,851,008	$	12,985	56,653,206	$	5,665	$	249,962,975	$	(279,128,670)	$	(182,367)	$	(29,329,412)

Balance as of March 31, 2025	78,505,913	$	7,851	68,452,831	$	6,846	$	112,929,775	$	(108,356,350)	$	2,425,339	$	7,013,461
Stock options exercised	-		-	128,390		12		110,180		-		-		110,192
Issuance of common stock, net of fees	5,414,807		541	-		-		23,706,449		-		-		23,706,990
Transfer of common stock	66,822		7	(66,822)		(7)		-		-		-		-
Repurchase of common stock	(26)		-	(11,092)		(1)		(67,909)		-		-		(67,910)
Stock-based compensation expense	-		-	-		-		2,126,929		-		-		2,126,929
Convertible note beneficial conversion feature	-		-	-		-		1,114,338		-		-		1,114,338
Issuance of warrants	-		-	-		-		222,868		-		-		222,868
Contributions from noncontrolling interests, net of fees	-		-	-		-		-		-		8,104,168		8,104,168
Redemptions from noncontrolling interests	-		-	-		-		-		-		(5,750,000)		(5,750,000)
Net income (loss)	-		-	-		-		-		(15,769,536)		62,865		(15,706,671)
Balance as of June 30, 2025	83,987,516	$	8,399	68,503,307	$	6,850	$	140,142,630	$	(124,125,886)	$	4,842,372	$	20,874,365


	Six Months Ended

	Common Stock						Additional
	Class A			Class B			Paid-in		Accumulated		Noncontrolling		Total
	Shares	Amount		Shares	Amount		Capital		Deficit		Interests		Equity
Balance as of December 31, 2025	111,928,549	$	11,192	57,167,023	$	5,717	$	210,079,998	$	(241,531,068)	$	5,653,837	$	(25,780,324)
Stock options exercised	-		-	1,138,976		114		1,293,362		-		-		1,293,476
Vesting of restricted stock units	150,476		15	-		-		(15)		-		-		-
Issuance of common stock, net of fees	16,445,000		1,644	-		-		32,508,468		-		-		32,510,112
Transfer of common stock	1,367,731		137	(1,367,731)		(137)		-		-		-		-
Repurchase of common stock	(40,748)		(3)	(285,062)		(29)		(1,160,542)		-		-		(1,160,574)
Stock-based compensation expense	-		-	-		-		7,013,855		-		-		7,013,855
Issuance of warrants	-		-	-		-		227,849		-		-		227,849
Redemptions from noncontrolling interests	-		-	-		-		-		-		(5,883,724)		(5,883,724)
Net income (loss)	-		-	-		-		-		(37,597,602)		47,520		(37,550,082)
Balance as of June 30, 2026	129,851,008	$	12,985	56,653,206	$	5,665	$	249,962,975	$	(279,128,670)	$	(182,367)	$	(29,329,412)

Balance as of December 31, 2024	76,089,361	$	7,609	68,307,491	$	6,831	$	95,485,005	$	(87,014,444)	$	8,222,953	$	16,707,954
Stock options exercised	-		-	284,559		28		190,680		-		-		190,708
Issuance of common stock, net of fees	7,831,429		783	-		-		38,502,911		-		-		38,503,694
Transfer of common stock	66,822		7	(66,822)		(7)		-		-		-		-
Repurchase of common stock	(96)		-	(21,921)		(2)		(132,937)		-		-		(132,939)
Stock-based compensation expense	-		-	-		-		4,759,765		-		-		4,759,765
Convertible note beneficial conversion feature	-		-	-		-		1,114,338		-		-		1,114,338
Issuance of warrants	-		-	-		-		222,868		-		-		222,868
Digital assets market value adjustment	-		-	-		-		-		15,962,018		-		15,962,018
Contributions from noncontrolling interests, net of fees	-		-	-		-		-		-		8,332,762		8,332,762
Redemptions from noncontrolling interests	-		-	-		-		-		-		(11,750,000)		(11,750,000)
Net income (loss)	-		-	-		-		-		(53,073,460)		36,657		(53,036,803)
Balance as of June 30, 2025	83,987,516	$	8,399	68,503,307	$	6,850	$	140,142,630	$	(124,125,886)	$	4,842,372	$	20,874,365


	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Angel Guild	$	90,720,582	$	46,803,621	$	174,063,193	$	81,501,139
Theatrical		2,795,742		32,579,632		20,770,747		40,307,838
Content licensing		15,096,293		6,565,573		25,260,304		9,162,077
Merchandise		2,442,633		1,126,830		5,575,505		2,070,674
Other		650,680		565,760		1,141,247		2,040,328
Total Revenue	$	111,705,930	$	87,641,416	$	226,810,996	$	135,082,056


Cash-trust and cash, net of redemptions	$	-
Add: other assets		-
Less: accounts payable and accrued expenses		(10,261,623)
Reverse recapitalization, net	$	(10,261,623)


Southport common stock, outstanding prior to Business Combination					6,937,923
Angel Legacy Shares, converted					160,673,772
Shares issued to Angel Legacy convertible noteholders					973,002
Common stock immediately after the Business Combination					168,584,697


	June 30, 2026		December 31, 2025
Digital assets held:
Approximate number of bitcoin held		303.1		303.1
Digital asset cost basis	$	19,617,187	$	19,617,187
Digital asset carrying value	$	17,747,262	$	26,527,560


	June 30, 2026		December 31, 2025
Type of Facility or Arrangement	Principal Value		Principal Value		Original Principal Amount		Interest Rate		Repayment Terms
May 2024 P&A loans	$	2.0	$	2.0	$	3.0	10.0*	%	For detailed terms, see ⁽¹⁾
May 2025 convertible note		6.0		5.5		5.0	15.0		For detailed terms, see ⁽²⁾
September 2025 note with warrants		40.0		40.0		40.0	13.5		For detailed terms, see ⁽²⁾
February 2026 note with warrants		20.0		—		20.0	13.5		For detailed terms, see ⁽²⁾
Revolving P&A loans (See Note 7, Related-Party Transactions)		10.0		53.5			10.0 - 15.0*		For detailed terms, see ⁽³⁾
Total		78.0		101.0
Less: discounts and issuance costs, net of amortization		(3.6)		(3.8)
Total notes payable balance	$	74.4	$	97.2


Notes	Issuance Date	Maturity Date	Principal Amount		Coupon Interest Rate
May 2025 convertible note	May 2, 2025	May 1, 2027	$	5,000,000	15.00	%
September 2025 note with warrants	September 8, 2025	October 1, 2030		40,000,000	13.50
February 2026 note with warrants	February 17, 2026	October 1, 2030		20,000,000	13.50


	June 30, 2026
	Outstanding Principal Amount		Less: Discounts, Net of Amortization		Net Carrying Amount		Fair Value ⁽¹⁾
May 2025 convertible note	$	5,950,172	$	723,988	$	5,226,184	$	7,777,778

	December 31, 2025
	Outstanding Principal Amount		Less: Discounts, Net of Amortization		Net Carrying Amount		Fair Value ⁽¹⁾
May 2025 convertible note	$	5,526,167	$	1,038,455	$	4,487,712	$	6,996,218


	June 30, 2026
Outstanding loan balance guaranteed (undiscounted)	$	6,465,720
Maximum potential undiscounted future payments ⁽¹⁾		6,465,720
Angel Backstop liability (carrying value) ⁽²⁾		283,848
Deferred Guarantee Cost (carrying value) ⁽²⁾		283,848


Year Ending December 31,
Remainder of 2026		$	3,000,000
2027			4,862,042
2028			40,551,841
2029			—
2030			—
Thereafter			5,958,891
Total		$	54,372,774


	Three Months Ended June 30, 2026							Six Months Ended June 30, 2026
	Contractual Interest Expense			Amortization of Debt Discount		Total		Contractual Interest Expense			Amortization of Debt Discount		Total
May 2025 convertible note	$	217,085		$	166,206	$	383,291	$	424,005		$	314,466	$	738,471

	Three Months Ended June 30, 2025							Six Months Ended June 30, 2025
	Contractual Interest Expense			Amortization of Debt Discount		Total		Contractual Interest Expense			Amortization of Debt Discount		Total
May 2025 convertible note	$	125,781		$	65,016	$	190,797	$	125,781		$	65,016	$	190,797


	Three and Six Months Ended June 30,
	2026			2025
Stock options to purchase common stock		30,161,784			30,874,499
Unvested restricted stock awards		3,529,215			—
Convertible securities to acquire common stock		970,664			837,160
Warrants to purchase common stock		1,040,931			163,322
Total outstanding potentially dilutive securities		35,702,594			31,874,981


	For the three months ended June 30,				Change
	2026		2025		2026 vs. 2025
Revenues	$	111,705,930	$	87,641,416	$	24,064,514	27	%
Cost of revenues		51,749,499		27,286,383		24,463,116	90	%
Selling and marketing		61,141,780		61,510,343		(368,563)	(1)	%
General and administrative		12,408,923		9,838,725		2,570,198	26	%
Research and development		4,000,891		3,644,278		356,613	10	%
Legal expense		916,221		6,685,984		(5,769,763)	(86)	%
Operating loss		(18,511,384)		(21,324,297)		2,812,913	13	%
Net gain (loss) on digital assets		(2,935,243)		7,452,328		(10,387,571)	(139)	%
Interest expense		(3,094,406)		(2,742,902)		(351,504)	(13)	%
Interest income		544,894		1,408,200		(863,306)	(61)	%
Other income (expense)		202,113		(500,000)		702,113	140	%
Loss before income tax benefit		(23,794,026)		(15,706,671)		(8,087,355)	(51)	%
Income tax benefit		—		—		—	—	%
Net loss	$	(23,794,026)	$	(15,706,671)	$	(8,087,355)	(51)	%


	As of				Change
	June 30, 2026		December 31, 2025		2026 vs. 2025
Cash and cash equivalents	$	48,036,965	$	44,083,233	$	3,953,732	9	%
Notes payable		74,364,129		97,166,069		(22,801,940)	(23)	%


Exhibit Number		Exhibit Description
2.1		Amended and Restated Agreement and Plan of Merger, dated as of November 14, 2025 as amended on June 29, 2026, by and among Angel Studios, Inc., Angel TCP Merger Sub, LLC, Toothy Cow Productions, LLC and Shining Isle Productions LLC (incorporated by reference to Exhibit 2.3 of the Company’s Registration Statement on Form S-4).
2.2		Amended and Restated Agreement and Plan of Merger, dated as of November 14, 2025 as amended on June 29, 2026, by and among Angel Studios, Inc., Angel Tuttle Merger Sub, LLC, Tuttle Twins Show, LLC and Daniel Harmon (incorporated by reference to Exhibit 2.4 of the Company’s Registration Statement on Form S-4).
3.1		Third Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 001-41150) filed on June 18, 2026).
3.2		Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (File No. 333-290281) filed on September 16, 2025).
10.1		Underwriting Agreement dated April 10, 2026, between the Company and Roth Capital Partners, LLC, as representative of the several underwriters named therein, incorporated by reference to Exhibit 1.1 of the Company’s Current Report on Form 8-K, filed on April 13, 2026.
10.2		Form of TCP Key Operator Stock Restriction Agreement with Shining Isle Productions (incorporated by reference to Exhibit 10.17 of the Company’s Registration Statement on Form S-4).
10.3		Form of TCP Key Operator Stock Restriction Agreement with Brock Starnes and Garrett Taylor, respectively (incorporated by reference to Exhibit 10.18 of the Company’s Registration Statement on Form S-4).
31.1*		Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002.
101		The following materials are filed herewith: (i) Inline XBRL Instance, (ii) Inline XBRL Taxonomy Extension Schema, (iii) Inline XBRL Taxonomy Extension Calculation, (iv) XBRL Taxonomy Extension Labels, (v) XBRL Taxonomy Extension Presentation, and (vi) Inline XBRL Taxonomy Extension Definition.
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).


		ANGEL STUDIOS, INC.

DATE: August 4, 2026			/s/ Neal Harmon
			Neal Harmon
			Chief Executive Officer
			(Principal Executive Officer)


DATE: August 4, 2026			/s/ Scott Klossner
			Scott Klossner
			Chief Financial Officer
			(Principal Financial Officer, Principal Accounting Officer)


August 4, 2026	/s/ Neal Harmon
	Neal Harmon
	Chief Executive Officer
	(Principal Executive Officer)

August 4, 2026	/s/ Scott Klossner
	Scott Klossner
	Chief Financial Officer
	(Principal Financial Officer)