Angel Studios Reports 27% Revenue Growth to $111.7 Million, Net Loss Increases to $23.8 Million

Angel Studios, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2026. The company generated revenues of $111.7 million for the quarter, a 27% increase from $87.6 million in the same period last year. For the first half of 2026, total revenues reached $226.8 million, up 68% from $135.1 million in the first half of 2025. The growth was primarily driven by a substantial increase in Angel Guild membership revenue, which surged to $90.7 million, reflecting a doubling of membership from 1.31 million to 2.61 million year-over-year.

Despite the revenue growth, Angel Studios reported a net loss of $23.8 million for the second quarter, compared to a loss of $15.7 million in the prior year, indicating a 51% increase in losses. The company’s operating loss for the quarter was $18.5 million, an improvement from a loss of $21.3 million in the same quarter of 2025. The increase in operating expenses, which totaled $130.2 million, was attributed to higher costs associated with revenue generation, including a significant rise in royalties paid to filmmakers due to increased revenue from the Angel Guild.

Operationally, the company has made strides in expanding its content offerings and partnerships. Angel Studios has entered into several merger agreements, including acquisitions of Black Autumn Show, Toothy Cow Productions, and Tuttle Twins Show, which are expected to enhance its content library and distribution capabilities. The company also reported a notable increase in content licensing revenue, which rose to $15.1 million, up 130% from the previous year, as a result of larger licensing deals associated with its theatrical releases.

As of June 30, 2026, Angel Studios held approximately $48.0 million in cash and cash equivalents, an increase from $44.1 million at the end of 2025. The company’s total liabilities decreased to $264.4 million from $267.2 million, primarily due to repayments of notes payable. The company has also been actively managing its debt, with a total notes payable balance of $74.4 million as of the end of the quarter. Looking ahead, management remains focused on increasing revenues through continued growth in Angel Guild memberships and expanding its theatrical release pipeline, while also managing expenses to improve profitability.