EX-99.1 2 tm2531235d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

Angel Studios Reports Third Quarter 2025 Financial Results

 

~ Third Quarter Record Revenue of $76.5 Million, Growth of 280% YoY ~

 

~ Revenue for the Nine Month Period of $211.6 Million, Growth of 223% YoY ~

 

~ The Angel Guild, the Company’s Recurring Revenue Stream, represents 77% of Total Third Quarter Revenue, Growth of 556% YoY ~

 

~ Angel Made its Public Debut on the New York Stock Exchange, and Commenced Trading as ‘ANGX’ On September 11, 2025 ~

 

Provo, UT November 13, 2025 -- Angel (NYSE: ANGX) (the “Company”), a media and technology company guided by 1.6 million grassroots Angel Guild members championing values-driven stories, today reported financial results for the third quarter ended September 30, 2025.

 

Company Highlights

 

●Third Quarter Revenues increased 280% year-over-year to $76.5 million. Revenues for the nine-month period ended September 30, grew 223% to $211.6 million.
●The Company’s recurring revenue stream, the Angel Guild, contributed $59.2 million, representing 77% of total revenues for the quarter, growth of more than 556% compared to 2024.
●The Angel Guild grew to 1.6 million members in the third quarter, compared to 1.3 million members in the second quarter of 2025, and 258,000 members at the end of the third quarter of 2024, an increase of 19% from the second quarter of 2025, and up 620% year-over-year.
●Average Revenue Per Member “ARPM” was $13.70 for the trailing twelve months ended September 30, 2025.
●As the Angel Guild continues to grow beyond 1.6 million members, the demand for original television series is extremely strong. Angel will continue to invest in compelling, values-driven series that inspire and encourage ongoing Guild engagement.
●Net loss for the third quarter was $38.6 million, compared to $13.9 million in 2024, driven largely by increased marketing and content-related expenses tied to growth of the Angel Guild and theatrical releases. Contributing to the net loss were one-time expenses associated with the Company’s NYSE debut.
●In conjunction with its public listing, the Company closed a $100 million credit facility with Trinity Capital, a leading alternative asset manager.
●Total fully diluted shares outstanding were 168,631,209 as of September 30, 2025.

 

Subsequent Event

 

●Subsequent to quarter end, Angel and 2521 Entertainment announced the acquisition of the DAVID franchise and intellectual property from Slingshot USA. DAVID is an animated film and television series based on the biblical story. David’s journey from humble shepherd to anointed king tests the limits of faith, courage, and love – culminating in a battle for the soul of a kingdom. One of Angel's most highly anticipated films, DAVID will be released in theatres on December 19, 2025.

 

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Upcoming Slate

 

Theatrical:

oDecember 19, 2025: David
oJanuary 9, 2026: I Was a Stranger
oFebruary 6, 2026: Solo Mio starring Kevin James

 

Returning to the Guild:

oSeason 18 of Dry Bar Comedy, our flagship ‘funny for everyone’ franchise, with more than 6 billion online views.
oEarlier this month, Season Four of the hit animated television series Tuttle Twins premiered. Angel Guild members have watched more than 124 million minutes of Tuttle Twins on the platform.
oThe Wingfeather Saga, the bestselling book series by Andrew Peterson, now an epic animated series, launched the first two episodes of Season Three on November 12th.
oAdditional episodes of Homestead Season One, the most popular franchise on the Angel platform.

 

Management Commentary

 

“Our third-quarter results underscore the strength of our community and the momentum of our audience-first model,” said Neal Harmon, Co-Founder and CEO of Angel. “The Angel Guild has grown more than 500% year over year to 1.6 million paying members – a remarkable community that doesn’t just watch, but decides which values-driven films and series get made. We have an exciting slate of projects headed to theaters and the Angel platform, and as audiences seek stories that uplift and inspire, Angel is just beginning to meet that demand.”

 

Third Quarter 2025 Financial Results

 

Total revenue was $76.5 million in the third quarter, and $211.6 million for the nine months ended September 30, compared to $20.1 million and $65.5 million in the prior year periods, respectively. The quarterly increase in revenues was due to an increase in Angel Guild Revenue of $50.2 million year-over-year.

 

Total cost of revenues for the third quarter was $34.3 million, compared to $8.1 million in the prior year. The increase was due to higher royalty expense of $17.0 million as a result of royalties earned by filmmakers, as they receive an allocation of net revenues generated during the quarter. We also saw higher costs related to the Angel Guild of $7.3 million driven by the increase in memberships during the quarter, consisting of increased transaction processing fees of $5.4 million.

 

Selling and marketing expense for the third quarter was $64.7 million, compared to $16.6 million in the prior year. This represents $44.1 million in strategic investments made to grow the Angel Guild, and $16.7 million to promote theatrical box office releases. As we continue to bring on additional content, drive Angel Guild memberships and promote future theatrical releases, this cost is expected to fluctuate, but overall remain high and be a significant component of our operating expenses.

 

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Net loss was $38.6 million, a loss of ($0.25) per share, compared to a net loss of $13.9 million, a loss of ($0.10) per share, in the third quarter of 2024.

 

Liquidity

 

As of September 30, 2025, Angel has cash and cash equivalents of $63.3 million, compared to $7.2 million as of December 31, 2024.

 

The Company continues to execute its treasury strategy to hold Bitcoin as a strategic reserve asset, with BTC holdings now valued at $34.5 million.

 

Angel Third Quarter 2025 Earnings Webinar

 

The Company will host a webinar on Friday, November 14, 2025 at 11:00 a.m. Eastern Time to discuss the results and answer questions from the sell side community. The webinar can be accessed using the dial-in numbers or registration link below.

 

Date: Friday, November 14, 2025
Time: 11:00 a.m. Eastern time
Dial-in: 1-877-407-0779
International Dial-in: 1-201-389-0914
Webcast: Please register here

 

 

A replay will be available within 24 hours after the webinar and can be accessed here or on the Company’s investor relations website at https://ir.angel.com/.

 

About Angel

 

Angel (NYSE: ANGX) is a media and technology company guided by 1.6 million grassroots Angel Guild paying members championing values-driven stories. Clearly expressing the kind of programming they crave, members of the Angel Guild act as virtual co-producers, greenlighting what films and television series get produced and distributed in theaters and on the Angel app. Propelled by this audience-first momentum, Angel has released more than 40 films and 20 television series that amplify light, including “Sound of Freedom,” which earned more than $250 million at the worldwide box office. The Company also has more than 6 billion views of its Dry Bar Comedy franchise, which has attracted some of the world's best-known comedians. For more information, visit www.angel.com.

 

Contacts:

 

Shannon Devine

Investor Relations

MZ Group North America

Angel@mzgroup.us

 

David Shane

Corporate Communications

Angel

press@angel.com

 

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ANGEL STUDIOS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

 

   As of 
   September 30, 2025   December 31, 2024 
Assets        
Current assets:          
Cash and cash equivalents  $63,327,263   $7,211,826 
Accounts receivable, net   24,676,850    16,234,301 
Current portion of licensing receivables, net   8,697,155    8,785,636 
Physical media inventory   1,541,600    1,711,638 
Current portion of notes receivable   1,431,400    747,282 
Loan guarantee receivable   —    9,112,500 
Royalty advance   13,787,090    2,342,862 
Prepaid expenses and other   9,615,398    6,803,155 
Total current assets   123,076,756    52,949,200 
           
Licensing receivables, net   5,837,685    12,074,629 
Notes receivable, net of current portion   4,017,273    4,235,344 
Property and equipment, net   727,915    778,927 
Content, net   7,234,511    1,710,866 
Intangible assets, net   4,618,347    1,917,155 
Digital assets   34,545,487    12,457,387 
Investments in affiliates   14,580,813    9,066,137 
Operating lease right-of-use assets   2,268,990    2,744,693 
Other long-term assets   89,924    589,924 
Total assets  $196,997,701   $98,524,262 
           
Liabilities and Stockholders’ Equity          
           
Current liabilities:          
Accounts payable  $11,071,258   $7,929,482 
Accrued expenses   11,431,131    13,074,655 
Current portion of accrued licensing royalties   30,220,038    15,362,400 
Current portion of notes payable   8,990,437    11,455,940 
Current portion of operating lease liabilities   750,731    673,295 
Deferred revenue   50,682,212    22,171,808 
Loan guarantee payable   —    9,112,500 
Current portion of accrued settlement costs   —    280,238 
Total current liabilities   113,145,807    80,060,318 
           
Accrued settlement costs, net of current portion   —    4,091,733 
Accrued licensing royalties, long-term   3,367,099    8,367,099 
Notes payable, net of current portion   41,743,343    — 
Operating lease liabilities, net of current portion   1,572,999    2,153,463 
Total liabilities  $159,829,248   $94,672,613 
           
Commitments and contingencies          
           
Stockholders’ equity:          
Common stock, $0.0001 par value, 700,000,000 shares authorized;  168,631,209 and 144,396,852 shares issued and outstanding as of September 30, 2025, and December 31, 2024, respectively  $16,863   $14,440 
Additional paid-in capital   207,268,109    95,485,005 
Noncontrolling interests   5,645,605    8,222,953 
Accumulated deficit   (175,762,124)   (99,870,749)
Total stockholders’ equity   37,168,453    3,851,649 
Total liabilities and stockholders’ equity  $196,997,701   $98,524,262 

 

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ANGEL STUDIOS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

 

   Three Months Ended September 30,   Nine Months Ended September 30, 
   2025   2024   2025   2024 
Revenue:                
Licensed content and other revenue  $76,385,828   $18,416,499   $209,990,422   $58,992,899 
Pay it Forward revenue   156,654    1,704,667    1,634,116    6,492,899 
Total revenue   76,542,482    20,121,166    211,624,538    65,485,798 
                     
Operating expenses:                    
Cost of revenues   34,333,955    8,107,950    81,100,542    31,339,159 
Selling and marketing   64,683,558    16,602,045    176,719,216    54,893,723 
General and administrative   10,125,018    6,059,396    27,330,996    15,972,632 
Research and development   4,215,813    3,168,016    11,330,981    11,201,952 
Legal expense   1,275,008    1,328,090    8,375,505    10,037,679 
Total operating expenses   114,633,352    35,265,497    304,857,240    123,445,145 
Operating loss   (38,090,870)   (15,144,331)   (93,232,702)   (57,959,347)
                     
Other income (expense):                    
Net gain on digital assets   2,071,977    862,479    6,225,200    1,594,889 
Interest expense   (3,978,212)   (452,177)   (8,285,269)   (1,969,247)
Interest income   1,510,548    754,561    4,043,439    2,581,062 
Impairment of investments   (125,000)   —    (625,000)   — 
Total other income (expense), net   (520,687)   1,164,863    1,358,370    2,206,704 
Loss before income tax benefit   (38,611,557)   (13,979,468)   (91,874,332)   (55,752,643)
Income tax benefit   —    (80,099)   —    (4,483,167)
Net loss  $(38,611,557)  $(13,899,369)  $(91,874,332)  $(51,269,476)
                     
Net loss attributable to noncontrolling interests   (57,596)   (44,193)   (20,939)   (87,403)
Net loss attributable to controlling interests  $(38,553,961)  $(13,855,176)  $(91,853,393)  $(51,182,073)
                     
Net loss per common share - basic  $(0.246)  $(0.100)  $(0.610)  $(0.376)
Net loss per common share - diluted  $(0.246)  $(0.100)  $(0.610)  $(0.376)
                     
Weighted average common shares outstanding - basic   156,797,109    138,816,631    150,657,671    135,951,802 
Weighted average common shares outstanding - diluted   156,797,109    138,816,631    150,657,671    135,951,802 

 

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ANGEL STUDIOS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

   Nine Months Ended September 30, 
   2025   2024 
Cash flows from operating activities:          
Net loss  $(91,874,332)  $(51,269,476)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:          
Depreciation and amortization   1,528,970    768,130 
Amortization of operating lease assets   621,683    509,892 
Stock-based compensation expense   7,781,373    2,176,952 
Net gain on digital assets   (6,225,200)   (1,594,889)
Investments in affiliates gain   (128,674)   (50,307)
Non-cash interest expense   1,554,236    — 
Paid-in-kind interest   4,237,129    — 
Impairment of investments   625,000    — 
Change in deferred income taxes   —    (4,403,068)
Change in operating assets and liabilities:          
Accounts receivable   (8,442,549)   19,593,173 
Physical media inventory   170,038    (219,917)
Royalty advance   (1,268,738)   — 
Prepaid expenses and other current assets   (2,514,521)   (2,336,927)
Licensing receivables   6,325,425    (4,032,744)
Other long-term assets   —    (515,000)
Accounts payable and accrued expenses   (8,763,371)   2,937,860 
Accrued licensing royalties   9,857,638    (6,788,204)
Operating lease liabilities   (649,008)   (478,392)
Deferred revenue   28,510,404    6,124,186 
Net cash and cash equivalents used in operating activities   (58,654,497)   (39,578,731)
           
Cash flows from investing activities:          
Purchases of property and equipment   (375,820)   (271,927)
Issuance of notes receivable   (986,387)   (1,455,279)
Collections of notes receivable   520,340    1,820,313 
Purchase of digital assets   —    (48,515)
Sale of digital assets   99,118    2,182,381 
Purchase of intangible assets   (3,006,012)   — 
Purchase of content   (6,320,963)   (503,296)
Investments in affiliates   (5,511,002)   (1,033,516)
Net cash and cash equivalents provided by (used in) investing activities   (15,580,726)   690,161 
           
Cash flows from financing activities:          
Repayment of notes payable   (63,450,746)   (18,374,314)
Repayment of loan guarantee   (10,175,490)   — 
Receipt of notes payable   106,166,018    17,043,019 
Repayment of accrued settlement costs   (207,563)   (188,042)
Exercise of stock options   308,085    457,820 
Issuance of common stock   102,787,036    26,901,019 
Contribution of equity in noncontrolling interests   13,730,922    — 
Redemption of equity in noncontrolling interests   (15,753,060)   — 
Fees related to issuance of common stock and minority interest   (534,271)   (206,613)
Repurchase of common stock   (132,940)   (600,079)
Equity financing fees   (544,585)   — 
Debt financing fees   (1,842,746)   — 
Net cash and cash equivalents provided by financing activities   130,350,660    25,032,810 
           
Effect of changes in foreign currency exchange rates on cash and cash equivalents   —    (2,063)
           
Net increase (decrease) in cash and cash equivalents   56,115,437    (13,857,823)
Cash and cash equivalents at beginning of period   7,211,826    25,201,425 
           
Cash and cash equivalents at end of period  $63,327,263   $11,343,602 
           
Supplemental disclosure of cash flow information:          
Cash paid for interest  $7,513,015   $456,144 
           
Supplemental schedule of noncash financing activities:          
Adoption of ASU No. 2023-08  $15,962,018   $— 
Conversion of debt   7,092,139    — 
Issuance of warrants   2,533,091    — 
Debt conversion feature   1,925,229    — 
Investment capital receivable   297,722    4,925,053 
Operating lease right-of-use assets and liabilities   (145,980)   2,137,262 

 

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