Angel Studios (ANGX) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 revenue of $76.5 million, up 280% year-over-year, and $211.6 million for the first nine months, up 223% year-over-year.

• Angel Guild membership reached 1.6 million, up over 500% year-over-year and 19% sequentially, now contributing 77% of total revenue.

• Completed public listing on NYSE as 'ANGX' in September 2025, raising capital and expanding reach, with nearly 70,000 investors at debut.

• Announced $80 million acquisition of the David franchise and three top-performing series, strengthening IP portfolio.

• Net loss widened to $38.6 million for Q3, reflecting increased marketing and content investments and one-time listing costs.

Financial highlights

• Q3 revenue: $76.5 million (up from $20 million in Q3 2024); nine-month revenue: $211.6 million (up from $65.5 million last year).

• Net loss: $38.6 million ($0.25/share) vs. $13.9 million ($0.10/share) last year, including public listing expenses.

• Cost of revenues: $34.3 million (up from $8.1 million), selling/marketing: $64.7 million (up from $16.6 million).

• Cash and equivalents: $63.3 million at quarter end (up from $7.2 million at end of 2024).

• Raised $102.8 million from common stock sales and $32 million from P&A loans in the nine months.

Outlook and guidance

• Fourth quarter expected to be strong due to major releases and holiday seasonality.

• No formal guidance provided due to high growth and variability; focus remains on scaling Guild membership and recurring revenue.

• Management expects continued operating losses as investments in marketing and content persist.

• Projected capital resources are expected to cover operating needs for at least the next twelve months.

• Upcoming theatrical releases include "David" (Dec 2025), "I Was a Stranger" (Jan 2026), and "Solo Mio" (Feb 2026).