# EDGAR Filing Document

**Accession Number:** 0001865200
**File Stem:** 0001865200-26-000018
**Filing Date:** 2026-3
**Character Count:** 32145
**Document Hash:** d2f41f0f8f615b089462e36641bba89a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001865200-26-000018.hdr.sgml**: 20260312

**ACCESSION NUMBER**: 0001865200-26-000018

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260312

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260312

**DATE AS OF CHANGE**: 20260312

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Angel Studios, Inc.
- **CENTRAL INDEX KEY:** 0001865200
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 863483780
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41150
- **FILM NUMBER:** 26748524

**BUSINESS ADDRESS:**
- **STREET 1:** 295 W CENTER STREET
- **CITY:** PROVO
- **STATE:** UT
- **ZIP:** 84601
- **BUSINESS PHONE:** 760-933-8437

**MAIL ADDRESS:**
- **STREET 1:** 295 W CENTER STREET
- **CITY:** PROVO
- **STATE:** UT
- **ZIP:** 84601

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Southport Acquisition Corp
- **DATE OF NAME CHANGE:** 20210601

?xml version='1.0' encoding='ASCII'? Angel Studios, Inc._March 12, 2026

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): March 12, 2026**

**Angel Studios, Inc.**

(Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41150** | **86-3483780** |
| (State or other jurisdiction of<br>incorporation or<br>organization) | (Commission File Number)  | (I.R.S. Employer<br>Identification No.) |

---

**295 W Center St.Provo, UT 84601**

(Address of principal executive offices)

**(760) 933-8437**

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading symbol(s)** | **Name of each exchange on which registered** |
| &nbsp;&nbsp;Class A Common Stock, par value $0.0001 per share  | &nbsp;&nbsp;ANGX | &nbsp;&nbsp;The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |

---

On March 12, 2026, Angel Studios, Inc. (the "Company") issued a press release announcing its financial results and operational highlights for the Company's three-month and annual periods ended December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

The information under Item 2.02 of this Report, including Exhibit 99.1, attached hereto, is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or Securities Act of 1933, as amended, expect as expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

---

(d) Exhibits

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit Number** | &nbsp;&nbsp;**Description of Exhibit** |
| &nbsp;&nbsp;[99.1](angx-20260312xex99.htm) | &nbsp;&nbsp;[Press release dated March 12, 2026](angx-20260312xex99.htm) |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **ANGEL STUDIOS, INC.** | **ANGEL STUDIOS, INC.** |
| Date: March 12, 2026 | By: | /s/ Scott Klossner |
|  |  | Scott Klossner |
|  |  | Chief Financial Officer |

---

## Ex-99

**Exhibit 99.1**

**Angel Reports Fourth Quarter and Full Year 2025 Financial Results**

*~ Fourth Quarter Record Revenue of $109.9 Million, Growth of 254.3% YoY ~* 

*~ Revenue for the Twelve-Month Period, Increased 233.2% YoY ~*

 *~ The Company's Recurring Revenue Stream, The Angel Guild, Represents 65.2% of Total Revenue, having grown 488.3% YoY ~*

*~* ***DAVID*** *Became the Highest-Grossing Faith-Based Animated Theatrical Opening of All Time ~*

*~ Anticipates a Significantly Narrowed Adjusted EBITDA Loss of Less than $25 Million for the Full Year 2026 ~*

PROVO, Utah **-** Angel (NYSE: ANGX) (the "Company"), a media and technology company guided by 2.2 million grassroots Angel Guild members championing values-driven stories, today reported financial results for the fourth quarter and full year ended December 31, 2025.

**Key Highlights** 

● 2025 fourth quarter revenue increased 254.3% year-over-year to $109.9 million, compared to $31.0 million in the fourth quarter of 2024.

● The Company's recurring revenue stream, referred to as the Angel Guild, represents 62.9% of total revenues for the fourth quarter, representing year-over-year Guild revenue growth of 379.9%.

● For the 2025 full year, revenue increased 233.2% to $321.6 million, compared to $96.5 million for the full year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Angel Guild represented 65.2% of total revenues for the full year 2025, growth of 488.3% year over year.

● Guild Membership reached 2.0 million in the fourth quarter of 2025, compared to approximately 1.6 million in the third quarter of 2025 and approximately 550,000 million at the end of the fourth quarter of 2024. Quarter to date, Guild Membership stands at 2.2 million.

● Trailing twelve month Average Revenue Per Member "ARPM" was $13.67 for the quarter ended December 31, 2025, versus $13.70 in Q3. This is reflective of innovative member acquisition strategies put in place for Q4.

● Total shares issued and outstanding were 169,095,572 as of December 31, 2025.

● The Company plans to double its streaming library, adding 200 films and more than 500 television episodes and specials to the Angel platform.

------

**Theatrical Milestones and Upcoming Slate**

●  ***DAVID*** became the highest-grossing faith-based animated theatrical opening of all time.

●  ***DAVID*** had the best three-day theatrical opening in the company's history, surpassing  ***Sound of Freedom*** .

● The Company had two of the top ten highest-grossing animated domestic theatrical releases in 2025 ( ***DAVID*** and  ***The King of Kings***).

●  ***Animal Farm*** , directed by Andy Serkis and featuring the voices of Seth Rogen, Woody Harrelson, Glenn Close, Gaten Matarazzo, Kathleen Turner, and Kieran Culkin, will be released in theaters on May 1, 2026.

●  ***Young Washington*** , starring Sir Ben Kingsley, Kelsey Grammer, Mary-Louise Parker, and William Franklyn-Miller, opens on July 3, 2026, tied to America's 250th anniversary.

●  ***Zero A.D.*** , directed by Alejandro Monteverde and starring Deva Cassel, Sam Worthington, and Ben Mendelsohn, with Gael García Bernal and Jim Caviezel, will release in the fourth quarter.

**Message from our CEO**

"We listed on NYSE, achieved the highest average domestic box office per title among all independent distributors, and received by far the highest audience satisfaction scores in the industry – again," said Angel co-founder and CEO Neal Harmon. "It is all due to the wisdom, passion, and guidance of our Angel Guild, which more than tripled in size this year to more than two million strong, generating $360 million in annual recurring revenue. The Guild proves every day that there is a growing global audience for values-driven films and television."

**Fourth Quarter 2025 Financial Results**

Total revenue was $109.9 million in the fourth quarter of 2025 and $321.6 million for the twelve months ended December 31, 2025, compared to $31.0 million and $96.5 million in the prior year periods, respectively. The quarterly increase in revenues was due to an increase in Angel Guild revenue of $54.7 million and theatrical release revenue, which increased by $19.6 million as a result of the success of the ***DAVID*** theatrical rollout.

Gross Margin for the quarter was 60% compared to 58% a year ago in Q4.

Selling and marketing for the fourth quarter of 2025 was $120.6 million, compared to $38.0 million for the 2024 comparable quarter. The increase was largely due to faster than expected Guild member growth and the marketing investment to support the ***DAVID*** release.

------

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, or ($0.26) per share, in the fourth quarter of 2024.

**Liquidity** 

As of December 31, 2025, Angel has cash and cash equivalents of $44.1 million, this compares to $7.2 million as of December 31, 2024.

**Outlook**

The Company anticipates a significantly narrowed Adjusted EBITDA loss of less than $25 million for the full year 2026.

By the end of 2026, we expect to add 730 titles (including films, episodes, and comedy specials), making Angel one of the fastest-growing libraries of values-driven films and television series anywhere in the world.

**Webinar**

The Company will host a webinar on Friday, March 13, 2026, 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Date:** | &nbsp;&nbsp;Friday, March 13, 2026 |
| &nbsp;&nbsp;**Time:**  | &nbsp;&nbsp;11:00 a.m. Eastern time |
| &nbsp;&nbsp;**Dial-in:** | &nbsp;&nbsp;1-877-407-0779 |
| &nbsp;&nbsp;**International Dial-in:** | &nbsp;&nbsp;1-201-389-0914 |
| &nbsp;&nbsp;**Webcast:** | &nbsp;&nbsp;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://angx.com/.

**About Angel**

Angel (NYSE: ANGX) is a media and technology company guided by 2.2 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 the animated musical epic ***DAVID*** and ***Sound of Freedom***, which earned more than 250 million dollars at the worldwide box office. The company also has more than six billion views of its Dry Bar

------

Comedy streaming franchise, which has attracted some of the world's best-known comedians. For more information, visit www.angel.com.

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are often identified by words such as "anticipates," "expects," "intends," "plans," "believes," "estimates," "may," "will," "should," "would," "could," or similar expressions. Statements regarding the Company's financial performance, the anticipated Adjusted EBITDA loss for the full year 2026, and other expectations regarding future performance are forward-looking statements based on management's current expectations and assumptions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

"Adjusted EBITDA" is a non-GAAP financial measure defined by the Company as earnings before Interest, taxes, depreciation, amortization, stock compensation expense, and the gain/loss on digital assets, as well as exceptional items. Management uses Adjusted EBITDA as a supplemental measure of operating performance to evaluate the performance of the Company's core business operations, to facilitate comparisons of operating results across reporting periods, and to assist in planning and forecasting future periods. Adjusted EBITDA is presented as a supplemental measure of the Company's operating performance and should not be considered in isolation or as a substitute for net loss or any other measure of financial performance calculated in accordance with GAAP. The company intends to report Adjusted EBITDA on an ongoing basis beginning with its next quarterly earnings release.

"Annual recurring revenue" (ARR) is a non-GAAP financial metric calculated by multiplying the total number of Guild Members by the Company's trailing twelve-month Average Revenue Per Member ("ARPM") of $13.67 and annualizing that amount. ARR represents a forward-looking estimate of recurring membership revenue based on current membership levels and historical ARPM and should not be considered a substitute for revenue calculated in accordance with GAAP.

Actual results may differ materially from those anticipated due to a number of risks and uncertainties, including but not limited to: the Company's ability to grow and retain its Angel Guild membership base; the performance of the Company's theatrical and streaming content releases, including audience reception and box office results; competitive pressures from other streaming platforms, studios, and entertainment alternatives; adverse macroeconomic conditions, including inflation, changes in consumer spending, or capital market disruptions that could affect the Company's access to financing or its operating costs; and other risks described from time to time in the Company's filings with the Securities and Exchange Commission, including the risks and uncertainties described under the heading "Risk Factors" in the Company's most recent Annual Report on Form 10-

------

K and in any subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission.

The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

------

**ANGEL STUDIOS, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | *As of* | *As of* |
|  | December 31, 2025 | December 31, 2024 |
| <u>Assets</u> |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $44083233 | $7211826 |
| &nbsp;&nbsp;Accounts receivable, net | 51122866 | 16234301 |
| &nbsp;&nbsp;Current portion of licensing receivables, net | 9695562 | 8785636 |
| &nbsp;&nbsp;Physical inventory | 1264101 | 1711638 |
| &nbsp;&nbsp;Current portion of notes receivable | 1368581 | 747282 |
| &nbsp;&nbsp;Loan guarantee receivable |  | 9112500 |
| &nbsp;&nbsp;Royalty advance | 13827626 | 2342862 |
| &nbsp;&nbsp;Prepaid expenses and other | 13515986 | 6803155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 134877955 | 52949200 |
| Licensing receivables, net | 2579252 | 12074629 |
| Notes receivable, net of current portion | 3940918 | 4235344 |
| Property and equipment, net | 709845 | 778927 |
| Content, net | 6272925 | 1710866 |
| Intangible assets, net | 3850035 | 1917155 |
| Capitalized software, net | 13308247 | 12856305 |
| Digital assets | 26527560 | 12457387 |
| Investments in affiliates | 46014881 | 9066137 |
| Operating lease right-of-use assets | 3240021 | 2744693 |
| Other long-term assets | 89924 | 589924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $241411563 | $111380567 |
| <u>Liabilities and Stockholders' Equity</u> |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $39960272 | $7929482 |
| &nbsp;&nbsp;Accrued expenses | 24487884 | 13074655 |
| &nbsp;&nbsp;Current portion of accrued licensing royalties | 31257950 | 15362400 |
| &nbsp;&nbsp;Current portion of notes payable | 55473665 | 11455940 |
| &nbsp;&nbsp;Current portion of operating lease liabilities | 1284747 | 673295 |
| &nbsp;&nbsp;Deferred revenue | 66534622 | 22171808 |
| &nbsp;&nbsp;Loan guarantee payable |  | 9112500 |
| &nbsp;&nbsp;Current portion of accrued settlement costs |  | 280238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 218999140 | 80060318 |
| Accrued settlement costs, net of current portion |  | 4091733 |
| Accrued licensing royalties, long-term | 4441758 | 8367099 |
| Notes payable, net of current portion | 41692404 |  |
| Operating lease liabilities, net of current portion | 2058585 | 2153463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $267191887 | $94672613 |
| Commitments and contingencies (Note 13) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Common stock, $0.0001 par value, 700,000,000 shares authorized; 169,095,572 and 144,396,852 shares issued and outstanding as of December 31, 2025, and December 31, 2024, respectively | $16909 | $14440 |
| &nbsp;&nbsp;Additional paid-in capital | 210079998 | 95485005 |
| &nbsp;&nbsp;Noncontrolling interests | 5653837 | 8222953 |
| &nbsp;&nbsp;Accumulated deficit | (241531068) | (87014444) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | (25780324) | 16707954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $241411563 | $111380567 |

---

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**ANGEL STUDIOS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Three Months as of December 31,*  | &nbsp;&nbsp; *Three Months as of December 31,*  | &nbsp;&nbsp; *Twelve Months as of December 31,* | &nbsp;&nbsp; *Twelve Months as of December 31,* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2025 2024* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2025 2024* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2025 2024* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2025 2024* |
| &nbsp;&nbsp;Revenue: |  |  |  |  |
| &nbsp;&nbsp;Licensed content and other revenue | $&nbsp;&nbsp; 109770048 | $&nbsp;&nbsp;29698870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319760470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88691769 |
| &nbsp;&nbsp;Pay it Forward revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7824670 |
| &nbsp;&nbsp;Total revenue | &nbsp;&nbsp; 109933768 | &nbsp;&nbsp;31030641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321558306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96516439 |
| &nbsp;&nbsp;Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Cost of revenues | &nbsp;&nbsp;43758483 | &nbsp;&nbsp;13020584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124859025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44359743 |
| &nbsp;&nbsp;Selling and marketing | &nbsp;&nbsp; 120599366 | &nbsp;&nbsp;38023165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297318582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92916888 |
| &nbsp;&nbsp;General and administrative | &nbsp;&nbsp;10534116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6311140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37865112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22283772 |
| &nbsp;&nbsp;Research and development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4196768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15527749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12842710 |
| &nbsp;&nbsp;Legal expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10096316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10832877 |
| &nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp; 180809544 | &nbsp;&nbsp;59790845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485666784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183235990 |
| &nbsp;&nbsp;Operating loss | &nbsp;&nbsp; (70875776) | &nbsp;&nbsp; (28760204) | &nbsp;&nbsp;(164108478) | &nbsp;&nbsp; (86719551) |
| &nbsp;&nbsp;Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;Net gain (loss) on digital assets | &nbsp;&nbsp;(8017928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1792728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683946 |
| &nbsp;&nbsp;Interest expense | &nbsp;&nbsp;(3549577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11834846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2366014) |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5445207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490743 |
| &nbsp;&nbsp;Other income (expense) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424524 | &nbsp;&nbsp;(1000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1000000) |
| &nbsp;&nbsp;Total other income (expense), net | &nbsp;&nbsp;(7741213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6382843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808675 |
| &nbsp;&nbsp;Loss before income tax benefit | &nbsp;&nbsp; (78616989) | &nbsp;&nbsp; (29158233) | &nbsp;&nbsp;(170491321) | &nbsp;&nbsp; (84910876) |
| &nbsp;&nbsp;Income tax benefit | &nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8017769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534602 |
| &nbsp;&nbsp;Net loss | $&nbsp;&nbsp; (78616989) | $&nbsp;&nbsp; (37176002) | $&nbsp;&nbsp;(170491321) | $&nbsp;&nbsp; (88445478) |
| &nbsp;&nbsp;Net gain (loss) attributable to noncontrolling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172101) |
| &nbsp;&nbsp;Net loss attributable to controlling interests | $&nbsp;&nbsp; (78625249) | $&nbsp;&nbsp; (37091304) | $&nbsp;&nbsp; (170478642) | $&nbsp;&nbsp; (88273377) |
| &nbsp;&nbsp;Net loss per common share - basic | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.466) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.257) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.098) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.640) |
| &nbsp;&nbsp;Net loss per common share - diluted | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.466) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.257) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.098) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.640) |
| &nbsp;&nbsp;Weighted average common shares outstanding - basic | &nbsp;&nbsp; 168730423 | &nbsp;&nbsp; 144077725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155250925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137994383 |
| &nbsp;&nbsp;Weighted average common shares outstanding - diluted | &nbsp;&nbsp; 168730423 | &nbsp;&nbsp; 144077725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155250925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137994383 |

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**ANGEL STUDIOS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)**

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| | | |
|:---|:---|:---|
|  | ***Year Ended December 31,*** | ***Year Ended December 31,*** |
|  | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| Net income (loss) | $(170491321) | $(88445478) |
| Adjustments to reconcile net income (loss) to net cash and cash equivalents provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 14419077 | 7898355 |
| &nbsp;&nbsp;&nbsp;Amortization of operating lease assets | 925838 | 678806 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 9666985 | 3641940 |
| &nbsp;&nbsp;&nbsp;Net loss (gain) on digital assets | 1792728 | (1683946) |
| &nbsp;&nbsp;&nbsp;Miscellaneous (gain)/loss | (1799524) | 1000000 |
| &nbsp;&nbsp;&nbsp;Investments in affiliates gain | (271703) | (67608) |
| &nbsp;&nbsp;&nbsp;Non-cash interest expense | 1659821 |  |
| &nbsp;&nbsp;&nbsp;Paid-in-kind interest | 6349790 |  |
| &nbsp;&nbsp;&nbsp;Bad debt expense | 233774 | 204151 |
| &nbsp;&nbsp;&nbsp;Change in deferred income taxes |  | 4000319 |
| &nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (35122339) | 7702451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Physical inventory | 447537 | 1132043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty advance | (1309274) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (6712831) | (4829440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificate of deposit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Licensing receivables | 8585451 | (1729500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets |  | (515000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 32865595 | 13455520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued licensing royalties | 11970209 | (11353995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (904592) | (636288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 44362814 | 18251160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash and cash equivalents provided by (used in) operating activities | (83331965) | (51296510) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (509424) | (303793) |
| &nbsp;&nbsp;&nbsp;Issuance of notes receivable | (986386) | (1865603) |
| &nbsp;&nbsp;&nbsp;Collections of notes receivable | 659513 | 2092564 |
| &nbsp;&nbsp;&nbsp;Purchase of digital assets |  | (624644) |
| &nbsp;&nbsp;&nbsp;Sale of digital assets | 99117 | 2287978 |
| &nbsp;&nbsp;&nbsp;Purchase of intangible assets | (3006012) |  |
| &nbsp;&nbsp;&nbsp;Additions to internal-use software | (8693434) | (8415649) |
| &nbsp;&nbsp;&nbsp;Purchase of content | (6346681) | (519143) |
| &nbsp;&nbsp;&nbsp;Investments in affiliates | (36967815) | (5495376) |
| &nbsp;&nbsp;&nbsp;Return on investments in affiliates | 165774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash and cash equivalents used in investing activities | (55585348) | (12843666) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of notes payable | (67053622) | (18438039) |
| &nbsp;&nbsp;&nbsp;Repayment of loan guarantee | (10175490) |  |
| &nbsp;&nbsp;&nbsp;Receipt of notes payable | 157340048 | 23750000 |
| &nbsp;&nbsp;&nbsp;Repayment of accrued settlement costs | (4371972) | (188042) |
| &nbsp;&nbsp;&nbsp;Exercise of stock options | 636449 | 619237 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock | 104148424 | 32818130 |
| &nbsp;&nbsp;&nbsp;Investments in minority owned entities |  | 8800000 |
| &nbsp;&nbsp;&nbsp;Contribution of equity in noncontrolling interests | 13730922 |  |
| &nbsp;&nbsp;&nbsp;Redemption of equity in noncontrolling interests | (15753060) |  |
| &nbsp;&nbsp;&nbsp;Repurchase of common stock | (437791) | (706645) |
| &nbsp;&nbsp;&nbsp;Equity issuance costs | (705441) |  |
| &nbsp;&nbsp;&nbsp;Equity issuance costs related to minority interests | (534299) | (502000) |
| &nbsp;&nbsp;&nbsp;Debt financing fees | (1035448) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash and cash equivalents provided by financing activities | 175788720 | 46152641 |
| Effect of changes in foreign currency exchange rates on cash and cash equivalents |  | (2064) |
| Net increase (decrease) in cash and cash equivalents | 36871407 | (17989599) |
| Cash and cash equivalents at beginning of period | 7211826 | 25201425 |
| Cash and cash equivalents at end of period | $44083233 | $7211826 |
| Supplemental disclosure of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $7814377 | $2371370 |
| Supplemental schedule of noncash financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Adoption of ASU No. 2023-08 | $15962018 | $— |
| &nbsp;&nbsp;&nbsp;Conversion of debt | 7092139 |  |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Issuance of warrants | 2533091 |  |
| &nbsp;&nbsp;&nbsp;Debt conversion feature | 1925229 |  |
| &nbsp;&nbsp;&nbsp;Investment capital receivable |  | 4925053 |
| &nbsp;&nbsp;&nbsp;Investment of bitcoin for issuance of common stock |  | 9474985 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets and liabilities | (1421166) | 2137262 |

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View source version on businesswire.com:

https://www.businesswire.com/news/home/20260312673348/en/

**Contacts:**

David Shane

Corporate Communications

Press@angel.com

Luk Janssens

Investor Relations

InvestorRelations@angel.com

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