What happened
Angel Studios, Inc. (NYSE: ANGX) grew third-quarter revenue 107.7% year over year to $159.0 million, and its paying Guild membership reached 2.94 million.
Angel reported the results for the quarter ended Sept. 30 on Nov. 10. Net loss narrowed to $5.2 million, from $23.8 million in the second quarter and $38.5 million in the third quarter of 2025. Revenue rose 42.4% from the second quarter.
Guild revenue rose 95.3% year over year to $115.6 million. The company ties that to 86.1% growth in paying members. Membership grew 12.6% from 2.61 million at June 30.
Key numbers
| Metric | Latest | Change | Source |
|---|---|---|---|
| Total revenue, Q3 2026 | $159.0 million | from $76.5 million, +107.7% | SEC 8-K Exhibit 99.1 |
| Guild revenue, Q3 2026 | $115.6 million | from $59.2 million, +95.3% | SEC 8-K Exhibit 99.1 |
| Paying Guild members at period end | 2.94 million | from 1.58 million, +86.1% | SEC 8-K Exhibit 99.1 |
| Net loss, Q3 2026 | $5.2 million | from $38.5 million | SEC 8-K Exhibit 99.1 |
| Adjusted EBITDA loss, nine months | $10.9 million | from $78.8 million | SEC 8-K Exhibit 99.1 |
| Operating cash flow, Q3 2026 | $10.3 million | from -$32.1 million | SEC 8-K Exhibit 99.1 |
Read more: Angel Studios (ANGX) company research
Where the growth came from
Theatrical releases took a bigger share of revenue this quarter. Guild revenue made up 72.7% of the total, down from 81.2% in the second quarter.
Theatrical release revenue was $29.0 million, up from $5.5 million a year earlier. The quarter included Young Washington, Brink of War and Runner. Young Washington took $47 million at the domestic box office, Angel's highest-grossing release of 2026, and drove Guild memberships, the company said.
The library grew to over 1,500 releases from 837 on Dec. 31, 2025. The CEO's commentary cites Antenna data showing the rest of the US subscription video on demand industry lost 1.7 million subscribers in the quarter.
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Why it matters
OptimistFi has argued that Angel is a high-upside but unproven attempt to turn an audience community into a repeatable distribution and financing advantage. The quarter strengthens that view. The Guild is growing while its selling and marketing expense fell to 55.2% of Guild revenue, from 75.0% a year earlier.
Two details temper the picture. The marketing ratio edged up from 52.8% in the second quarter. Net member additions slowed to about 335,000 from about 390,000, though they beat the roughly 269,000 added a year earlier. For nine months, additions were about 939,000, against about 1,030,000 in the same period of 2025.
Gross margin was 63%, compared with 55% in the third quarter of 2025 and 54% in the second quarter.
Losses, cash and one-time items
The operating line shows the improvement without help from investments. Operating loss was $10.3 million, against $38.0 million a year earlier. Net loss includes a $7.59 million net gain on digital assets in the quarter. The nine-month result is a net loss on digital assets of $1.19 million. Angel holds 304 bitcoin valued at $25.4 million.
Adjusted EBITDA, a non-GAAP measure that excludes the digital-asset gain or loss, stock compensation and other items, was a loss of $3.2 million. That compares with $11.7 million in the second quarter and $32.6 million a year earlier. The nine-month loss was $10.9 million, against $78.8 million. Management reiterated 2026 guidance of an Adjusted EBITDA loss of less than $25 million.
Operating cash flow was positive in the quarter and totaled $29.1 million for nine months, versus an outflow of $52.5 million a year earlier. Deferred revenue, which reflects annual Guild memberships paid in advance, grew to $98.5 million from $82.5 million at June 30.
Cash ended at $45.6 million, up $1.5 million from $44.1 million at Dec. 31, 2025. Investing activities used $24.5 million in the nine months. Notes payable fell to $75.5 million from $97.2 million.
What the acquisitions did to the share count
Angel completed its acquisitions of Tuttle Twins and The Wingfeather Saga, which added 9.4 million class A shares.
Shares issued and outstanding were 196,323,468 on Sept. 30, up 16.1% from 169,095,572 on Dec. 31, 2025, by OptimistFi's calculation. Net loss per share was $0.03, against $0.25 a year earlier. Total stockholders' equity was $10.1 million, compared with a deficit of $25.8 million at year-end.
What's next
Angel hosts a webinar on Wednesday, Nov. 11, at 8:00 a.m. Eastern Time to discuss the results and take questions from the sell side.
The holiday slate opens with Drummer Boy, continues with Hershey and closes at Christmas with Zero A.D. The case strengthens further if those releases lift Guild additions back above the second quarter's pace and the next quarterly report keeps the full-year Adjusted EBITDA loss inside guidance. Slower additions or a loss outside guidance would weaken it.
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Sources
- Angel Reports Third Quarter 2026 Results (Exhibit 99.1) — Earnings press release furnished with the Form 8-K dated Nov. 10, 2026.
- Angel Studios, Inc. Form 8-K — Item 2.02 current report furnishing the results press release.
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Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.
