Angel Studios Narrows Third-Quarter Loss to $5.2 Million

The Tip Desk · November 12, 2026 · 3 min read

Revenue more than doubled to $159.0 million as Guild members reached 2.94 million and the company reiterated a full-year Adjusted EBITDA loss of less than $25 million.

Angel Studios (ANGX), a media and technology company built around an audience-driven, values-driven slate, reported third-quarter revenue of $159.0 million, up 107.7% from a year earlier and 42.4% from the second quarter.

The net loss narrowed to $5.2 million, or $0.03 a share, from $23.8 million in the second quarter and $38.5 million, or $0.25 a share, in the third quarter of 2025. Adjusted EBITDA was a loss of $3.2 million, compared with an $11.7 million loss in the second quarter and a $32.6 million loss a year earlier.

Guild revenue was $115.6 million, up 95.3% year-over-year and 27.5% quarter-over-quarter. Paying Guild members reached 2.94 million as of September 30, 2026, up 1.36 million from a year earlier and 12.6% from 2.61 million at June 30. The company added approximately 335,000 net members in the quarter, after about 390,000 in the second quarter.

Chief executive Neal Harmon said the Guild added about 335,000 net new members while, according to Antenna, U.S. premium SVOD services lost 1.7 million subscribers in the same period. Guild selling and marketing expense was 55.2% of Guild revenue, compared with 75.0% a year earlier.

Other revenue, including theatrical, was $43.4 million, up from $21.0 million in the second quarter. Theatrical release revenue was $29.0 million, up from $5.5 million in the third quarter of 2025, with Young Washington, Brink of War and Runner. Young Washington delivered $47 million at the domestic box office, which the company called its highest-grossing release of 2026. Guild revenue’s share of total revenue fell to 72.7% from 81.2% in the second quarter.

Gross margin was 63%, compared with 54% in the second quarter and 55% in the third quarter of 2025. Operating loss was $10.3 million. The company generated positive operating cash flow of $10.3 million in the quarter.

Deferred revenue grew to $98.5 million from $82.5 million at June 30, 2026, which the company said reflected growth in annual Guild memberships paid in advance. Cash and cash equivalents were $45.6 million. Total notes payable stood at $75.5 million. Angel held 304 bitcoin valued at $25.4 million.

The company completed previously announced acquisitions of Tuttle Twins and The Wingfeather Saga, increasing class A common stock by 9.4 million shares. Shares issued and outstanding were 196,323,468 as of September 30, 2026. The TV and film library stood at more than 1,500 releases, up from 837 on December 31, 2025.

Angel reiterated full-year 2026 guidance of an Adjusted EBITDA loss of less than $25 million. For the nine months ended September 30, 2026, the Adjusted EBITDA loss was $10.9 million, compared with a $78.8 million loss in the first nine months of 2025.

The holiday theatrical slate, the company said, is built for the big screen and timed for the season when families go to the movies together. It opens with Drummer Boy, a period-piece musical, continues with Hershey, a heartwarming story of the Hershey Company’s roots, and closes at Christmas with Zero A.D., the story of the birth of Christ.