Key Highlights

  • Second-quarter 2026 Revenue was $111.7 million, up 27.5% from $87.6 million a year earlier.
  • Guild paying members reached 2.61 million at the end of June 2026, up 99.2% year on year, and passed 2.85 million by 31 July.
  • The company reiterated a full-year 2026 target of an adjusted EBITDA loss of no more than $25 million.

The latest company announcement

Angel Studios (NYSE:ANGX), which presents itself as Angel on its Investor relations site, announced on 22 October 2026 that it will take part in four investor conferences. They are the ROTH Technology Conference in New York on 17 and 18 November, the UBS Global Technology and AI Conference in Arizona from 30 November to 3 December, the Wells Fargo TMT Summit in California on 9 December, and the ROTH Deer Valley event in Utah from 9 to 12 December.

The announcement contains no financial results, and management will be available for one-to-one and small group investor meetings at each event. The latest results are those for the second quarter, released on 4 August 2026, which this article uses.

Second-quarter results

Total revenue was $111.7 million, up 27.5% from $87.6 million in the second quarter of 2025. The company's Guild, its paid membership, generated $90.7 million, up 93.8% from $46.8 million and up 8.9% on the previous quarter. The Guild represented about 81% of total revenue.

Guild paying members reached 2.61 million at the end of June, up 99.2% from 1.31 million a year earlier. The company said membership passed 2.85 million as of 31 July 2026. Membership figures are now published in real time on its website. The company held an Earnings webcast on 5 August 2026, and a transcript is posted on its site.

Losses and cash

The net loss was $23.8 million, or $0.129 per share, compared with $15.7 million, or $0.106 per share, a year earlier. Adjusted EBITDA, a non-GAAP measure, was a loss of $11.7 million, compared with a loss of $17.5 million a year earlier and a profit of $4.0 million in the first quarter of 2026.

For the first half, adjusted EBITDA was a loss of $7.7 million, against a loss of $46.2 million for the first half of 2025. Operating Cash Flow was positive $16.9 million in the quarter, against negative $10.6 million a year earlier.

Balance sheet and bitcoin

Cash and cash equivalents were $48.0 million at 30 June 2026, compared with $44.1 million at the end of 2025. The company did not draw on its Trinity Credit Facility during the quarter. Its bitcoin holdings were unchanged at 303.1 bitcoin.

The release does not value the bitcoin holding. The quarterly report, filed on 4 August, sets out the accounting treatment and details of Debt and other obligations.

Guidance and the film slate

The following is company guidance, not a reported result. The company reiterated its full-year 2026 target of reducing the adjusted EBITDA loss to no more than $25 million. It provided no third-quarter guidance.

The company plans seven theatrical releases in the second half of 2026, although the release names no titles. Because adjusted EBITDA swung from a $4.0 million profit in the first quarter to an $11.7 million loss in the second, quarterly results can vary materially, and half-year and full-year figures may give a clearer picture.

What to watch

Points to follow include Guild membership against the 2.85 million figure given for 31 July, the pace of Guild revenue growth against 93.8%, whether adjusted EBITDA stays within the full-year loss limit of $25 million, and how the seven planned releases are received. Cash of $48.0 million and the credit facility are the Liquidity items to follow, so any drawing or other financing would be worth noting.