Angel Studios (ANGX) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $110 million, a 254% year-over-year increase, with full-year revenue at $322 million, up 233% from the prior year.

• Guild membership surpassed 2.2 million, up from 550,000 at the end of 2024, with recurring revenue run rate at $360 million annually.

• Guild revenue accounted for 65% of total revenue in Q4 2025, up from 37% in Q4 2024.

• Major releases like "David" and "Solo Mio" drove significant box office and membership growth, with "David" becoming a top animated release and a strategic franchise.

• Cumulative revenue share to filmmakers reached $228 million.

Financial highlights

• Q4 2025 net loss was $79 million, compared to $37 million in Q4 2024, driven by increased marketing for major releases.

• Selling and marketing expenses rose to $121 million from $38 million year-over-year, primarily due to "David" launch.

• Gross margin reached 60% in Q4 2025, up from 58% in Q4 2024, with G&A expenses growing only 25% versus 233% revenue growth.

• Ended Q4 with $44 million in cash and equivalents, up from $7 million a year prior.

• Guild revenue grew from $3 million in 2023 to $210 million in 2025, a 1128% year-over-year increase.

Outlook and guidance

• Projected adjusted EBITDA loss for 2026 is no greater than $25 million, reflecting improved marketing efficiency and member acquisition.

• Plans to add 730 titles by end of 2026, expanding the streaming library significantly.

• No plans to slow growth; focus remains on expanding Guild membership and content library.

• International expansion and new product features are expected as profitability approaches.

• Streaming market projected to grow at a 21% CAGR globally from 2025 to 2034.