Angel Studios, Inc.

CIK:0001671941|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Revenue:
Total revenue	$ 87,641,416	$ 16,506,426	$ 135,082,056	$ 45,364,632
Operating expenses:
Cost of revenues	27,286,383	9,787,029	46,766,587	23,701,627
Selling and marketing	61,510,343	16,328,695	112,035,657	37,821,260
General and administrative	9,838,725	4,670,798	17,205,979	9,913,236
Research and development	3,757,264	3,668,698	7,115,168	8,033,936
Legal expense	6,685,984	5,280,402	7,100,497	8,709,589
Total operating expenses	109,078,699	39,735,622	190,223,888	88,179,648
Operating loss	(21,437,283)	(23,229,196)	(55,141,832)	(42,815,016)
Other income (expense):
Net gain on digital assets	7,452,328	732,410	4,153,223	732,410
Interest expense	(2,742,902)	(945,279)	(4,307,057)	(1,517,070)
Interest income	1,408,200	936,241	2,532,891	1,826,501
Impairment of failed acquisition	(500,000)		(500,000)
Total other income	5,617,626	723,372	1,879,057	1,041,841
Loss before income tax benefit	(15,819,657)	(22,505,824)	(53,262,775)	(41,773,175)
Income tax benefit				(4,403,068)
Net loss	(15,819,657)	(22,505,824)	(53,262,775)	(37,370,107)
Net income (loss) attributable to noncontrolling interests	62,865	(23,011)	36,657	(43,210)
Net loss attributable to controlling interests	$ (15,882,522)	$ (22,482,813)	$ (53,299,432)	$ (37,326,897)
Net loss per common share - basic	$ (0.569)	$ (0.889)	$ (1.933)	$ (1.485)
Net loss per common share - diluted	$ (0.569)	$ (0.889)	$ (1.933)	$ (1.485)
Weighted average common shares outstanding - basic	27,928,342	25,276,878	27,574,641	25,138,698
Weighted average common shares outstanding - diluted	27,928,342	25,276,878	27,574,641	25,138,698
Licensed content and other revenue
Revenue:
Total revenue	$ 87,397,850	$ 15,306,128	$ 133,604,594	$ 40,576,400
Pay it Forward revenue
Revenue:
Total revenue	$ 243,566	$ 1,200,298	$ 1,477,462	$ 4,788,232

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (15,819,657)	$ (22,505,824)	$ (53,262,775)	$ (37,370,107)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Depreciation and amortization			437,579	524,206
Amortization of operating lease assets			345,761	343,521
Stock-based compensation expense			4,759,765	1,515,274
Net gain on digital assets			(4,153,223)	(732,410)
Investments in affiliates gain			(87,211)	(38,891)
Non-cash interest expense			161,285
Impairment of failed acquisition	500,000		500,000
Change in deferred income taxes				(4,403,068)
Change in operating assets and liabilities:
Accounts receivable			(4,677,116)	16,539,539
Physical media inventory			237,196	(279,532)
Prepaid expenses and other current assets			(622,039)	(990,694)
Licensing receivables			4,062,976	(5,862,011)
Other long-term assets				(15,000)
Accounts payable and accrued expenses			6,910,533	2,082,526
Accrued licensing royalties			3,080,204	(3,918,106)
Operating lease liabilities			(330,670)	(325,368)
Deferred revenue			17,938,955	3,768,831
Net cash and cash equivalents used in operating activities			(24,698,780)	(29,161,290)
Cash flows from investing activities:
Purchases of property and equipment			(118,942)	(244,581)
Issuance of notes receivable			(974,176)	(1,352,311)
Collections of notes receivable			440,643	1,688,769
Purchase of digital assets				(48,515)
Sale of digital assets			99,118	964,178
Purchase of content			(4,274,150)	(317,747)
Investments in affiliates			(2,982,032)	39,458
Net cash and cash equivalents provided by (used in) investing activities			(7,809,539)	729,251
Cash flows from financing activities:
Repayment of notes payable			(24,338,861)	(15,660,616)
Repayment of loan guarantee			(6,000,000)
Receipt of notes payable			48,891,000	15,043,019
Repayment of accrued settlement costs			(136,660)	(123,807)
Exercise of stock options			190,733	224,167
Issuance of common stock			38,503,670	8,249,971	$ 32,800,000
Contribution of equity in noncontrolling interests			8,731,422
Redemption of equity in noncontrolling interests			(11,750,000)
Fees related to issuance of common stock and minority interest			(398,660)
Repurchase of common stock			(132,940)	(113,894)
Debt financing fees			(263,532)
Net cash and cash equivalents provided by financing activities			53,296,172	7,618,840
Effect of changes in foreign currency exchange rates on cash and cash equivalents				(2,063)
Net increase (decrease) in cash and cash equivalents			20,787,853	(20,815,262)
Cash and cash equivalents at beginning of period			7,211,826	25,201,425	25,201,425
Cash and cash equivalents at end of period	$ 27,999,679	$ 4,386,163	27,999,679	4,386,163	$ 7,211,826
Supplemental disclosure of cash flow information:
Cash paid for interest			2,624,497	949,124
Supplemental schedule of noncash financing activities:
Adoption of ASU No. 2023-08			15,962,018
Change from digital assets to digital assets receivable			21,748,336
Operating lease right-of-use assets and liabilities			$ 145,980	$ 2,137,262

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 27,999,679	$ 7,211,826
Accounts receivable, net	20,911,417	16,234,301
Current portion of licensing receivables, net	8,785,563	8,785,636
Physical media inventory	1,474,442	1,711,638
Current portion of notes receivable	1,424,394	747,282
Digital assets receivable	28,750,840
Loan guarantee receivable	10,018,409	9,112,500
Prepaid expenses and other	9,768,056	9,146,017
Total current assets	109,132,800	52,949,200
Licensing receivables, net	8,011,726	12,074,629
Notes receivable, net of current portion	4,091,765	4,235,344
Property and equipment, net	616,105	778,927
Content, net	1,865,725	1,710,866
Intangible assets, net	1,880,631	1,917,155
Digital assets	3,722,670	12,457,387
Investments in affiliates	12,135,380	9,066,137
Operating lease right-of-use assets	2,544,912	2,744,693
Other long-term assets	4,089,924	589,924
Total assets	148,091,638	98,524,262
Current liabilities:
Accounts payable	7,829,464	7,929,482
Accrued expenses	19,243,682	13,074,655
Current portion of accrued licensing royalties	21,775,937	15,362,400
Current portion of notes payable	29,637,300	11,455,940
Current portion of operating lease liabilities	782,081	673,295
Deferred revenue	40,110,763	22,171,808
Loan guarantee payable	4,018,409	9,112,500
Current portion of accrued settlement costs	294,426	280,238
Total current liabilities	123,692,062	80,060,318
Accrued settlement costs, net of current portion	3,940,886	4,091,733
Accrued licensing royalties, long-term	5,033,766	8,367,099
Notes payable, net of current portion	5,772,849
Operating lease liabilities, net of current portion	1,859,987	2,153,463
Total liabilities	140,299,550	94,672,613
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value, 85,000,000 shares authorized; 28,500,548 and 26,987,787 shares issued and outstanding as of June 30, 2025, and December 31, 2024, respectively	28,500	26,987
Additional paid-in capital	140,129,379	95,472,458
Noncontrolling interests	4,842,372	8,222,953
Accumulated deficit	(137,208,163)	(99,870,749)
Total stockholders' equity	7,792,088	3,851,649
Total liabilities and stockholders' equity	$ 148,091,638	$ 98,524,262