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Live Earnings Conference Call: Angel Studios will host a live Q2 2026 earnings call on August 5, 2026 at 11:00AM ET. Follow this link to get details and listen to Angel Studios' Q2 2026 earnings call when it goes live. Get details.

Angel Studios (ANGX) Financials

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$4.46 +0.25 (+6.03%)
Closing price 08/4/2026 03:59 PM Eastern
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$4.28 -0.19 (-4.14%)
As of 08/4/2026 07:56 PM Eastern
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Annual Income Statements for Angel Studios

Annual Income Statements for Angel Studios

This table shows Angel Studios' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 18 13 -88 -170
Consolidated Net Income / (Loss)		 18 13 -88 -170
Net Income / (Loss) Continuing Operations		 18 13 -88 -170
Total Pre-Tax Income 		18 11 -85 -170
Total Operating Income		 -1.58 12 -87 -164
Total Gross Profit		 0.00 116 52 197
Total Revenue		 0.00 202 97 322
Operating Revenue		 - 202 97 322
Total Cost of Revenue		 0.00 86 44 125
Operating Cost of Revenue		 - 86 44 125
Total Operating Expenses		 1.58 104 139 361
Selling, General & Admin Expense		 0.74 18 22 38
Marketing Expense		 - 74 93 297
Research & Development Expense		 - 9.70 13 16
Other Special Charges / (Income)		 - 2.04 11 10
Total Other Income / (Expense), net		 20 -1.84 1.81 -6.38
Interest Expense		 0.00 3.66 2.37 12
Interest & Investment Income		 3.38 1.82 3.49 5.45
Other Income / (Expense), net		 17 -0.00 0.68 0.01
Income Tax Expense		 0.36 -2.70 3.53 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 - -0.15 -0.17 -0.01
Basic Earnings per Share		 $1.17 $0.10 ($0.64) ($1.10)
Weighted Average Basic Shares Outstanding		 28.75M 132.56M 137.99M 155.25M
Diluted Earnings per Share		 $1.17 $0.10 ($0.64) ($1.10)
Weighted Average Diluted Shares Outstanding		 28.75M 139.87M 137.99M 155.25M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 169.51M

Quarterly Income Statements for Angel Studios

This table shows Angel Studios' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -0.01 11 0.26 -0.50 -14 -74 -37 -1.56 -39 -130 -14
Consolidated Net Income / (Loss)		 -0.01 10 0.26 -0.50 -14 -74 -37 -1.56 -39 -130 -14
Net Income / (Loss) Continuing Operations		 -0.01 10 0.26 -0.50 -14 -74 -37 -1.56 -39 -130 -14
Total Pre-Tax Income 		0.13 6.43 0.33 -0.46 -14 -71 -37 -1.56 -39 -130 -14
Total Operating Income		 -0.14 13 -0.41 -0.29 -15 -71 -34 -0.34 -38 -126 -2.67
Total Gross Profit		 0.00 116 0.00 0.00 12 40 28 0.00 42 154 71
Total Revenue		 0.00 202 0.00 0.00 20 76 47 0.00 77 245 115
Operating Revenue		 - - - - 20 - 47 - 77 - 115
Total Cost of Revenue		 0.00 86 0.00 0.00 8.11 36 19 0.00 34 91 44
Operating Cost of Revenue		 - - - - 8.11 - 19 - 34 - 44
Total Operating Expenses		 0.14 103 0.41 0.29 27 111 62 0.34 80 280 74
Selling, General & Admin Expense		 0.01 18 0.25 0.13 6.06 16 7.37 0.17 10 27 11
Marketing Expense		 - - - - 17 - 51 - 65 - 57
Research & Development Expense		 - - - - 3.17 - 3.24 - 4.22 - 4.08
Other Special Charges / (Income)		 - - - - 1.33 - 0.41 - 1.28 - 1.84
Total Other Income / (Expense), net		 0.27 -6.71 0.73 -0.17 1.16 0.08 -3.74 -1.21 -0.52 -4.71 -11
Interest Expense		 - - - - 0.45 - 1.56 - 3.98 - 6.03
Interest & Investment Income		 0.73 -4.30 0.56 0.16 0.75 2.01 1.12 0.00 1.39 4.05 0.71
Other Income / (Expense), net		 -0.46 1.24 0.17 -0.33 0.86 -0.02 -3.30 -1.22 2.07 -0.91 -5.77
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - - - -0.04 - -0.03 - -0.06 - 0.05
Basic Earnings per Share		 - - $0.06 ($0.06) ($0.10) ($0.54) ($0.26) ($0.42) ($0.25) ($0.51) ($0.08)
Weighted Average Basic Shares Outstanding		 0.00 132.56M 9.34M 6.91M 138.82M 137.99M 145.62M 5.79M 156.80M 155.25M 169.38M
Diluted Earnings per Share		 - - $0.06 ($0.06) ($0.10) ($0.54) ($0.26) ($0.42) ($0.25) ($0.51) ($0.08)
Weighted Average Diluted Shares Outstanding		 0.00 139.87M 9.34M 6.91M 138.82M 137.99M 145.62M 5.79M 156.80M 155.25M 169.38M
Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 6.91M 6.91M 0.00 0.00 5.79M 5.79M 168.63M 169.51M 186.41M

Annual Cash Flow Statements for Angel Studios

This table details how cash moves in and out of Angel Studios' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -1.90 14 -18 37
Net Cash From Operating Activities		 0.40 15 -51 -83
Net Cash From Continuing Operating Activities		 0.40 15 -51 -83
Net Income / (Loss) Continuing Operations		 18 13 -88 -170
Consolidated Net Income / (Loss)		 18 13 -88 -170
Depreciation Expense		 - 5.68 7.90 14
Amortization Expense		 - 0.67 0.68 0.93
Non-Cash Adjustments To Reconcile Net Income		 -18 -16 0.73 26
Changes in Operating Assets and Liabilities, net		 0.32 12 28 46
Net Cash From Investing Activities		 -2.62 -9.96 -13 -56
Net Cash From Continuing Investing Activities		 -2.62 -9.96 -13 -56
Purchase of Property, Plant & Equipment		 - -0.57 -0.30 -0.51
Acquisitions		 - -8.96 -8.42 -12
Sale and/or Maturity of Investments		 235 5.09 2.09 0.83
Other Investing Activities, net		 0.00 -5.52 -6.22 -44
Net Cash From Financing Activities		 0.33 9.25 46 176
Net Cash From Continuing Financing Activities		 0.33 9.25 46 176
Repayment of Debt		 - -27 -19 -78
Repurchase of Common Equity		 - -0.11 -0.71 -0.44
Issuance of Debt		 - 29 24 157
Issuance of Common Equity		 0.08 7.50 33 118
Other Financing Activities, net		 0.24 0.24 8.92 -21
Effect of Exchange Rate Changes		 - - - 0.00
Cash Interest Paid		 - 3.59 2.37 7.81

Quarterly Cash Flow Statements for Angel Studios

This table details how cash moves in and out of Angel Studios' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 1.89 12 -1.65 -0.03 -12 -4.13 6.97 -0.03 56 -19 -5.21
Net Cash From Operating Activities		 1.41 9.44 -1.99 0.16 -38 -12 -9.76 -0.19 -58 -25 1.89
Net Cash From Continuing Operating Activities		 1.41 9.44 -1.99 0.16 -38 -12 -9.76 -0.19 -58 -25 1.89
Net Income / (Loss) Continuing Operations		 -0.01 10 0.26 -0.50 -51 -37 -37 -1.56 -90 -79 -14
Consolidated Net Income / (Loss)		 -0.01 10 0.26 -0.50 -51 -37 -37 -1.56 -90 -79 -14
Depreciation Expense		 - - - - - 7.13 2.23 - - 13 3.10
Amortization Expense		 - - - - - 0.17 0.23 - - 0.30 0.85
Non-Cash Adjustments To Reconcile Net Income		 1.28 -17 -0.30 0.50 -3.70 4.23 7.74 1.26 12 13 15
Changes in Operating Assets and Liabilities, net		 0.14 9.84 -1.95 0.16 16 14 17 0.10 18 28 -3.78
Net Cash From Investing Activities		 198 -204 32 -0.29 -31 -14 -3.25 -0.00 -16 -40 -2.53
Net Cash From Continuing Investing Activities		 198 -204 32 -0.29 -31 -14 -3.25 -0.00 -16 -40 -2.53
Purchase of Property, Plant & Equipment		 - - - - - -0.03 -0.05 - - -0.13 -0.02
Acquisitions		 - - - - - -8.42 -2.17 - - -8.69 -2.58
Sale and/or Maturity of Investments		 200 -195 33 - -31 0.27 0.09 - 0.52 0.30 0.17
Other Investing Activities, net		 - - - - - -5.36 -1.11 - - -31 -0.09
Net Cash From Financing Activities		 -197 207 -32 0.10 57 21 20 0.17 130 45 -4.57
Net Cash From Continuing Financing Activities		 -197 207 -32 0.10 57 21 20 0.17 130 45 -4.57
Repayment of Debt		 - - 0.00 - - -0.25 -12 - - -2.59 -19
Repurchase of Common Equity		 - - - - - 0.10 -0.07 - - 0.23 -0.90
Issuance of Debt		 - - - - 17 6.71 23 0.17 106 51 20
Issuance of Common Equity		 - - - - - 5.92 15 - - 1.36 0.00
Other Financing Activities, net		 -197 198 -32 0.10 32 8.65 -5.76 - -16 -4.74 -4.73
Cash Interest Paid		 - - - - - 1.92 1.57 - - 0.30 3.44

Annual Balance Sheets for Angel Studios

This table presents Angel Studios' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 237 238 47 111 241
Total Current Assets		 2.03 0.28 2.17 53 135
Cash & Equivalents		 1.95 0.05 2.17 7.21 44
Note & Lease Receivable		 - - - 19 11
Accounts Receivable		 0.08 - - 16 51
Inventories, net		 - - - 1.71 1.26
Prepaid Expenses		 0.00 0.23 0.00 6.80 14
Other Current Assets		 - - - 2.34 14
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.78 0.71
Total Noncurrent Assets		 235 238 45 58 106
Long-Term Investments		 - - - 9.07 46
Noncurrent Note & Lease Receivables		 - - - 16 6.52
Intangible Assets		 - - - 15 17
Other Noncurrent Operating Assets		 235 238 45 18 36
Total Liabilities & Shareholders' Equity		 237 238 47 111 241
Total Liabilities		 26 1.74 5.56 95 267
Total Current Liabilities		 1.02 1.21 4.98 80 219
Short-Term Debt		 - - 0.00 11 55
Accounts Payable		 0.02 0.10 0.10 7.93 40
Accrued Expenses		 1.01 0.87 2.44 29 56
Current Deferred Revenue		 - - - 22 67
Other Current Liabilities		 - 0.24 0.47 9.79 1.28
Total Noncurrent Liabilities		 25 0.53 0.58 15 48
Long-Term Debt		 - - - 0.00 42
Other Noncurrent Operating Liabilities		 25 0.53 0.58 15 6.50
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -24 -1.46 -3.39 17 -26
Total Preferred & Common Equity		 -24 -1.46 -3.39 8.49 -31
Total Common Equity		 -24 -1.46 -3.39 8.49 -31
Common Stock		 0.00 0.00 0.76 95 210
Retained Earnings		 -24 -1.46 -4.15 -87 -242
Noncontrolling Interest		 - - - 8.22 5.65

Quarterly Balance Sheets for Angel Studios

This table presents Angel Studios' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 46 13 13 14 1.03 0.85 197 213
Total Current Assets		 2.35 0.65 0.62 0.65 0.59 0.41 123 112
Cash & Equivalents		 2.35 0.52 0.49 0.52 0.35 0.33 63 39
Note & Lease Receivable		 - - - - - - 10 11
Accounts Receivable		 - - - - - - 25 31
Inventories, net		 - - - - - - 1.54 1.38
Prepaid Expenses		 0.00 0.13 0.13 0.13 0.24 0.08 9.62 11
Other Current Assets		 - - - - - - 14 19
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00 0.00 0.73 0.58
Total Noncurrent Assets		 44 13 13 13 0.43 0.44 73 101
Long-Term Investments		 - - - - - - 15 46
Noncurrent Note & Lease Receivables		 - - - - - - 9.85 3.94
Intangible Assets		 - - - - - - 4.62 17
Other Noncurrent Operating Assets		 44 13 13 13 0.43 0.44 44 34
Total Liabilities & Shareholders' Equity		 46 13 13 14 1.03 0.85 197 213
Total Liabilities		 6.07 3.66 4.20 5.67 9.20 11 160 255
Total Current Liabilities		 4.81 3.53 3.74 3.82 4.62 4.78 113 188
Short-Term Debt		 - - - - 0.64 0.81 8.99 40
Accounts Payable		 0.22 0.16 0.22 0.15 0.20 0.30 11 26
Accrued Expenses		 2.33 0.53 0.63 0.73 0.63 0.47 42 46
Current Deferred Revenue		 - - - - - - 51 75
Other Current Liabilities		 0.29 0.55 0.59 0.64 0.73 0.77 0.75 1.32
Total Noncurrent Liabilities		 1.25 0.13 0.46 1.86 4.58 5.80 47 66
Long-Term Debt		 - - - - - - 42 62
Other Noncurrent Operating Liabilities		 1.25 0.13 0.46 1.86 4.58 5.80 4.94 4.58
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -3.71 -3.01 -3.58 -5.02 -8.61 -10 37 -41
Total Preferred & Common Equity		 -3.71 -3.01 -3.58 -5.02 -8.61 -10 32 -41
Total Common Equity		 -3.71 -3.01 -3.58 -5.02 -8.61 -10 32 -41
Common Stock		 0.34 0.71 0.65 0.70 0.71 0.71 207 214
Retained Earnings		 -4.05 -3.72 -4.23 -5.72 -9.32 -11 -176 -255
Noncontrolling Interest		 - - - - - - 5.65 -0.17

Annual Metrics And Ratios for Angel Studios

This table displays calculated financial ratios and metrics derived from Angel Studios' official financial filings.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 28,750,000.00 9,900,065.00 5,787,987.00 168,631,067.00
DEI Adjusted Shares Outstanding		 28,750,000.00 9,900,065.00 5,787,987.00 168,631,067.00
DEI Earnings Per Adjusted Shares Outstanding		 0.63 1.35 -15.25 -1.01
Growth Metrics		 - - - -
Revenue Growth		 0.00% 0.00% -52.32% 233.16%
EBITDA Growth		 0.00% 23.75% -514.22% -92.05%
EBIT Growth		 0.00% -18.24% -796.39% -90.74%
NOPAT Growth		 0.00% 1,104.02% -490.91% -89.24%
Net Income Growth		 0.00% -27.13% -769.38% -92.76%
EPS Growth		 0.00% -91.79% -766.67% -71.56%
Operating Cash Flow Growth		 0.00% 3,730.89% -437.73% -62.45%
Free Cash Flow Firm Growth		 0.00% 0.00% -115.71% -152.02%
Invested Capital Growth		 0.00% -83.44% -69.64% -257.43%
Revenue Q/Q Growth		 0.00% 0.00% 379.68% 469.92%
EBITDA Q/Q Growth		 0.00% 3,244.26% -422.56% -429.23%
EBIT Q/Q Growth		 0.00% 2,177.33% -480.42% -483.83%
NOPAT Q/Q Growth		 0.00% 1,833.53% -418.58% -576.50%
Net Income Q/Q Growth		 0.00% 123.32% -520.92% -445.86%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 35.79%
Operating Cash Flow Q/Q Growth		 0.00% 111.09% -28.94% -290.13%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -276.02% -329.55%
Invested Capital Q/Q Growth		 0.00% 2.87% 61.60% -287.23%
Profitability Metrics		 - - - -
Gross Margin		 0.00% 57.50% 54.04% 61.17%
EBITDA Margin		 0.00% 9.24% -80.25% -46.26%
Operating Margin		 0.00% 6.10% -89.85% -51.04%
EBIT Margin		 0.00% 6.10% -89.14% -51.03%
Profit (Net Income) Margin		 0.00% 6.53% -91.64% -53.02%
Tax Burden Percent		 98.04% 125.65% 104.16% 100.00%
Interest Burden Percent		 122.39% 85.12% 98.69% 103.89%
Effective Tax Rate		 1.96% -25.65% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 11.27% -237.89% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 219.65% 555.46% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -1.76% -66.94% 0.00%
Return on Equity (ROE)		 8.12% 9.51% -304.83% 3,758.47%
Cash Return on Invested Capital (CROIC)		 0.00% 154.45% -131.05% 0.00%
Operating Return on Assets (OROA)		 0.00% 8.67% -108.73% -93.03%
Return on Assets (ROA)		 0.00% 9.27% -111.77% -96.65%
Return on Common Equity (ROCE)		 -0.47% -0.17% -26.77% 9,507.31%
Return on Equity Simple (ROE_SIMPLE)		 -1,244.90% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -1.55 16 -61 -115
NOPAT Margin		 0.00% 7.67% -62.89% -35.72%
Net Nonoperating Expense Percent (NNEP)		 38,695.17% -208.38% -793.35% 4,952.54%
Return On Investment Capital (ROIC_SIMPLE)		 - -458.21% -215.54% -160.92%
Cost of Revenue to Revenue		 0.00% 42.50% 45.96% 38.83%
SG&A Expenses to Revenue		 0.00% 8.95% 23.09% 11.78%
R&D to Revenue		 0.00% 4.79% 13.31% 4.83%
Operating Expenses to Revenue		 0.00% 51.40% 143.89% 112.21%
Earnings before Interest and Taxes (EBIT)		 15 12 -86 -164
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 15 19 -77 -149
Valuation Ratios		 - - - -
Price to Book Value (P/BV)		 0.00 0.00 181.17 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.00 7.35 15.93 2.25
Price to Earnings (P/E)		 16.14 111.30 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 6.20% 0.90% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.24 39.08 129.62 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 7.56 15.96 2.29
Enterprise Value to EBITDA (EV/EBITDA)		 35.11 81.82 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 35.11 123.85 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 98.53 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 1,338.29 100.74 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 7.19 0.00 0.00
Leverage & Solvency		 - - - -
Debt to Equity		 0.00 0.00 0.69 -3.77
Long-Term Debt to Equity		 0.00 0.00 0.00 -1.62
Financial Leverage		 0.00 -0.01 -0.12 -0.25
Leverage Ratio		 1.06 1.03 2.73 -38.89
Compound Leverage Factor		 1.30 0.87 2.69 -40.40
Debt to Total Capital		 0.00% 0.00% 40.68% 136.11%
Short-Term Debt to Total Capital		 0.00% 0.00% 40.68% 77.71%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 58.40%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 100.62% 108.20% 29.20% 7.92%
Common Equity to Total Capital		 -0.62% -8.20% 30.13% -44.03%
Debt to EBITDA		 0.00 0.00 -0.15 -0.65
Net Debt to EBITDA		 0.00 0.00 0.06 -0.05
Long-Term Debt to EBITDA		 0.00 0.00 0.00 -0.28
Debt to NOPAT		 0.00 0.00 -0.19 -0.85
Net Debt to NOPAT		 0.00 0.00 0.08 -0.06
Long-Term Debt to NOPAT		 0.00 0.00 0.00 -0.36
Altman Z-Score		 101.41 165.50 6.67 -1.10
Noncontrolling Interest Sharing Ratio		 105.75% 101.74% 91.22% -152.96%
Liquidity Ratios		 - - - -
Current Ratio		 0.23 0.44 0.66 0.62
Quick Ratio		 0.04 0.44 0.53 0.49
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 213 -33 -84
Operating Cash Flow to CapEx		 0.00% 2,653.23% -16,885.35% -16,358.08%
Free Cash Flow to Firm to Interest Expense		 0.00 58.19 -14.13 -7.12
Operating Cash Flow to Interest Expense		 0.00 4.15 -21.68 -7.04
Operating Cash Flow Less CapEx to Interest Expense		 0.00 4.00 -21.81 -7.08
Efficiency Ratios		 - - - -
Asset Turnover		 0.00 1.42 1.22 1.82
Accounts Receivable Turnover		 0.00 0.00 0.00 9.55
Inventory Turnover		 0.00 0.00 0.00 83.92
Fixed Asset Turnover		 0.00 0.00 0.00 431.98
Accounts Payable Turnover		 0.00 871.41 11.05 5.21
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 38.23
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 4.35
Days Payable Outstanding (DPO)		 0.00 0.42 33.03 70.00
Cash Conversion Cycle (CCC)		 0.00 -0.42 -33.03 -27.42
Capital & Investment Metrics		 - - - -
Invested Capital		 236 39 12 -19
Invested Capital Turnover		 0.00 1.47 3.78 -94.21
Increase / (Decrease) in Invested Capital		 0.00 -197 -27 -31
Enterprise Value (EV)		 531 1,530 1,541 738
Market Capitalization		 293 1,488 1,537 725
Book Value per Share		 ($0.05) ($0.34) $1.47 ($0.19)
Tangible Book Value per Share		 ($0.05) ($0.34) ($1.09) ($0.29)
Total Capital		 237 41 28 71
Total Debt		 0.00 0.00 11 97
Total Long-Term Debt		 0.00 0.00 0.00 42
Net Debt		 -0.05 -2.17 -4.82 7.07
Capital Expenditures (CapEx)		 0.00 0.57 0.30 0.51
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.98 -4.98 -23 -73
Debt-free Net Working Capital (DFNWC)		 -0.93 -2.81 -16 -29
Net Working Capital (NWC)		 -0.93 -2.81 -27 -84
Net Nonoperating Expense (NNE)		 -20 2.32 28 56
Net Nonoperating Obligations (NNO)		 -0.05 -2.17 -4.82 7.07
Total Depreciation and Amortization (D&A)		 0.00 6.35 8.58 15
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -2.46% -23.69% -22.62%
Debt-free Net Working Capital to Revenue		 0.00% -1.39% -16.22% -8.91%
Net Working Capital to Revenue		 0.00% -1.39% -28.09% -26.16%
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $1.17 $0.17 ($1.22) ($1.10)
Adjusted Weighted Average Basic Shares Outstanding		 28.75M 18.16M 7.36M 155.25M
Adjusted Diluted Earnings per Share		 $1.17 $0.17 ($1.22) ($1.10)
Adjusted Weighted Average Diluted Shares Outstanding		 28.75M 18.16M 7.36M 155.25M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 169.51M
Normalized Net Operating Profit after Tax (NOPAT)		 -1.55 10 -53 -108
Normalized NOPAT Margin		 0.00% 4.98% -55.04% -33.53%
Pre Tax Income Margin		 0.00% 5.19% -87.98% -53.02%
Debt Service Ratios		 - - - -
EBIT to Interest Expense		 0.00 3.38 -36.36 -13.87
NOPAT to Interest Expense		 0.00 4.25 -25.66 -9.71
EBIT Less CapEx to Interest Expense		 0.00 3.22 -36.49 -13.91
NOPAT Less CapEx to Interest Expense		 0.00 4.09 -25.78 -9.75
Payout Ratios		 - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.81% -0.80% -0.26%

Quarterly Metrics And Ratios for Angel Studios

This table displays calculated financial ratios and metrics derived from Angel Studios' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 28,750,000.00 9,900,065.00 9,900,065.00 6,913,113.00 6,913,113.00 5,787,987.00 5,787,987.00 5,787,987.00 5,787,987.00 168,631,067.00 169,508,269.00
DEI Adjusted Shares Outstanding		 28,750,000.00 9,900,065.00 9,900,065.00 6,913,113.00 6,913,113.00 5,787,987.00 5,787,987.00 5,787,987.00 5,787,987.00 168,631,067.00 169,508,269.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 1.06 0.03 -0.07 -2.00 -12.82 -6.45 -0.27 -6.66 -0.77 -0.08
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% -62.26% 0.00% 0.00% 280.41% 220.72% 142.63%
EBITDA Growth		 -348.97% 898.72% 71.54% -0.52% -2,285.28% -541.98% -14,640.97% -151.95% -152.20% -78.16% 86.97%
EBIT Growth		 -348.97% 898.72% 71.54% -0.52% -2,285.28% -592.71% -15,692.44% -151.95% -152.20% -78.42% 77.14%
NOPAT Growth		 103.10% 6,802.77% -68.25% 26.18% -96,999.80% -333.79% -7,113.89% -18.95% -151.52% -77.20% 92.06%
Net Income Growth		 -100.81% 236.48% -77.91% -130.47% -132,048.40% -815.70% -14,369.55% -208.08% -177.79% -75.26% 63.15%
EPS Growth		 0.00% 0.00% 500.00% 0.00% 0.00% 0.00% -526.67% -600.00% -146.00% 5.56% 67.97%
Operating Cash Flow Growth		 189.26% 551.33% -225.98% -94.36% -2,774.38% -224.09% -390.68% -223.76% -53.98% -110.60% 119.34%
Free Cash Flow Firm Growth		 0.00% 0.00% 1,389.62% -81.98% -89.70% -110.23% -102.89% -46.05% -245.77% -156.43% 316.93%
Invested Capital Growth		 -83.68% -83.44% -96.20% -79.19% -80.67% -69.64% -187.29% -206.77% 35.88% -257.43% -205.12%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 279.68% -37.90% 0.00% 0.00% 220.10% -53.02%
EBITDA Q/Q Growth		 2.79% 2,503.35% -174.95% -165.06% -2,206.58% -345.33% 45.86% -8,639.92% -2,208.92% -214.59% 96.04%
EBIT Q/Q Growth		 2.79% 2,503.35% -174.95% -165.06% -2,206.58% -396.44% 47.97% -8,639.92% -2,208.92% -251.22% 93.33%
NOPAT Q/Q Growth		 104.01% 193,886.28% 47.31% 38.21% -5,163.42% -368.04% 52.61% -345.92% -11,029.94% -229.73% 97.88%
Net Income Q/Q Growth		 -100.63% 98,805.87% 357.51% -293.03% -2,652.44% -434.58% 49.76% -1,430.01% -2,381.87% -237.26% 89.44%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -200.00% -66.67% -440.00% 52.59% -625.00% 41.43% -107.32% 83.92%
Operating Cash Flow Q/Q Growth		 -48.78% 569.08% -877.74% 107.81% -24,407.29% 68.96% 16.70% 43.77% -30,142.59% 57.54% 107.65%
Free Cash Flow Firm Q/Q Growth		 7.42% 11.95% 16.08% -85.66% -38.60% -211.20% 70.49% 4.73% -265.90% -95.62% 124.96%
Invested Capital Q/Q Growth		 -8.51% 2.87% -76.93% -4.15% -15.05% 61.60% -166.34% -17.23% 208.11% -287.23% -28.58%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 57.50% 0.00% 0.00% 59.70% 52.55% 58.94% 0.00% 55.14% 63.05% 61.77%
EBITDA Margin		 0.00% 7.11% 0.00% 0.00% -70.98% -83.25% -72.58% 0.00% -47.06% -46.25% -3.90%
Operating Margin		 0.00% 6.49% 0.00% 0.00% -75.27% -92.78% -70.81% 0.00% -49.76% -51.26% -2.32%
EBIT Margin		 0.00% 7.11% 0.00% 0.00% -70.98% -92.81% -77.76% 0.00% -47.06% -51.63% -7.33%
Profit (Net Income) Margin		 0.00% 5.13% 0.00% 0.00% -69.08% -97.26% -78.69% 0.00% -50.44% -53.15% -11.95%
Tax Burden Percent		 -7.94% 161.45% 80.17% 110.85% 99.43% 104.94% 100.00% 100.02% 100.00% 99.93% 100.00%
Interest Burden Percent		 -22.12% 44.69% -139.69% 73.58% 97.88% 99.86% 101.19% 99.71% 107.20% 103.01% 163.15%
Effective Tax Rate		 107.94% -61.45% 19.83% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 15.40% 0.00% 0.00% -46.69% -245.65% -12,431.11% 0.00% -226.57% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 990.97% 0.00% 0.00% 183.18% 460.31% -641.77% 0.00% -140.28% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -7.93% 0.00% 0.00% -10.89% -55.48% 108.81% 0.00% 86.25% 0.00% 0.00%
Return on Equity (ROE)		 4.32% 7.47% 1.46% -1.39% -57.57% -301.13% -12,322.29% 2,245.58% -140.33% 3,758.47% 592.01%
Cash Return on Invested Capital (CROIC)		 0.00% 154.45% 184.37% 126.31% 83.67% -131.05% 0.00% 0.00% -226.18% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 10.09% 0.00% 0.00% -47.59% -113.20% -1,571.41% 0.00% -25.22% -94.12% -26.63%
Return on Assets (ROA)		 0.00% 7.28% 0.00% 0.00% -46.31% -118.63% -1,590.13% 0.00% -27.04% -96.89% -43.45%
Return on Common Equity (ROCE)		 -0.10% -0.13% -0.03% 0.18% 10.42% -26.44% 103,556.54% 53,157.48% -82.56% 9,507.31% 595.17%
Return on Equity Simple (ROE_SIMPLE)		 -159.38% 0.00% -60.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 0.01 21 -0.33 -0.20 -11 -50 -24 -0.24 -27 -88 -1.87
NOPAT Margin		 0.00% 10.48% 0.00% 0.00% -52.69% -64.95% -49.57% 0.00% -34.84% -35.88% -1.62%
Net Nonoperating Expense Percent (NNEP)		 -1.70% -975.57% 217.66% -63.77% -229.87% -705.96% -11,789.33% -51,044.30% -86.29% 3,767.10% 134.43%
Return On Investment Capital (ROIC_SIMPLE)		 - -626.22% 10.83% 5.62% 211.09% -176.17% 295.24% 2.56% -30.33% -123.16% -3.07%
Cost of Revenue to Revenue		 0.00% 42.50% 0.00% 0.00% 40.30% 47.45% 41.06% 0.00% 44.86% 36.95% 38.23%
SG&A Expenses to Revenue		 0.00% 8.78% 0.00% 0.00% 30.11% 20.74% 15.53% 0.00% 13.23% 11.22% 9.77%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 15.74% 0.00% 6.84% 0.00% 5.51% 0.00% 3.55%
Operating Expenses to Revenue		 0.00% 51.01% 0.00% 0.00% 134.97% 145.33% 129.75% 0.00% 104.91% 114.31% 64.09%
Earnings before Interest and Taxes (EBIT)		 -0.60 14 -0.23 -0.62 -14 -71 -37 -1.56 -36 -127 -8.43
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -0.60 14 -0.23 -0.62 -14 -64 -34 -1.56 -36 -113 -4.49
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 181.17 0.00 0.00 28.90 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 33.86 0.00 0.00
Price to Revenue (P/Rev)		 0.00 7.35 0.00 0.00 75.89 15.93 11.49 0.00 16.15 2.25 1.33
Price to Earnings (P/E)		 0.00 111.30 56.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.90% 1.78% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 39.08 12.56 10.08 209.29 129.62 0.00 0.00 89.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 7.56 0.00 0.00 76.50 15.96 11.49 0.00 15.76 2.29 1.37
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 81.82 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 123.85 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 98.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 100.74 57.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 7.19 0.50 2.75 81.03 0.00 0.00 3.76 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.69 -0.08 -0.08 1.37 -3.77 -2.47
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.12 -1.62 -1.49
Financial Leverage		 -0.01 -0.01 0.00 -0.02 -0.06 -0.12 -0.17 0.01 -0.61 -0.25 -0.36
Leverage Ratio		 1.03 1.03 1.03 5.01 1.24 2.73 10.31 -24.45 4.67 -38.89 -4.31
Compound Leverage Factor		 -0.23 0.46 -1.43 3.69 1.22 2.72 10.43 -24.38 5.01 -40.06 -7.04
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 40.68% -8.54% -9.13% 57.72% 136.11% 168.17%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 40.68% -8.54% -9.13% 10.23% 77.71% 66.55%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 47.49% 58.40% 101.63%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 109.19% 108.20% 131.49% 139.14% 163.79% 29.20% -5.76% -4.91% 6.42% 7.92% -0.28%
Common Equity to Total Capital		 -9.19% -8.20% -31.49% -39.14% -63.79% 30.13% 114.30% 114.05% 35.86% -44.03% -67.90%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 -0.15 -0.01 -0.13 -1.81 -0.65 -0.86
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.06 0.00 -0.08 0.97 -0.05 -0.15
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.49 -0.28 -0.52
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 -0.19 -0.01 -0.89 -2.99 -0.85 -1.10
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.08 0.00 -0.53 1.60 -0.06 -0.19
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -2.46 -0.36 -0.66
Altman Z-Score		 0.00 165.65 15.90 9.84 158.69 7.12 112.04 -26.56 1.91 -0.59 0.81
Noncontrolling Interest Sharing Ratio		 102.29% 101.74% 102.35% 113.16% 118.09% 91.22% 940.40% -2,267.20% 41.16% -152.96% -0.53%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.49 0.44 0.19 0.17 0.17 0.66 0.13 0.09 1.09 0.62 0.59
Quick Ratio		 0.49 0.44 0.15 0.13 0.14 0.53 0.08 0.07 0.87 0.49 0.43
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 195 219 228 33 20 -22 -6.60 18 -29 -57 14
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% -36,772.04% -18,778.39% 0.00% 0.00% -18,470.61% 7,695.18%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 44.46 0.00 -4.22 0.00 -7.37 0.00 2.37
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 -83.47 0.00 -6.24 0.00 -14.61 0.00 0.31
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -83.47 0.00 -6.27 0.00 -14.61 0.00 0.31
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 1.42 0.00 0.00 0.67 1.22 20.21 0.00 0.54 1.82 3.64
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9.55 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 83.92 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 431.98 0.00
Accounts Payable Turnover		 0.00 871.41 0.00 0.00 44.21 11.05 355.84 0.00 4.67 5.21 11.50
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 38.23 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.35 0.00
Days Payable Outstanding (DPO)		 0.00 0.42 0.00 0.00 8.26 33.03 1.03 0.00 78.09 70.00 31.75
Cash Conversion Cycle (CCC)		 0.00 -0.42 0.00 0.00 -8.26 -33.03 -1.03 0.00 -78.09 -27.42 -31.75
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 38 39 9.03 8.66 7.36 12 -7.89 -9.24 9.99 -19 -24
Invested Capital Turnover		 0.00 1.47 0.00 0.00 0.89 3.78 250.80 0.00 6.50 -94.21 -24.37
Increase / (Decrease) in Invested Capital		 -195 -197 -229 -33 -31 -27 -17 -18 2.64 -31 -16
Enterprise Value (EV)		 0.00 1,530 113 87 1,539 1,541 1,654 64 889 738 534
Market Capitalization		 0.00 1,488 101 75 1,527 1,537 1,654 63 911 725 517
Book Value per Share		 ($0.13) ($0.34) ($0.30) ($0.52) ($0.73) $1.47 ($1.49) ($1.76) $5.45 ($0.19) ($0.24)
Tangible Book Value per Share		 ($0.13) ($0.34) ($0.30) ($0.52) ($0.73) ($1.09) ($1.49) ($1.76) $4.65 ($0.29) ($0.34)
Total Capital		 40 41 9.56 9.15 7.87 28 -7.53 -8.92 88 71 61
Total Debt		 0.00 0.00 0.00 0.00 0.00 11 0.64 0.81 51 97 102
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 42 42 62
Net Debt		 -2.35 -2.17 -0.52 -0.49 -0.52 -4.82 0.29 0.49 -27 7.07 17
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.03 0.05 0.00 0.00 0.13 0.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -4.81 -4.98 -3.40 -3.61 -3.68 -23 -3.74 -3.88 -44 -73 -75
Debt-free Net Working Capital (DFNWC)		 -2.46 -2.81 -2.88 -3.12 -3.17 -16 -3.38 -3.56 19 -29 -36
Net Working Capital (NWC)		 -2.46 -2.81 -2.88 -3.12 -3.17 -27 -4.03 -4.37 9.93 -84 -77
Net Nonoperating Expense (NNE)		 0.02 11 -0.59 0.30 3.30 25 14 1.32 12 42 12
Net Nonoperating Obligations (NNO)		 -2.35 -2.17 -0.52 -0.49 -0.52 -4.82 0.29 0.49 -27 7.07 17
Total Depreciation and Amortization (D&A)		 0.00 0.00 0.00 0.00 0.00 7.30 2.46 0.00 0.00 13 3.95
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -2.46% 0.00% 0.00% -18.31% -23.69% -2.60% 0.00% -78.70% -22.62% -19.26%
Debt-free Net Working Capital to Revenue		 0.00% -1.39% 0.00% 0.00% -15.74% -16.22% -2.35% 0.00% 33.54% -8.91% -9.27%
Net Working Capital to Revenue		 0.00% -1.39% 0.00% 0.00% -15.74% -28.09% -2.80% 0.00% 17.60% -26.16% -19.67%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.04) $0.00 $0.06 $0.00 $0.00 ($0.54) $0.08 ($0.42) ($0.25) ($0.51) ($0.08)
Adjusted Weighted Average Basic Shares Outstanding		 9.90M 132.56M 9.34M 6.91M 0.00 137.99M 5.79M 5.79M 156.80M 155.25M 169.38M
Adjusted Diluted Earnings per Share		 ($0.04) $0.00 $0.06 $0.00 $0.00 ($0.54) $0.08 ($0.42) ($0.25) ($0.51) ($0.08)
Adjusted Weighted Average Diluted Shares Outstanding		 9.90M 139.87M 9.34M 6.91M 0.00 137.99M 5.79M 5.79M 156.80M 155.25M 169.38M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 9.90M 0.00 6.91M 6.91M 0.00 0.00 5.79M 5.79M 168.63M 169.51M 186.41M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.10 9.20 -0.33 -0.20 -9.67 -50 -23 -0.24 -26 -88 -0.58
Normalized NOPAT Margin		 0.00% 4.55% 0.00% 0.00% -48.07% -64.95% -48.95% 0.00% -33.67% -35.88% -0.50%
Pre Tax Income Margin		 0.00% 3.18% 0.00% 0.00% -69.48% -92.68% -78.69% 0.00% -50.44% -53.18% -11.95%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 -31.58 0.00 -23.59 0.00 -9.05 0.00 -1.40
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 -23.44 0.00 -15.03 0.00 -6.70 0.00 -0.31
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -31.58 0.00 -23.62 0.00 -9.05 0.00 -1.40
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -23.44 0.00 -15.07 0.00 -6.70 0.00 -0.31
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.81% 0.00% 0.00% 0.00% -0.80% 0.00% 0.00% 0.00% -0.26% -0.86%

Financials Breakdown Chart

Key Financial Trends

Data-quality note: The supplied filings identify the company as Southport Acquisition Corp. (ticker: PORT), rather than Angel Studios (NYSE: ANGX). The analysis below therefore reflects the financial data provided and should not be attributed to Angel Studios without confirming the issuer and ticker.

The provided statements indicate a business that has moved from a pre-revenue or early-stage profile in 2023 and much of 2024 to substantially higher reported revenue in 2025 and 2026. However, that growth has not yet translated into sustained profitability or a strong balance sheet.

  • Revenue growth accelerated: Q1 2026 revenue reached $115.1 million, up from $47.4 million in Q1 2025 and $76.5 million in Q3 2025. Gross profit also increased to $71.1 million, with the gross margin improving to approximately 61.8% from 59.0% a year earlier.
  • Operating losses narrowed sharply year over year: Q1 2026 operating loss was $2.7 million, compared with a $33.6 million loss in Q1 2025 and a $38.1 million loss in Q3 2025. This suggests that revenue growth is beginning to provide operating leverage.
  • Cash flow from operations turned positive: Q1 2026 operating cash flow was $1.9 million, compared with negative operating cash flow of $9.8 million in Q1 2025 and $24.7 million in Q4 2025. This is an important improvement in the company’s ability to fund operations internally.
  • Net losses improved substantially year over year: The Q1 2026 net loss attributable to common shareholders was $13.8 million, or $0.08 per share, versus a $37.3 million loss, or $0.26 per share, in Q1 2025. The improvement was primarily driven by higher revenue and lower operating losses.
  • Liquidity expanded significantly compared with early 2025: Cash and equivalents rose from less than $1 million in Q1 and Q2 2025 to $63.3 million in Q3 2025 and $38.9 million in Q1 2026. The company also held $46.0 million in long-term investments at the latest quarter.
  • Reported revenue is volatile: Quarterly revenue increased from $20.1 million in Q3 2024 to $47.4 million in Q1 2025, $76.5 million in Q3 2025, and $245.0 million in Q4 2025 before falling to $115.1 million in Q1 2026. Investors should determine how much of this variation reflects seasonality, one-time transactions, or changes in revenue recognition.
  • Deferred revenue is a significant balance-sheet item: Current deferred revenue reached $74.7 million in Q1 2026, up from $50.7 million in Q3 2025. This may provide future revenue visibility, but it also represents obligations to deliver products or services in later periods.
  • The company remains unprofitable: Q1 2026 included a $13.8 million net loss, and the company also reported very large losses in Q3 and Q4 2025. Q4 2025’s net loss was $130.2 million, indicating that profitability remains inconsistent despite strong revenue.
  • Marketing spending is extremely high: Q1 2026 marketing expense was $56.6 million, equal to roughly 49% of revenue and more than three times the company’s selling, general and administrative expense. If marketing does not generate durable customer growth, it could continue to pressure earnings and cash flow.
  • Leverage and balance-sheet risk increased: Total debt rose to approximately $102.3 million in Q1 2026, including $40.5 million of short-term debt and $61.8 million of long-term debt, compared with approximately $50.7 million at Q3 2025. Total liabilities exceeded assets, leaving shareholders’ equity negative at approximately $41.5 million.

Overall, the latest quarter shows meaningful improvement in revenue, operating performance and operating cash flow. Nevertheless, the company is still dependent on continued growth, carries substantial debt, and has accumulated retained losses of approximately $255.3 million. The key investor question is whether the recent improvement in operating results can persist while marketing spending and interest costs are brought under control.

08/05/26 01:13 AM ETAI Generated. May Contain Errors.

Angel Studios Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Angel Studios' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Angel Studios' net income appears to be on an upward trend, with a most recent value of -$170.49 million in 2025, falling from $18.13 million in 2022. The previous period was -$88.45 million in 2024. Check out Angel Studios' forecast to explore projected trends and price targets.

Angel Studios' total operating income in 2025 was -$164.11 million, based on the following breakdown:
  • Total Gross Profit: $196.70 million
  • Total Operating Expenses: $360.81 million

Over the last 3 years, Angel Studios' total revenue changed from $0.00 in 2022 to $321.56 million in 2025, a change of 32,155,830,600.0%.

Angel Studios' total liabilities were at $267.19 million at the end of 2025, a 182.2% increase from 2024, and a 916.3% increase since 2021.

In the past 4 years, Angel Studios' cash and equivalents has ranged from $50.86 thousand in 2022 to $44.08 million in 2025, and is currently $44.08 million as of their latest financial filing in 2025.

Over the last 3 years, Angel Studios' book value per share changed from -0.05 in 2022 to -0.19 in 2025, a change of 267.7%.


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Financial statements for NYSE:ANGX last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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