Angel Studios Inc (ANGX)

Angel and Wonder Project Partner With the U.S. Department of State to Screen ‘Young Washington’ at U.S. Embassies Worldwide as America Celebrates Its 250th AnniversaryJune 23, 2026 10:15 AM
Business Wire In celebration of the 250th anniversary of the signing of the Declaration of Independence, Angel, a media and technology company successfully pioneering a first-of-its-kind audience-driven studio model, and Wonder Project, an independent studio, distribution platform and trusted brand, today announced a strategic partnership with the U.S. Department of State to screen the upcoming film Young Washington at U.S. embassies around the world, as part of a new global screening initiative. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260623725809/en/Courtesy of Angel. Directed by Jon Erwin and starring William Franklyn-Miller, Golden Globe winners Kelsey Grammer and Mary-Louise Parker, and Academy Award winner Ben Kingsley, Young Washington tells the story of a young man whose courage, conviction, and character helped shape the course of a nation. Rooted in American history, it is a story about integrity, resilience, and service – values that resonate across cultures and generations. Young Washington is slated for a nationwide theatrical release on July 3, 2026, to coincide with America’s 250th anniversary. The U.S. Department of State regularly collaborates with the entertainment industry to share American stories, traditions, and the values that define the nation. Through curated international screenings of classic and contemporary films, the Department showcases the creative excellence of the American film industry and the technical artistry that contributes to the global influence of American cinema. “As America prepares to celebrate its 250th anniversary, Young Washington takes us back when the leaders we now admire were still discovering who they would become,” said Neal Harmon, Co-Founder and CEO of Angel. “It’s a deeply human story about growth, sacrifice, humility, and leadership earned through adversity and preserved by divine providence. We believe audiences around the world will connect with those themes, and we are honored to partner with the U.S. Department of State.” Cate Dillon, Assistant Secretary of State for the Bureau of Educational and Cultural Affairs said, “The Department of State is proud to partner with Angel and Wonder Project in support of the global release of Young Washington—a uniquely American story that reminds the world that the ideals behind this nation were forged by real people of courage, character, and conviction. American storytelling remains a vital element of diplomacy, and this film reflects a long tradition of creative works that engage global audiences and highlight the nation’s history and values.” “At Wonder Project, we believe great stories have the power to shape how people see themselves and the world around them,” said Kelly Merryman Hoogstraten, CEO of Wonder Project. “What drew us to Young Washington was the opportunity to explore a chapter of American history through the eyes of a young man whose future was far from certain. Rather than asking audiences to admire a historical figure from a distance, the film invites them to walk alongside him. That's the kind of story we hope stays with audiences long after the credits roll.” “One of the privileges of playing Thomas Fairfax was portraying a mentor who recognized potential in a young George Washington long before the world knew his name,” said Kelsey Grammer, who plays Lord Fairfax in Young Washington. “In this film, we see what Fairfax saw – a young man wrestling with responsibility, ambition, failure, and purpose. That humanity is what makes his eventual greatness so inspiring. As this film travels to embassies around the world on the eve of America’s 250th anniversary, I hope audiences are reminded that freedom is not just an inheritance, but a responsibility to be carried forward by every generation.” The U.S. embassy screening series engages audiences, including students, emerging filmmakers, government counterparts, cultural leaders, and the broader public. U.S. embassies anticipated to participate in the Young Washington Freedom 250 screening include: Argentina, Armenia, Austria, Bahrain, Belize, Bolivia, Bosnia & Herzegovina, Brazil, Cambodia, Cameroon, Canada, China, Colombia, Costa Rica, Czech Republic, Denmark, Dominican Republic, Egypt, El Salvador, Finland, Germany, Ghana, Greece, Honduras, Hungary, India, Indonesia, Israel, Italy, Japan, Jordan, Kazakhstan, Kenya, Kyrgyz Republic, Latvia, Malaysia, Maldives, Malta, Mexico, Micronesia, Morocco, Nepal, The Netherlands, New Zealand, Nigeria, North Macedonia, Pakistan, Panama, Papua New Guinea, Philippines, Qatar, Romania, Rwanda, Saudi Arabia, Serbia, South Africa, South Korea, Spain, Sri Lanka, Suriname, Sweden, Tanzania, Thailand, Türkiye, Turkmenistan, Uganda, United Arab Emirates (UAE), Uzbekistan, Vietnam, and Zambia About Angel Angel (NYSE: ANGX) is a media and technology company successfully pioneering a first-of-its-kind audience-driven studio model. Founded by brothers who struggled to find films they could watch with their children, Angel was built on the belief that there was a global audience hungry for values-driven storytelling that amplifies light, celebrates hope, and inspires the moral imagination of viewers. That audience became the Angel Guild, a rapidly growing community of nearly 2.5 million paying members who watch, screen, and vote on which films and television series get produced and distributed in theaters and on the Angel app. Angel has achieved the highest audience satisfaction scores in the industry1 and the highest average domestic box office per title among all independent studios since 2023. It has done so while evolving a new economic model that shares profits more fully with filmmakers. For more information, visit www.angel.com. About Wonder Project Wonder Project is an entertainment company dedicated to telling courageous stories that inspire hope and restore faith in things worth believing in. Operating as an independent studio, distribution platform and trusted brand, Wonder produces and curates premium content for the faith and values audience. Wonder Project's subscription service on Prime Video offers original programming alongside an extensive curated library of licensed titles. Learn more at www.thewonderproject.com. 1 www.rottentomatoes.com Popcornmeter (Data sourced April 22, 2026) View source version on businesswire.com: https://www.businesswire.com/news/home/20260623725809/en/ David Shane
Angel
press@angel.com Brileigh Allen
Angel
press@angel.com Kelley Carville
Wonder Project
kelley.carville@thewonderproject.com Alima Khanu
U.S. Department of State
eca-press@state.gov Original: Angel and Wonder Project Partner With the U.S. Department of State to Screen ‘Young Washington’ at U.S. Embassies Worldwide as America Celebrates Its 250th Anniversary

Angel Guild Grows Toward 2.4 Million Members as Company Launches New Innovations on the Angel Platform and App to Strengthen CommunityJune 11, 2026 10:00 AM
Business Wire Angel (NYSE: ANGX) – a media and technology company successfully pioneering a first-of-its-kind audience-driven studio model in which Angel Guild members watch, screen and vote on which films and television series get distributed in theaters and on the Angel platform – announced that the company has added nearly 200,000 Guild members since Q1, boosting the Guild to now nearly 2.4 million paying members. The company also announced today that it is launching new technology innovations on the Angel platform and app, including Guild Age Rating and Guild Theater Seating, designed to build and strengthen the growing Angel community. “Every Angel Guild member represents a simple but powerful idea: their insights on stories matter,” said Angel Co-Founder and CEO Neal Harmon. “Our members are not sitting on the sidelines. They are offering their insights, inviting friends, organizing family nights at the movies, and helping to create momentum. As our community grows, our job is to build better ways for members to find each other, share what they are most passionate about, and turn great stories into shared experiences. The tools we are announcing today are designed to help Guild members do just that.” The innovations are intended to provide even greater opportunity for Guild members to come across a shared set of values and aspirations. Namely: Guild Age Rating allows Guild members to suggest a recommended age for a film or television title when it launches on the Angel platform. The age recommendation appears next to every new Angel title, as well as on the theatrical ticketing page within the Angel app when members purchase movie tickets to an Angel release. This feature has already promoted engagement on the Angel platform. Guild Theater Seating, which launches soon on the Angel app, will allow Angel Guild members to find and sit next to other Guild members at the movie theater. When purchasing film tickets on the Angel app, Guild members who have purchased seats will be represented by a generic Angel Guild shield icon. As the trend toward in-person entertainment continues to accelerate, the Angel community will have more opportunities to connect with each other and enjoy shared values-driven experiences. Guided by the insights and inspiration of Guild members, Angel continues to make important strides toward creating the largest library of values-driven films and television content in the world, adding 80 films and 250 new television episodes and specials to the platform since the beginning of the year. The growing Angel Guild is reflected in Angel’s diverse upcoming theatrical slate, which is among the most powerful it has ever assembled. It features a wide range of values-driven stories, including Young Washington, a historical epic starring Golden Globe Award winners Kelsey Grammer and Mary-Louise Parker, Academy Award winner Sir Ben Kingsley, and William Franklyn-Miller; The Brink of War, a Cold War drama starring Jeff Daniels as Ronald Reagan, Jared Harris, and Academy Award winner J.K. Simmons; Runner, an action-packed thriller starring Owen Wilson and Alan Ritchson; and Zero A.D. starring Deva Cassel, Sam Worthington, Jim Caviezel, and Ben Mendelsohn. About Angel Angel (NYSE: ANGX) is a media and technology company successfully pioneering a first-of-its-kind audience-driven studio model. Founded by brothers who struggled to find films they could watch with their children, Angel was built on the belief that there was a global audience hungry for values-driven storytelling that amplifies light, celebrates hope, and inspires the moral imagination of viewers. That audience became the Angel Guild, a rapidly growing community of nearly 2.4 million paying members who watch, screen, and vote on which films and television series get produced and distributed in theaters and on the Angel app. Angel has achieved the highest audience satisfaction scores in the industry1 and the highest average domestic box office per title among all independent studios since 2023. It has done so while evolving a new economic model that shares profits more fully with filmmakers. For more information, visit www.angel.com. Forward-Looking Statements This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are often identified by words such as "expects," "believes," "may," "will," "should," "would," or similar expressions. Statements regarding the Company’s 2026 theatrical slate, the timing and features of new platform innovations, content library expansion, industry trends, and other expectations regarding future performance are forward-looking statements based on management's current expectations and assumptions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Actual results may differ materially from those anticipated due to a number of risks and uncertainties, including but not limited to: the Company's ability to grow and retain its Angel Guild membership base; the performance of the Company's theatrical and streaming content releases, including audience reception and box office results; competitive pressures from other streaming platforms, studios, and entertainment alternatives; adverse macroeconomic conditions, including inflation, changes in consumer spending, or capital market disruptions that could affect the Company's access to financing or its operating costs; and other risks described from time to time in the Company's filings with the Securities and Exchange Commission, including the risks and uncertainties described under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and in any subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. ____________________ 1 *www.rottentomatoes.com Popcornmeter (Data sourced April 22, 2026)   View source version on businesswire.com: https://www.businesswire.com/news/home/20260611035206/en/ David Shane
Corporate Communications
press@angel.com Brileigh Allen
Corporate Communications
press@angel.com Original: Angel Guild Grows Toward 2.4 Million Members as Company Launches New Innovations on the Angel Platform and App to Strengthen Community

Young Washington | First Look | In Theaters July 3 | Angel & Wonder Project

Angel Takes U.S. Rights to Family Fantasy Adventure “FING!” Starring Taika Waititi, Mia Wasikowska, Penelope Wilton, Blake Harrison and Newcomer Iona BellMay 11, 2026 1:00 PM
Business Wire Angel, a media and technology company successfully pioneering a first-of-its-kind audience-driven studio model, has acquired US rights from AGC Studios to FING!, based on the international best-selling children’s book. The film stars Academy Award® winner, Taika Waititi (Time Bandits, Our Flag Means Death), Mia Wasikowska (Club Zero, Alice In Wonderland), Richard Roxburgh (Elvis, Prosper), Penelope Wilton (The Unlikely Pilgrimage of Harold Fry, Downton) Blake Harrison (World On Fire and I Hate Suzie Too), Robyn Nevin (Sting, The End), newcomer Iona Bell (upcoming The Hunger Games: Sunrise on the Reaping) and Matt Lucas (Little Britain, Doctor Who) as the voice of Fing. FING! will have a wide U.S. theatrical release in early 2027. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260511306851/en/Courtesy of AGC Studios Librarians Mr. and Mrs. Meek, (Harrison and Wasikowska) dote on their daughter, Myrtle (Bell) and will do anything to keep her happy but she always wants MORE! When Myrtle demands a Fing, her parents embark on a perilous jungle quest, racing to claim the creature before a ruthless animal park owner, The Viscount (Waititi) can seize it for himself. “FING! Is exactly the kind of fantastical, joy-filled adventure the Angel Guild was made to champion,” said David Fischer, vice president of acquisitions and business affairs. “When our community of families vote with this level of enthusiasm, we listen. We couldn’t be more excited to bring it to audiences across America alongside our partners at AGC Studios.” Stuart Ford added, “We and our partners on “FING!” are tremendously excited at the prospect of Angel Studios demonstrating their proven reach with family audiences across America and bringing their uniquely targeted releasing approach to the film which has unfailingly charmed audiences everywhere we’ve played it.” The ambitious fantasy feature film is led by a world-class creative team. Multi-award-winner Jeffrey Walker (Apple Cider Vinegar, The Portable Door, The Artful Dodger) directs from a screenplay by Emmy Award winner Kevin Cecil (Veep, Gnomeo & Juliet) and three-time BAFTA award winner, David Walliams based on his original book. The film is an Australian UK co-production, produced by Jo Sargent from London-based King Bert Productions, and Todd Fellman from Queensland’s Story Bridge Films. Executive producers are Walliams, Craig McMahon, Kevin Cecil, Yvonne Sellins, Stuart Ford, Miguel A. Palos Jr., Aghi D. Koh, Andrew Orr, Julia Stuart, Janay Carrott and Shana Levine. AGC Studios co-financed and are handling worldwide sales; Transmission Films will release theatrically in ANZ, with Stan premiering as a Stan Original on SVOD. Sky also financed and will premiere the film in the UK as a Sky Original on Sky Cinema. Additional financing was provided by Elevate Production Finance and Bondit Media Capital. FING! had its World Premiere as a family showcase title at the Sundance Film Festival where it received a standing ovation. The festival team said, “In this lively, magical adventure, the cutely monstrous Fing is both a fantastical furball friend and a hurricane of hijinks. Myrtle, warmly and energetically portrayed by Iona Bell, is an equally matched complement to the Fing’s chaotic force, as her parents, played by Mia Wasikowska and Blake Harrison, haphazardly yet lovingly pick up the pieces. Taika Waititi dazzles as the larger-than-life viscount, a cartoonish villain amid a menagerie of eccentric animals.” They added, “Imbued with a characteristically British wit and vibrance, Fing! is just as funny as it is heartwarming — a colorful, charming delight for audiences of all ages.” FING! joins Angel’s diverse upcoming theatrical slate featuring a wide range of values-driven stories, including Young Washington, a historical epic starring Golden Globe Award winners Kelsey Grammer and Mary-Louise Parker, Academy Award winner Sir Ben Kingsley, and William Franklyn-Miller; The Brink of War, a Cold War drama starring Jeff Daniels, Jared Harris, and Academy Award winner J.K. Simmons; and Runner, an action-packed thriller starring Owen Wilson and Alan Ritchson. About ANGEL Angel (NYSE: ANGX) is a media and technology company successfully pioneering a first-of-its-kind audience-driven studio model. Founded by brothers who struggled to find films they could watch with their children, Angel was built on the belief that there was a global audience hungry for values-driven storytelling that amplifies light, celebrates hope, and inspires the moral imagination of viewers. That audience became the Angel Guild, a rapidly growing community of more than 2 million paying members who watch, screen, and vote on which films and television series get produced and distributed in theaters and on the Angel app. With 100 films and more than 30 television series on the platform, Angel has achieved the highest audience satisfaction scores in the industry and the highest average domestic box office per title among all independent studios. It has done so while evolving a new economic model that shares profits more fully with filmmakers. For more information, visit www.angel.com. About AGC STUDIOS With more than 50 film and TV productions since its launch in 2018, Stuart Ford’s AGC Studios is well established as one of the most prolific and diversified independent content companies in the industry. AGC Studios is currently in post-production on Lauren Miller Rogen’s Babies starring Anna Kendrick and Seth Rogen and on Ellie Foumbi’s erotic thriller Fleur starring Halle Berry. AGC is in pre-production on J Blakeson’s Sweat starring Ana de Armas. AGC Television has just wrapped production on Embassy, a geo-political action thriller series starring Anna Kendrick, Sam Heughan and J.K. Simmons, and is currently shooting Beatles biopic series Hamburg Days. AGC recently produced MGM+ mystery thriller series Vanished, starring Kaley Cuoco and Sam Claflin. Recent releases include Ron Howard’s psychological thriller Eden, starring Ana De Armas, Jude Law, Sydney Sweeney, Vanessa Kirby and Daniel Brühl; and Charlie Polinger’s debut feature The Plague starring Joel Edgerton which was nominated for three Independent Spirit Awards including Best Picture and won Best Breakthrough Performance (Kayo Martin). Upcoming May releases include Rowan Athale’s thrilling boxing drama Giant, starring Pierce Brosnan and Amir El-Masry which had its world premiere at the BFI London Film Festival, and Bobby Farrelly’s teen road trip comedy Driver’s Ed starring Kumail Nanjiani, Molly Shannon and Sam Nivola, from producers Jonas and Jennifer Pate which premiered at TIFF. Other recent AGC highlights include Anna Kendrick’s directorial debut, Woman of the Hour, which premiered as the #1 film on Netflix in the US; Justin Kurzel’s Venice premiere The Order, starring Jude Law, Nicholas Hoult, Tye Sheridan and Jurnee Smollett; Roland Emmerich’s ancient Rome gladiatorial epic series, Those About to Die for Peacock; Richard Linklater’s Hit Man starring Glen Powell and Adria Arjona; and Late Night with the Devil. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511306851/en/ Brileigh Allen
480-295-6065
brileigh.allen@angel.com Original: Angel Takes U.S. Rights to Family Fantasy Adventure “FING!” Starring Taika Waititi, Mia Wasikowska, Penelope Wilton, Blake Harrison and Newcomer Iona Bell

I'm looking forward to Young Washington, The Brink of War, and Hershey. I'm possibly looking forward to Runner, Angel and the Badman, and Zero A.D. As for Animal Farm at least the popcorn was good.

Key 2026 Angel Studios Releases (Theatrical)

Animal Farm: (May 1, 2026) Animated adaptation directed by Andy Serkis.

Young Washington: (July 3, 2026) Historical drama on the early life of George Washington, released during the 250th anniversary of America.

The Brink of War: (August 14, 2026) Cold War drama focusing on Reagan and Gorbachev.

Runner: (September 11, 2026) Action thriller starring Owen Wilson and Alan Ritchson.

Angel and the Badman: (October 2026) A remake of the Western starring Tommy Lee Jones.

Drummer Boy: (November 6, 2026) Action-musical about the American Revolutionary War.

Hershey: (November 2026) Biopic of Milton Hershey starring Finn Wittrock.

Zero A.D.: (December 25, 2026) Biblical epic from Alejandro Monteverde.

Animal Farm did not get great reviews so you are in the majority. But I'm wondering what was the cost to produce it vs current / future revenue? Anywhoo- The rest of the movies being released this year look more promising. (checked trailers in post #33). Also looking at the daily chart, it looks like the underwriters bonus has been worked thru and cashed in the last few hours. (The Company granted the underwriters a 30-day option to purchase up to an additional 2,145,000 shares). Maybe now we go higher.

Looks like someone liked it.

Went to see "Animal Farm" today and I didn't like it.

Angel Reports First Quarter 2026 Financial Results with 11% Growth in Guild MembershipApril 30, 2026 4:05 PM
Business Wire
~ Revenue of $115.1 Million, Representing a 143% Year-Over-Year Increase ~

~ Adjusted EBITDA Improves to $4.0 Million From $(28.7) Million in Q1 2025 ~

~ Selling and Marketing expense improved from 107% of total revenue in Q1 2025, to 49% of total revenue in Q1 2026 ~


Angel (NYSE: ANGX) (the "Company"), a media and technology company successfully pioneering a first-of-its-kind audience-driven studio model, today reported financial results for the first quarter ended March 31, 2026.


Highlights



The Angel Guild grew from 2.0 million to 2.22 million paying members during the quarter, representing 11% quarter-over-quarter growth and 106% growth year-over-year from 1.08 million members.



2026 first quarter revenue increased 143% year-over-year to $115.1 million, compared to $47.4 million in the first quarter of 2025.



The Angel Guild selling and marketing expense improved as a percent of total Guild revenues from 79% in Q4 of 2025 to 43% in Q1 2026.



The Company’s recurring revenue stream, the Angel Guild, represents 72% of total revenues for the first quarter 2026, representing year-over-year Angel Guild revenue growth of 140%.



The Company delivers first quarter positive Adjusted EBITDA1, reporting $4.0 million for the quarter ended March 31, 2026, compared to $(28.7) million for the quarter ended March 31, 2025.



Trailing twelve-month average revenue per member ("ARPM") of $13.69 per month for the three months ended March 31, 2026.



Net Income (loss) improves to a loss of $13.8 million or ($0.08) per share, compared to a loss of $37.3 million or ($0.26) per share for the quarter ended March 31, 20252.



Angel Streaming Platform and Theatrical Projects



Our streaming library recently surpassed 1,000 titles, and by the end of 2026, we expect to double our library from 2025 by adding 730 titles to the platform (including films, episodes, and comedy specials), making Angel one of the fastest-growing libraries of values-driven films and television series anywhere in the world.



Angel is attracting award-winning talent and filmmakers on projects such as Young Washington (starring Golden Globe winners Kelsey Grammer and Mary-Louise Parker along with Academy Award winner Ben Kingsley), The Brink of War (starring Jeff Daniels and Academy Award winner J.K. Simmons), Runner (starring Owen Wilson and Alan Ritchson), Angel And The Badman (starring Academy Award winner Tommy Lee Jones, Zachary Levi, and Neal McDonough), Drummer Boy, Hershey, and Zero A.D. (starring Deva Cassel, Sam Worthington, Jim Caviezel, and Ben Mendelsohn).



Solo Mio, starring Kevin James, is one of Rotten Tomatoes’ highest audience-ranked romantic comedies of all time3 and is driving new Guild membership growth to the platform, after surpassing $25 million at the domestic box office.



Message from our CEO:


“The Angel Guild continued to expand, growing 11 percent while the company had a more efficient theatrical marketing spend. The scale and momentum of the Guild create a powerful flywheel,” said Neal Harmon, co-founder and CEO, Angel. “As premium filmmakers and high-demand genres strengthen the Angel library, the Guild grows faster, expanding the royalty pool and making Angel even more compelling to filmmakers. Each new genre unlocks audience segments, expands our addressable market, lowers customer acquisition costs, and deepens engagement.”


Message from our CFO:


“Recurring revenue from the Angel Guild is the engine of our business,” said Scott Klossner, CFO, Angel. “We delivered record topline revenue, greater marketing efficiency, improved gross margin, and positive Adjusted EBITDA this quarter. Our growth is powered by Angel’s innovative audience-centric model and aligning filmmakers directly with audience demand through shared upside.”


First Quarter 2026 Financial Results


Total revenue was $115.1 million in the first quarter of 2026, compared to $47.4 million in the first quarter of 2025. The increase in revenue was largely due to an increase in Angel Guild revenue, which totaled $83.3 million in Q1 2026. Angel Guild membership grew from 1.08 million in Q1 2025 to 2.22 million members in Q1 2026.


Gross profit was $71.1 million in the first quarter of 2026, compared to $28.0 million in the first quarter of 2025, representing a 154% year-over-year increase. Gross margin expanded to approximately 62% from 59% in the prior-year period, reflecting revenue growth that outpaced the increase in cost of revenues.


Selling and marketing expenses were $56.6 million, representing 49% of revenue, in the first quarter of 2026, compared to $50.5 million, representing 107% of revenue, in the first quarter of 2025.


Net loss was $13.8 million, or ($0.08) per share, in the first quarter of 2026, compared to a net loss of $37.3 million, or $(0.26) per share, in the first quarter of 20252.


Adjusted EBITDA was $4.0 million in the first quarter of 2026, compared to an Adjusted EBITDA loss of $(28.7) million in the first quarter of 2025.


Liquidity


As of March 31, 2026, Angel has cash and cash equivalents of $38.9 million, compared to $14.2 million as of March 31, 2025.


Bitcoin holdings remain unchanged at 303.1 BTC, but have declined in value from $26.5 million to $20.7 million from Q4 of 2025 to Q1 of 2026.


In April 2026, the Company priced an underwritten registered offering of 16,445,000 shares of Class A common stock at $2.10 per share, delivering a total of $34.5 million in gross proceeds4.



____________________



1






Adjusted EBITDA is a non-GAAP (as defined below) financial measure. See “Non-GAAP Measures” below for additional information and for a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure.



2







Total shares issued and outstanding of 169,850,328 as of March 31, 2026.








3






As of March 31, 2026 with a 95% Popcornmeter score as set out on www.rottentomatoes.com.



4







Total shares issued and outstanding of 186,412,364 as of April 27, 2026.







Outlook


The Company reiterates its expected narrowed Adjusted EBITDA loss of less than $25 million for the full year 2026.


Webinar


The Company will host a webinar on Friday, May 1, 2026, at 11:00 a.m. Eastern Time to discuss the results and answer questions from the sell side community. The webinar can be accessed using the dial-in numbers or registration link below.




Date:






Friday, May 1, 2026








Time:






11:00 a.m. Eastern time








Dial-in:






1-877-407-0779








International Dial-in:






1-201-389-0914








Webcast:






Please register here







A replay will be available within 24 hours after the webinar and can be accessed here or on the Company’s investor relations website at https://angx.com/.


About Angel


Angel (NYSE: ANGX) is a media and technology company successfully pioneering a first-of-its-kind audience-driven studio model. Founded by brothers who struggled to find films they could watch with their children, Angel was built on the belief that there was a global audience hungry for values-driven storytelling that amplifies light, celebrates hope, and inspires the moral imagination of viewers. That audience became the Angel Guild, a rapidly growing community of more than 2 million paying members who watch, screen, and vote on which films and television series get produced and distributed in theaters and on the Angel app. With 100 films and more than 30 television series on the platform, Angel has achieved the highest audience satisfaction scores in the industry and the highest average domestic box office per title among all independent studios. It has done so while evolving a new economic model that shares profits more fully with filmmakers. For more information, visit www.angel.com.


Forward-Looking Statements


This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are often identified by words such as "expects," "believes," "may," "will," "should," "would," or similar expressions. Statements regarding the Company’s 2026 theatrical slate, and other expectations regarding future performance are forward-looking statements based on management's current expectations and assumptions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied.


"Adjusted EBITDA" is a non-GAAP financial measure defined by the Company as earnings before Interest, taxes, depreciation, amortization, stock compensation expense, and the gain/loss on digital assets, as well as exceptional items. Management uses Adjusted EBITDA as a supplemental measure of operating performance to evaluate the performance of the Company's core business operations, to facilitate comparisons of operating results across reporting periods, and to assist in planning and forecasting future periods. Adjusted EBITDA is presented as a supplemental measure of the Company's operating performance and should not be considered in isolation or as a substitute for net loss or any other measure of financial performance calculated in accordance with GAAP.


Actual results may differ materially from those anticipated due to a number of risks and uncertainties, including but not limited to: the Company's ability to grow and retain its Angel Guild membership base; the performance of the Company's theatrical and streaming content releases, including audience reception and box office results; competitive pressures from other streaming platforms, studios, and entertainment alternatives; adverse macroeconomic conditions, including inflation, changes in consumer spending, or capital market disruptions that could affect the Company's access to financing or its operating costs; and other risks described from time to time in the Company's filings with the Securities and Exchange Commission, including the risks and uncertainties described under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and in any subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission.


The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.


A reconciliation between net income/(loss) and Adjusted EBITDA is presented below:




 






 






For the three months ended March 31,








 






 






2026






 






2025








Reconciliation of net loss to non-GAAP Adjusted EBITDA






 






 






 






 






 






 








Net loss






 






$






(13,756,056






)






 






$






(37,330,132






)








Interest expense, net






 






 






5,324,320






 






 






 






439,464






 








Depreciation and amortization






 






 






3,100,429






 






 






 






2,226,184






 








Stock-based compensation






 






 






3,471,960






 






 






 






2,632,836






 








Net loss on digital assets






 






 






5,845,056






 






 






 






3,299,105






 








Adjusted EBITDA






 






$






3,985,709






 






 






$






(28,732,543






)









ANGEL STUDIOS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)









 


 

 






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






 









ANGEL STUDIOS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)








 






 






 






 






 






 






 








 






 






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






 









ANGEL STUDIOS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)








 






 






 






 






 






 






 








 






 






Three Months Ended March 31,








 






 






2026






 






2025








Cash flows from operating activities:






 






 






 






 






 






 








Net loss






 






$






(13,756,056






)






 






$






(37,330,132






)








Adjustments to reconcile net loss to net cash and cash equivalents provided by (used in) operating activities:






 






 






 






 






 






 








Depreciation and amortization






 






 






3,100,429






 






 






 






2,226,184






 








Amortization of content assets






 






 






537,698






 






 






 






58,505






 








Amortization of right-of-use assets






 






 






307,466






 






 






 






171,518






 








Stock-based compensation expense






 






 






3,471,960






 






 






 






2,632,836






 








Net loss on digital assets






 






 






5,845,056






 






 






 






3,299,105






 








Investments in affiliates gain






 






 






(78,199






)






 






 






(40,698






)








Non-cash interest expense






 






 






331,440






 






 






 






—






 








Paid-in-kind interest






 






 






3,947,996






 






 






 






—






 








Bad debt expense (recovery)






 






 






(90,648






)






 






 






—






 








Change in operating assets and liabilities:






 






 






 






 






 






 








Accounts receivable






 






 






20,420,929






 






 






 






3,098,255






 








Physical inventory






 






 






(119,462






)






 






 






102,340






 








Royalty advance






 






 






(4,909,354






)






 






 






—






 








Prepaid expenses and other current assets






 






 






2,898,605






 






 






 






(4,230,773






)








Licensing receivables






 






 






2,359,928






 






 






 






1,851,361






 








Other long-term assets






 






 






(4,625,675






)






 






 






—






 








Accounts payable and accrued expenses






 






 






(26,539,185






)






 






 






2,435,478






 








Accrued licensing royalties






 






 






938,515






 






 






 






2,286,956






 








Operating lease liabilities






 






 






(310,647






)






 






 






(162,237






)








Deferred revenue






 






 






8,157,063






 






 






 






13,840,858






 








Net cash and cash equivalents provided by (used in) operating activities






 






 






1,887,859






 






 






 






(9,760,444






)








 






 






 






 






 






 






 








Cash flows from investing activities:






 






 






 






 






 






 








Purchases of property and equipment






 






 






(24,533






)






 






 






(51,977






)








Issuance of notes receivable






 






 






—






 






 






 






(837,309






)








Collections of notes receivable






 






 






70,902






 






 






 






87,933






 








Sale of digital assets






 






 






—






 






 






 






99,118






 








Additions to internal-use software






 






 






(2,576,062






)






 






 






(2,173,360






)








Purchase of content






 






 






(93,757






)






 






 






(259,304






)








Investments in affiliates






 






 






—






 






 






 






(110,999






)








Return on investments in affiliates






 






 






95,380






 






 






 






—






 








Net cash and cash equivalents used in investing activities






 






 






(2,528,070






)






 






 






(3,245,898






)








 






 






 






 






 






 






 








Cash flows from financing activities:






 






 






 






 






 






 








Repayment of notes payable






 






 






(18,744,062






)






 






 






(9,691,628






)








Repayment of loan guarantee






 






 






—






 






 






 






(2,000,000






)








Receipt of notes payable






 






 






20,000,000






 






 






 






22,904,952






 








Repayment of accrued settlement costs






 






 






—






 






 






 






(67,486






)








Exercise of stock options






 






 






1,145,012






 






 






 






80,516






 








Issuance of common stock






 






 






—






 






 






 






14,796,704






 








Investments in minority owned entities






 






 






—






 






 






 






228,594






 








Redemption of equity in noncontrolling interests






 






 






(5,870,796






)






 






 






(6,000,000






)








Repurchase of common stock






 






 






(897,416






)






 






 






(65,029






)








Debt financing fees






 






 






(200,000






)






 






 






(207,076






)








Net cash and cash equivalents provided by (used in) financing activities






 






 






(4,567,262






)






 






 






19,979,547






 








 






 






 






 






 






 






 








Net increase (decrease) in cash and cash equivalents






 






 






(5,207,473






)






 






 






6,973,205






 








Cash and cash equivalents at beginning of period






 






 






44,083,233






 






 






 






7,211,826






 








 






 






 






 






 






 






 








Cash and cash equivalents at end of period






 






$






38,875,760






 






 






$






14,185,031






 








 






 






 






 






 






 






 








Supplemental disclosure of cash flow information:






 






 






 






 






 






 








Cash paid for interest






 






$






3,440,001






 






 






$






1,573,293






 








 






 






 






 






 






 






 








Supplemental schedule of noncash financing activities:






 






 






 






 






 






 








Adoption of ASU No. 2023-08






 






$






—






 






 






$






15,962,018






 








Change from digital assets to digital assets receivable






 






 






—






 






 






 






21,748,336






 








Issuance of warrants






 






 






227,849






 






 






 






—






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260430233646/en/
David Shane

Corporate Communications

press@angel.com


Luk Janssens

Investor Relations

InvestorRelations@angel.com


Original: Angel Reports First Quarter 2026 Financial Results with 11% Growth in Guild Membership