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Angel Studios cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$16.9M in Q2 2026 · −$44.2M over twelve months

Operating cash flow$16.9M
Free cash flow+$16.9M
Cash conversion cycle-30 days

Analysis

In Q2 2026, Angel Studios generated $16.9M of operating cash flow. That is $27.5M more than in Q2 2025 (−$10.6M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$44.2M; the largest uses were other investing ($57.2M), operating cash flow ($44.2M), other financing ($17.1M); besides operations, cash came from shares issued ($102M), net borrowing (+) / repaid (−) ($38.1M); the cash balance rose by $20.0M.

Operating cash flow was $16.9M against net income of −$23.8M. The largest differences: payables +$13.0M, deferred revenue +$7.9M, prepaid and other assets −$5.3M.

Its cash conversion cycle was -30 days (receivables 25 + inventory 3 − payables 58): suppliers fund its working capital.

Free cash flow

Angel Studios: free cash flow by quarterAngel Studios: free cash flow by quarter−$37.7MQ3 2024−$11.7MQ4 2024−$9.8MQ1 2025−$10.6MQ2 2025−$38.3MQ3 2025−$24.7MQ4 2025$1.9MQ1 2026$16.9MQ2 2026
Operating cash flow less capital spending.
Angel Studios: operating cash flow against capital spendingAngel Studios: operating cash flow against capital spendingOperating cash flowCapital spending−$37.7M$0Q3 2024−$11.7M$0Q4 2024−$9.8M$0Q1 2025−$10.6M$0Q2 2025−$38.3M$0Q3 2025−$24.7M$0Q4 2025$1.9M$0Q1 2026$16.9M$0Q2 2026
Latest (Q2 2026): Operating cash flow $16.9M, Capital spending $0.

Capital allocation, year by year

Angel Studios: where the cash came from (up) and went (down), by fiscal yearAngel Studios: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedBuybacksFY2022: Operating cash flow $396K$396KFY2022FY2023: Operating cash flow $15.2MFY2023: Net borrowing $2.2MFY2023: Shares issued $7.7MFY2023: Buybacks −$107K$25.1MFY2023FY2024: Operating cash flow −$51.3MFY2024: Net borrowing $5.3MFY2024: Shares issued $33.4MFY2024: Buybacks −$707K$38.7MFY2024FY2025: Operating cash flow −$83.3MFY2025: Net borrowing $90.3MFY2025: Shares issued $105MFY2025: Buybacks −$438K$195MFY2025
Over these 4 years operating cash flow totalled −$119M; the largest uses were operating cash flow ($135M) and buybacks ($1.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$48.0M
Debt$45.5M
Net cash$2.5M
Cash runway13 months

Angel Studios is burning cash: its operations consume cash, a free cash flow of −$44.2M a year at the current rate against $48.0M of cash and investments: a runway of about 13 months before any new financing.

Angel Studios: debt maturities by year (FY2025)Angel Studios: debt maturities by year (FY2025)$7.3MYear 2$11.8MYear 3$13.6MYear 4$12.8MYear 5
Principal due in each year as disclosed in the annual report, against $48.0M of cash and investments now.

Where the cash came from and went

Angel Studios: sources (+) and uses (−) of cash, Q2 2026Angel Studios: sources (+) and uses (−) of cash, Q2 2026Shares issued$34.7MNet borrowing (+) / repaid (−)−$28.9MOperating cash flow$16.9MOther investing−$11.3MCash drawn (+) / kept (−)−$9.2MOther financing−$2.0MBuybacks−$263K
Angel Studios: sources (+) and uses (−) of cash, TTM to Q2 2026Angel Studios: sources (+) and uses (−) of cash, TTM to Q2 2026Shares issued$102MOther investing−$57.2MOperating cash flow−$44.2MNet borrowing (+) / repaid (−)$38.1MCash drawn (+) / kept (−)−$20.0MOther financing−$17.1MBuybacks−$1.5M

From profit to cash

Angel Studios: net income to operating cash flow, Q2 2026Angel Studios: net income to operating cash flow, Q2 2026Net income−$23.8MDepreciation & amortization$3.1MStock-based pay$3.5MReceivables$467KInventory−$97KPayables$13.0MDeferred revenue$7.9MPrepaid and other assets−$5.3MOperating cash flow$16.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202625358-30
Q1 202632367-33
Q4 202532354-19

Every quarter

QuarterOperating cash flowBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$16.9M−$263K−$28.9M$34.7M−$9.2M$16.9M
Q1 2026$1.9M−$897K$1.3M$1.1M$5.2M$1.9M
Q4 2025−$24.7M−$305K$47.6M$1.6M$19.2M−$24.7M
Q3 2025−$38.3M—$18.2M$64.4M−$35.3M−$38.3M
Q2 2025−$10.6M−$68K$11.3M$23.8M$26K−$10.6M
Q1 2025−$9.8M−$65K$13.2M$14.9M$141K−$9.8M
Q4 2024−$11.7M−$107K$6.6M$6.1M$23K−$11.7M
Q3 2024−$37.7M———−$27K−$37.7M

Angel Studios: income statement and cash flow

Angel Studios, Q2 2026: revenue $112M (+28% year over year), operating margin -16.6%. The chart follows the revenue to costs, profit and cash.

Angel Studios: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.