Filing Flows › Angel Studios (ANGX) › Q1 2026 › vs Q4 2025
Angel Studios (ANGX) Q1 2026 vs Q4 2025 (quarter over quarter)
Angel Studios's revenue rose $5.2M (+5%) from $110M in Q4 2025 to $115M in Q1 2026. The biggest changes: Licensed content and other revenue +$5.1M (+5%); Entertainment, Pay-it-forward Revenue Not Related to Theatrical Releases −$204K (-57%); Product and Service, Other +$64K (+24%).
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 Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Angel Guild Memberships | $83.3M | $69.0M | $14.3M | +21% |
| Theatrical Release Revenue | $18.0M | $31.2M | −$13.3M | -42% |
| Content Licensing | $10.2M | $6.3M | $3.9M | +62% |
| Merchandise | $3.1M | $3.0M | $169K | +6% |
| Licensed content and other revenue | $115M | $109M | $5.1M | +5% |
| Product and Service, Other | $336K | $272K | $64K | +24% |
| Pay it Forward revenue | $155K | $164K | −$9K | -6% |
| Entertainment, Pay-it-forward Revenue Not Related to Theatrical Releases | $155K | $359K | −$204K | -57% |
| Revenue | $115M | $110M | $5.2M | +5% |
| Net loss | $13.8M | $78.6M | −$64.9M | -83% |
| Costs & expenses | $129M | $189M | −$59.7M | -32% |
| Operating costs | $118M | $181M | −$63.0M | -35% |
| Interest & other, net | $11.1M | $7.7M | $3.3M | +43% |
| Cost of revenue | $44.0M | $43.8M | $244K | +0.6% |
| Research & development | $4.1M | $4.2M | −$113K | -3% |
| Sales & marketing | $56.6M | $121M | −$64.0M | -53% |
| General & admin | $11.2M | $10.5M | $711K | +7% |
| Other operating costs | $1.8M | $1.7M | $122K | +7% |
| Operating cash sources | $15.6M | $53.9M | −$38.3M | -71% |
| Depreciation & amortization | $3.1M | $12.9M | −$9.8M | -76% |
| Share-based compensation | $3.5M | $1.9M | $1.6M | +84% |
| Working capital & other | $9.1M | $39.2M | −$30.1M | -77% |
| Net loss absorbed | $13.8M | $78.6M | −$64.9M | -83% |
| Operating cash flow | $1.9M | −$24.7M | $26.6M | — |
Questions
How much did Angel Studios's revenue grow quarter over quarter in Q1 2026?
Angel Studios's revenue rose $5.2M (+5%) from $110M in Q4 2025 to $115M in Q1 2026.
What drove Angel Studios's revenue change in Q1 2026?
Licensed content and other revenue +$5.1M (+5%); Entertainment, Pay-it-forward Revenue Not Related to Theatrical Releases −$204K (-57%); Product and Service, Other +$64K (+24%).