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Angel Studios, Inc.

EDGAR
ANGX Quarterly report (10-Q) · filed 2026-08-04

Annual consolidated revenue for 2025: about Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 321.6M, using the latest reported figures. The previous period, 2024, was about Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 96.52M.

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Latest quarter

Revenue

112 million Unit_Standard_USD_Vf1XmPp5PU6bwvcW-MlrhA

2026 Q2 · Unit_Standard_USD_Vf1XmPp5PU6bwvcW-MlrhA

Exact inputs and evidence
  • Revenue: 111705930 Unit_Standard_USD_Vf1XmPp5PU6bwvcW-MlrhA Source

Operating margin

-16.57%

2026 Q2 · %

Exact inputs and evidence
  • Operating Income: -18511384 Unit_Standard_USD_Vf1XmPp5PU6bwvcW-MlrhA Source
  • Revenue: 111705930 Unit_Standard_USD_Vf1XmPp5PU6bwvcW-MlrhA Source
Cash and cash equivalents
48 million Unit_Standard_USD_Vf1XmPp5PU6bwvcW-MlrhA Source
Exact value

48036965 Unit_Standard_USD_Vf1XmPp5PU6bwvcW-MlrhA

Long-term debt including current maturities
45.5 million Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA Source
Exact value

45500000 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA

Shares outstanding
187 million Unit_Standard_shares_1d5H22lR3Ei0pwgZip05Wg Source
Exact value

186504214 Unit_Standard_shares_1d5H22lR3Ei0pwgZip05Wg

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-08-04.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 3 of 11 periods available· newest 2025-12-31
  • Operating income: 3 of 11 periods available· newest 2025-12-31
  • Net income: 3 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 3 of 11 periods available· newest 2025-12-31
  • capital expenditure: No compatible figures in this window
  • Total assets: Multiple units; comparison withheld· newest 2025-12-31
  • Total liabilities: Multiple units; comparison withheld· newest 2025-12-31
  • Current assets: Multiple units; comparison withheld· newest 2025-12-31
  • Current liabilities: Multiple units; comparison withheld· newest 2025-12-31
  • Cash and cash equivalents: Multiple units; comparison withheld· newest 2025-12-31
  • Long-term debt including current maturities: 1 of 11 periods available· newest 2025-12-31
  • Shares outstanding: Multiple units; comparison withheld· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +233.2%

    Prior period

    Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 96.52 million

    –

    Current period

    Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 321.56 million

    –

    Exact inputs and evidence

    321558306 − 96516439 = 225041867 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA

    96516439 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    321558306 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA · 2025-01-01 – 2025-12-31

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  • Net income

    −Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 82.21 million

    Prior period

    −Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 88.27 million

    –

    Current period

    −Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 170.48 million

    –

    Exact inputs and evidence

    -170478642 − -88273377 = -82205265 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA

    -88273377 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -170478642 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    −Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 32 million

    Prior period

    −Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 51.3 million

    –

    Current period

    −Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 83.3 million

    –

    Exact inputs and evidence

    -83300000 − -51296510 = -32003490 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA

    -51296510 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -83300000 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA · 2025-01-01 – 2025-12-31

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Comparable inputs unavailable for: Capital expenditure.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 321.56 million 100% of revenue
  • Operating costs Derived Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 485.67 million 151% of revenue
  • Operating income −Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 164.11 million −51% of revenue
  • Tax, interest and other Derived Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 6.37 million 2% of revenue
  • Net income −Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 170.48 million −53% of revenue

Cash

  • Operating cash flow −Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 83.3 million −26% of revenue
  • Capital expenditure Unavailable An input is unavailable.
  • Free cash flow Derived Unavailable An input is unavailable.

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2023 Net income was higher than operating income, so the split is not drawn.
  • 2024 Operating loss: operating costs were 190% of revenue.
  • 2025 Operating loss: operating costs were 151% of revenue.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2023 2023-01-01 – 2023-12-31202437316 190078837 Derived 12358479 -1006268 Derived 13364747 Unavailable
Source
2024 2024-01-01 – 2024-12-3196516439 183235990 Derived -86719551 1553826 Derived -88273377 Unavailable
Source
2025 2025-01-01 – 2025-12-31321558306 485666784 Derived -164108478 6370164 Derived -170478642 Unavailable
Source

Amounts are exact, in Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 321.6M 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.347.3M260.5M173.6M86.8M0.0202320242025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA)Source evidence
2023Revenue202437316
2024Revenue96516439
2025Revenue321558306

Revenue growth

Change in revenue from the same financial period one year earlier.

233.2% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.256%173%90%8%-75%202320242025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2023Year over yearNo prior comparable period
2024Year over year-52.3%
2025Year over year233.2%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin -51% 2025
Net margin -53% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.14%-14%-42%-71%-99%202320242025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2023Operating margin6.1%
2024Operating margin-89.8%
2025Operating margin-51%
2023Net margin6.6%
2024Net margin-91.5%
2025Net margin-53%
2023Free cash flow marginNot reported
2024Free cash flow marginNot reported
2025Free cash flow marginNot reported

Operating cash flow

Cash generated by the company’s normal business operations.

Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA -83.3M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.23.1M-5.5M-34.1M-62.6M-91.2M202320242025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA)Source evidence
2023Operating cash flow15188775
2024Operating cash flow-51296510
2025Operating cash flow-83300000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

Not enough comparable data to show this history.
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA)Source evidence
2023Free cash flowUnavailable
2024Free cash flowUnavailable
2025Free cash flowUnavailable

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

Not enough comparable data to show this history.
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2023-12-31Liabilities / assetsNot reportedNo source recorded
2024-12-31Liabilities / assetsNot reportedNo source recorded
2025-12-31Liabilities / assetsNot reportedNo source recorded

Current assets to current liabilities

Current assets divided by current liabilities.

Not enough comparable data to show this history.
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2023-12-31Current assets / current liabilitiesNot reportedNo source recorded
2024-12-31Current assets / current liabilitiesNot reportedNo source recorded
2025-12-31Current assets / current liabilitiesNot reportedNo source recorded

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2023 2023-01-01 – 2023-12-31
Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 13.36 million
Exact value

Exact value: 13364747 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA

2023-01-01 – 2023-12-31: 13364747 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA Inspect Net Income Open source
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Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 15.19 million
Exact value

Exact value: 15188775 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA

2023-01-01 – 2023-12-31: 15188775 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2024 2024-01-01 – 2024-12-31
−Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 88.27 million
Exact value

Exact value: -88273377 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA

2024-01-01 – 2024-12-31: -88273377 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA Inspect Net Income Open source
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−Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 51.3 million
Exact value

Exact value: -51296510 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA

2024-01-01 – 2024-12-31: -51296510 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2025 2025-01-01 – 2025-12-31
−Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 170.48 million
Exact value

Exact value: -170478642 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA

2025-01-01 – 2025-12-31: -170478642 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA Inspect Net Income Open source
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−Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA 83.3 million
Exact value

Exact value: -83300000 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA

2025-01-01 – 2025-12-31: -83300000 Unit_Standard_USD_7ONFlR9h2EWgdYoYKBDjTA Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

27 filings · 1,435 latest values · 1,435 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001865200, 1865200, ANGX, edgar:1865200

Also known as ANGEL STUDIOS, INC., Angel Studios, Inc., Southport Acquisition Corp, Southport Acquisition Corporation