ANGX · Angel Studios, Inc.

Angel Studios reported a transformative first quarter in 2026, with revenue surging 143% year-over-year to $115.1 million, driven primarily by the Angel Guild's recurring revenue stream, which grew 140% YoY and now represents 72% of total revenue. The Guild membership expanded 11% sequentially to 2.22 million paying members, reflecting strong organic growth and improved marketing efficiency. Selling and marketing expenses improved dramatically from 107% of revenue in Q1 2025 to 49% in Q1 2026, and as a percentage of Guild revenue, it dropped from 79% in Q4 2025 to 43% in Q1 2026. This operating leverage enabled the company to achieve positive Adjusted EBITDA of $4.0 million, compared to a loss of $28.7 million in the prior year. Gross margin expanded to 62% from 59%, as revenue growth outpaced cost of revenues. Net loss narrowed to $13.8 million ($0.08 per share) from $37.3 million ($0.26 per share). Management attributed the results to the "flywheel" effect of the Guild: as the library grows with premium content, membership accelerates, lowering acquisition costs and deepening engagement. The company reiterated its full-year 2026 Adjusted EBITDA loss guidance of less than $25 million, implying continued improvement. Cash and equivalents stood at $38.9 million as of March 31, 2026, and the company raised $34.5 million in gross proceeds from an April 2026 registered offering of 16.4 million shares at $2.10 per share, providing additional liquidity. Bitcoin holdings remained at 303.1 BTC but declined in value to $20.7 million from $26.5 million in Q4 2025.