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Angel Studios, Inc. director Steven I. Sarowitz reported an open-market purchase of Class A Common Stock. On 2026-05-05, he bought 321,544 shares at an average price of $3.0558 per share. After this transaction, he directly owns 326,840 shares of Angel Studios Class A Common Stock.
Angel Studios, Inc. director Steven I. Sarowitz reported an open-market purchase of Class A Common Stock. On 2026-05-05, he bought 321,544 shares at an average price of $3.0558 per share. After this transaction, he directly owns 326,840 shares of Angel Studios Class A Common Stock.
Angel Studios, Inc. reported strong top-line growth for the three months ended March 31, 2026, with revenue of $115.1 million, up from $47.4 million a year earlier, driven mainly by Angel Guild memberships and theatrical and licensing revenue. Operating loss narrowed sharply to $2.7 million from $33.6 million, and net loss improved to $13.8 million from $37.3 million, though the company remains unprofitable.
Cash provided by operating activities was $1.9 million versus a prior-period use of cash, while cash and cash equivalents were $38.9 million and total notes payable $102.3 million. Stockholders’ equity was negative at $(41.5) million, reflecting an accumulated deficit of $255.3 million. The company held about 303.1 bitcoin with a carrying value of $20.7 million and recorded a $5.8 million net loss on digital assets.
During the quarter, Angel Studios drew a second $20 million term-loan tranche with attached warrants and generated about $92.2 million in cash from Angel Guild memberships. Management believes existing capital resources, recurring revenues, available debt capacity, and the ability to sell digital assets will support operations for at least the next twelve months. Subsequent to quarter-end, the company raised $34.5 million in a Class A common stock offering and repaid in full $38.5 million of revolving P&A loans.
Angel Studios, Inc. reported strong top-line growth for the three months ended March 31, 2026, with revenue of $115.1 million, up from $47.4 million a year earlier, driven mainly by Angel Guild memberships and theatrical and licensing revenue. Operating loss narrowed sharply to $2.7 million from $33.6 million, and net loss improved to $13.8 million from $37.3 million, though the company remains unprofitable.
Cash provided by operating activities was $1.9 million versus a prior-period use of cash, while cash and cash equivalents were $38.9 million and total notes payable $102.3 million. Stockholders’ equity was negative at $(41.5) million, reflecting an accumulated deficit of $255.3 million. The company held about 303.1 bitcoin with a carrying value of $20.7 million and recorded a $5.8 million net loss on digital assets.
During the quarter, Angel Studios drew a second $20 million term-loan tranche with attached warrants and generated about $92.2 million in cash from Angel Guild memberships. Management believes existing capital resources, recurring revenues, available debt capacity, and the ability to sell digital assets will support operations for at least the next twelve months. Subsequent to quarter-end, the company raised $34.5 million in a Class A common stock offering and repaid in full $38.5 million of revolving P&A loans.
Angel Studios reported strong first-quarter 2026 growth but remains unprofitable. Total revenue rose to $115.1 million, a 143% year-over-year increase, driven mainly by Angel Guild revenue of $83.3 million and 11% growth in Guild membership to 2.22 million.
Gross profit increased to $71.1 million, with gross margin expanding to about 62%. Selling and marketing was $56.6 million, or 49% of revenue, down from 107% a year earlier. Net loss narrowed to $13.8 million, or $(0.08) per share, and Adjusted EBITDA improved to a positive $4.0 million from a loss of $(28.7) million.
Angel ended the quarter with $38.9 million in cash and 303.1 BTC valued at $20.7 million. In April 2026, it priced an underwritten offering of 16,445,000 Class A shares at $2.10 per share for $34.5 million in gross proceeds and reiterated a full-year 2026 Adjusted EBITDA loss target of less than $25 million.
Angel Studios reported strong first-quarter 2026 growth but remains unprofitable. Total revenue rose to $115.1 million, a 143% year-over-year increase, driven mainly by Angel Guild revenue of $83.3 million and 11% growth in Guild membership to 2.22 million.
Gross profit increased to $71.1 million, with gross margin expanding to about 62%. Selling and marketing was $56.6 million, or 49% of revenue, down from 107% a year earlier. Net loss narrowed to $13.8 million, or $(0.08) per share, and Adjusted EBITDA improved to a positive $4.0 million from a loss of $(28.7) million.
Angel ended the quarter with $38.9 million in cash and 303.1 BTC valued at $20.7 million. In April 2026, it priced an underwritten offering of 16,445,000 Class A shares at $2.10 per share for $34.5 million in gross proceeds and reiterated a full-year 2026 Adjusted EBITDA loss target of less than $25 million.
Angel Studios, Inc. director Steven I. Sarowitz increased his direct holdings through equity compensation. On April 23, 2026, he acquired 2,648 shares of Class A Common Stock at $0.0000 per share via the exercise of restricted stock units (RSUs).
After this conversion, he directly holds 5,296 shares of Class A Common Stock. The RSUs were awarded under Angel Studios’ 2025 Long-Term Incentive Plan, effective October 23, 2025, and vest in substantially equal quarterly installments over one year, with each vested RSU automatically converting into one common share.
Angel Studios, Inc. director Steven I. Sarowitz increased his direct holdings through equity compensation. On April 23, 2026, he acquired 2,648 shares of Class A Common Stock at $0.0000 per share via the exercise of restricted stock units (RSUs).
After this conversion, he directly holds 5,296 shares of Class A Common Stock. The RSUs were awarded under Angel Studios’ 2025 Long-Term Incentive Plan, effective October 23, 2025, and vest in substantially equal quarterly installments over one year, with each vested RSU automatically converting into one common share.
Angel Studios, Inc. director Trang T. Nguyen exercised restricted stock units, acquiring 2,648 shares of Class A common stock. After the transaction, Nguyen directly holds 5,296 common shares and 5,297 RSUs.
The RSUs were granted under the 2025 Long-Term Incentive Plan and vest in equal quarterly installments over one year beginning on October 23, 2025, converting into common stock on a one-for-one basis.
Angel Studios, Inc. director Trang T. Nguyen exercised restricted stock units, acquiring 2,648 shares of Class A common stock. After the transaction, Nguyen directly holds 5,296 common shares and 5,297 RSUs.
The RSUs were granted under the 2025 Long-Term Incentive Plan and vest in equal quarterly installments over one year beginning on October 23, 2025, converting into common stock on a one-for-one basis.
Angel Studios, Inc. director Katie Liljenquist exercised restricted stock units, acquiring 2,648 shares of Class A Common Stock at a stated price of $0.0000 per share. Following this derivative exercise, she directly holds 55,649 Class A shares and 5,297 RSUs. The RSUs were granted under Angel Studios’ 2025 Long-Term Incentive Plan and vest in substantially equal quarterly installments over one year beginning on October 23, 2025, with each vested RSU converting into one share of Class A Common Stock on a one-for-one basis.
Angel Studios, Inc. director Katie Liljenquist exercised restricted stock units, acquiring 2,648 shares of Class A Common Stock at a stated price of $0.0000 per share. Following this derivative exercise, she directly holds 55,649 Class A shares and 5,297 RSUs. The RSUs were granted under Angel Studios’ 2025 Long-Term Incentive Plan and vest in substantially equal quarterly installments over one year beginning on October 23, 2025, with each vested RSU converting into one share of Class A Common Stock on a one-for-one basis.
Angel Studios, Inc. director Crane Benton Deloss exercised restricted stock units into common shares. On April 23, 2026, 2,648 Class A Common Stock RSUs converted on a one-for-one basis into 2,648 shares at an exercise price of $0.00 per share. Following the transaction, Deloss directly holds 205,296 shares of Class A Common Stock and 5,297 Class A Common Stock RSUs. The RSUs were awarded under the company’s 2025 Long-Term Incentive Plan and, according to the award terms, became effective on October 23, 2025 and vest in substantially equal quarterly installments over one year, with each vested RSU automatically converting into one share of common stock.
Angel Studios, Inc. director Crane Benton Deloss exercised restricted stock units into common shares. On April 23, 2026, 2,648 Class A Common Stock RSUs converted on a one-for-one basis into 2,648 shares at an exercise price of $0.00 per share. Following the transaction, Deloss directly holds 205,296 shares of Class A Common Stock and 5,297 Class A Common Stock RSUs. The RSUs were awarded under the company’s 2025 Long-Term Incentive Plan and, according to the award terms, became effective on October 23, 2025 and vest in substantially equal quarterly installments over one year, with each vested RSU automatically converting into one share of common stock.
Angel Studios director Paul Ahlstrom reported a routine equity award vesting. On April 23, 2026, he exercised 2,648 Restricted Stock Units (RSUs) into the same number of Class A Common shares at a stated price of $0.00 per share.
The RSUs convert into Class A Common Stock on a one-for-one basis under Angel Studios’ 2025 Long-Term Incentive Plan, vesting in substantially equal quarterly increments over one year beginning October 23, 2025. After this transaction, Ahlstrom directly holds 2,166,330 Class A Common shares and 5,297 RSUs, indicating this is a small, compensation-related increase relative to his overall stake.
Angel Studios director Paul Ahlstrom reported a routine equity award vesting. On April 23, 2026, he exercised 2,648 Restricted Stock Units (RSUs) into the same number of Class A Common shares at a stated price of $0.00 per share.
The RSUs convert into Class A Common Stock on a one-for-one basis under Angel Studios’ 2025 Long-Term Incentive Plan, vesting in substantially equal quarterly increments over one year beginning October 23, 2025. After this transaction, Ahlstrom directly holds 2,166,330 Class A Common shares and 5,297 RSUs, indicating this is a small, compensation-related increase relative to his overall stake.
Angel Studios, Inc. provided preliminary results for the first quarter of 2026. The company expects revenue between $105.0 million and $109.0 million. It also projects Adjusted EBITDA, a non-GAAP metric, in a loss range of $(4.0) million to $(6.0) million.
Management defines Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock compensation, gain or loss on digital assets, and exceptional items. These figures are preliminary, may change after quarter-end review procedures, and have not been audited or reviewed by Tanner LLP.
Angel Studios, Inc. provided preliminary results for the first quarter of 2026. The company expects revenue between $105.0 million and $109.0 million. It also projects Adjusted EBITDA, a non-GAAP metric, in a loss range of $(4.0) million to $(6.0) million.
Management defines Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock compensation, gain or loss on digital assets, and exceptional items. These figures are preliminary, may change after quarter-end review procedures, and have not been audited or reviewed by Tanner LLP.
Angel Studios, Inc., formerly Southport Acquisition Corporation, completed a business combination with Angel Studios Legacy in September 2025 and now operates as a community-driven media and technology company. Its model centers on the Angel Guild, a group of approximately 2.0 million paying members as of December 31, 2025, who vote on and fund films and TV shows that “amplify light.”
The company uses a proprietary technology platform and AI tools to power its app, recommendation engine and production workflows, and had exclusively licensed 137 titles and produced 776 Dry Bar Comedy specials by year-end 2025. It is increasingly focused on theatrical releases: in 2025 it released eight films, including “The King of Kings” and “David,” with gross worldwide box office for 2025 releases ranging from $3.0 million to $83.9 million per title, and reports that material distribution agreements are tied to more than $573.0 million in total global gross box office as of December 31, 2025.
Financially, Angel Studios recorded net losses attributable to controlling interests of $170.5 million in 2025 and $88.3 million in 2024, compared with net income in 2023 and 2021. The company highlights significant risks around its relatively new business model, intense competition in streaming and theatrical markets, piracy, technology and cybersecurity, and regulatory and intellectual property challenges. It also discloses past Disney-related copyright litigation and a completed bankruptcy reorganization, as well as an arbitration with The Chosen that resulted in termination of a key distribution agreement and a July 2025 settlement.
Angel Studios, Inc., formerly Southport Acquisition Corporation, completed a business combination with Angel Studios Legacy in September 2025 and now operates as a community-driven media and technology company. Its model centers on the Angel Guild, a group of approximately 2.0 million paying members as of December 31, 2025, who vote on and fund films and TV shows that “amplify light.”
The company uses a proprietary technology platform and AI tools to power its app, recommendation engine and production workflows, and had exclusively licensed 137 titles and produced 776 Dry Bar Comedy specials by year-end 2025. It is increasingly focused on theatrical releases: in 2025 it released eight films, including “The King of Kings” and “David,” with gross worldwide box office for 2025 releases ranging from $3.0 million to $83.9 million per title, and reports that material distribution agreements are tied to more than $573.0 million in total global gross box office as of December 31, 2025.
Financially, Angel Studios recorded net losses attributable to controlling interests of $170.5 million in 2025 and $88.3 million in 2024, compared with net income in 2023 and 2021. The company highlights significant risks around its relatively new business model, intense competition in streaming and theatrical markets, piracy, technology and cybersecurity, and regulatory and intellectual property challenges. It also discloses past Disney-related copyright litigation and a completed bankruptcy reorganization, as well as an arbitration with The Chosen that resulted in termination of a key distribution agreement and a July 2025 settlement.