Angel Studios (ANGX) Q1 2026 earnings summary

Executive summary

• Achieved 143% year-over-year revenue growth to $115.1 million in Q1 2026, driven by Angel Guild membership expansion, strong theatrical and licensing performance, and content success.

• Angel Guild membership surpassed 2.22 million, accounting for over 72% of total revenue and representing $365 million in annual recurring revenue.

• Adjusted EBITDA turned positive at $4.0 million, a significant improvement from a loss of $28.7 million in Q1 2025.

• Net loss narrowed to $13.8 million, or ($0.08) per share, compared to $37.3 million, or ($0.26) per share, in Q1 2025.

• AI-driven operational improvements increased productivity and reduced costs, especially in marketing and content production.

Financial highlights

• Q1 2026 revenue was $115.1 million, up from $47.4 million in Q1 2025, with Angel Guild revenue at $83.3 million.

• Gross margin expanded to 62% from 59% year-over-year.

• Selling and marketing expenses dropped to 49% of revenue from 107% in Q1 2025.

• Cash and cash equivalents rose to $38.9 million as of March 31, 2026.

• Bitcoin holdings valued at $20.7 million, with 303.1 bitcoin held as of March 31, 2026.

Outlook and guidance

• Reiterated guidance for a narrowed Adjusted EBITDA loss of less than $25 million for full year 2026.

• Management expects continued revenue growth through expansion of Angel Guild memberships, new theatrical releases, and additional streaming agreements.

• Plans to double streaming library by adding 730 titles by year-end 2026.

• Existing capital resources, recurring revenues, and access to debt and digital assets are expected to meet operating requirements for at least the next twelve months.