Angel Studios, Inc., formerly known as Southport Acquisition Corp, reported significant financial growth in its latest 10-K filing for the fiscal year ending December 31, 2025. The company generated total revenues of $321.6 million, a substantial increase of 233% compared to $96.5 million in the previous fiscal year. This growth was primarily driven by a surge in membership within the Angel Guild, which rose from approximately 600,000 to 2 million paying members, contributing $209.7 million in revenue. Theatrical distribution also saw a notable increase, with revenues climbing to $77 million, bolstered by successful releases such as "Sound of Freedom" and "The King of Kings."
Despite the revenue increase, Angel Studios reported a net loss of $170.5 million for 2025, compared to a loss of $88.4 million in 2024. The operating loss widened to $164.1 million, reflecting increased costs associated with marketing and distribution efforts, particularly for theatrical releases. Selling and marketing expenses surged to $297.3 million, up 220% from the previous year, as the company invested heavily in promoting its content and expanding its membership base. The cost of revenues also rose significantly, totaling $124.9 million, driven by higher royalties and operational costs linked to the increased scale of the business.
Strategically, Angel Studios has made several key developments, including the completion of a business combination that led to its rebranding and the acquisition of new content rights. The company has also entered into multiple merger agreements, including those for "Homestead," "Toothy Cow Productions," and "Tuttle Twins," which are expected to enhance its content library and distribution capabilities. Additionally, the company has adopted a bitcoin treasury strategy, holding approximately 303.1 bitcoins as of year-end, which it plans to leverage for future financing and operational needs.
Operationally, Angel Studios has expanded its geographic reach and product offerings, with the Angel App now available on multiple platforms, including iOS, Android, and various smart TVs. The company has also reported a significant increase in engagement metrics, with the integration of artificial intelligence tools enhancing its content recommendation systems. As of December 31, 2025, the company employed 290 full-time and 21 part-time staff, reflecting its growth trajectory and operational demands.
Looking ahead, Angel Studios aims to continue its momentum by leveraging its growing membership base and expanding its theatrical release pipeline. The company anticipates that its investments in technology and community-driven content selection will further enhance its market position. However, it acknowledges the risks associated with its business model, including competition, market acceptance of its content, and the volatility of its bitcoin holdings, which could impact its financial performance and operational stability in the future.
About Southport Acquisition Corp
Southport Acquisition Corporation is a blank check company formed to effect a merger, asset acquisition, or similar business combination with a target company. It has no operations or revenue and seeks to identify mission-critical, scalable businesses in growing markets, particularly in software and SaaS industries. The company offers an alternative route for private companies to go public through mergers, leveraging its status as a public entity to facilitate growth and liquidity.
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