Angel Studios, Inc., established in 2013 and headquartered in Provo, Utah, operates a streaming service dedicated to producing and distributing movies and ...
Angel Studios, Inc. (NYSE: ANGX) is a media and technology company headquartered in Provo, Utah, that operates a unique audience-driven studio model. Founded in 2013 by brothers Neal, Daniel, Jeffrey, and Jordan Harmon along with cousin Benton Crane, the company initially launched as VidAngel, a content-filtering service, before rebranding to ...Angel Studios, Inc. (NYSE: ANGX) is a media and technology company headquartered in Provo, Utah, that operates a unique audience-driven studio model. Founded in 2013 by brothers Neal, Daniel, Jeffrey, and Jordan Harmon along with cousin Benton Crane, the company initially launched as VidAngel, a content-filtering service, before rebranding to Angel Studios in March 2021. The company produces and distributes films and television series through its streaming platform, offering a diverse catalog of family-friendly content, documentaries, and faith-based programming. Its business model leverages the 'Angel Guild,' a community of over 375,000 members who vote on projects, invest via equity crowdfunding, and promote theatrical releases. Notable box office successes include 'Sound of Freedom,' 'The Shift,' and 'His Only Son.' In addition to streaming, Angel Studios sells physical media (DVDs, Blu-rays), books, and offers content licensing. The company went public in September 2025, trading on the NYSE under the ticker ANGX. Financially, as of the latest TTM data, Angel Studios reported revenue per share of $2.24, but faced net losses, with negative profit margins and a return on equity of 8.8%. The company employs 301 full-time staff and continues to expand its production pipeline through community funding. Key executives include CEO Neal Harmon, who also serves as chairman. The company aims to 'amplify light' through stories that inspire and uplift audiences worldwide.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$321.6M
+233.2%
-3.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-170.5M
-93.1%
-72.4%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+61.2%
+13.2%
-13.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-51.0%
+43.2%
-580.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-53.0%
+42.0%
-77.6%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-101.9M
-68.3%
+2180.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-31.7%
+49.5%
+2243.3%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
-319.7%
+2.1%
-3.7%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.62x
-6.9%
+9.8%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Luk Janssens: Hello, everyone. Welcome to Angel's Second Quarter 2026 Earnings Call. Joining me are Angel's Co-Founder and CEO, Neal Harmon; and Angel's CFO, Scott Klossner. Before we begin, I would like to remind everyone that certain statements made on today's call, including statements regarding future financial performance, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Information regarding these risks and uncertainties is included in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. These forward-looking statements represent our outlook only as of the date of this call, and we undertake no obligation to update any forward-looking statements, except as required by applicable law. During this call, we may refer to certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are available in our earnings press release. These cautionary statements apply to all forward-looking statements wherever they appear in this call, including in the question-and-answer session. Our earnings press release is available on our Investor Relations website at angx.com, where we also encourage you to sign up for our e-mail alerts. Neal and Scott will take approximately 20 minutes for their opening remarks before we turn the call over to questions. Thank you all for joining us. And now I'll pass the call over to Neal.
Neal Harmon: Thank you, Luk. Good morning, everyone, and thank you for joining us. When we started in 2026, we set out to accomplish 2 things. First, we wanted to continue growing the Guild, our community of paying members. And second, we wanted to show that as Angel grows, our business becomes more efficient and more valuable. This quarter, we've made meaningful progress on both. Guild growth continues to exceed analyst expectations. Our operating leverage improved, and we're reaffirming our commitment to limit our full year adjusted EBITDA loss to no more than $25 million. When investors look at Angel, they usually ask 4 questions. What are you building? Why is it different? Is it working? And how big can it become? I'd like to answer those today. First, what are we building? Investors should think about Angel differently. We're not trying to build another streaming service. There are so many of those or another studio. We're building a first-of-its-kind audience-driven entertainment platform. Everything begins with the Angel Guild. The Guild helps us discover stories. It helps us to understand what audiences want. It helps us build awareness for every single title we release. It helps filmmakers improve …