Angel Studios, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the U.S. Securities and Exchange Commission on November 10, 2026, reporting third-quarter and nine-month financial results for NYSE:ANGX.

Key Highlights

  • Q3 2026 revenue of $159,015,551 compared to $76,542,482 in Q3 2025, according to the filing.
  • Q3 2026 net loss of $5,153,933 compared to a net loss of $38,498,571 in Q3 2025, as reported.
  • Nine-month revenue of $385,826,547 versus $211,624,538 for the same period in 2025, per the filing.
  • Goodwill of $31,520,390 appeared on the September 30, 2026 balance sheet, compared to zero at December 31, 2025, the company disclosed.
  • Deferred revenue rose to $98,518,187 as of September 30, 2026, up from $66,534,622 at December 31, 2025.
  • Total assets increased to $316,043,161 from $241,411,563 at year-end 2025, according to the filing.
  • 196,323,468 total shares were issued and outstanding as of September 30, 2026, up from 169,095,572 at December 31, 2025.

Angel Studios Reports Sharply Narrowed Loss and Higher Revenue in Q3 2026

According to the filing, Angel Studios reported third-quarter 2026 revenues of $159,015,551, more than double the $76,542,482 recorded in the same quarter of 2025. Total operating expenses for Q3 2026 were $169,365,463, producing an operating loss of $10,349,912, compared to an operating loss of $37,977,884 in Q3 2025. The company attributed part of the other-income improvement to a net gain on digital assets of $7,588,558 in the quarter, partially offset by interest expense of $4,279,857.

For the nine months ended September 30, 2026, the registrant reported revenues of $385,826,547 against total operating expenses of $417,354,014, resulting in an operating loss of $31,527,467. This compares to a nine-month operating loss of $92,893,744 for the same period in 2025. The nine-month net loss was $42,704,015 versus $91,535,374 in the prior-year period, as disclosed. Net loss per common share on a basic and diluted basis was $(0.027) for Q3 2026 and $(0.236) for the nine months ended September 30, 2026.

On the balance sheet, the company disclosed total assets of $316,043,161 as of September 30, 2026, up from $241,411,563 at December 31, 2025. Total liabilities stood at $305,915,795, leaving total stockholders' equity of $10,127,366, a shift from a stockholders' equity deficit of $(25,780,324) at year-end 2025. The filing noted the appearance of $31,520,390 in goodwill at September 30, 2026, where none existed at December 31, 2025. The registrant is classified as a non-accelerated filer and an emerging growth company.

What Was Disclosed

Angel Studios filed its quarterly report for the period ended September 30, 2026, disclosing revenue, operating losses, balance sheet changes including new goodwill, and share counts. The registrant's Class A Common Stock trades on the New York Stock Exchange under the symbol ANGX.