Key Highlights

● Second-quarter Revenue was $111.7 million, up 27.5% from $87.6 million.

● Guild revenue rose 93.8% to $90.7 million, about 81% of the total.

● Paying Guild members reached 2.61 million, up 99.2% year on year.

● Full-year adjusted EBITDA loss guidance is no more than $25 million.

Third-quarter results date

Angel Studios, Inc. (NYSE:ANGX), a media and technology company based in Provo, Utah, announced on 14 October 2026 that it will release third-quarter results once trading ends on Tuesday 10 November, with a webinar at 8am Eastern Time on Wednesday 11 November. Until then, the most recent financial information is the second-quarter report published on 4 August 2026.

Second-quarter results

Revenue was $111.7 million, up 27.5% from $87.6 million. Guild revenue, from the company's paying membership programme, was $90.7 million, up 93.8% and 8.9% from the previous quarter, and made up about 81% of the total. Paying Guild members reached 2.61 million, up 99.2% year on year and 17.6% sequentially, and passed 2.85 million by 31 July.

Total revenue grew far more slowly than Guild revenue. Revenue outside the Guild fell from about $40.8 million to about $21.0 million. The company cited higher-margin theatrical income from King of Kings in the prior-year period when explaining its margin, which may account for part of the fall, although the release summary did not say so directly.

Profitability and cash

Gross Margin was about 54%, down from about 69%, mainly because the second quarter of 2025 included higher-margin theatrical revenue. Guild selling and Marketing costs fell to 52.8% of Guild revenue from 71.6%. The net loss was $23.8 million, or $0.129 per share, against $15.7 million and $0.106 a year earlier.

Adjusted EBITDA, a non-GAAP measure, was a loss of $11.7 million, narrower than the $17.5 million loss a year earlier, after positive adjusted EBITDA of $4.0 million in the first quarter. Operating Cash Flow was positive $16.9 million, compared with negative $10.6 million. Cash was $48.0 million at 30 June, up from $44.1 million at the end of 2025, and the Trinity Credit Facility was undrawn. Bitcoin holdings were unchanged at 303.1 bitcoin.

Guild marketing efficiency improved as a ratio, but not necessarily in dollars. Applying the stated percentages, selling and marketing for the Guild was about $47.9 million this quarter against roughly $33.5 million a year earlier, so spending grew while efficiency rose. The net loss was about 21% of revenue, compared with about 18% in the prior-year quarter.

Angel Studios Guild growth and film slate checkpoints

Angel planned seven theatrical releases in the second half of 2026 and reiterated guidance for a full-year adjusted EBITDA loss of no more than $25 million. With a first-half loss of $7.7 million, that leaves room for a second-half loss of up to $17.3 million. This is a company limit, not a forecast of results.

Chief executive Neal Harmon credited audience-driven curation, values-based storytelling and filmmaker revenue sharing for the more efficient model. The second-half loss ceiling of $17.3 million is the figure the third-quarter results on 10 November begin to test, with seven theatrical releases planned across the same six months.