Angel Studios, Inc. (ANGX) SEC Filings & Earnings Calls

Integration risk from acquiring two production companies.

“Merger agreement with Toothy Cow Productions and Shining Isle Productions.”

Governance entrenchment risk

“The purpose of the transfer is to preserve the voting power associated with the Class B Common Stock within the trust structure on a permanent basis.” · word for word

Governance entrenchment risk

“The purpose of the transfer is to preserve the voting power associated with the Class B Common Stock within the trust structure on a permanent basis.” · word for word

Governance entrenchment risk

“The purpose of the transfer is to preserve the voting power associated with the Class B Common Stock within the trust structure on a permanent basis.” · word for word

Governance entrenchment risk

“The purpose of the transfer is to preserve the voting power associated with the Class B Common Stock within the trust structure on a permanent basis.” · word for word

Going concern risk due to accumulated deficit and operating losses

“We have an accumulated deficit of approximately $279.1 million as of June 30, 2026.” · word for word

Bitcoin price volatility impacts earnings

“Net loss (gain) on digital assets of $(2,935,243) for Q2 2026 vs $7,452,328 for Q2 2025”

Pending acquisitions may not close

“As of the date of this Form 10-Q, the TCP Merger has not closed.” · word for word

Gross margin declined from ~69% to ~54% due to revenue mix shift away from theatrical.

“Gross Margin percentage was approximately 54%, compared to approximately 69% in the prior-year period.” · word for word

Net loss increased to $23.8M from $15.7M despite revenue growth.

“Net loss was approximately $23.8 million in the second quarter of 2026, compared to a net loss of $15.7 million in the second quarter of 2025.” · word for word

Related-party transactions with directors and officers raise governance concerns.

“certain directors and officers of the Company or their family members are TTS Key Operators... Company related parties own 41.6% of the units of TTS.” · word for word

Significant operational funding provided before deal closure; if deals fail, funding converts to equity at potentially unfavorable terms.

“If the acquisition of TTS by the Company is not consummated, any amount of operational funding provided by the Company to TTS since September 10, 2025 will be converted into preferred units of TTS at $1.16 per unit.” · word for word

Bitcoin holdings declined in value from $26.5M to $20.7M, exposing the company to crypto asset volatility.

“Bitcoin holdings remain unchanged at 303.1 BTC, but have declined in value from $26.5 million to $20.7 million from Q4 of 2025 to Q1 of 2026.” · word for word

Net loss remains significant at $13.8M despite improvement, indicating ongoing cash burn.

“Net loss was $13.8 million, or ($0.08) per share, in the first quarter of 2026.” · word for word

Going concern risk

“For the three months ended March 31, 2026, we incurred a net loss of approximately $13.8 million and had cash provided by operating activities of approximately $1.9 million.” · word for word

Bitcoin price volatility

“Net loss on digital assets $5,845,056 for the three months ended March 31, 2026.”

Dependence on Angel Guild growth

“The Angel Guild grew to approximately 2.22 million Angel Guild members as of March 31, 2026, accounting for 72.4% of our total revenue in 2026.” · word for word

Related-party concentration and governance risk

“Harmon brothers control ~69% voting power; significant related-party transactions with HB LLC, Black Autumn, TTS, and Angel P&A; notes payable to Angel P&A surged from $8.2M to $53.5M.”

Dual-class voting structure entrenchment

“Class B shares have 10 votes each; Harmon family controls ~69% voting power, limiting minority shareholder influence.”

Net loss widened significantly despite revenue growth; high SG&A spend.

“Net loss was $78.6 million, or ($0.47) per share, in the fourth quarter of 2025, compared to a net loss of $37.2 million” · word for word

Guidance for FY26 adj EBITDA loss <$25M implies continued losses.

“Anticipates a significantly narrowed Adjusted EBITDA loss of less than $25 Million for the Full Year 2026.” · word for word

Content dependency risk

“The loss of key content like 'The Chosen' could impact member engagement and revenue.”

Operating loss risk

“Operating loss increased 89% to $164.1 million, indicating significant cash burn.”

Bitcoin volatility risk

“Net loss on digital assets of $1.8 million in 2025 vs gain of $1.7 million in 2024.”

Widening net loss and high marketing spend may pressure cash flow.

“Net loss $38.6M vs $13.9M; selling/marketing $64.7M.”

Dependence on Angel Guild growth for revenue; member churn risk.

“Angel Guild revenue 77% of total; growth investments may not sustain.”

Operating Losses and Negative Cash Flow

“Operating loss $38,090,870 compared to $15,144,331 in prior year period”

Dependence on Angel Guild Growth

“Angel Guild revenue $59,225,827 compared to $9,028,572 in prior year period”

Bitcoin Volatility

“Net gain on digital assets $2,071,977 compared to $862,479 in prior year period”