ANGX Angel Studios, Inc.

Overview and Growth

Fiscal 2025 results for Angel Studios, Inc. combined $321.56M of revenue with net loss of $170.48M and an operating cash outflow of $83.33M. At $321.56M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 233.2% above fiscal 2024 revenue of $96.52M, marking a year-over-year increase. Diluted earnings per share were -$1.10, translating the period’s attributable earnings into the amount reported for each diluted share. A diluted share base of 155.25M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. The diluted share count was 12.5% higher than fiscal 2024, when diluted shares averaged 137.99M, adding context to the EPS comparison. The company employed $241.41M of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 1.33x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $196.70M as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 61.2% of revenue, quantifying the portion retained before operating expenses were recognized. The company recorded an operating loss of $164.11M after the reported operating expense base. An operating margin of -51.0% reflected costs exceeding revenue-level gross profit by 51.0% of sales. The company ended the period with a net loss of $170.48M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 53.0% after all recognized items. The company reported negative EBITDA of $149.69M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. Before income taxes, the company recorded a loss of $170.49M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 53.0%. Relative to total assets, the net loss represented 70.6%. The bottom-line deficit increased from $88.27M in fiscal 2024 to $170.48M.

Liquidity and Capital Structure

The company held $241.41M of assets against $267.19M of liabilities and -$25.78M of equity, revealing how the asset base was financed. Equity was negative at -$25.78M, meaning liabilities exceeded the residual book value available to shareholders and weakening balance-sheet resilience. At period end, current assets of $134.88M compared with current liabilities of $219.00M, defining the company’s short-term resource position. Current assets covered only 0.62x of current liabilities, so current liabilities exceeded current assets at period end. The company held $44.08M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 20.1% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $45.50M, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-assets relationship was 18.8%, comparing borrowing with the total asset balance. The equity-to-assets relationship was -10.7%, placing book capital against the total resource base. Liabilities represented 110.7% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 18.3% of total assets, showing the liquid cash component within the company’s broader resource base. Against $16.71M of equity in fiscal 2024, the current book-equity balance moved 254.3% and ended lower. Compared with $7.21M in fiscal 2024, the current cash balance moved 511.3% and finished higher.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $83.33M, rather than cash generation from operations. Compared with a $51.30M operating cash outflow in fiscal 2024, the current outflow increased to $83.33M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.