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Angel Studios (ANGX) Financials

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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

Angel Studios (NYSE:ANGX) has shown a major turnaround in revenue generation over the last year, but the company is still not profitable and is carrying meaningful leverage on its balance sheet. The latest quarter shows strong top-line growth and positive operating cash flow, yet losses remain large because operating expenses—especially marketing—are still very high.

  • Revenue surged to $115.1 million in Q1 2026, up sharply from $47.4 million in Q1 2025 and $76.5 million in Q3 2025, showing significant business expansion.
  • Gross profit in Q1 2026 was $71.1 million, implying a strong gross margin profile even as the company continues to spend heavily below the gross profit line.
  • Operating cash flow was positive $1.9 million in Q1 2026, a notable improvement versus earlier periods when operations regularly burned cash.
  • Cash and equivalents rose to $38.9 million at the end of Q1 2026, up from $63.3 million in Q3 2025 but still well above the tiny cash balances seen in early 2025.
  • The company reduced its short-term debt from $89.9 million in Q3 2025 to $40.5 million in Q1 2026, while long-term debt also fell from $41.7 million to $61.8 million combined with the broader liability shift.
  • The balance sheet shows a large amount of current assets, including receivables and investments, which may provide liquidity support if those assets are collectible and marketable.
  • Recent quarters have included acquisitions and debt issuance, suggesting management is still actively reshaping the business rather than operating in a steady-state mode.
  • Earnings per share remain deeply negative at -$0.082 in Q1 2026, even though that is an improvement from prior periods with much larger per-share losses.
  • Q1 2026 net loss was $13.8 million, and the company has not yet returned to profitability despite strong revenue growth.
  • Operating expenses remain heavy, with marketing expense of $56.6 million in Q1 2026, which exceeded SG&A and continued to pressure operating income.

From a trend perspective, the most important development is that revenue has accelerated materially while losses have generally narrowed compared with the much larger losses seen in late 2024 and 2025. For example, Q4 2025 revenue reached $245.0 million, but the company still posted a net loss of $130.2 million. Q1 2026 was a smaller quarter seasonally, but the company generated positive operating cash flow, which is an encouraging sign.

That said, the capital structure deserves attention. Angel Studios ended Q1 2026 with total liabilities of $254.5 million versus negative total common equity of $41.3 million. The company’s equity remains negative, which is a red flag and indicates that accumulated losses have outweighed contributed capital. Interest expense also remains meaningful, with $6.0 million in Q1 2026.

Bottom line: Angel Studios is showing real sales momentum and improved cash generation, but it is still a high-risk story until it can convert growth into consistent earnings and strengthen its balance sheet.

07/15/26 11:05 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. View Angel Studios' forecast to see where analysts expect Angel Studios to go next.

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 7/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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