Angel Studios (ANGX) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue increased 27.5%–28% year-over-year to $111–$111.7 million, driven by strong Guild membership growth and improved operating leverage.

• Guild membership reached 2.61 million in Q2 2026, up 99% year-over-year and 17.6% sequentially, with 2.85 million as of July 31, 2026.

• Net loss for Q2 2026 was $23.8 million ($0.129/share), compared to $15.7 million ($0.106/share) in Q2 2025, reflecting higher costs and digital asset losses.

• The business model centers on an audience-driven platform, leveraging community input for content selection and investment efficiency.

Financial highlights

• Guild revenue was $90.7 million in Q2 2026, up 93.8% year-over-year and now representing 76.7%–84% of total revenue.

• Gross margin declined to 53.7%–54% from 69% year-over-year due to a shift in revenue mix toward Guild revenue.

• Adjusted EBITDA loss for Q2 2026 was $11.7 million, improved from $17.5 million in Q2 2025; first half 2026 loss was $7.7 million, a significant improvement from $46.2 million in the prior year period.

• Operating cash flow turned positive at $16.9 million, a $27.5 million improvement from Q2 2025.

• Cash and cash equivalents as of June 30, 2026, were $48 million, up from $28 million a year earlier.

Outlook and guidance

• The company reaffirmed its commitment to keep full-year adjusted EBITDA loss below $25 million.

• Six to seven theatrical releases remain for the second half of 2026, expected to drive further Guild growth and brand awareness.

• International expansion is planned once profitability or free cash flow is achieved.

• Existing capital resources, recurring revenues, and access to debt facilities are expected to be sufficient for at least the next twelve months.