Complete Filing Data
Angel Studios, Inc. reported Net Income Loss of -$170.48 million for FY2025.
All values from 10-K, 20-F, and 10-Q filings on SEC EDGAR, organized by financial statement. Scroll each table horizontally for the full history. Blank cells mean Angel Studios, Inc. did not report that metric for that period in XBRL — often because accounting standards changed which tag a company files under (for example, most companies moved revenue to the ASC-606 tag in 2018), so a metric may continue in a different row. Rows marked * merge those successor tags into one continuous series, preferring the audited value from the newest-standard tag where periods overlap.
Income Statement
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Net Income * | -$170.5M | -$88.3M | $13.4M | $18.1M | -$2.3M |
| Operating Income Loss | -$164.1M | -$86.7M | $12.4M | -$1.6M | |
| Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest | -$170.5M | -$84.9M | $10.5M | $18.5M | |
| Income Tax Expense Benefit | $3.5M | -$2.7M | $362.3K | ||
| Nonoperating Income Expense | -$6.4M | $1.8M | -$1.8M | ||
| Sales And Excise Tax Payable Current | $2.0M | ||||
| Other Nonoperating Income Expense | $1.8M | -$1.0M | |||
| Interest Expense Nonoperating | $11.8M | $2.4M | $3.7M | ||
| Other General And Administrative Expense | $217.4K | ||||
| Other Nonoperating Income | $5.7M | $20.1M | |||
| Revenue From Contract With Customer Excluding Assessed Tax | $321.6M | $96.5M | $202.4M | ||
| Cost Of Revenue | $124.9M | $44.4M | $86.0M |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 | Q2 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income * | -$38.6M | -$1.6M | -$101.7K | -$13.9M | -$505.0K | $261.6K | -$10.5K | $1.7M | $1.2M | $1.3M | $3.4M | $10.4M | -$598.00 | -$1.9K | |
| Operating Income Loss | -$38.1M | -$342.2K | -$76.7K | -$15.1M | -$287.7K | -$406.6K | -$137.8K | -$370.1K | -$278.8K | -$352.5K | -$366.8K | -$504.5K | -$598.00 | -$1.9K | |
| Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest | -$38.6M | -$1.6M | -$13.4K | -$14.0M | -$455.6K | $326.3K | $132.4K | $2.2M | $1.7M | $1.3M | $3.4M | $10.4M | |||
| Income Tax Expense Benefit | $277.00 | $88.3K | -$80.1K | $49.4K | $64.7K | $143.0K | $591.0K | $520.0K | |||||||
| Nonoperating Income Expense | -$520.7K | -$1.2M | $63.4K | $1.2M | -$167.8K | $732.9K | |||||||||
| Sales And Excise Tax Payable Current | $2.4M | $2.4M | $2.4M | $2.3M | $2.3M | $2.3M | $2.0M | ||||||||
| Other Nonoperating Income Expense | -$1.2M | -$167.8K | $270.2K | $2.6M | |||||||||||
| Interest Expense Nonoperating | $4.0M | $452.2K | |||||||||||||
| Other General And Administrative Expense | $7.8K | $98.3K | $22.1K | $25.9K | $14.0K | $61.5K | |||||||||
| Other Nonoperating Income | $732.9K | $270.2K | $2.6M | $2.0M | $1.7M | $3.7M | $10.9M | ||||||||
| Revenue From Contract With Customer Excluding Assessed Tax | $76.5M | $20.1M | |||||||||||||
| Cost Of Revenue | $34.3M | $8.1M |
Balance Sheet
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Stockholders Equity * | -$25.8M | $16.7M | $51.0M | -$1.5M | -$24.3M |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | $44.1M | $7.2M | $25.2M | $10.7M | $2.0M |
| Temporary Equity Accretion To Redemption Value Adjustment | $966.2K | $6.7M | $3.4M | ||
| Retained Earnings Accumulated Deficit | -$241.5M | -$87.0M | -$4.2M | -$1.5M | -$24.3M |
| Liabilities Current | $219.0M | $80.1M | $5.0M | $1.2M | $1.0M |
| Liabilities And Stockholders Equity | $241.4M | $111.4M | $46.9M | $238.3M | $236.6M |
| Liabilities | $267.2M | $94.7M | $5.6M | $1.7M | $26.3M |
| Assets Current | $134.9M | $52.9M | $2.2M | $278.5K | $2.0M |
| Assets | $241.4M | $111.4M | $46.9M | $238.3M | $236.6M |
| Accounts Payable Current | $40.0M | $7.9M | $99.5K | $98.0K | $15.1K |
| Assets Held In Trust Noncurrent | $12.9M | $44.7M | $238.0M | $234.6M | |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect | -$1.7M | $2.1M | -$1.9M | ||
| Remeasurement Of Class Common Stock Subject To Possible Redemption | $966.2K | $6.7M | $3.4M | ||
| Liabilities Noncurrent | $580.5K | $527.1K | $25.3M | ||
| Accrued Offering Costs | $184.0K | $184.0K | $795.5K | ||
| Cash | $44.1M | $7.2M | |||
| Assets Noncurrent | $44.7M | $238.0M | $234.6M | ||
| Investment Income Dividend Accrued On Marketable Securities | $1.6K | $198.4K | $759.5K | ||
| Other Liabilities Current | $236.2K | $244.6K | |||
| Accrued Liabilities Current | $24.5M | $13.1M | |||
| Excess Fair Value Of Common Stock Transferred By Sponsor | $275.0K | $934.9K | |||
| Administrative Support Fee Payable Related Party | $231.5K | ||||
| Excise Tax Liability | $447.6K | $2.0M | |||
| Adjustments To Accumulated Deficit Excise Tax Liability | -$447.6K | -$2.0M | |||
| Accrued Expenses | $2.3M | $681.4K | $213.2K | ||
| Cash Paid For Taxes | $2.2M | ||||
| Notes Payable Current | $55.5M | $11.5M | |||
| Temporary Equity Carrying Amount Attributable To Parent |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stockholders Equity * | $37.2M | -$10.2M | -$8.6M | -$8.5M | -$5.0M | -$3.6M | -$3.0M | -$3.4M | -$3.7M | -$3.2M | -$2.8M | -$2.6M | -$10.8M | -$13.9M | $22.5K | $23.1K | ||
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | $63.3M | $328.6K | $354.3K | $11.3M | $490.7K | $523.2K | $2.4M | $461.5K | $16.7K | $173.4K | $472.6K | $531.1K | $24.4K | $25.0K | ||||
| Temporary Equity Accretion To Redemption Value Adjustment | $165.5K | $163.6K | $559.9K | $731.2K | $2.9M | $2.5M | $1.1M | $311.0K | $22.3K | |||||||||
| Retained Earnings Accumulated Deficit | -$175.8M | -$10.9M | -$9.3M | -$5.7M | -$4.2M | -$3.7M | -$4.0M | -$3.2M | -$2.8M | -$2.6M | -$10.8M | -$13.9M | ||||||
| Liabilities Current | $113.1M | $4.8M | $4.6M | $3.8M | $3.7M | $3.5M | $4.8M | $200.4M | $1.8M | $746.2K | $822.0K | $668.3K | ||||||
| Liabilities And Stockholders Equity | $197.0M | $850.3K | $1.0M | $13.5M | $13.4M | $13.2M | $46.5M | $243.4M | $240.6M | $236.5M | $235.9M | $235.8M | ||||||
| Liabilities | $159.8M | $10.6M | $9.2M | $5.7M | $4.2M | $3.7M | $6.1M | $201.3M | $2.9M | $3.1M | $11.8M | $15.1M | ||||||
| Assets Current | $123.1M | $412.1K | $594.0K | $649.0K | $621.4K | $653.9K | $2.4M | $461.5K | $115.3K | $532.7K | $961.0K | $1.1M | ||||||
| Assets | $197.0M | $850.3K | $1.0M | $13.5M | $13.4M | $13.2M | $46.5M | $243.4M | $240.6M | $236.5M | $235.9M | $235.8M | ||||||
| Accounts Payable Current | $11.1M | $297.4K | $199.7K | $150.6K | $217.9K | $159.1K | $216.1K | $271.6K | $161.8K | $70.4K | $155.2K | $17.7K | ||||||
| Assets Held In Trust Noncurrent | $438.2K | $433.6K | $429.2K | $12.7M | $12.6M | $44.1M | $242.9M | $240.5M | $236.0M | $234.9M | $234.6M | |||||||
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect | -$140.6K | -$1.6M | -$34.1K | -$1.4M | $25.0K | |||||||||||||
| Remeasurement Of Class Common Stock Subject To Possible Redemption | $4.5K | $559.9K | $2.5M | $22.3K | ||||||||||||||
| Liabilities Noncurrent | $5.8M | $4.6M | $4.6M | $1.9M | $464.0K | $132.6K | $1.3M | $928.0K | $1.1M | $2.3M | $11.0M | $14.4M | ||||||
| Accrued Offering Costs | $184.0K | $184.0K | $184.0K | $184.0K | $184.0K | $184.0K | $184.0K | $184.0K | $184.0K | $184.0K | $184.0K | $184.0K | ||||||
| Cash | $63.3M | $472.6K | $531.1K | $2.0M | ||||||||||||||
| Assets Noncurrent | $438.2K | $433.6K | $429.2K | $12.9M | $12.7M | $12.6M | $44.1M | $242.9M | $240.5M | $236.0M | ||||||||
| Investment Income Dividend Accrued On Marketable Securities | $1.5K | $175.9K | $912.2K | |||||||||||||||
| Other Liabilities Current | $270.6K | $270.6K | $270.6K | $270.6K | $270.6K | $270.6K | $287.9K | |||||||||||
| Accrued Liabilities Current | $11.4M | $544.2K | $445.0K | $341.7K | $2.3M | $2.1M | $681.4K | $466.6K | $213.2K | |||||||||
| Excess Fair Value Of Common Stock Transferred By Sponsor | $275.0K | |||||||||||||||||
| Administrative Support Fee Payable Related Party | $501.5K | $456.5K | $411.5K | $366.5K | $321.5K | $276.5K | ||||||||||||
| Excise Tax Liability | $322.1K | |||||||||||||||||
| Adjustments To Accumulated Deficit Excise Tax Liability | -$322.1K | -$2.0M | ||||||||||||||||
| Accrued Expenses | $290.0K | $443.0K | $553.7K | $1.9M | $1.3M | $335.1K | $326.1K | |||||||||||
| Cash Paid For Taxes | $140.0K | $2.2M | ||||||||||||||||
| Notes Payable Current | $9.0M | $814.1K | $643.1K | |||||||||||||||
| Temporary Equity Carrying Amount Attributable To Parent | $44.1M | $45.2M | $240.5M | $238.0M | $236.0M | $234.6M |
Cash Flow Statement
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Net Cash Provided By Used In Operating Activities | -$83.3M | -$51.3M | $15.2M | $396.5K |
| Increase Decrease In Accounts Payable And Accrued Liabilities | $32.9M | $13.5M | $4.8M | $551.0K |
| Net Cash Provided By Used In Investing Activities | -$55.6M | -$12.8M | -$10.0M | -$2.6M |
| Net Cash Provided By Used In Financing Activities | $175.8M | $46.2M | $9.3M | $328.1K |
| Increase Decrease In Prepaid Expense | $131.0K | -$227.6K | $227.6K | |
| Payments To Acquire Marketable Securities | $964.6K | $6.5M | $237.8M | |
| Proceeds From Sale And Maturity Of Marketable Securities | $45.2M | $200.0M | $235.2M | |
| Increase Decrease In Due To Related Parties Current | $34.4K | -$8.3K | ||
| Increase Decrease In Administrative Support Fee Payable Related Party | $180.0K | $231.5K | ||
| Payments For Redemption Of Temporary Equity | $44.8M | $197.7M | ||
| Proceeds From Contributed Capital | $644.2K | $800.0K | ||
| Proceeds From Notes Payable | $157.3M | $23.8M | $28.9M | |
| Proceeds From Issuance Of Common Stock | $104.1M | $32.8M | $7.5M | |
| Share Based Compensation | $9.7M | $3.6M | $1.0M |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q1 2025 | Q1 2024 | Q1 2023 | Q1 2022 | Q2 2021 |
|---|---|---|---|---|---|
| Net Cash Provided By Used In Operating Activities | -$341.8K | -$2.0M | $1.6M | -$1.5M | |
| Increase Decrease In Accounts Payable And Accrued Liabilities | -$116.0K | -$1.9M | $635.5K | $255.9K | $1.9K |
| Net Cash Provided By Used In Investing Activities | -$3.0K | $32.3M | -$1.6M | ||
| Net Cash Provided By Used In Financing Activities | $204.1K | -$32.0M | $83.6K | $25.0K | |
| Increase Decrease In Prepaid Expense | $108.7K | $130.7K | -$129.1K | $643.1K | |
| Payments To Acquire Marketable Securities | $3.0K | $384.0K | $1.6M | ||
| Proceeds From Sale And Maturity Of Marketable Securities | $32.7M | ||||
| Increase Decrease In Due To Related Parties Current | $34.4K | ||||
| Increase Decrease In Administrative Support Fee Payable Related Party | $45.0K | $45.0K | |||
| Payments For Redemption Of Temporary Equity | $32.2M | ||||
| Proceeds From Contributed Capital | $235.6K | ||||
| Proceeds From Notes Payable | $204.1K | ||||
| Proceeds From Issuance Of Common Stock | $25.0K | ||||
| Share Based Compensation |
Per-Share & Share Counts
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Preferred Stock Shares Outstanding | 0.00 | 0.00 | 0.00 | ||
| Preferred Stock Shares Issued | 0.00 | 0.00 | 0.00 | ||
| Preferred Stock Shares Authorized | 1.0M | 1.0M | 1.0M | ||
| Preferred Stock Par Or Stated Value Per Share | $0.00 | $0.00 | $0.00 | ||
| Common Stock Par Or Stated Value Per Share | $0.00 | $0.00 | |||
| Weighted Average Number Of Shares Outstanding Basic | 155.3M | 138.0M | 132.6M | ||
| Weighted Average Number Of Diluted Shares Outstanding | 155.3M | 138.0M | 139.9M | ||
| Earnings Per Share Diluted | $-1.10 | $-0.64 | $0.10 | ||
| Earnings Per Share Basic | $-1.10 | $-0.64 | $0.10 |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Preferred Stock Shares Outstanding | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Preferred Stock Shares Issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Preferred Stock Shares Authorized | 1.0M | 1.0M | 1.0M | 1.0M | 1.0M | 1.0M | 1.0M | 1.0M | 1.0M | 1.0M | 1.0M | 1.0M | |
| Preferred Stock Par Or Stated Value Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Common Stock Par Or Stated Value Per Share | $0.00 | $0.00 | |||||||||||
| Weighted Average Number Of Shares Outstanding Basic | 156.8M | 138.8M | |||||||||||
| Weighted Average Number Of Diluted Shares Outstanding | 156.8M | 138.8M | |||||||||||
| Earnings Per Share Diluted | $-0.25 | $-0.10 | |||||||||||
| Earnings Per Share Basic | $-0.25 | $-0.10 |
Other Metrics
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Legal And Accounting Expense | $721.4K | $712.5K | $466.3K | ||
| Franchise Tax Expense | $238.5K | $227.0K | $200.0K | ||
| Fair Value Adjustment Of Warrants | $4.1M | $53.5K | -$16.7M | ||
| Investment Income Dividend | $966.2K | $6.7M | $3.4M | ||
| General Insurance Expense | $227.1K | $251.8K | $516.3K | ||
| Operating Costs And Expenses | |||||
| Entity Listing Expenses | $85.0K | $175.1K | |||
| Changes In Fair Value Adjustment Of Warrants | $4.1M | $53.5K | -$16.7M | ||
| Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares | 580.5K | 527.1K | 17.2M | ||
| Bank Fees | |||||
| Adjustments To Additional Paid In Capital Increase In Contribution From Sponsor | $644.2K | $800.0K | |||
| Adjustments To Additional Paid In Capital Capital Contribution For Non Redemption Agreements | $275.0K | $934.9K | |||
| Trust Account Withdrawal For Tax Payments | $489.1K | $2.3M | |||
| Prepaid Expense Current | $227.6K | ||||
| Adjustments To Accumulated Deficit Decrease In Trust Account Withdrawal For Tax Payments | $489.1K | $2.3M | |||
| Additional Paid In Capital | $761.0K | ||||
| Other Cost And Expense Operating | $14.3K | $7.8K | $2.5K | ||
| Remeasurement Of Ordinary Shares To Redemption Amount | 966.2K | 6.7M | |||
| Non Redemption Agreement Expense | |||||
| Stock Issued During Period Value New Issues | $103.4M | $42.0M | $7.5M |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 | Q2 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Legal And Accounting Expense | $170.7K | $174.3K | $87.4K | $82.8K | $60.5K | $56.3K | $78.8K | $76.7K | $82.7K | $83.1K | $264.0K | ||||
| Franchise Tax Expense | $3.6K | -$186.4K | $51.3K | $50.0K | $75.9K | $50.4K | $49.9K | $49.3K | $50.4K | $49.9K | $49.3K | ||||
| Fair Value Adjustment Of Warrants | $1.2M | -$58.9K | $1.4M | $331.5K | -$448.0K | $325.0K | -$141.2K | $542.1K | -$593.0K | -$3.4M | -$10.9M | ||||
| Investment Income Dividend | $4.5K | $4.5K | $165.5K | $163.6K | $559.9K | $731.2K | $2.9M | $2.5M | $1.1M | $311.0K | |||||
| General Insurance Expense | $25.7K | $24.9K | $25.8K | $80.1K | $95.2K | $98.5K | $129.1K | $129.1K | $129.1K | $129.1K | |||||
| Operating Costs And Expenses | $342.2K | $76.7K | $245.2K | $287.7K | $406.6K | $137.8K | $370.1K | $278.8K | $352.5K | $366.8K | $504.5K | $598.00 | $1.9K | ||
| Entity Listing Expenses | $21.3K | $21.3K | $21.3K | $21.3K | $42.5K | $63.8K | $90.1K | ||||||||
| Changes In Fair Value Adjustment Of Warrants | -$58.9K | -$448.0K | $542.1K | -$10.9M | |||||||||||
| Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares | 5.8M | 4.6M | 4.6M | 1.9M | 464.0K | 132.6K | 1.3M | 928.0K | 1.1M | 2.3M | 2.9M | 6.4M | |||
| Bank Fees | $368.00 | $1.5K | $2.0K | $1.9K | $2.2K | $1.6K | $685.00 | $623.00 | $556.00 | ||||||
| Adjustments To Additional Paid In Capital Increase In Contribution From Sponsor | $220.0K | $97.6K | $235.6K | $200.0K | |||||||||||
| Adjustments To Additional Paid In Capital Capital Contribution For Non Redemption Agreements | $275.0K | $136.0K | $387.0K | ||||||||||||
| Trust Account Withdrawal For Tax Payments | $489.1K | $1.8M | $460.0K | ||||||||||||
| Prepaid Expense Current | $83.5K | $239.7K | $131.0K | $131.0K | $130.7K | $130.7K | $2.5K | $98.5K | $359.3K | $488.4K | $544.5K | ||||
| Adjustments To Accumulated Deficit Decrease In Trust Account Withdrawal For Tax Payments | $489.1K | $1.8M | $460.0K | ||||||||||||
| Additional Paid In Capital | $705.0K | $709.5K | $714.0K | $700.2K | $645.7K | $711.7K | $336.0K | ||||||||
| Other Cost And Expense Operating | $3.1K | ||||||||||||||
| Remeasurement Of Ordinary Shares To Redemption Amount | 4.5K | 4.5K | 163.6K | 559.9K | |||||||||||
| Non Redemption Agreement Expense | $275.0K | $136.0K | $387.0K | ||||||||||||
| Stock Issued During Period Value New Issues | $64.0M | $23.4M | $25.0K |
Most recent annual filing with the SEC: March 12, 2026
Data sourced from SEC EDGAR public filings as of August 4, 2026.