ANGX

MKT CAP:$433M

Angel Studios, Inc.

Market Cap

$433M

Communication Services·Entertainment·🇺🇸 United States·NYSE

Communication·Entertainment·🇺🇸·NYSE

Stock Price

$2.52-$2.31 (-47.83%)

Apr 24, 2026

Company Details

Angel Studios, Inc. produce and distribute films and television shows by creators through its streaming platform. The company's platform allows users to watch movies, shows, and documentaries for all ages. In addition, the company sells phy...

CEO

Neal S. Harmon

IPO Date

Sep 11, 2025

Website

www.angel.com

Key Metrics TTM

Revenue

$322M

+233.2% YoY

Net Income

-$170M

EPS (Diluted)

-$1.05

Free Cash Flow

-$112M

Revenue / Share

$1.91

Gross Margin

61.7%

Operating Margin

-50.1%

Net Margin

-53.0%

FCF Margin

-35.0%

P/S

1.3x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$322M+233.2%EPS -$1.10

Q4 2025

Dec 30, 2025

$110M+254.3%EPS -$0.47

Q3 2025

Sep 29, 2025

$77M+280.4%EPS -$0.25

Q2 2025

Jun 30, 2025

$88M+431.0%EPS -$0.10

Q1 2025

Mar 31, 2025

$47M+64.4%EPS -$0.23

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$503.9K
Q2 22	$0	$0	-$366.1K
Q3 22	$0	$0	-$351.8K
Q4 22	$0	$0	-$353.2K
Q1 23	$0	$0	-$277.1K
Q2 23	$0	$0	-$368.0K
Q3 23	$0	$0	-$135.8K
Q4 23	$0	$0	-$881.7K
Q1 24	$29M	$15M	-$19M
Q2 24	$17M	$7M	-$23M
Q3 24	$20M	$12M	-$14M
Q4 24	$31M	$20M	-$30M
Q1 25	$47M	$30M	-$34M
Q2 25	$88M	$60M	-$21M
Q3 25	$77M	$42M	-$37M
Q4 25	$110M	$66M	-$69M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	42.1x
Q4 22	—	40.3x
Q1 23	—	81.7x
Q2 23	—	101.0x
Q3 23	—	123.5x
Q4 23	—	267.7x
Q1 24	25.3x	404.4x
Q2 24	16.1x	—
Q3 24	11.2x	—
Q4 24	7.6x	—
Q1 25	6.3x	—
Q2 25	3.9x	—
Q3 25	3.0x	—
Q4 25	2.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$794.9K	$794.9K
Q4 22	$2M	$2M
Q3 23	$1M	$1M
Q4 23	-$203.4K	-$203.4K
Q1 24	-$2M	-$2M
Q2 24	-$11M	-$11M
Q3 24	-$11M	-$38M
Q4 24	-$20M	-$20M
Q1 25	-$12M	-$12M
Q2 25	-$13M	-$17M
Q3 25	-$58M	-$58M
Q4 25	-$25M	-$25M

Capital Expenditures

Quarter	CapEx
Q4 21	$0
Q4 22	$0
Q3 23	$0
Q4 23	$5
Q1 24	$3
Q2 24	$415.4K
Q3 24	$271.9K
Q4 24	$31.9K
Q1 25	$52.0K
Q2 25	$4M
Q3 25	$375.8K
Q4 25	$133.6K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	—	+55.6%
Q1 23	—	-45.0%
Q2 23	—	+0.5%
Q3 23	—	-61.4%
Q4 23	—	+149.6%
Q1 24	—	+17115.6%
Q2 24	—	+10698.4%
Q3 24	—	+25226.9%
Q4 24	—	+6843.9%
Q1 25	+64.4%	+70.1%
Q2 25	+431.0%	+174.5%
Q3 25	+280.4%	+229.5%
Q4 25	+254.3%	+192.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	—
Q4 22	$0	—
Q3 23	$0	—
Q4 23	$0	—
Q1 24	$0	0.0%
Q2 24	$502.9K	3.0%
Q3 24	$661.7K	3.3%
Q4 24	$1M	4.7%
Q1 25	$3M	5.5%
Q2 25	$2M	2.4%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	—	—	—	$454.6K
Q2 22	—	—	—	$316.3K
Q3 22	—	—	—	$301.4K
Q4 22	—	—	—	$302.8K
Q1 23	—	—	—	$227.8K
Q2 23	—	—	—	$318.1K
Q3 23	—	—	—	$85.4K
Q4 23	—	—	—	$804.3K
Q1 24	$4M	$9M	$22M	—
Q2 24	$4M	$10M	$16M	—
Q3 24	$3M	$7M	$17M	—
Q4 24	$3M	$7M	$40M	—
Q1 25	$3M	$8M	$52M	—
Q2 25	$4M	$17M	$62M	—
Q3 25	$4M	—	—	$75M
Q4 25	—	—	—	$131M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$531.1K	$0	$531.1K
Q2 22	$472.6K	$0	$472.6K
Q3 22	$173.4K	$0	$173.4K
Q4 22	$11M	$0	$11M
Q1 23	$16.7K	$0	$16.7K
Q2 23	$461.5K	$0	$461.5K
Q3 23	$2M	$0	$2M
Q4 23	$25M	$0	$25M
Q1 24	$523.2K	$0	$523.2K
Q2 24	$4M	$0	$4M
Q3 24	$11M	$0	$11M
Q4 24	$7M	$0	$7M
Q1 25	$14M	$0	$14M
Q2 25	$28M	$0	$28M
Q3 25	$63M	$0	$63M
Q4 25	$44M	$0	$44M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	29M	0.0%	—
Q2 22	29M	0.0%	—
Q3 22	29M	0.0%	—
Q4 22	29M	0.0%	0.0%
Q1 23	29M	0.0%	0.0%
Q2 23	24M	-15.1%	-15.1%
Q3 23	10M	-59.4%	-65.6%
Q4 23	10M	+0.0%	-65.6%
Q1 24	9M	-5.6%	-67.5%
Q2 24	161M	+1619.9%	+558.5%
Q3 24	161M	0.0%	+1523.0%
Q4 24	6M	-96.4%	-41.5%
Q1 25	161M	+2676.0%	+1619.9%
Q2 25	161M	0.0%	0.0%
Q3 25	157M	-2.4%	-2.4%
Q4 25	169M	+7.6%	+2815.2%

Shares Outstanding