Angel Studios, Inc. reported significant financial growth in its latest quarterly filing, with total revenue reaching $76.5 million for the three months ended September 30, 2025, a substantial increase of 280% compared to $20.1 million in the same period last year. For the nine months ending September 30, 2025, revenue totaled $211.6 million, up 223% from $65.5 million in the prior year. The surge in revenue was primarily driven by a dramatic increase in Angel Guild membership, which grew from approximately 0.3 million to 1.6 million members, contributing $59.2 million in revenue for the quarter.
Despite the revenue growth, the company reported an operating loss of $38.1 million for the third quarter, compared to a loss of $15.1 million in the same quarter of 2024. The increase in operating loss was attributed to a rise in operating expenses, which totaled $114.6 million for the quarter, up from $35.3 million a year earlier. Notably, selling and marketing expenses surged to $64.7 million, reflecting the company's aggressive marketing strategy to boost Angel Guild memberships and theatrical releases.
In terms of operational metrics, Angel Studios has expanded its digital asset holdings, reporting a carrying value of $34.5 million in digital assets as of September 30, 2025, compared to $12.5 million at the end of 2024. The company also recorded a net gain of $2.1 million on digital assets for the quarter, reflecting the increased valuation of its bitcoin holdings. Additionally, the company has made significant investments in content, with cash used in investing activities amounting to $15.6 million during the nine months ended September 30, 2025.
The company has also undergone strategic changes, including a business combination that transformed Southport Acquisition Corporation into Angel Studios, Inc. on September 10, 2025. This merger has positioned the company for future growth, with management expressing optimism about increasing revenues through the expansion of Angel Guild memberships and a robust pipeline of theatrical releases through 2026. However, the company continues to face challenges, including a net loss of approximately $91.9 million for the nine months ended September 30, 2025, and an accumulated deficit of $175.8 million. Management is focused on managing expenses and securing additional funding to support ongoing operations and growth initiatives.
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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