Angel Studios, Inc 10-Q for FY2026 Q1

Angel Studios, Inc. (ANGX)

10-Q 2026-04-30 For: 2026-03-31

Added on April 30, 2026

About this 10-Q

Angel Studios, Inc filed this 10-Q on April 30, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $115.11M; up 142.6% from $47.44M a year earlier
Net loss: $13.8M; compared with a net loss of $37.3M a year earlier
Diluted EPS: -$0.08; compared with -$0.26 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	25

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	37

Item 4.	Controls and Procedures	38

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	39

Item 1A.	Risk Factors	42

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42

Item 3.	Defaults Upon Senior Securities	43

Item 4.	Mine Safety Disclosures	43

Item 5.	Other Information	43

Item 6.	Exhibits	44

SIGNATURES		45


	* *	As of
		March 31, 2026			December 31, 2025
Assets
Current assets:
Cash and cash equivalents		$	38,875,760		$	44,083,233
Accounts receivable, net			30,792,585			51,122,866
Current portion of licensing receivables, net			9,834,673			9,695,562
Physical inventory			1,383,563			1,264,101
Current portion of notes receivable			1,375,942			1,368,581
Royalty advance			18,736,980			13,827,626
Prepaid expenses and other			10,617,381			13,515,986
Total current assets			111,616,884			134,877,955

Licensing receivables, net			80,213			2,579,252
Notes receivable, net of current portion			3,862,655			3,940,918
Property and equipment, net			581,186			709,845
Content, net			5,828,984			6,272,925
Intangible assets, net			3,081,723			3,850,035
Capitalized software, net			13,705,384			13,308,247
Digital assets			20,682,504			26,527,560
Investments in affiliates			45,997,700			46,014,881
Operating lease right-of-use assets			2,932,555			3,240,021
Other long-term assets			4,715,599			89,924
Total assets		$	213,085,387		$	241,411,563

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable		$	25,786,792		$	39,960,272
Accrued expenses			12,122,179			24,487,884
Current portion of accrued licensing royalties			33,774,958			31,257,950
Current portion of notes payable			40,470,679			55,473,665
Current portion of operating lease liabilities			1,318,472			1,284,747
Deferred revenue			74,691,685			66,534,622
Total current liabilities			188,164,765			218,999,140

Accrued licensing royalties, long-term			2,863,265			4,441,758
Notes payable, net of current portion			61,802,915			41,692,404
Operating lease liabilities, net of current portion			1,714,213			2,058,585
Total liabilities		$	254,545,158		$	267,191,887

Commitments and contingencies (Note 5)

Stockholders’ equity:
Common stock, $0.0001 par value, 700,000,000 shares authorized; 169,850,328 and 169,095,572 shares issued and outstanding as of March 31, 2026, and December 31, 2025, respectively		$	16,985		$	16,909
Additional paid-in capital			214,027,327			210,079,998
Noncontrolling interests			(168,495)			5,653,837
Accumulated deficit			(255,335,588)			(241,531,068)
Total stockholders’ equity			(41,459,771)			(25,780,324)
Total liabilities and stockholders’ equity		$	213,085,387		$	241,411,563


	Three Months Ended March 31,
	2026			2025
Revenue:
Licensed content and other revenue	$	114,950,464		$	46,206,744
Pay it Forward revenue		154,602			1,233,896
Total revenue		115,105,066			47,440,640

Operating expenses:
Cost of revenues		44,002,346			19,480,204
Selling and marketing		56,596,563			50,525,314
General and administrative		11,245,458			7,367,254
Research and development		4,083,938			3,244,918
Legal expense		1,842,932			414,513
Total operating expenses		117,771,237			81,032,203
Operating loss		(2,666,171)			(33,591,563)

Other income (expense):
Net loss on digital assets		(5,845,056)			(3,299,105)
Interest expense		(6,032,609)			(1,564,155)
Interest income		708,289			1,124,691
Other income		79,491			—
Total other expense		(11,089,885)			(3,738,569)
Loss before income tax benefit		(13,756,056)			(37,330,132)
Income tax benefit		—			—
Net loss	$	(13,756,056)		$	(37,330,132)

Net income (loss) attributable to noncontrolling interests		48,464			(26,208)
Net loss attributable to controlling interests	$	(13,804,520)		$	(37,303,924)

Net loss per common share - basic	$	(0.082)		$	(0.256)
Net loss per common share - diluted	$	(0.082)		$	(0.256)

Weighted average common shares outstanding - basic		169,376,204			145,623,586
Weighted average common shares outstanding - diluted		169,376,204			145,623,586


	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 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	-		-	982,013		98		1,144,914		-		-		1,145,012
Vesting of restricted stock units	13,240		2	-		-		(2)		-		-		-
Transfer of common stock	736,200		74	(736,200)		(74)		-		-		-		-
Repurchase of common stock	-		-	(240,497)		(24)		(897,392)		-		-		(897,416)
Stock-based compensation expense	-		-	-		-		3,471,960		-		-		3,471,960
Issuance of warrants	-		-	-		-		227,849		-		-		227,849
Redemptions from noncontrolling interests	-		-	-		-		-		-		(5,870,796)		(5,870,796)
Net income (loss)	-		-	-		-		-		(13,804,520)		48,464		(13,756,056)
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)

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	-		-	156,169		16		80,500		-		-		80,516
Issuance of common stock, net of fees	2,416,622		242	-		-		14,796,462		-		-		14,796,704
Repurchase of common stock	(70)		-	(10,829)		(1)		(65,028)		-		-		(65,029)
Stock-based compensation expense	-		-	-		-		2,632,836		-		-		2,632,836
Digital assets market value adjustment	-		-	-		-		-		15,962,018		-		15,962,018
Contributions from noncontrolling interests, net of fees	-		-	-		-		-		-		228,594		228,594
Redemptions from noncontrolling interests	-		-	-		-		-		-		(6,000,000)		(6,000,000)
Net loss	-		-	-		-		-		(37,303,924)		(26,208)		(37,330,132)
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


	For the three months ended March 31,
	2026		2025
Angel Guild	$	83,342,611	$	34,697,518
Theatrical		17,975,005		7,728,206
Content licensing		10,164,010		2,596,504
Merchandise		3,132,872		943,844
Pay it Forward		154,602		535,261
Theatrical Pay it Forward		—		698,635
Other		335,966		240,672
Total Revenue	$	115,105,066	$	47,440,640


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


	March 31, 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	$	20,682,504	$	26,527,560


	March 31, 2026		December 31, 2025
Type of Facility or Arrangement	Carrying Value		Carrying 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		5.7		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)		38.5		53.5			10.0 - 15.0*		For detailed terms, see ⁽³⁾
Total		106.2		101.0
Less: discounts and issuance costs, net of amortization		(3.9)		(3.8)
Total notes payable balance	$	102.3	$	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


	March 31, 2026
	Outstanding Principal Amount		Less: Discounts, Net of Amortization		Net Carrying Amount		Fair Value ⁽¹⁾
May 2025 convertible note	$	5,733,086	$	890,194	$	4,842,892	$	7,223,539

	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


	Three Months Ended March 31, 2026
	Contractual Interest Expense			Amortization of Debt Discount		Total
May 2025 convertible note	$	206,920		$	148,260	$	355,180


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss attributable to controlling interests	$	(13,804,520)		$	(37,303,924)

Denominator:
Weighted average basic shares outstanding		169,376,204			145,623,586
Effect of dilutive shares		—			—
Weighted average diluted shares		169,376,204			145,623,586

Basic loss per share	$	(0.082)		$	(0.256)
Diluted loss per share	$	(0.082)		$	(0.256)


	For the three months ended March 31,				Change
	2026		2025		2026 vs. 2025
Revenues	$	115,105,066	$	47,440,640	$	67,664,426	143	%
Cost of revenues		44,002,346		19,480,204		24,522,142	126	%
Selling and marketing		56,596,563		50,525,314		6,071,249	12	%
General and administrative		11,245,458		7,367,254		3,878,204	53	%
Research and development		4,083,938		3,244,918		839,020	26	%
Legal expense		1,842,932		414,513		1,428,419	345	%
Operating loss		(2,666,171)		(33,591,563)		30,925,392	(92)	%
Net loss on digital assets		(5,845,056)		(3,299,105)		(2,545,951)	77	%
Interest expense		(6,032,609)		(1,564,155)		(4,468,454)	286	%
Interest income		708,289		1,124,691		(416,402)	(37)	%
Other income		79,491		—		79,491	100	%
Loss before income tax benefit		(13,756,056)		(37,330,132)		23,574,076	(63)	%
Income tax benefit		—		—		—	—	%
Net loss	$	(13,756,056)	$	(37,330,132)	$	23,574,076	(63)	%


	As of				Change
	March 31, 2026		December 31, 2025		2026 vs. 2025
Cash and cash equivalents	$	38,875,760	$	44,083,233	$	(5,207,473)	(12)	%
Notes payable		102,273,594		97,166,069		5,107,525	5	%


Exhibit Number		Exhibit Description

4.1		Form of Lock-Up Agreement, reference to Exhibit 4.1 of the Company’s Registration Statement on Form S-1, filed on September 16, 2025
10.1		Form of Registration Rights Agreement, incorporated by reference to Exhibit 10.1 of the Company’s Registration Statement on Form S-1, filed on September 16, 2025
10.2		Form of Indemnification Agreement by and between the Company and its directors and officers, incorporated by reference to Exhibit 10.2 of the Company’s Registration Statement on Form S-1, filed on September 16, 2025
10.3		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
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: April 30, 2026			/s/ Neal Harmon
			Neal Harmon
			Chief Executive Officer
			(Principal Executive Officer)


DATE: April 30, 2026			/s/ Scott Klossner
			Scott Klossner
			Chief Financial Officer
			(Principal Financial Officer, Principal Accounting Officer)


April 30, 2026	/s/ Neal Harmon
	Neal Harmon
	Chief Executive Officer
	(Principal Executive Officer)

April 30, 2026	/s/ Scott Klossner
	Scott Klossner
	Chief Financial Officer
	(Principal Financial Officer)