What is Angel Studios' operating income?

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

Angel Studios (ANGX) Financials

$4.53 +0.22 (+5.20%)

Closing price 08/24/2026 03:58 PM Eastern

Extended Trading

$4.53 -0.01 (-0.20%)

As of 04:06 AM Eastern

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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

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	11	0.26	-0.50	-14	-74	-37	-16	-39	-130	-14	-24
Consolidated Net Income / (Loss)	10	0.26	-0.50	-14	-74	-37	-16	-39	-130	-14	-24
Net Income / (Loss) Continuing Operations	10	0.26	-0.50	-14	-74	-37	-16	-39	-130	-14	-24
Total Pre-Tax Income	6.43	0.33	-0.46	-14	-71	-37	-16	-39	-130	-14	-24
Total Operating Income	13	-0.41	-0.29	-15	-71	-34	-21	-38	-126	-2.67	-19
Total Gross Profit	116	0.00	0.00	12	40	28	60	42	154	71	60
Total Revenue	202	0.00	0.00	20	76	47	88	77	245	115	112
Operating Revenue	-	-	-	20	-	47	88	77	-	115	112
Total Cost of Revenue	86	0.00	0.00	8.11	36	19	27	34	91	44	52
Operating Cost of Revenue	-	-	-	8.11	-	19	27	34	-	44	52
Total Operating Expenses	103	0.41	0.29	27	111	62	82	80	280	74	78
Selling, General & Admin Expense	18	0.25	0.13	6.06	16	7.37	9.84	10	27	11	12
Marketing Expense	-	-	-	17	-	51	62	65	-	57	61
Research & Development Expense	-	-	-	3.17	-	3.24	3.64	4.22	-	4.08	4.00
Other Special Charges / (Income)	-	-	-	1.33	-	0.41	6.69	1.28	-	1.84	0.92
Total Other Income / (Expense), net	-6.71	0.73	-0.17	1.16	0.08	-3.74	5.62	-0.52	-4.71	-11	-5.28
Interest Expense	-	-	-	0.45	-	1.56	2.74	3.98	-	6.03	3.09
Interest & Investment Income	-4.30	0.56	0.16	0.75	2.01	1.12	1.41	1.39	4.05	0.71	0.54
Other Income / (Expense), net	1.24	0.17	-0.33	0.86	-0.02	-3.30	6.95	2.07	-0.91	-5.77	-2.73
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-0.04	-	-0.03	0.06	-0.06	-	0.05	-0.00
Basic Earnings per Share	-	$0.06	($0.06)	($0.10)	($0.54)	($0.26)	($0.11)	($0.25)	($0.51)	($0.08)	($0.13)
Weighted Average Basic Shares Outstanding	132.56M	9.34M	6.91M	138.82M	137.99M	145.62M	149.43M	156.80M	155.25M	169.38M	184.24M
Diluted Earnings per Share	-	$0.06	($0.06)	($0.10)	($0.54)	($0.26)	($0.11)	($0.25)	($0.51)	($0.08)	($0.13)
Weighted Average Diluted Shares Outstanding	139.87M	9.34M	6.91M	138.82M	137.99M	145.62M	149.43M	156.80M	155.25M	169.38M	184.24M
Weighted Average Basic & Diluted Shares Outstanding	0.00	6.91M	6.91M	0.00	0.00	5.79M	5.79M	168.63M	169.51M	186.41M	186.76M

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

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	12	-1.65	-0.03	-12	-4.13	6.97	-0.03	56	-19	-5.21	9.16
Net Cash From Operating Activities	9.44	-1.99	0.16	-38	-12	-9.76	-0.19	-58	-25	1.89	17
Net Cash From Continuing Operating Activities	9.44	-1.99	0.16	-38	-12	-9.76	-0.19	-58	-25	1.89	17
Net Income / (Loss) Continuing Operations	10	0.26	-0.50	-51	-37	-37	-1.56	-90	-79	-14	-24
Consolidated Net Income / (Loss)	10	0.26	-0.50	-51	-37	-37	-1.56	-90	-79	-14	-24
Depreciation Expense	-	-	-	-	7.13	2.23	-	-	13	3.10	3.08
Amortization Expense	-	-	-	-	0.17	0.23	-	-	0.30	0.85	0.85
Non-Cash Adjustments To Reconcile Net Income	-17	-0.30	0.50	-3.70	4.23	7.74	1.26	12	13	15	1.71
Changes in Operating Assets and Liabilities, net	9.84	-1.95	0.16	16	14	17	0.10	18	28	-3.78	35
Net Cash From Investing Activities	-204	32	-0.29	-31	-14	-3.25	-0.00	-16	-40	-2.53	-11
Net Cash From Continuing Investing Activities	-204	32	-0.29	-31	-14	-3.25	-0.00	-16	-40	-2.53	-11
Purchase of Property, Plant & Equipment	-	-	-	-	-0.03	-0.05	-	-	-0.13	-0.02	-0.16
Acquisitions	-	-	-	-	-8.42	-2.17	-	-	-8.69	-2.58	-11
Sale and/or Maturity of Investments	-195	33	-	-31	0.27	0.09	-	0.52	0.30	0.17	0.11
Other Investing Activities, net	-	-	-	-	-5.36	-1.11	-	-	-31	-0.09	-0.13
Net Cash From Financing Activities	207	-32	0.10	57	21	20	0.17	130	45	-4.57	3.50
Net Cash From Continuing Financing Activities	207	-32	0.10	57	21	20	0.17	130	45	-4.57	3.50
Repayment of Debt	-	0.00	-	-	-0.25	-12	-	-	-2.59	-19	-39
Repurchase of Common Equity	-	-	-	-	0.10	-0.07	-	-	0.23	-0.90	-2.29
Issuance of Debt	-	-	-	17	6.71	23	0.17	106	51	20	10
Issuance of Common Equity	-	-	-	-	5.92	15	-	-	1.36	0.00	35
Other Financing Activities, net	198	-32	0.10	32	8.65	-5.76	-	-16	-4.74	-4.73	0.14
Cash Interest Paid	-	-	-	-	1.92	1.57	-	-	0.30	3.44	2.23

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

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	Q2 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	6/30/2026
Total Assets	46	13	13	14	1.03	0.85	197	213	235
Total Current Assets	2.35	0.65	0.62	0.65	0.59	0.41	123	112	125
Cash & Equivalents	2.35	0.52	0.49	0.52	0.35	0.33	63	39	48
Note & Lease Receivable	-	-	-	-	-	-	10	11	11
Accounts Receivable	-	-	-	-	-	-	25	31	30
Inventories, net	-	-	-	-	-	-	1.54	1.38	1.48
Prepaid Expenses	0.00	0.13	0.13	0.13	0.24	0.08	9.62	11	16
Other Current Assets	-	-	-	-	-	-	14	19	18
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.73	0.58	0.63
Total Noncurrent Assets	44	13	13	13	0.43	0.44	73	101	109
Long-Term Investments	-	-	-	-	-	-	15	46	46
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	9.85	3.94	9.91
Intangible Assets	-	-	-	-	-	-	4.62	17	17
Other Noncurrent Operating Assets	44	13	13	13	0.43	0.44	44	34	36
Total Liabilities & Shareholders' Equity	46	13	13	14	1.03	0.85	197	213	235
Total Liabilities	6.07	3.66	4.20	5.67	9.20	11	160	255	264
Total Current Liabilities	4.81	3.53	3.74	3.82	4.62	4.78	113	188	193
Short-Term Debt	-	-	-	-	0.64	0.81	8.99	40	17
Accounts Payable	0.22	0.16	0.22	0.15	0.20	0.30	11	26	40
Accrued Expenses	2.33	0.53	0.63	0.73	0.63	0.47	42	46	52
Current Deferred Revenue	-	-	-	-	-	-	51	75	83
Other Current Liabilities	0.29	0.55	0.59	0.64	0.73	0.77	0.75	1.32	1.35
Total Noncurrent Liabilities	1.25	0.13	0.46	1.86	4.58	5.80	47	66	72
Long-Term Debt	-	-	-	-	-	-	42	62	57
Other Noncurrent Operating Liabilities	1.25	0.13	0.46	1.86	4.58	5.80	4.94	4.58	15
Commitments & Contingencies	0.00	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	-29
Total Preferred & Common Equity	-3.71	-3.01	-3.58	-5.02	-8.61	-10	32	-41	-29
Total Common Equity	-3.71	-3.01	-3.58	-5.02	-8.61	-10	32	-41	-29
Common Stock	0.34	0.71	0.65	0.70	0.71	0.71	207	214	250
Retained Earnings	-4.05	-3.72	-4.23	-5.72	-9.32	-11	-176	-255	-279
Noncontrolling Interest	-	-	-	-	-	-	5.65	-0.17	-0.18

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%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	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	186,412,364.00
DEI Adjusted Shares Outstanding	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	186,412,364.00
DEI Earnings Per Adjusted Shares Outstanding	1.06	0.03	-0.07	-2.00	-12.82	-6.45	-0.27	-6.66	-0.77	-0.08	-0.13
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	-62.26%	0.00%	0.00%	280.41%	220.72%	142.63%	27.46%
EBITDA Growth	898.72%	71.54%	-0.52%	-2,285.28%	-541.98%	-14,640.97%	-151.95%	-152.20%	-78.16%	86.97%	-45.14%
EBIT Growth	898.72%	71.54%	-0.52%	-2,285.28%	-592.71%	-15,692.44%	-151.95%	-152.20%	-78.42%	77.14%	-47.82%
NOPAT Growth	6,802.77%	-68.25%	26.18%	-96,999.80%	-333.79%	-7,113.89%	-18.95%	-151.52%	-77.20%	92.06%	13.19%
Net Income Growth	236.48%	-77.91%	-130.47%	-132,048.40%	-815.70%	-14,369.55%	-208.08%	-177.79%	-75.26%	63.15%	-51.49%
EPS Growth	0.00%	500.00%	0.00%	0.00%	0.00%	-526.67%	-600.00%	-146.00%	5.56%	67.97%	-21.70%
Operating Cash Flow Growth	551.33%	-225.98%	-94.36%	-2,774.38%	-224.09%	-390.68%	-223.76%	-53.98%	-110.60%	119.34%	259.93%
Free Cash Flow Firm Growth	0.00%	1,389.62%	-81.98%	-89.70%	-110.23%	-102.89%	-46.05%	-245.77%	-156.43%	316.93%	802.14%
Invested Capital Growth	-83.44%	-96.20%	-79.19%	-80.67%	-69.64%	-187.29%	-206.77%	35.88%	-257.43%	-205.12%	-430.55%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	279.68%	-37.90%	0.00%	0.00%	220.10%	-53.02%	-2.95%
EBITDA Q/Q Growth	2,503.35%	-174.95%	-165.06%	-2,206.58%	-345.33%	45.86%	-8,639.92%	-2,208.92%	-214.59%	96.04%	-285.78%
EBIT Q/Q Growth	2,503.35%	-174.95%	-165.06%	-2,206.58%	-396.44%	47.97%	-8,639.92%	-2,208.92%	-251.22%	93.33%	-151.96%
NOPAT Q/Q Growth	193,886.28%	47.31%	38.21%	-5,163.42%	-368.04%	52.61%	-345.92%	-11,029.94%	-229.73%	97.88%	-594.31%
Net Income Q/Q Growth	98,805.87%	357.51%	-293.03%	-2,652.44%	-434.58%	49.76%	-1,430.01%	-2,381.87%	-237.26%	89.44%	-72.97%
EPS Q/Q Growth	0.00%	0.00%	-200.00%	-66.67%	-440.00%	52.59%	-625.00%	41.43%	-107.32%	83.92%	-57.32%
Operating Cash Flow Q/Q Growth	569.08%	-877.74%	107.81%	-24,407.29%	68.96%	16.70%	43.77%	-30,142.59%	57.54%	107.65%	797.29%
Free Cash Flow Firm Q/Q Growth	11.95%	16.08%	-85.66%	-38.60%	-211.20%	70.49%	4.73%	-265.90%	-95.62%	124.96%	87.60%
Invested Capital Q/Q Growth	2.87%	-76.93%	-4.15%	-15.05%	61.60%	-166.34%	-17.23%	208.11%	-287.23%	-28.58%	-103.85%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	57.50%	0.00%	0.00%	59.70%	52.55%	58.94%	0.00%	55.14%	63.05%	61.77%	53.67%
EBITDA Margin	7.11%	0.00%	0.00%	-70.98%	-83.25%	-72.58%	0.00%	-47.06%	-46.25%	-3.90%	-15.49%
Operating Margin	6.49%	0.00%	0.00%	-75.27%	-92.78%	-70.81%	0.00%	-49.76%	-51.26%	-2.32%	-16.57%
EBIT Margin	7.11%	0.00%	0.00%	-70.98%	-92.81%	-77.76%	0.00%	-47.06%	-51.63%	-7.33%	-19.02%
Profit (Net Income) Margin	5.13%	0.00%	0.00%	-69.08%	-97.26%	-78.69%	0.00%	-50.44%	-53.15%	-11.95%	-21.30%
Tax Burden Percent	161.45%	80.17%	110.85%	99.43%	104.94%	100.00%	100.02%	100.00%	99.93%	100.00%	100.00%
Interest Burden Percent	44.69%	-139.69%	73.58%	97.88%	99.86%	101.19%	99.71%	107.20%	103.01%	163.15%	112.00%
Effective Tax Rate	-61.45%	19.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	15.40%	0.00%	0.00%	-46.69%	-245.65%	-12,431.11%	0.00%	-226.57%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	990.97%	0.00%	0.00%	183.18%	460.31%	-641.77%	0.00%	-140.28%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-7.93%	0.00%	0.00%	-10.89%	-55.48%	108.81%	0.00%	86.25%	0.00%	0.00%	0.00%
Return on Equity (ROE)	7.47%	1.46%	-1.39%	-57.57%	-301.13%	-12,322.29%	2,245.58%	-140.33%	3,758.47%	592.01%	793.69%
Cash Return on Invested Capital (CROIC)	154.45%	184.37%	126.31%	83.67%	-131.05%	0.00%	0.00%	-226.18%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	10.09%	0.00%	0.00%	-47.59%	-113.20%	-1,571.41%	0.00%	-25.22%	-94.12%	-26.63%	-66.63%
Return on Assets (ROA)	7.28%	0.00%	0.00%	-46.31%	-118.63%	-1,590.13%	0.00%	-27.04%	-96.89%	-43.45%	-74.63%
Return on Common Equity (ROCE)	-0.13%	-0.03%	0.18%	10.42%	-26.44%	103,556.54%	53,157.48%	-82.56%	9,507.31%	595.17%	798.89%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-60.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	21	-0.33	-0.20	-11	-50	-24	-0.24	-27	-88	-1.87	-13
NOPAT Margin	10.48%	0.00%	0.00%	-52.69%	-64.95%	-49.57%	0.00%	-34.84%	-35.88%	-1.62%	-11.60%
Net Nonoperating Expense Percent (NNEP)	-975.57%	217.66%	-63.77%	-229.87%	-705.96%	-11,789.33%	-51,044.30%	-86.29%	3,767.10%	134.43%	-112.70%
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%	-28.77%
Cost of Revenue to Revenue	42.50%	0.00%	0.00%	40.30%	47.45%	41.06%	0.00%	44.86%	36.95%	38.23%	46.33%
SG&A Expenses to Revenue	8.78%	0.00%	0.00%	30.11%	20.74%	15.53%	0.00%	13.23%	11.22%	9.77%	11.11%
R&D to Revenue	0.00%	0.00%	0.00%	15.74%	0.00%	6.84%	0.00%	5.51%	0.00%	3.55%	3.58%
Operating Expenses to Revenue	51.01%	0.00%	0.00%	134.97%	145.33%	129.75%	0.00%	104.91%	114.31%	64.09%	70.25%
Earnings before Interest and Taxes (EBIT)	14	-0.23	-0.62	-14	-71	-37	-1.56	-36	-127	-8.43	-21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	14	-0.23	-0.62	-14	-64	-34	-1.56	-36	-113	-4.49	-17
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	181.17	0.00	0.00	28.90	0.00	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	33.86	0.00	0.00	0.00
Price to Revenue (P/Rev)	7.35	0.00	0.00	75.89	15.93	11.49	0.00	16.15	2.25	1.33	1.64
Price to Earnings (P/E)	111.30	56.15	0.00	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	0.90%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	39.08	12.56	10.08	209.29	129.62	0.00	0.00	89.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	7.56	0.00	0.00	76.50	15.96	11.49	0.00	15.76	2.29	1.37	1.59
Enterprise Value to EBITDA (EV/EBITDA)	81.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	123.85	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	98.53	0.00	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)	100.74	57.49	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	7.19	0.50	2.75	81.03	0.00	0.00	3.76	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.69	-0.08	-0.08	1.37	-3.77	-2.47	-2.54
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.12	-1.62	-1.49	-1.95
Financial Leverage	-0.01	0.00	-0.02	-0.06	-0.12	-0.17	0.01	-0.61	-0.25	-0.36	0.49
Leverage Ratio	1.03	1.03	5.01	1.24	2.73	10.31	-24.45	4.67	-38.89	-4.31	-6.04
Compound Leverage Factor	0.46	-1.43	3.69	1.22	2.72	10.43	-24.38	5.01	-40.06	-7.04	-6.76
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	40.68%	-8.54%	-9.13%	57.72%	136.11%	168.17%	165.13%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	40.68%	-8.54%	-9.13%	10.23%	77.71%	66.55%	38.18%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	47.49%	58.40%	101.63%	126.94%
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	108.20%	131.49%	139.14%	163.79%	29.20%	-5.76%	-4.91%	6.42%	7.92%	-0.28%	-0.40%
Common Equity to Total Capital	-8.20%	-31.49%	-39.14%	-63.79%	30.13%	114.30%	114.05%	35.86%	-44.03%	-67.90%	-64.72%
Debt to EBITDA	0.00	0.00	0.00	0.00	-0.15	-0.01	-0.13	-1.81	-0.65	-0.86	-0.60
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.06	0.00	-0.08	0.97	-0.05	-0.15	0.16
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1.49	-0.28	-0.52	-0.46
Debt to NOPAT	0.00	0.00	0.00	0.00	-0.19	-0.01	-0.89	-2.99	-0.85	-1.10	-0.81
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.08	0.00	-0.53	1.60	-0.06	-0.19	0.22
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.46	-0.36	-0.66	-0.63
Altman Z-Score	165.65	15.90	9.84	158.69	7.12	112.04	-26.56	1.91	-0.59	0.81	0.99
Noncontrolling Interest Sharing Ratio	101.74%	102.35%	113.16%	118.09%	91.22%	940.40%	-2,267.20%	41.16%	-152.96%	-0.53%	-0.65%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.44	0.19	0.17	0.17	0.66	0.13	0.09	1.09	0.62	0.59	0.65
Quick Ratio	0.44	0.15	0.13	0.14	0.53	0.08	0.07	0.87	0.49	0.43	0.47
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	219	228	33	20	-22	-6.60	18	-29	-57	14	27
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	-36,772.04%	-18,778.39%	0.00%	0.00%	-18,470.61%	7,695.18%	10,295.31%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	44.46	0.00	-4.22	0.00	-7.37	0.00	2.37	8.67
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	-83.47	0.00	-6.24	0.00	-14.61	0.00	0.31	5.47
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	-83.47	0.00	-6.27	0.00	-14.61	0.00	0.31	5.42
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.42	0.00	0.00	0.67	1.22	20.21	0.00	0.54	1.82	3.64	3.50
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.55	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	83.92	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	431.98	0.00	0.00
Accounts Payable Turnover	871.41	0.00	0.00	44.21	11.05	355.84	0.00	4.67	5.21	11.50	8.67
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	38.23	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.35	0.00	0.00
Days Payable Outstanding (DPO)	0.42	0.00	0.00	8.26	33.03	1.03	0.00	78.09	70.00	31.75	42.11
Cash Conversion Cycle (CCC)	-0.42	0.00	0.00	-8.26	-33.03	-1.03	0.00	-78.09	-27.42	-31.75	-42.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	39	9.03	8.66	7.36	12	-7.89	-9.24	9.99	-19	-24	-49
Invested Capital Turnover	1.47	0.00	0.00	0.89	3.78	250.80	0.00	6.50	-94.21	-24.37	-14.18
Increase / (Decrease) in Invested Capital	-197	-229	-33	-31	-27	-17	-18	2.64	-31	-16	-40
Enterprise Value (EV)	1,530	113	87	1,539	1,541	1,654	64	889	738	534	656
Market Capitalization	1,488	101	75	1,527	1,537	1,654	63	911	725	517	676
Book Value per Share	($0.34)	($0.30)	($0.52)	($0.73)	$1.47	($1.49)	($1.76)	$5.45	($0.19)	($0.24)	($0.16)
Tangible Book Value per Share	($0.34)	($0.30)	($0.52)	($0.73)	($1.09)	($1.49)	($1.76)	$4.65	($0.29)	($0.34)	($0.25)
Total Capital	41	9.56	9.15	7.87	28	-7.53	-8.92	88	71	61	45
Total Debt	0.00	0.00	0.00	0.00	11	0.64	0.81	51	97	102	74
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	42	42	62	57
Net Debt	-2.17	-0.52	-0.49	-0.52	-4.82	0.29	0.49	-27	7.07	17	-20
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.03	0.05	0.00	0.00	0.13	0.02	0.16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4.98	-3.40	-3.61	-3.68	-23	-3.74	-3.88	-44	-73	-75	-98
Debt-free Net Working Capital (DFNWC)	-2.81	-2.88	-3.12	-3.17	-16	-3.38	-3.56	19	-29	-36	-50
Net Working Capital (NWC)	-2.81	-2.88	-3.12	-3.17	-27	-4.03	-4.37	9.93	-84	-77	-67
Net Nonoperating Expense (NNE)	11	-0.59	0.30	3.30	25	14	1.32	12	42	12	11
Net Nonoperating Obligations (NNO)	-2.17	-0.52	-0.49	-0.52	-4.82	0.29	0.49	-27	7.07	17	-20
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	7.30	2.46	0.00	0.00	13	3.95	3.94
Debt-free, Cash-free Net Working Capital to Revenue	-2.46%	0.00%	0.00%	-18.31%	-23.69%	-2.60%	0.00%	-78.70%	-22.62%	-19.26%	-23.72%
Debt-free Net Working Capital to Revenue	-1.39%	0.00%	0.00%	-15.74%	-16.22%	-2.35%	0.00%	33.54%	-8.91%	-9.27%	-12.09%
Net Working Capital to Revenue	-1.39%	0.00%	0.00%	-15.74%	-28.09%	-2.80%	0.00%	17.60%	-26.16%	-19.67%	-16.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.06	$0.00	$0.00	($0.54)	$0.08	($0.42)	($0.25)	($0.51)	($0.08)	($0.13)
Adjusted Weighted Average Basic Shares Outstanding	132.56M	9.34M	6.91M	0.00	137.99M	5.79M	5.79M	156.80M	155.25M	169.38M	184.24M
Adjusted Diluted Earnings per Share	$0.00	$0.06	$0.00	$0.00	($0.54)	$0.08	($0.42)	($0.25)	($0.51)	($0.08)	($0.13)
Adjusted Weighted Average Diluted Shares Outstanding	139.87M	9.34M	6.91M	0.00	137.99M	5.79M	5.79M	156.80M	155.25M	169.38M	184.24M
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	0.00	6.91M	6.91M	0.00	0.00	5.79M	5.79M	168.63M	169.51M	186.41M	186.76M
Normalized Net Operating Profit after Tax (NOPAT)	9.20	-0.33	-0.20	-9.67	-50	-23	-0.24	-26	-88	-0.58	-12
Normalized NOPAT Margin	4.55%	0.00%	0.00%	-48.07%	-64.95%	-48.95%	0.00%	-33.67%	-35.88%	-0.50%	-11.03%
Pre Tax Income Margin	3.18%	0.00%	0.00%	-69.48%	-92.68%	-78.69%	0.00%	-50.44%	-53.18%	-11.95%	-21.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-31.58	0.00	-23.59	0.00	-9.05	0.00	-1.40	-6.87
NOPAT to Interest Expense	0.00	0.00	0.00	-23.44	0.00	-15.03	0.00	-6.70	0.00	-0.31	-4.19
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-31.58	0.00	-23.62	0.00	-9.05	0.00	-1.40	-6.92
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-23.44	0.00	-15.07	0.00	-6.70	0.00	-0.31	-4.24
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	0.81%	0.00%	0.00%	0.00%	-0.80%	0.00%	0.00%	0.00%	-0.26%	-0.86%	-1.99%

Financials Breakdown Chart

Key Financial Trends

Data-quality note: The supplied records identify the company as Southport Acquisition Corp. (ticker PORT), rather than Angel Studios (NYSE:ANGX). The figures below therefore summarize the provided statements as submitted and should not be treated as verified ANGX financials. Several prior-period statements are also marked as restated or calculated.

Revenue has expanded sharply, but profitability remains elusive. Reported revenue increased from zero in early 2024 to $87.6 million in Q2 2025 and $111.7 million in Q2 2026. Q2 2026 revenue declined modestly from $115.1 million in Q1, while the gross margin fell to approximately 53.7%, compared with 61.8% in Q1 2026 and 68.9% in Q2 2025. This suggests that growth has been accompanied by increasing content or service delivery costs.

Operating performance improved substantially from the large losses reported in late 2024 and Q4 2025. The Q2 2026 operating loss was $18.5 million, compared with a $2.7 million loss in Q1 2026 and a $125.6 million loss in Q4 2025. However, the company still reported a net loss of $23.8 million, or $0.129 per share, in Q2 2026. Marketing remained the largest operating expense at $61.1 million, consuming more than half of quarterly revenue.

Cash flow improved in the latest quarter. Operating cash flow rose to $16.9 million in Q2 2026 from $1.9 million in Q1 2026 and negative $0.2 million in Q2 2025. The improvement was primarily supported by a $35.1 million favorable change in operating assets and liabilities, rather than net income. Investors should monitor whether this benefit is sustained, since working-capital movements can be volatile.

Cash increased to $48.0 million at June 30, 2026, from $38.9 million at March 31. The $9.2 million quarterly increase occurred despite $11.3 million of investing outflows, including $11.1 million for acquisitions. Financing activity provided $3.5 million, helped by $34.5 million of common-equity issuance and $10 million of new debt, partially offset by $38.9 million of debt repayments and $2.3 million of share repurchases.

The balance sheet remains the primary concern. Total liabilities reached $264.4 million versus $235.1 million of assets, leaving total equity negative at $29.3 million. Current liabilities of $192.5 million exceeded current assets of $125.3 million, implying a current ratio of approximately 0.65. Deferred revenue of $82.5 million provides an important source of future revenue recognition, but it also represents obligations to deliver products or services.

Revenue reached $111.7 million in Q2 2026, substantially above the $87.6 million reported in Q2 2025.
Operating cash flow turned strongly positive at $16.9 million in Q2 2026, up from $1.9 million in Q1 and negative operating cash flow in Q2 2025.
Cash and equivalents increased approximately 23.6% sequentially to $48.0 million.
Operating losses narrowed considerably from $125.6 million in Q4 2025 to $18.5 million in Q2 2026.
The company continued investing in acquisitions, with $11.1 million spent during Q2 2026, which could support future growth if those assets perform well.
Q2 2026 gross margin of approximately 53.7% remained positive but declined from 61.8% in Q1 2026 and 68.9% in Q2 2025.
The latest operating cash-flow improvement was driven substantially by working-capital changes, making its durability uncertain.
The company remained unprofitable, reporting a $23.8 million net loss and negative earnings per share of $0.129 in Q2 2026.
Marketing expense was $61.1 million in Q2 2026, exceeding the company’s gross-profit increase and continuing to pressure operating margins.
Negative equity, liabilities exceeding assets, a current ratio below 1.0, and continued reliance on equity and debt financing indicate significant balance-sheet and dilution risk.

08/25/26 04:24 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. See Angel Studios' forecast for analyst expectations on what's next for the company.

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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Angel Studios (ANGX) Financials

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Angel Studios (ANGX) Financials

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