Filing Flows › Angel Studios (ANGX) › Q2 2026 › vs Q1 2026
Angel Studios (ANGX) Q2 2026 vs Q1 2026 (quarter over quarter)
Angel Studios's revenue fell $3.4M (-3%) from $115M in Q1 2026 to $112M in Q2 2026. The biggest changes: Theatrical Release Revenue −$15.2M (-84%); Angel Guild Memberships +$7.4M (+9%); Content Licensing +$4.9M (+49%).
Angel Studios, Q2 2026: revenue $112M (+28% year over year), operating margin -16.6%, net loss $23.8M, operating cash flow $16.9M. The chart draws each line against Q1 2026, the increases inside each band.
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Angel Guild Memberships | $90.7M | $83.3M | $7.4M | +9% |
| Content Licensing | $15.1M | $10.2M | $4.9M | +49% |
| Theatrical Release Revenue | $2.8M | $18.0M | −$15.2M | -84% |
| Merchandise | $2.4M | $3.1M | −$690K | -22% |
| Product and Service, Other | $651K | $336K | $315K | +94% |
| Revenue | $112M | $115M | −$3.4M | -3% |
| Net loss | $23.8M | $13.8M | $10.0M | +73% |
| Costs & expenses | $135M | $129M | $6.6M | +5% |
| Operating costs | $130M | $118M | $12.4M | +11% |
| Interest & other, net | $5.3M | $11.1M | −$5.8M | -52% |
| Cost of revenue | $51.7M | $44.0M | $7.7M | +18% |
| Research & development | $4.0M | $4.1M | −$83K | -2% |
| Sales & marketing | $61.1M | $56.6M | $4.5M | +8% |
| General & admin | $12.4M | $11.2M | $1.2M | +10% |
| Other operating costs | $916K | $1.8M | −$927K | -50% |
| Operating cash sources | $40.7M | $15.6M | $25.1M | +160% |
| Depreciation & amortization | $3.1M | $3.1M | −$17K | -0.5% |
| Share-based compensation | $3.5M | $3.5M | $70K | +2% |
| Working capital & other | $34.1M | $9.1M | $25.0M | +276% |
| Net loss absorbed | $23.8M | $13.8M | $10.0M | +73% |
| Operating cash flow | $16.9M | $1.9M | $15.1M | +797% |
Questions
How much did Angel Studios's revenue grow quarter over quarter in Q2 2026?
Angel Studios's revenue fell $3.4M (-3%) from $115M in Q1 2026 to $112M in Q2 2026.
What drove Angel Studios's revenue change in Q2 2026?
Theatrical Release Revenue −$15.2M (-84%); Angel Guild Memberships +$7.4M (+9%); Content Licensing +$4.9M (+49%).