Filing Flows › Angel Studios (ANGX) › Q1 2026 › vs Q1 2025
Angel Studios (ANGX) Q1 2026 vs Q1 2025 (year over year)
Angel Studios's revenue rose $67.7M (+143%) from $47.4M in Q1 2025 to $115M in Q1 2026. The biggest changes: Licensed content and other revenue +$68.6M (+149%); Pay it Forward revenue −$1.1M (-87%); Entertainment, Pay-it-forward Revenue Not Related to Theatrical Releases −$381K (-71%).
Angel Studios, Q1 2026: revenue $115M (+143% year over year), operating margin -2.3%, net loss $13.8M, operating cash flow $1.9M. The chart draws each line against Q1 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Angel Guild Memberships | $83.3M | $34.7M | $48.6M | +140% |
| Theatrical Release Revenue | $18.0M | $7.7M | $10.2M | +133% |
| Content Licensing | $10.2M | $2.6M | $7.6M | +291% |
| Merchandise | $3.1M | $944K | $2.2M | +232% |
| Licensed content and other revenue | $115M | $46.0M | $68.6M | +149% |
| Product and Service, Other | $336K | $241K | $95K | +40% |
| Pay it Forward revenue | $155K | $1.2M | −$1.1M | -87% |
| Entertainment, Pay-it-forward Revenue Not Related to Theatrical Releases | $155K | $535K | −$381K | -71% |
| Revenue | $115M | $47.4M | $67.7M | +143% |
| Net loss | $13.8M | $37.3M | −$23.6M | -63% |
| Costs & expenses | $129M | $84.8M | $44.1M | +52% |
| Operating costs | $118M | $81.0M | $36.7M | +45% |
| Interest & other, net | $11.1M | $3.7M | $7.4M | +204% |
| Cost of revenue | $44.0M | $19.5M | $24.5M | +126% |
| Research & development | $4.1M | $3.2M | $839K | +26% |
| Sales & marketing | $56.6M | $50.5M | $6.1M | +12% |
| General & admin | $11.2M | $7.4M | $3.9M | +53% |
| Other operating costs | $1.8M | $415K | $1.4M | +345% |
| Operating cash sources | $15.6M | $27.6M | −$11.9M | -43% |
| Depreciation & amortization | $3.1M | $2.2M | $874K | +39% |
| Share-based compensation | $3.5M | $2.6M | $839K | +32% |
| Working capital & other | $9.1M | $22.7M | −$13.6M | -60% |
| Net loss absorbed | $13.8M | $37.3M | −$23.6M | -63% |
| Operating cash flow | $1.9M | −$9.8M | $11.6M | — |
Questions
How much did Angel Studios's revenue grow year over year in Q1 2026?
Angel Studios's revenue rose $67.7M (+143%) from $47.4M in Q1 2025 to $115M in Q1 2026.
What drove Angel Studios's revenue change in Q1 2026?
Licensed content and other revenue +$68.6M (+149%); Pay it Forward revenue −$1.1M (-87%); Entertainment, Pay-it-forward Revenue Not Related to Theatrical Releases −$381K (-71%).