$PORT-UN

Angel Studios, Inc.

CIK:0001865200|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 111,705,930	$ 87,641,416	$ 226,810,996	$ 135,082,056
Operating expenses:
Cost of revenues	51,749,499	27,286,383	95,751,845	46,766,587
Selling and marketing	61,141,780	61,510,343	117,738,343	112,035,657
General and administrative	12,408,923	9,838,725	23,654,381	17,205,979
Research and development	4,000,891	3,644,278	8,084,829	6,889,196
Legal expense	916,221	6,685,984	2,759,153	7,100,497
Total operating expenses	130,217,314	108,965,713	247,988,551	189,997,916
Operating loss	(18,511,384)	(21,324,297)	(21,177,555)	(54,915,860)
Other income (expense):
Net gain (loss) on digital assets	(2,935,243)	7,452,328	(8,780,298)	4,153,223
Interest expense	(3,094,406)	(2,742,902)	(9,127,015)	(4,307,057)
Interest income	544,894	1,408,200	1,253,182	2,532,891
Other income (expense)	202,113	(500,000)	281,604	(500,000)
Total other income (expense), net	(5,282,642)	5,617,626	(16,372,527)	1,879,057
Loss before income tax benefit	(23,794,026)	(15,706,671)	(37,550,082)	(53,036,803)
Net loss	(23,794,026)	(15,706,671)	(37,550,082)	(53,036,803)
Net income (loss) attributable to noncontrolling interests	(944)	62,865	47,520	36,657
Net loss attributable to controlling interests	$ (23,793,082)	$ (15,769,536)	$ (37,597,602)	$ (53,073,460)
Net loss per common share - basic	$ (0.129)	$ (0.106)	$ (0.213)	$ (0.36)
Net loss per common share - diluted	$ (0.129)	$ (0.106)	$ (0.213)	$ (0.36)
Weighted average common shares outstanding - basic	184,235,772	149,429,535	176,847,037	147,537,072
Weighted average common shares outstanding - diluted	184,235,772	149,429,535	176,847,037	147,537,072

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net loss	$ (23,794,026)	$ (15,706,671)	$ (37,550,082)	$ (53,036,803)
Adjustments to reconcile net loss to net cash and cash equivalents provided by (used in) operating activities:
Depreciation and amortization			6,183,955	4,439,035
Amortization of content assets			1,078,731	119,291
Amortization of right-of-use assets			620,717	345,761
Stock-based compensation expense			7,013,855	4,759,765
Net loss (gain) on digital assets			8,780,298	(4,153,223)
Impairment of failed acquisition				500,000
Investments in affiliates gain			(164,672)	(87,211)
Non-cash interest expense			705,942	161,285
Paid-in-kind interest			4,550,624
Bad debt recovery			(166,100)
Change in operating assets and liabilities:
Accounts receivable			20,888,054	(4,677,116)
Physical inventory			(216,065)	237,196
Royalty advance			(4,619,427)
Prepaid expenses and other current assets			(2,386,592)	(622,039)
Licensing receivables			(3,533,362)	4,062,976
Other long-term assets			(2,076,537)
Accounts payable and accrued expenses			(13,497,993)	6,910,533
Accrued licensing royalties			17,832,737	3,080,204
Operating lease liabilities			(631,452)	(330,670)
Deferred revenue			16,014,814	17,938,955
Net cash and cash equivalents provided by (used in) operating activities			18,827,445	(20,352,061)
Cash flows from investing activities:
Purchases of property and equipment			(189,070)	(118,942)
Issuance of notes receivable			(14,684)	(974,176)
Collections of notes receivable			143,578	440,643
Advances to acquisition target			(8,193,364)
Sale of digital assets				99,118
Additions to internal-use software			(5,478,477)	(4,346,719)
Purchase of content			(207,499)	(4,274,150)
Investments in affiliates				(2,982,032)
Return on investments in affiliates			137,170
Net cash and cash equivalents used in investing activities			(13,802,346)	(12,156,258)
Cash flows from financing activities:
Repayment of notes payable			(57,630,657)	(24,338,861)
Repayment of loan guarantee				(6,000,000)
Receipt of notes payable			30,000,000	48,891,000
Repayment of accrued settlement costs				(136,660)
Exercise of stock options			1,293,476	190,733
Issuance of common stock			34,534,500	38,503,670	$ 104,100,000
Contribution of equity in noncontrolling interests				8,731,422
Redemption of equity in noncontrolling interests			(5,883,724)	(11,750,000)
Fees related to issuance of common stock and minority interest			(2,024,388)	(398,660)
Repurchase of common stock			(1,160,574)	(132,940)
Debt financing fees			(200,000)	(263,532)
Net cash and cash equivalents provided by (used in) financing activities			(1,071,367)	53,296,172
Net increase in cash and cash equivalents			3,953,732	20,787,853
Cash and cash equivalents at beginning of period			44,083,233	7,211,826	7,211,826
Cash and cash equivalents at end of period	$ 48,036,965	$ 27,999,679	48,036,965	27,999,679	$ 44,083,233
Supplemental disclosure of cash flow information:
Cash paid for interest			$ 5,665,153	2,624,497
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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 48,036,965	$ 44,083,233
Accounts receivable, net	30,400,912	51,122,866
Current portion of licensing receivables, net	9,697,666	9,695,562
Physical inventory	1,480,166	1,264,101
Current portion of notes receivable	1,383,486	1,368,581
Royalty advance	18,447,053	13,827,626
Prepaid expenses and other	15,902,578	13,515,986
Total current assets	125,348,826	134,877,955
Licensing receivables, net	6,110,510	2,579,252
Notes receivable, net of current portion	3,797,119	3,940,918
Property and equipment, net	631,293	709,845
Content, net	5,401,693	6,272,925
Intangible assets, net	2,313,410	3,850,035
Capitalized software, net	14,407,016	13,308,247
Digital assets	17,747,262	26,527,560
Investments in affiliates	46,042,383	46,014,881
Operating lease right-of-use assets	2,619,304	3,240,021
Other long-term assets	10,643,673	89,924
Total assets	235,062,489	241,411,563
Current liabilities:
Accounts payable	39,813,785	39,960,272
Accrued expenses	11,136,378	24,487,884
Current portion of accrued licensing royalties	40,473,978	31,257,950
Current portion of notes payable	17,195,811	55,473,665
Current portion of operating lease liabilities	1,353,129	1,284,747
Deferred revenue	82,549,436	66,534,622
Total current liabilities	192,522,517	218,999,140
Accrued licensing royalties, long-term	13,058,467	4,441,758
Notes payable, net of current portion	57,168,318	41,692,404
Operating lease liabilities, net of current portion	1,358,751	2,058,585
Other long-term liabilities	283,848
Total liabilities	264,391,901	267,191,887
Commitments and contingencies (Note 5)
Stockholders' equity:
Common stock, $0.0001 par value, 700,000,000 shares authorized; 186,504,214 and 169,095,572 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively	18,650	16,909
Additional paid-in capital	249,962,975	210,079,998
Noncontrolling interests	(182,367)	5,653,837
Accumulated deficit	(279,128,670)	(241,531,068)
Total stockholders' equity	(29,329,412)	(25,780,324)
Total liabilities and stockholders' equity	$ 235,062,489	$ 241,411,563