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Angel — Third Quarter 2026 Earnings Summary

ANGX

  • Financial Performance:

    • Total revenue reached $159.0 million, a 107.7% year-over-year increase and 42.4% quarter-over-quarter increase.
    • Guild revenue was $115.6 million, up 95.3% year-over-year and 27.5% quarter-over-quarter.
    • Other revenue was $43.4 million.
    • Gross margin was 63%, compared to 55% in Q3 2025 and 54% in Q2 2026.
    • Net loss was $5.2 million ($0.03 per share), compared to $38.5 million ($0.25 per share) in Q3 2025.
    • Operating loss was $10.3 million, compared to $38.0 million in Q3 2025.
    • Adjusted EBITDA loss was $3.2 million for the quarter, compared to a loss of $32.6 million in Q3 2025 and $11.7 million in Q2 2026.
    • For the nine months ended September 30, 2026, Adjusted EBITDA loss was $10.9 million, compared to $78.8 million in the same period in 2025.
    • Net cash provided by operating activities was $10.3 million for the quarter and $29.1 million for the nine months ended September 30, 2026.
    • Deferred revenue was $98.5 million as of September 30, 2026, up from $82.5 million at June 30, 2026 and $66.5 million at December 31, 2025.
    • Cash and cash equivalents were $45.6 million as of September 30, 2026.
    • Total notes payable were $75.5 million, down from $97.2 million at December 31, 2025.

  • Guidance and Future Outlook:

    • Reiterated full-year 2026 guidance for an Adjusted EBITDA loss of less than $25 million.
    • Holiday slate includes Drummer Boy, Hershey, and Zero A.D., timed for family movie-going seasons.
    • Management expressed confidence in the model, noting revenue more than doubled in the first year as a public company with greater ambitions.

  • Business Segments and Product Lines:

    • Angel Guild paying members grew to 2.94 million, an increase of 1.36 million net new members year-over-year.
    • Net member additions were approximately 335,000 in Q3 2026 and 939,000 in the first nine months of 2026.
    • Guild selling and marketing expense was 55.2% of Guild revenue in Q3 2026, down from 75.0% in Q3 2025.
    • Theatrical release revenue was $29.0 million in Q3 2026, up from $5.5 million in Q3 2025, driven by Young Washington, Brink of War, and Runner.
    • Young Washington was the highest-grossing release of 2026, delivering $47 million at the domestic box office.
    • The TV and film library scaled to over 1,500 releases, up from 837 releases on December 31, 2025.
    • Completed acquisitions of Tuttle Twins and The Wingfeather Saga.

  • Market and Competitive Landscape:

    • Angel added approximately 335,000 net new members in Q3 2026, while the rest of the US subscription video on demand (SVOD) industry lost 1.7 million subscribers according to Antenna.
    • Angel's releases average among the highest audience satisfaction scores in the industry per Rotten Tomatoes.
    • Cumulative filmmaker earnings reached $323 million as of September 30, 2026.

  • Risks and Challenges:

    • Forward-looking statements cite risks including the ability to grow and retain the Angel Guild membership base.
    • Risks include performance of theatrical and streaming content releases, audience reception, and box office results.
    • Competitive pressures from other streaming platforms, studios, and entertainment alternatives are noted.
    • Adverse macroeconomic conditions, including inflation and changes in consumer spending, could affect operating costs and financing access.

  • Management Commentary and Tone:

    • CEO stated the model is surpassing analyst expectations and scaling more efficiently.
    • Management highlighted that Guild selling and marketing expense as a percentage of revenue dropped from 75% a year ago to 55% this quarter.
    • CEO quoted Cabrini: "The world is too small for what [we] intend to do."

  • Other Key Points:

    • Total class A common stock share count increased by 9.4 million due to acquisitions, resulting in 196,323,468 shares issued and outstanding as of September 30, 2026.
    • Angel holds 304 bitcoin valued at $25.4 million as of September 30, 2026, down from $26.5 million at December 31, 2025.
    • A net gain on digital assets of $7.6 million was recorded in Q3 2026.
    • The company will host a webinar on November 11, 2026, at 8:00 a.m. Eastern Time to discuss results.
    • Goodwill on the balance sheet increased to $31.5 million as of September 30, 2026, compared to zero at December 31, 2025.