Angel Studios Cuts Net Loss to $5.2M as Revenue Doubles to $159M

Angel Studios (NYSE: ANGX) grew third-quarter revenue 107.7% year over year to $159.0 million, and net loss narrowed to $5.2 million — down from $23.8 million in the second quarter and $38.5 million a year earlier. The company reported results for the quarter ended Sept. 30 on Nov. 10, per its Form 8-K Exhibit 99.1.

Revenue also climbed 42.4% from the second quarter. Paying Guild membership (the company's subscription tier) reached 2.94 million, up 86.1% year over year and 12.6% from 2.61 million at June 30.

Guild revenue rose 95.3% year over year to $115.6 million. The takeaway: the core subscription engine is still compounding, just a bit more slowly than before.

Where the growth came from

Theatrical releases took a bigger share of the mix. Guild revenue made up 72.7% of the total, down from 81.2% in the second quarter. Theatrical release revenue hit $29.0 million, up from $5.5 million a year earlier, on a slate that included Young Washington, Brink of War and Runner. Young Washington took $47 million at the domestic box office — Angel's highest-grossing release of 2026 — and drove Guild sign-ups, the company said.

The content library grew to more than 1,500 releases from 837 on Dec. 31, 2025. Management's commentary cites Antenna data showing the rest of the US subscription video-on-demand industry lost 1.7 million subscribers in the quarter. In plain terms: Angel grew while the broader streaming market shrank.

What does the cost side show?

Selling and marketing expense fell to 55.2% of Guild revenue, from 75.0% a year earlier — but it edged up from 52.8% in the second quarter. Net member additions slowed to roughly 335,000 from about 390,000, though they beat the roughly 269,000 added a year earlier. Nine-month additions were about 939,000, against about 1,030,000 in the same period of 2025.

Gross margin reached 63%, versus 55% in Q3 2025 and 54% in Q2. Simply put: growth got cheaper, but not uniformly.

Losses, cash and the bitcoin line

Operating loss came in at $10.3 million, against $38.0 million a year earlier — improvement earned without help from investments. Net loss does include a $7.59 million net gain on digital assets for the quarter; the nine-month figure is a $1.19 million net loss on digital assets. Angel holds 304 bitcoin valued at $25.4 million.

• Adjusted EBITDA (a non-GAAP measure excluding digital-asset gains, stock compensation and other items): a $3.2 million loss, versus $11.7 million in Q2 and $32.6 million a year earlier.
• Nine-month Adjusted EBITDA loss: $10.9 million, versus $78.8 million. Management reiterated 2026 guidance of an Adjusted EBITDA loss below $25 million.
• Operating cash flow: positive at $10.3 million for the quarter; $29.1 million for nine months, versus an outflow of $52.5 million a year earlier.
• Deferred revenue (annual Guild memberships paid in advance): $98.5 million, up from $82.5 million at June 30.
• Cash: $45.6 million, up $1.5 million from $44.1 million at Dec. 31, 2025. Investing used $24.5 million over nine months; notes payable fell to $75.5 million from $97.2 million.

The balance sheet, in short, is doing more with less debt.

What did the acquisitions cost shareholders?

Angel completed its acquisitions of Tuttle Twins and The Wingfeather Saga, which added 9.4 million class A shares. Shares outstanding stood at 196,323,468 on Sept. 30, up 16.1% from 169,095,572 on Dec. 31, 2025. Net loss per share was $0.03, versus $0.25 a year earlier, and stockholders' equity swung to $10.1 million from a $25.8 million deficit at year-end.

What's next?

Angel hosts a webinar on Wednesday, Nov. 11, at 8:00 a.m. Eastern Time to discuss the results. The holiday slate opens with Drummer Boy, continues with Hershey and closes at Christmas with Zero A.D. The bull case strengthens if those releases lift Guild additions back above the second quarter's pace and the full-year Adjusted EBITDA loss stays inside guidance; slower additions or a miss would weaken it.