Filing Flows › Angel Studios (ANGX) › Q1 2026
Angel Studios (ANGX) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
Angel Studios (ANGX) reported revenue of $115M for the first quarter 2026 (Q1 2026), +143% from a year earlier and +5% from the quarter before. Operating margin was -2.3%, net loss $13.8M (12.0% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $115M | +5% | +143% |
| Operating profit | −$2.7M | — | — |
| Net earnings | −$13.8M | — | — |
| Operating cash flow | $1.9M | — | — |
What changed
Revenue was $115.1M in Q1 2026, up 143% year over year and up 5% from the previous quarter. Angel Guild Memberships was the largest line at 72% of revenue. Angel Guild Memberships added $48.6M year over year (up 140%), 72% of the total change. Pay it Forward revenue declined 87%.
Operating costs exceeded revenue by $2.7M, an operating margin of -2.3%. Total costs grew 45% against revenue growth of 143%. The fastest-growing cost line was Other operating costs (+345%). The quarter ended with a net loss of $13.8M, narrower than the previous quarter's $78.6M loss. Net interest and other expense of $11.1M was the main reason.
Operating cash flow was $1.9M. Non-cash charges added back $3.1M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items added $9.1M.
Questions
What was Angel Studios' revenue in the first quarter 2026?
Angel Studios (ANGX) reported revenue of $115M for the first quarter 2026 (Q1 2026), +143% from a year earlier and +5% from the quarter before.
Was Angel Studios profitable in the first quarter 2026?
Operating loss was $2.7M (-2.3% of revenue) and net loss $13.8M.
Source: Angel Studios 10-Q on SEC EDGAR.