Angel Studios季度收入增27%至1.117億美元 惟淨虧損擴大至2379萬美元

ANGEL STUDIOS, INC._June 30, 2026
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Table of Contents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(Mark One)
☒          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
☐          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to ______
Commission File Number 001-41150
ANGEL STUDIOS, INC.
(Exact name of registrant as specified in its charter)

Delaware
  ​ ​ ​
86-3483780

(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)

 
 
 

295 W Center St., Provo, UT
 
84601

(Address of principal executive offices)
 
(Zip Code)

​
(760) 933-8437
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
​

​

​

​

​

Title of each class
​
Trading Symbol(s)
​
Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share
​
ANGX
​
New York Stock Exchange

​
​
​
​
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

​

​

​

Large Accelerated Filer
☐
Accelerated Filer
☐
Non-Accelerated Filer
☒

Smaller reporting company
☐
Emerging growth company
☒
​
​

​
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Number of shares outstanding of the registrant’s
classes of common stock, as of July 31, 2026:
Class A Common Stock: 130,093,834 shares
Class B Common Stock: 56,662,485 shares
​
​
​
​

Table of Contents

ANGEL STUDIOS, INC.
FORM 10-Q
June 30, 2026
​

​

​

PART I – FINANCIAL INFORMATION
​

​
​
​

Item 1.
Financial Statements
3

​
​
​

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
28

​
​
​

Item 3.
Quantitative and Qualitative Disclosures about Market Risk
43

​
​
​

Item 4.
Controls and Procedures
43

​
​
​

PART II – OTHER INFORMATION
​

​
​
​

Item 1.
Legal Proceedings
44

​
​
​

Item 1A.
Risk Factors
44

​
​
​

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
45

​
​
​

Item 3.
Defaults Upon Senior Securities
45

​
​
​

Item 4.
Mine Safety Disclosures
45

​
​
​

Item 5.
Other Information
45

​
​
​

Item 6.
Exhibits
46

​
​
​

SIGNATURES
​
48

​
​
​
​

2

Table of Contents

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
ANGEL STUDIOS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
​

​

​

​

​

​

​

​
  ​ ​ ​
As of

​
  ​ ​ ​
June 30, 2026
  ​ ​ ​
December 31, 2025

Assets
​
  ​
​
​
  ​
​

Current assets:
 
​
  ​
 
​
  ​

Cash and cash equivalents
​
$
 48,036,965
​
$
 44,083,233

Accounts receivable, net
​
 
 30,400,912
​
 
 51,122,866

Current portion of licensing receivables, net
​
 
 9,697,666
​
 
 9,695,562

Physical inventory
​
 
 1,480,166
​
 
 1,264,101

Current portion of notes receivable
​
 
 1,383,486
​
 
 1,368,581

Royalty advance
​
​
 18,447,053
​
​
 13,827,626

Prepaid expenses and other
​
 
 15,902,578
​
 
 13,515,986

Total current assets
​
 
 125,348,826
​
 
 134,877,955

​
​
​
​
​
​
​

Licensing receivables, net
​
 
 6,110,510
​
 
 2,579,252

Notes receivable, net of current portion
​
 
 3,797,119
​
 
 3,940,918

Property and equipment, net
​
 
 631,293
​
 
 709,845

Content, net
​
 
 5,401,693
​
 
 6,272,925

Intangible assets, net
​
 
 2,313,410
​
 
 3,850,035

Capitalized software, net
​
​
 14,407,016
​
​
 13,308,247

Digital assets
​
 
 17,747,262
​
 
 26,527,560

Investments in affiliates
​
 
 46,042,383
​
 
 46,014,881

Operating lease right-of-use assets
​
 
 2,619,304
​
 
 3,240,021

Other long-term assets
​
 
 10,643,673
​
 
 89,924

Total assets
​
$
 235,062,489
​
$
 241,411,563

​
​
​
​
​
​
​

Liabilities and Stockholders’ Equity
​
 
  ​
​
 
  ​

​
​
​
​
​
​
​

Current liabilities:
​
 
  ​
​
 
  ​

Accounts payable
​
$
 39,813,785
​
$
 39,960,272

Accrued expenses
​
 
 11,136,378
​
 
 24,487,884

Current portion of accrued licensing royalties
​
 
 40,473,978
​
 
 31,257,950

Current portion of notes payable
​
 
 17,195,811
​
 
 55,473,665

Current portion of operating lease liabilities
​
 
 1,353,129
​
 
 1,284,747

Deferred revenue
​
 
 82,549,436
​
 
 66,534,622

Total current liabilities
​
 
 192,522,517
​
 
 218,999,140

​
​
​
​
​
​
​

Accrued licensing royalties, long-term
​
 
 13,058,467
​
 
 4,441,758

Notes payable, net of current portion
​
​
 57,168,318
​
​
 41,692,404

Operating lease liabilities, net of current portion
​
 
 1,358,751
​
 
 2,058,585

Other long-term liabilities
​
​
 283,848
​
​
 —

Total liabilities
​
$
 264,391,901
​
$
 267,191,887

​
​
​
​
​
​
​

Commitments and contingencies (Note 5)
​
 
  ​
​
 
  ​

​
​
​
​
​
​
​

Stockholders’ equity:
​
 
  ​
​
 
  ​

Common stock, $0.0001 par value, 700,000,000 shares authorized; 186,504,214 and 169,095,572 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively
​
$
 18,650
​
$
 16,909

Additional paid-in capital
​
 
 249,962,975
​
 
 210,079,998

Noncontrolling interests
​
 
 (182,367)
​
 
 5,653,837

Accumulated deficit
​
 
 (279,128,670)
​
 
 (241,531,068)

Total stockholders’ equity
​
 
 (29,329,412)
​
 
 (25,780,324)

Total liabilities and stockholders’ equity
​
$
 235,062,489
​
$
 241,411,563

​
See accompanying notes to the condensed consolidated financial statements
​

3

Table of Contents

ANGEL STUDIOS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
​

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​
Three Months Ended June 30, 
​
​
Six Months Ended June 30, 

​
2026
  ​ ​ ​
2025
​
​
2026
  ​ ​ ​
2025

Revenues
$
 111,705,930
​
$
 87,641,416
​
​
$
 226,810,996
​
$
 135,082,056

Operating expenses:
 
  ​
​
 
  ​
​
​
 
  ​
​
 
  ​

Cost of revenues
 
 51,749,499
​
 
 27,286,383
​
​
 
 95,751,845
​
 
 46,766,587

Selling and marketing
 
 61,141,780
​
 
 61,510,343
​
​
 
 117,738,343
​
 
 112,035,657

General and administrative
 
 12,408,923
​
 
 9,838,725
​
​
 
 23,654,381
​
 
 17,205,979

Research and development
 
 4,000,891
​
 
 3,644,278
​
​
 
 8,084,829
​
 
 6,889,196

Legal expense
 
 916,221
​
 
 6,685,984
​
​
 
 2,759,153
​
 
 7,100,497

Total operating expenses
 
 130,217,314
​
 
 108,965,713
​
​
 
 247,988,551
​
 
 189,997,916

Operating loss
 
 (18,511,384)
​
 
 (21,324,297)
​
​
 
 (21,177,555)
​
 
 (54,915,860)

​
​
​
​
​
​
​
​
​
​
​
​
​

Other income (expense):
 
​
​
 
  ​
​
​
 
​
​
 
  ​

Net gain (loss) on digital assets
​
 (2,935,243)
​
​
 7,452,328
​
​
​
 (8,780,298)
​
​
 4,153,223

Interest expense
 
 (3,094,406)
​
 
 (2,742,902)
​
​
 
 (9,127,015)
​
 
 (4,307,057)

Interest income
 
 544,894
​
 
 1,408,200
​
​
 
 1,253,182
​
 
 2,532,891

Other income (expense)
​
 202,113
​
​
 (500,000)
​
​
​
 281,604
​
​
 (500,000)

Total other income (expense), net
 
 (5,282,642)
​
 
 5,617,626
​
​
 
 (16,372,527)
​
 
 1,879,057

Loss before income tax benefit
 
 (23,794,026)
​
 
 (15,706,671)
​
​
 
 (37,550,082)
​
 
 (53,036,803)

Income tax benefit
 
 —
​
 
 —
​
​
 
 —
​
 
 —

Net loss
$
 (23,794,026)
​
$
 (15,706,671)
​
​
$
 (37,550,082)
​
$
 (53,036,803)

​
​
​
​
​
​
​
​
​
​
​
​
​

Net income (loss) attributable to noncontrolling interests
 
 (944)
​
 
 62,865
​
​
 
 47,520
​
 
 36,657

Net loss attributable to controlling interests
$
 (23,793,082)
​
$
 (15,769,536)
​
​
$
 (37,597,602)
​
$
 (53,073,460)

​
​
​
​
​
​
​
​
​
​
​
​
​

Net loss per common share - basic
$
 (0.129)
​
$
 (0.106)
​
​
$
 (0.213)
​
$
 (0.360)

Net loss per common share - diluted
$
 (0.129)
​
$
 (0.106)
​
​
$
 (0.213)
​
$
 (0.360)

​
​
​
​
​
​
​
​
​
​
​
​
​

Weighted average common shares outstanding - basic
 
 184,235,772
​
 
 149,429,535
​
​
 
 176,847,037
​
 
 147,537,072

Weighted average common shares outstanding - diluted
 
 184,235,772
​
 
 149,429,535
​
​
 
 176,847,037
​
 
 147,537,072

​
See accompanying notes to the condensed consolidated financial statements
​
​

4

Table of Contents

ANGEL STUDIOS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three Months Ended 

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
Common Stock
​
Additional
​
​
​
​
​
 

​
​
Class A
​
Class B
​
Paid-in
​
Accumulated
​
Noncontrolling
​
Total

​
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Capital
  ​ ​ ​
Deficit
  ​ ​ ​
Interests
  ​ ​ ​
Equity

Balance as of March 31, 2026
​
 112,677,989
​
$
 11,268
​
 57,172,339
​
$
 5,717
​
$
 214,027,327
​
$
 (255,335,588)
​
$
 (168,495)
​
$
 (41,459,771)

Stock options exercised
 
 -
​
​
 -
​
 156,963
​
​
 15
​
​
 148,449
​
​
 -
​
​
 -
​
​
 148,464

Vesting of restricted stock units
​
 137,236
​
​
 14
​
 -
​
​
 -
​
​
 (14)
​
​
 -
​
​
 -
​
​
 -

Issuance of common stock, net of fees
 
 16,445,000
​
​
 1,644
​
 -
​
​
 -
​
​
 32,508,468
​
​
 -
​
​
 -
​
​
 32,510,112

Transfer of common stock
 
 631,531
​
​
 63
​
 (631,531)
​
​
 (63)
​
​
 -
​
​
 -
​
​
 -
​
​
 -

Repurchase of common stock
 
 (40,748)
​
​
 (4)
​
 (44,565)
​
​
 (4)
​
​
 (263,150)
​
​
 -
​
​
 -
​
​
 (263,158)

Stock-based compensation expense
 
 -
​
​
 -
​
 -
​
​
 -
​
​
 3,541,895
​
​
 -
​
​
 -
​
​
 3,541,895

Redemptions from noncontrolling interests
​
 -
​
​
 -
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 (12,928)
​
​
 (12,928)

Net loss
 
 -
​
​
 -
​
 -
​
​
 -
​
​
 -
​
​
 (23,793,082)
​
​
 (944)
​
​
 (23,794,026)

Balance as of June 30, 2026
 
 129,851,008
​
$
 12,985
​
 56,653,206
​
$
 5,665
​
$
 249,962,975
​
$
 (279,128,670)
​
$
 (182,367)
​
$
 (29,329,412)

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Balance as of March 31, 2025
 
 78,505,913
​
$
 7,851
​
 68,452,831
​
$
 6,846
​
$
 112,929,775
​
$
 (108,356,350)
​
$
 2,425,339
​
$
 7,013,461

Stock options exercised
 
 -
​
​
 -
​
 128,390
​
​
 12
​
​
 110,180
​
​
 -
​
​
 -
​
​
 110,192

Issuance of common stock, net of fees
 
 5,414,807
​
​
 541
​
 -
​
​
 -
​
​
 23,706,449
​
​
 -
​
​
 -
​
​
 23,706,990

Transfer of common stock
​
 66,822
​
​
 7
​
 (66,822)
​
​
 (7)
​
​
 -
​
​
 -
​
​
 -
​
​
 -

Repurchase of common stock
​
 (26)
​
​
 -
​
 (11,092)
​
​
 (1)
​
​
 (67,909)
​
​
 -
​
​
 -
​
​
 (67,910)

Stock-based compensation expense
 
 -
​
​
 -
​
 -
​
​
 -
​
​
 2,126,929
​
​
 -
​
​
 -
​
​
 2,126,929

Convertible note beneficial conversion feature
​
 -
​
​
 -
​
 -
​
​
 -
​
​
 1,114,338
​
​
 -
​
​
 -
​
​
 1,114,338

Issuance of warrants
​
 -
​
​
 -
​
 -
​
​
 -
​
​
 222,868
​
​
 -
​
​
 -
​
​
 222,868

Contributions from noncontrolling interests, net of fees
​
 -
​
​
 -
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 8,104,168
​
​
 8,104,168

Redemptions from noncontrolling interests
​
 -
​
​
 -
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 (5,750,000)
​
​
 (5,750,000)

Net income (loss)
 
 -
​
​
 -
​
 -
​
​
 -
​
​
 -
​
​
 (15,769,536)
​
​
 62,865
​
​
 (15,706,671)

Balance as of June 30, 2025
​
 83,987,516
​
$
 8,399
​
 68,503,307
​
$
 6,850
​
$
 140,142,630
​
$
 (124,125,886)
​
$
 4,842,372
​
$
 20,874,365

​
​
See accompanying notes to the condensed consolidated financial statements
​

5

Table of Contents

ANGEL STUDIOS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
​
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Six Months Ended 

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
Common Stock
​
Additional
​
​
​
​
​
 

​
​
Class A
​
Class B
​
Paid-in
​
Accumulated
​
Noncontrolling
​
Total

​
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Capital
  ​ ​ ​
Deficit
  ​ ​ ​
Interests
  ​ ​ ​
Equity

Balance as of December 31, 2025
​
 111,928,549
​
$
 11,192
​
 57,167,023
​
$
 5,717
​
$
 210,079,998
​
$
 (241,531,068)
​
$
 5,653,837
​
$
 (25,780,324)

Stock options exercised
 
 -
​
​
 -
​
 1,138,976
​
​
 114
​
​
 1,293,362
​
​
 -
​
​
 -
​
​
 1,293,476

Vesting of restricted stock units
​
 150,476
​
​
 15
​
 -
​
​
 -
​
​
 (15)
​
​
 -
​
​
 -
​
​
 -

Issuance of common stock, net of fees
 
 16,445,000
​
​
 1,644
​
 -
​
​
 -
​
​
 32,508,468
​
​
 -
​
​
 -
​
​
 32,510,112

Transfer of common stock
 
 1,367,731
​
​
 137
​
 (1,367,731)
​
​
 (137)
​
​
 -
​
​
 -
​
​
 -
​
​
 -

Repurchase of common stock
 
 (40,748)
​
​
 (3)
​
 (285,062)
​
​
 (29)
​
​
 (1,160,542)
​
​
 -
​
​
 -
​
​
 (1,160,574)

Stock-based compensation expense
 
 -
​
​
 -
​
 -
​
​
 -
​
​
 7,013,855
​
​
 -
​
​
 -
​
​
 7,013,855

Issuance of warrants
​
 -
​
​
 -
​
 -
​
​
 -
​
​
 227,849
​
​
 -
​
​
 -
​
​
 227,849

Redemptions from noncontrolling interests
​
 -
​
​
 -
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 (5,883,724)
​
​
 (5,883,724)

Net income (loss)
 
 -
​
​
 -
​
 -
​
​
 -
​
​
 -
​
​
 (37,597,602)
​
​
 47,520
​
​
 (37,550,082)

Balance as of June 30, 2026
 
 129,851,008
​
$
 12,985
​
 56,653,206
​
$
 5,665
​
$
 249,962,975
​
$
 (279,128,670)
​
$
 (182,367)
​
$
 (29,329,412)

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Balance as of December 31, 2024
 
 76,089,361
​
$
 7,609
​
 68,307,491
​
$
 6,831
​
$
 95,485,005
​
$
 (87,014,444)
​
$
 8,222,953
​
$
 16,707,954

Stock options exercised
 
 -
​
​
 -
​
 284,559
​
​
 28
​
​
 190,680
​
​
 -
​
​
 -
​
​
 190,708

Issuance of common stock, net of fees
 
 7,831,429
​
​
 783
​
 -
​
​
 -
​
​
 38,502,911
​
​
 -
​
​
 -
​
​
 38,503,694

Transfer of common stock
​
 66,822
​
​
 7
​
 (66,822)
​
​
 (7)
​
​
 -
​
​
 -
​
​
 -
​
​
 -

Repurchase of common stock
​
 (96)
​
​
 -
​
 (21,921)
​
​
 (2)
​
​
 (132,937)
​
​
 -
​
​
 -
​
​
 (132,939)

Stock-based compensation expense
 
 -
​
​
 -
​
 -
​
​
 -
​
​
 4,759,765
​
​
 -
​
​
 -
​
​
 4,759,765

Convertible note beneficial conversion feature
​
 -
​
​
 -
​
 -
​
​
 -
​
​
 1,114,338
​
​
 -
​
​
 -
​
​
 1,114,338

Issuance of warrants
​
 -
​
​
 -
​
 -
​
​
 -
​
​
 222,868
​
​
 -
​
​
 -
​
​
 222,868

Digital assets market value adjustment
​
 -
​
​
 -
​
 -
​
​
 -
​
​
 -
​
​
 15,962,018
​
​
 -
​
​
 15,962,018

Contributions from noncontrolling interests, net of fees
​
 -
​
​
 -
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 8,332,762
​
​
 8,332,762

Redemptions from noncontrolling interests
​
 -
​
​
 -
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 (11,750,000)
​
​
 (11,750,000)

Net income (loss)
 
 -
​
​
 -
​
 -
​
​
 -
​
​
 -
​
​
 (53,073,460)
​
​
 36,657
​
​
 (53,036,803)

Balance as of June 30, 2025
​
 83,987,516
​
$
 8,399
​
 68,503,307
​
$
 6,850
​
$
 140,142,630
​
$
 (124,125,886)
​
$
 4,842,372
​
$
 20,874,365

​
See accompanying notes to the condensed consolidated financial statements
​
​
​

6

Table of Contents

ANGEL STUDIOS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
​
​

​

​

​

​

​

​

​
​
Six Months Ended June 30, 

​
  ​ ​ ​
2026
  ​ ​ ​
2025

Cash flows from operating activities:
​
​
​
​
​
​

Net loss
​
$
 (37,550,082)
​
$
 (53,036,803)

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

Depreciation and amortization
 
​
 6,183,955
​
​
 4,439,035

Amortization of content assets
​
​
 1,078,731
​
​
 119,291

Amortization of right-of-use assets
​
​
 620,717
​
​
 345,761

Stock-based compensation expense
 
​
 7,013,855
​
​
 4,759,765

Net loss (gain) on digital assets
​
​
 8,780,298
​
​
 (4,153,223)

Impairment of failed acquisition
​
​
 —
​
​
 500,000

Investments in affiliates gain
 
​
 (164,672)
​
​
 (87,211)

Non-cash interest expense
​
​
 705,942
​
​
 161,285

Paid-in-kind interest
​
​
 4,550,624
​
​
 —

Bad debt recovery
​
​
 (166,100)
​
​
 —

Change in operating assets and liabilities: 
​
​
​
​
​
​

Accounts receivable
 
​
 20,888,054
​
​
 (4,677,116)

Physical inventory
 
​
 (216,065)
​
​
 237,196

Royalty advance
​
​
 (4,619,427)
​
​
 —

Prepaid expenses and other current assets
 
​
 (2,386,592)
​
​
 (622,039)

Licensing receivables
 
​
 (3,533,362)
​
​
 4,062,976

Other long-term assets
 
​
 (2,076,537)
​
​
 —

Accounts payable and accrued expenses
 
​
 (13,497,993)
​
​
 6,910,533

Accrued licensing royalties
 
​
 17,832,737
​
​
 3,080,204

Operating lease liabilities
 
​
 (631,452)
​
​
 (330,670)

Deferred revenue
 
​
 16,014,814
​
​
 17,938,955

Net cash and cash equivalents provided by (used in) operating activities
​
​
 18,827,445
​
​
 (20,352,061)

​
​
​
​
​
​
​

Cash flows from investing activities:
​
​
​
​
​
​

Purchases of property and equipment
 
​
 (189,070)
​
​
 (118,942)

Issuance of notes receivable
 
​
 (14,684)
​
​
 (974,176)

Collections of notes receivable
 
​
 143,578
​
​
 440,643

Advances to acquisition target
 
​
 (8,193,364)
​
​
 —

Sale of digital assets
​
​
 —
​
​
 99,118

Additions to internal-use software
​
​
 (5,478,477)
​
​
 (4,346,719)

Purchase of content
​
​
 (207,499)
​
​
 (4,274,150)

Investments in affiliates
 
​
 —
​
​
 (2,982,032)

Return on investments in affiliates
​
​
 137,170
​
​
 —

Net cash and cash equivalents used in investing activities
 
​
 (13,802,346)
​
​
 (12,156,258)

​
​
​
​
​
​
​

Cash flows from financing activities:
​
​
​
​
​
​

Repayment of notes payable
 
​
 (57,630,657)
​
​
 (24,338,861)

Repayment of loan guarantee
​
​
 —
​
​
 (6,000,000)

Receipt of notes payable
 
​
 30,000,000
​
​
 48,891,000

Repayment of accrued settlement costs
​
​
 —
​
​
 (136,660)

Exercise of stock options
 
​
 1,293,476
​
​
 190,733

Issuance of common stock
 
​
 34,534,500
​
​
 38,503,670

Contribution of equity in noncontrolling interests
​
​
 —
​
​
 8,731,422

Redemption of equity in noncontrolling interests
​
​
 (5,883,724)
​
​
 (11,750,000)

Fees related to issuance of common stock and minority interest
​
​
 (2,024,388)
​
​
 (398,660)

Repurchase of common stock
 
​
 (1,160,574)
​
​
 (132,940)

Debt financing fees
 
​
 (200,000)
​
​
 (263,532)

Net cash and cash equivalents provided by (used in) financing activities
 
​
 (1,071,367)
​
​
 53,296,172

​
​
​
​
​
​
​

Net increase in cash and cash equivalents
 
​
 3,953,732
​
​
 20,787,853

Cash and cash equivalents at beginning of period
 
​
 44,083,233
​
​
 7,211,826

​
​
​
​
​
​
​

Cash and cash equivalents at end of period
​
$
 48,036,965
​
$
 27,999,679

​
​
​
​
​
​
​

Supplemental disclosure of cash flow information:
​
​
​
​
​
​

Cash paid for interest
​
$
 5,665,153
​
$
 2,624,497

​
​
​
​
​
​
​

Supplemental schedule of noncash financing activities:
​
​
​
​
​
​

Adoption of ASU No. 2023-08
​
$
 —
​
$
 15,962,018

Change from digital assets to digital assets receivable
​
​
 —
​
​
 21,748,336

Operating lease right-of-use assets and liabilities
​
​
 —
​
​
 145,980

​
See accompanying notes to the condensed consolidated financial statements
​

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Angel Studios, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The financial information presented in these unaudited financial statements is condensed and should be read in conjunction with the entity’s latest annual audited financial statements. Interim disclosures generally do not repeat those in the annual statements.
1.Description of Organization and Summary of Significant Accounting Policies
Organization
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The company comprises Angel Studios, Inc., a Delaware corporation, and its subsidiaries and affiliates (collectively, the “Company”) (f/k/a Southport Acquisition Corporation or “Southport”). The Company’s mission is to share stories with the world that amplify light. This is done by aligning the Company’s interests with those of the creators and the audience and utilizing the wisdom of crowds to help guide decisions on the content that gets created.
Business Combination
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On September 10, 2025, the Company consummated the previously announced Business Combination (as defined below) pursuant to that certain Agreement and Plan of Merger, dated as of September 11, 2024 (as amended, the “Merger Agreement”), by and among the Company, Sigma Merger Sub, Inc., a Delaware corporation and direct wholly-owned subsidiary of the Company (“Merger Sub”), and Angel Studios Legacy, Inc. (f/k/a Angel Studios, Inc.), a Delaware corporation (“Angel Legacy”).
Pursuant to the terms of the Merger Agreement, a merger was effected in which Merger Sub merged with and into Angel Legacy, the separate corporate existence of Merger Sub ceased to exist and Angel Legacy survived as the surviving company and direct wholly-owned subsidiary of the Company (the “Merger” and, collectively with the other transactions described in the Merger Agreement, the “Business Combination”). On the Closing Date (as defined in the Merger Agreement), and prior to the Effective Time (as defined in the Merger Agreement), the Company changed its name from “Southport Acquisition Corporation” to “Angel Studios, Inc.” Angel Legacy subsequently merged up and into Angel Studios, Inc., with Angel Studios, Inc. as the surviving entity.
Notwithstanding the legal form of the Business Combination pursuant to the Merger Agreement, the Business Combination has been accounted for as a reverse recapitalization in accordance with United States generally accepted accounting principles (“GAAP”) because Angel Legacy is the operating company and has been determined to be the accounting acquirer, while Southport is a blank check company.
Under the reverse recapitalization model, the Business Combination was treated as Angel Legacy issuing equity for the net assets of Southport, with no goodwill or intangible assets recorded.
While Southport was the legal acquirer in the Business Combination, because Angel Legacy was deemed the accounting acquirer, the historical financial statements of Angel Legacy became the historical financial statements of the combined company upon the consummation of the Business Combination. As a result, the condensed consolidated financial statements reflect (i) the historical operating results of Angel Legacy prior to the Business Combination; (ii) the combined results of Southport and Angel Legacy following the closing of the Business Combination; (iii) the assets and liabilities of Angel Legacy at their historical cost; and (iv) the Company’s equity structure for all periods presented.
In accordance with the applicable guidance, the equity structure within these quarterly financial statements has been retroactively restated in all comparative periods up to the closing date, to reflect the number of shares of the Company’s Common Stock (as defined below) issued to Angel Legacy common shareholders. As such, the shares and corresponding capital amounts and earnings per share related to Angel Legacy common stock prior to the Business Combination have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination, which is 5.3504621, with all Angel Legacy Class A common stock and Class C common stock being converted to Class A common stock, par value $0.0001 per share (the “Class A Common Stock”) and all Angel Legacy Class B common stock and Class F common stock being converted to Class B common stock, par value $0.0001 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”).

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Basis of Presentation
The condensed consolidated financial statements include the accounts of the Company. All significant intercompany balances and transactions have been eliminated in consolidation.
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The unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been reflected in these unaudited condensed consolidated financial statements. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026. The balance sheet at December 31, 2025 has been derived from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read together with the annual audited consolidated financial statements and related notes for the fiscal year ended December 31, 2025 included in the Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 12, 2026.
As comprehensive income equals net income, separate statements of comprehensive income were not included in the accompanying condensed consolidated financial statements.
Reclassifications
Certain prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes.
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Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Estimates are based on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Regularly, the Company evaluates the assumptions, judgments, and estimates. Actual results may differ from these estimates.
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Fair Value Measurements
The Company applies the accounting provisions related to fair value measurements given in ASC 820, Fair Value Measurements. These provisions define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. They also establish a hierarchy that prioritizes the information used in developing fair value estimates and require disclosure of fair value measurements by level within the fair value hierarchy. The hierarchy gives the highest priority to quoted prices in active markets (Level 1 measurements) and the lowest priority to unobservable data (Level 3 measurements), such as the reporting entity’s own data. These provisions also provide valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flows), and the cost approach (cost to replace the service capacity of an asset or replacement cost).
An asset or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of the valuation hierarchy are defined as follows:
Level 1: Observable inputs such as quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2: Inputs other than quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3: Unobservable inputs that reflect the Company’s own assumptions.
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Digital Assets
In 2021, the Company saw a need to further diversify and maximize returns on cash balances that are not required to maintain adequate operating liquidity. As such, the Company implemented a policy that would allow for the investment in bitcoin (digital assets) under this policy. The Company believes its bitcoin holdings are highly liquid. However, digital assets may be subject to volatile market prices, which may be unfavorable at the time when the Company wants or needs to liquidate them. The Company has ownership of and control over its digital assets and may use third-party custodial services to secure them. The digital assets are initially recorded at cost and are subsequently remeasured on the condensed consolidated balance sheet at fair value.

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The Company accounts for its digital assets, which are comprised solely of bitcoin, as indefinite-lived intangible assets. Subsequent to the Company’s adoption of ASU 2023-08 on January 1, 2025, bitcoin assets are measured at fair value as of each reporting period. The Company determines the fair value of its bitcoin based on quoted (unadjusted) prices on the BitGo exchange, the active exchange that the Company has determined is its principal market for bitcoin (Level 1 inputs). Changes in fair value are recognized as incurred, within “Net gain (loss) on digital assets”, in the Company’s condensed consolidated statements of operations.
See Note 3, Digital Assets, for further information regarding digital assets.
Liquidity
The condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern within one year from the date of issuance of these condensed consolidated financial statements. For the six months ended June 30, 2026, the Company incurred a net loss of approximately $37.6 million and had cash provided by operating activities of approximately $18.8 million. The Company had an accumulated deficit of approximately $279.1 million as of June 30, 2026.
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Management is working to increase revenues through the growth of Angel Guild memberships, the Company’s pipeline of theatrical releases during the second half of 2026 and additional streaming agreements. During the six months ended June 30, 2026, the Company generated approximately $190.5 million in cash from Angel Guild paid memberships. The Company has historically financed marketing activities for theatrical releases through two primary methods: 1) Regulation A offerings that are tailored to raise money for the print and advertising costs (“P&A”) for specific theatrical releases and 2) P&A loan agreements with individual and institutional investors. During the six months ended June 30, 2026, the Company raised $0.0 million from Regulation A offerings and received $10.0 million from P&A loans. During the year ended December 31, 2025, the Company raised $13.2 million from Regulation A offerings and received $84.0 million from P&A loans. During the six months ended June 30, 2026, the Company paid $57.6 million for the repayments of P&A loans, including interest and paid $5.9 million as a redemption of shares for Regulation A investors, from the proceeds collected from the theatrical releases and other revenues earned. During the year ended December 31, 2025, the Company paid $43.5 million for the repayments of P&A loans, including interest and paid $15.8 million as a redemption of shares for Regulation A investors, from the proceeds collected from the theatrical releases and other revenues earned.
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Additionally, the Company has raised capital through the sale of its Common Stock, generating $104.1 million of cash during the year ended December 31, 2025. The Company issued Common Stock through a public offering for aggregate proceeds of $34.5 million during the six months ended June 30, 2026. As the Company continues to grow, management expects that the existing capital resources, including cash, accounts receivables, licensing receivables, recurring revenues from its membership base, the ability to draw on its existing debt facility, and the ability to sell its digital assets if necessary, will be sufficient to meet the Company’s operating requirements for at least the next twelve months. While there is no assurance of success, management remains committed to its plans to grow revenues and manage expenses.
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Accounts Receivable
The Company records its accounts receivable at sales value less an allowance for doubtful accounts receivable. Management determines the allowance for doubtful accounts receivable in accordance with ASC 326 by segmenting the receivables portfolio and using historical experience, market conditions and account aging to determine an allowance for each segment.
Account balances are written off against the allowance when the potential for recovery is remote. Recoveries of receivables previously written off are recorded when payment is received. As of June 30, 2026, the allowance for doubtful accounts receivable was $0.4 million. As of December 31, 2025, the Company’s allowance for doubtful accounts receivable was $0.6 million.
Licensing Receivables
Licensing receivables consist of amounts due from customers under the Company’s multi-year content licensing arrangements. These receivables arise from the licensing of content to third parties, typically over terms ranging from several months to up to ten years, with an average duration of around three years.
For licensing arrangements where payments are due over a longer period, the Company assesses the need to recognize a significant financing component when the expected time between the satisfaction of the Company’s performance obligations and the receipt of payment exceeds one year. In such cases, the licensing receivable is recorded at the present value of the future payments, discounted at a rate reflective of a separate financing transaction between the Company and the customer at contract inception. When no significant 

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financing component is deemed to be present (e.g., when payments are expected within one year), the receivable is recorded at the transaction price, without adjustment for the time value of money.
The Company monitors licensing receivables for collectability and assesses credit risk at each reporting period. Any expected credit losses are recognized in accordance with the Company’s allowance for doubtful accounts policy.
Physical Inventory
Physical inventory consists of apparel, DVDs, Blu-rays, books, and other merchandise purchased for resale, related to content the Company is distributing. Physical inventory is recorded at average cost. The Company periodically reviews the physical inventory for excess supply, obsolescence, and valuations above estimated realization amounts, and provides a reserve to cover these items. Management determined that no reserve for physical inventory was necessary as of June 30, 2026, and December 31, 2025.
Prepaid Expenses and Other
Prepaid expenses primarily represent payments made in advance for services and goods to be received in future periods. These include, but are not limited to, prepayments for insurance, software, rent, fees and future advertising. As the benefits are consumed or utilized, the prepaid assets are recognized as expenses on the condensed consolidated statements of operations.
Content
The Company produces content for Dry Bar Comedy shows that are recorded and streamed through various channels. The Company capitalizes costs associated with the production, including development costs, direct costs, and production overhead. The Company amortizes the content assets in cost of revenues on the condensed consolidated statements of operations over the period of use, which is estimated to be ten years, beginning with the month of first availability. The amortization is calculated using the straight-line method.
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In May 2025, the Company agreed to purchase the IP for Sketch from Wonder Project Inc. With this purchase, Angel Studios now controls the rights, title, and interest in the film, including any subsequent productions. The Company amortizes this content asset in cost of revenues on the condensed consolidated statements of operations over the period of use, which is estimated to be ten years, beginning with the month of first availability. The amortization is calculated using the individual-film-forecast method in order to properly recognize expenses in the same accounting period as the revenues they help generate.
Royalty Advances
From time to time, the Company advances cash to its partners as prepayments of future royalty earnings. These advances are recoupable from future royalties otherwise payable to the partner and are collected by the Company prior to the distribution of other earnings or settlement of other obligations.
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Intangible Assets
Intangible assets consist of domain names the Company has acquired and prepaid content rights and are stated at cost less accumulated amortization. Amortization for