| Metric | Value ($ M) |
|---|---|
| Revenue | 115.11 |
| Total Income | 115.11 |
| Expenditure | 117.77 |
| PBT | -13.76 |
| Net Profit | -13.80 |
| OPM | -2.32% |
| NPM | -11.99% |
| EPS | -0.08 |
Angel Reports Q1 2026 Revenue of $115.1 Million, Up 143% YoY, and Positive Adjusted EBITDA
01 May 2026 · 1 May, 2:08 am
Summary
Angel Studios reported strong financial results for the first quarter ended March 31, 2026, with total revenue soaring 143% year-over-year to $115.1 million. The company achieved positive Adjusted EBITDA of $4.0 million, a significant turnaround from a $(28.7) million loss in the same period last year, while net loss also improved to $13.8 million. This performance was underpinned by robust growth in its Angel Guild membership, which increased 11% quarter-over-quarter to 2.22 million, and improved marketing efficiency with selling and marketing expenses dropping to 49% of revenue. Management highlighted the expanding Guild as a powerful flywheel, driving recurring revenue and attracting premium filmmakers, which strengthens the Angel library and expands its addressable market. The company also reiterated its outlook for a narrowed Adjusted EBITDA loss of less than $25 million for the full year 2026.
Key Highlights
- 1
Angel reported a significant 143% year-over-year increase in first quarter 2026 revenue, reaching $115.1 million.
- 2
The company achieved positive Adjusted EBITDA of $4.0 million for Q1 2026, a substantial improvement from a loss of $(28.7) million in the prior-year period.
- 3
Net loss improved to $13.8 million, or ($0.08) per share, compared to a net loss of $37.3 million, or ($0.26) per share, in the first quarter of 2025.
- 4
Angel Guild membership expanded by 11% quarter-over-quarter to 2.22 million paying members, representing 106% growth year-over-year.
- 5
Gross margin expanded to approximately 62% in Q1 2026 from 59% in Q1 2025, reflecting revenue growth that outpaced the increase in cost of revenues.
- 6
Selling and marketing expenses significantly improved as a percentage of total revenue, dropping to 49% in Q1 2026 from 107% in Q1 2025.
- 7
The Angel Guild, a recurring revenue stream, accounted for 72% of total revenues in Q1 2026, representing 140% year-over-year growth.
Management Comments
Neal Harmon
The Angel Guild continued to expand, growing 11 percent while the company had a more efficient theatrical marketing spend. The scale and momentum of the Guild create a powerful flywheel. As premium filmmakers and high-demand genres strengthen the Angel library, the Guild grows faster, expanding the royalty pool and making Angel even more compelling to filmmakers. Each new genre unlocks audience segments, expands our addressable market, lowers customer acquisition costs, and deepens engagement.
Scott Klossner
Recurring revenue from the Angel Guild is the engine of our business. We delivered record topline revenue, greater marketing efficiency, improved gross margin, and positive Adjusted EBITDA this quarter. Our growth is powered by Angel’s innovative audience-centric model and aligning filmmakers directly with audience demand through shared upside.
Informational and educational content only. Not investment advice.