olivlawolivlaw

olivLaw · US equity research

Angel Studios, Inc. ANGX

Services-Motion Picture & Video Tape Production · SIC 7812 · Vertical: Services-Motion Picture & Video Tape Production (SIC 7812)

3.31USD−9.81% · 1 dayClose 05 Nov 2026

Angel Studios is a media and technology company whose paying community, the Angel Guild, votes on which films and TV series get distributed. The model grew quickly in 2026, but the company remains loss-making, which makes it relevant whether community growth can lead to profitability.

At the close of 05 Nov 2026, Angel Studios, Inc. (ANGX) stock was 3.31 USD (−9.81% on the day), with market capitalisation 617.3 m USD, beta 1.87, 52-week range 2.18–6.42 USD. Latest reported quarter (Q2 2026): revenue of 111.7 m USD (+27.5% YoY), net income of -23.8 m USD, diluted EPS -0.13 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
617.3 m USD
shares as of 30 Jun 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.92 · TTM to 30 Jun 2026
E/P (TTM)
-27.87%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.87
Volatility (1y) 86%
52-week range
2.186.42

Price history

Loading chart…

Technical reading

RSI (14)
36.0
weak (30–45)
Bollinger (20, 2)
3.26 – 3.96
in the lower half of the band · %B 0.07 · band width 19.6%
SMA 50 / 200
4.28 / 3.67
mixed trend
MACD (12, 26, 9)
-0.21 / -0.22
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−20.4%−5.9%−14.5 pp—
3 months−23.0%−4.6%−18.4 pp—
6 months+10.7%+0.2%+10.5 pp—
Year to date−29.1%+7.4%−36.5 pp—
1 year−49.4%+8.2%−57.6 pp−47.6%
3 yearsunavailable+68.4%unavailable−61.2%
5 yearsunavailable+56.5%unavailable—
Max drawdown (1y)
−66.0%
06 Nov 2025 → 10 Apr 2026
Max drawdown (5y)
−86.4%
15 Sept 2025 → 10 Apr 2026
Compound annual growth (5y)
unavailable
S&P 500 +9.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
111.7 m USD
+27.5% YoY
Net income
-23.8 m USD
unavailable YoY
Diluted EPS
-0.13
unavailable YoY
net / operating
-21.3% / -16.6%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue20.1 m31.0 m47.4 m87.6 m76.5 m109.9 m115.1 m111.7 m
Cost of revenue8.1 m13.0 m19.5 m27.3 m34.3 m43.8 m44.0 m51.7 m
Research & development3.2 m1.6 m3.2 m3.6 m4.2 m4.2 m4.1 m4.0 m
Operating income-15.1 m-28.8 m-33.6 m-21.3 m-38.1 m-70.9 m-2.7 m-18.5 m
Depreciation & amortisation—7.1 m2.2 m2.2 m ≈-2.9 m ≈12.9 m3.1 m3.1 m ≈
Interest expense452.2 k396.8 k1.6 m2.7 m4.0 m3.5 m6.0 m3.1 m
Pre-tax income-14.0 m-29.2 m-37.3 m-15.7 m-38.6 m-78.6 m-13.8 m-23.8 m
Income tax-80.1 k8.0 m88.3 k277————
Net income-13.9 m-37.1 m-37.3 m-15.8 m-38.6 m-78.6 m-13.8 m-23.8 m
Diluted EPS-0.10-0.26 ≈-0.26-0.11-0.25-0.47 ≈-0.08-0.13
Operating cash flow-37.7 m ≈-11.7 m-9.8 m-10.6 m ≈-38.3 m ≈-24.7 m1.9 m16.9 m ≈
Share repurchases—106.6 k65.0 k67.9 k ≈0 ≈304.9 k897.4 k263.2 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2022202320242025
Revenueunavailable202.4 m96.5 m321.6 m
Revenue YoYunavailableunavailable−52.3%+233.2%
Net income18.1 m13.4 m-88.3 m-170.5 m
Net income YoYunavailable−26.3%−760.5%unavailable
Diluted EPSunavailable0.10-0.64-1.10
Diluted EPS YoYunavailableunavailable−766.7%unavailable
net %unavailable6.6%-91.5%-53.0%
Free cash flowunavailableunavailableunavailableunavailable

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
44.1 m USD
Financial debt
45.5 m USD
Net debt
1.4 m USD
Equity
-25.8 m USD
Total assets
241.4 m USD
Debt / equity
unavailable
Current ratio
0.62x
ROE
unavailable
ROA
-96.6%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
202.4 m
2024
96.5 m
2025
321.6 m

SEC (XBRL)· 12 Mar 2026verified

Cost of revenue
2023
86.0 m
2024
44.4 m
2025
124.9 m

SEC (XBRL)· 12 Mar 2026verified

Gross profit
2023
116.4 m ≈
2024
52.2 m ≈
2025
196.7 m ≈

SEC (XBRL)· 12 Mar 2026derived

Research & development
2023
9.7 m
2024
12.8 m
2025
15.5 m

SEC (XBRL)· 12 Mar 2026verified

Operating income
2023
12.4 m
2024
-86.7 m
2025
-164.1 m

SEC (XBRL)· 12 Mar 2026verified

Depreciation & amortisation
2023
5.7 m
2024
7.9 m
2025
14.4 m

SEC (XBRL)· 12 Mar 2026verified

EBITDA
2023
18.0 m ≈
2024
-78.8 m ≈
2025
-149.7 m ≈

SEC (XBRL)· 12 Mar 2026derived

Interest expense
2023
934.9 k
2024
2.4 m
2025
11.8 m

SEC (XBRL)· 12 Mar 2026verified

Pre-tax income
2023
10.5 m
2024
-84.9 m
2025
-170.5 m

SEC (XBRL)· 12 Mar 2026verified

Income tax
2023
-2.7 m
2024
3.5 m
2025
—

SEC (XBRL)· 12 Mar 2026verified

Net income
2023
13.4 m
2024
-88.3 m
2025
-170.5 m

SEC (XBRL)· 12 Mar 2026verified

Diluted EPS
2023
0.10
2024
-0.64
2025
-1.10

SEC (XBRL)· 12 Mar 2026verified

Weighted average diluted shares
2023
139.9 m
2024
138.0 m
2025
155.3 m

SEC (XBRL)· 12 Mar 2026verified

Balance sheet · USD

Cash
2023
25.2 m
2024
7.2 m
2025
44.1 m

SEC (XBRL)· 12 Mar 2026verified

Receivables
2023
—
2024
16.2 m
2025
51.1 m

SEC (XBRL)· 12 Mar 2026verified

Inventories
2023
—
2024
1.7 m
2025
1.3 m

SEC (XBRL)· 12 Mar 2026verified

Current assets
2023
2.2 m
2024
52.9 m
2025
134.9 m

SEC (XBRL)· 12 Mar 2026verified

Property, plant & equipment, net
2023
—
2024
778.9 k
2025
709.8 k

SEC (XBRL)· 12 Mar 2026verified

Intangibles (excl. goodwill)
2023
—
2024
1.9 m
2025
3.9 m

SEC (XBRL)· 12 Mar 2026verified

Total assets
2023
46.9 m
2024
111.4 m
2025
241.4 m

SEC (XBRL)· 12 Mar 2026verified

Accounts payable
2023
99.5 k
2024
7.9 m
2025
40.0 m

SEC (XBRL)· 12 Mar 2026verified

Long-term debt
2023
—
2024
—
2025
45.5 m

SEC (XBRL)· 12 Mar 2026verified

Current liabilities
2023
5.0 m
2024
80.1 m
2025
219.0 m

SEC (XBRL)· 12 Mar 2026verified

Total liabilities
2023
5.6 m
2024
94.7 m
2025
267.2 m

SEC (XBRL)· 12 Mar 2026verified

Equity
2023
51.0 m
2024
16.7 m
2025
-25.8 m

SEC (XBRL)· 12 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
15.2 m
2024
-51.3 m
2025
-83.3 m

SEC (XBRL)· 12 Mar 2026verified

Investing cash flow
2023
-10.0 m
2024
-12.8 m
2025
-55.6 m

SEC (XBRL)· 12 Mar 2026verified

Financing cash flow
2023
9.3 m
2024
46.2 m
2025
175.8 m

SEC (XBRL)· 12 Mar 2026verified

Share repurchases
2023
107.1 k
2024
706.6 k
2025
437.8 k

SEC (XBRL)· 12 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
233.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
57.9%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-27.6%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-31.5%
computed by olivLawTTM to 30 Jun 2026
Net margin
-37.5%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
ROA
-131.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
equity is negative: buybacks shrink the invested capital and ROIC would come out large without meaning anything
ROCE
-305.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-7.8x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
0.7x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.2x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-44.2 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
27 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
3 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
42 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
-12 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
617.3 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-27.9%
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
P/S
1.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 22.9% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

3.31 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 617.3 m USD

Key indicators

Market capitalisation
617.3 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
EV/EBITDA
unavailable
input data missing
ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Net margin
-37.5%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
233.2%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Source: SEC (XBRL)published 04 Aug 2026
verified 458derived 39

Score by group

23% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Motion Picture & Video Tape Production (SIC 7812)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-37.5%29 (vs peers)27%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-7.8x0 (on a fixed band)27%
Current ratio · Balance sheet0.7x0 (on a fixed band)18%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns0.2%3 (on a fixed band)27%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial29/100 · 1/3 factors with a value
  • Returns· partial3/100 · 1/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Angel Studios, Inc. (ANGX). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 321.6 m USD in 2025; YoY growth 233.2%; net margin -37.5%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Net margin: -37.5%
  • Interest coverage: -7.8x
  • Current ratio: 0.7x
  • Shareholder yield (distributions): 0.2%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Services-Motion Picture & Video Tape Production (SIC 7812) · same industry (4-digit SIC) · compared with 7 companies

Multiples and returns vs the median

P/E
—
vertical median —
EV/EBITDA
—
vertical median —
P/S
1.5x
vertical median 1.1x
above median (+34.3%)
P/B
—
vertical median 2.6x
ROE
—
vertical median -7.5%
Net margin
-37.5%
vertical median -4.1%
below median
EBIT margin
-31.5%
vertical median -28.1%
below median
Revenue YoY
233.2%
vertical median 18.6%
above median (+1,153.2%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
LIONLionsgate Studios Corp.3.7 bn——-4.1%+1.8%+68% / +19%
FUBOFuboTV Inc.2.6 bn—-5.8%-0.7%+18.6%−79% / −80%
ANGXAngel Studios, Inc.617.3 m——-37.5%+233.2%−49% / unavailable
STRZStarz Entertainment Corp.419.7 m—-87.9%-32.5%−1.6%+122% / unavailable
CURICuriositystream Inc.149.5 m484.20.1%0.0%+40.1%−48% / +265%
MPUMega Matrix Inc46.3 m—-213.2%-131.4%−27.9%−95% / −95%
TOONKartoon Studios, Inc.30.3 m9.921.7%26.9%+20.7%−34% / −70%
GAIAGaia, Inc——-9.3%-1,090.3%+55.2%−67% / −52%

1- and 3-year price returns: for ANGX from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Angel Studios is a media and technology company whose paying community, the Angel Guild, votes on which films and TV series get distributed. The model grew quickly in 2026, but the company remains loss-making, which makes it relevant whether community growth can lead to profitability.123

    SWOT

    Strengths

    • The community of paying members provides recurring revenue and proprietary data on audience preferences. Rapid community growth was reported in 2026.
    • The company improved the efficiency of Guild marketing, and operating cash flow was positive in the second quarter of 2026.
    • The proprietary technology platform and AI use in operations may shorten project turnaround, according to company statements.

    Weaknesses

    • The company reported net losses over several periods, and adjusted EBITDA remained negative, showing reliance on external funding.
    • The business model has a limited track record, and the sources note there are no peer companies with long operating histories.
    • Theatrical revenue is volatile, and gross margin fell in the second quarter of 2026 compared with the prior year.

    Opportunities

    • Theatrical releases planned for the second half of the year could attract new members if audiences respond favourably.
    • Licensing rights for derivative shows, video games or stage productions could diversify revenue sources, according to stated plans.
    • If marketing efficiency keeps improving, the model could become more profitable as the community grows.

    Threats

    • Piracy and free content platforms may draw away the audience the company targets.
    • Adverse macroeconomic conditions could limit access to capital or raise operating costs.
    • Copyright and partner contract disputes can create unforeseen costs, as the company's history shows.

    Risks

    • Net losses and uncertain profitabilityhigh

      The company cannot guarantee that it will become profitable or sustain profitability. Persistent losses could weigh on the value of its stock.1

    • Content performancehigh

      The popularity of films and series is hard to predict, and weak releases could reduce revenue and damage member confidence.1

    • Reliance on external fundingmedium

      The company has raised capital through share offerings and credit, and future access to funding is not assured, especially if markets weaken.21

    • Copyright litigationmedium

      The company's history includes lawsuits over distributed content, and new claims could generate costs and affect its reputation.1

    • Dependence on third-party platformslow

      Access to the app depends on partners that supply devices and app stores, and changes in their policies could limit distribution.12

    Investment thesis

    What would need to be true (bull case)

    • If membership keeps growing and acquisition costs fall, recurring revenue could support better profitability in the future.23
    • The community-based model could offer an advantage that is hard to replicate, if its audience data remains differentiating.1
    • Theatrical releases planned for the second half of the year could speed up new member acquisition, according to company statements.3

    What would break the thesis

    • Repeated net losses and negative adjusted EBITDA could indicate that the model does not cover its costs quickly enough.12
    • The commercial success of films remains unpredictable, and a box-office failure could hit revenue and member acquisition.1
    • Reliance on share sales and credit could lead to dilution for shareholders if capital needs grow.12

    What to watch

    • Whether the full-year target to cut the adjusted EBITDA loss to no more than 25 million dollars is met2026
    • Development of Guild membership numbers and Guild revenueQ3 2026
    • Financial results and commentary on the second-half theatrical releasesQ4 2026
    • Drawing of the next credit facility tranches and their achievement conditions2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The company's proprietary technology platform supports selection, marketing, distribution and streaming, and the Angel app is available on several systems and devices. The Guild Score, computed from member votes, decides which projects pass the acceptance threshold, and behavioural data from the community informs production and marketing decisions.1

    Segments

    Angel Guild (subscriptions)

    Guild revenue comes from monthly or annual membership fees across three tiers: Basic with Ads, Basic and Premium. In Q2 2026 Guild revenue represented about 81.2% of total revenue, and it grew 93.8% year-over-year.3

    Theatrical distribution and licensing

    The company receives a percentage of box office sales from partner cinemas and licenses its films and series to outside distributors. Theatrical releases play a role in attracting new members, but their revenue is volatile, which has affected gross margin across different quarters.23

    Market context

    Angel operates in the video entertainment market, which is dominated by streaming platforms and studios and where competition for audience attention and content is intense. The company positions itself in values-driven productions, a niche where, by its own account, few competitors hold a comparable dataset on audiences.1

    The market also includes alternative models such as piracy and ad-supported distribution, which can attract significant parts of the audience. The sources do not provide the market size, so an estimate of market share cannot be made from the documents reviewed.1

    Trends

    • Growth of the Guild communitytailwind

      The number of paying members has grown quickly, and Guild marketing costs have fallen as a share of revenue. If this trend continues, the model could become more efficient, though this depends on the success of future releases.23

    • Artificial intelligence in operationsmixed

      The company uses AI tools in software development, data analysis and production workflows, which by its statements accelerates its work. The benefit depends on turning the technology advantage into revenue.1

    • Funding pressureheadwind

      The company has raised capital through share offerings, a tranche-based credit facility and possible bitcoin sales. If capital markets deteriorate, access to funding could become more expensive.21

    • Persistent net lossesheadwind

      The company has reported net losses across several years, and adjusted EBITDA stayed negative in the first half of 2026. Continued losses could limit financial flexibility.12

    Competitive position

    Angel competes with streaming platforms, traditional studios and distributors offering subscription or ad-supported content. The sources stress that these competitors have large customer bases, significant financial resources and the ability to adjust prices.1

    The filings treat piracy as a free alternative with an appeal that is hard to match. The company argues its dataset on audience preferences is a differentiating advantage, but the sources do not quantify that advantage.1

    • Subscription streaming platforms

      Named generically in the sources as the main competitors for audience attention and subscriptions, with large customer bases and substantial marketing resources.

    • Traditional film studios

      Studios with theatrical releases and content licences compete for the same titles, screens and distribution partners the company relies on.

    • Cable and broadcast television providers

      Traditional television operators are expanding their online offerings and may adjust terms with content suppliers.

    • Piracy platforms

      Pirated services offer free content and are described as a major threat to paid models.

    News & filings

    In the press

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Angel Studios, Inc. · 12 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Angel Studios, Inc. · 04 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Angel Studios, Inc. · 04 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.