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Angel Studios Inc Class A
(NYSE:ANGX)
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Rating:54Neutral
Price Target:
$4.00
▼(-10.51% Downside)
Action:Reiterated
Date:09/19/26
The score is held back primarily by weak financial performance—continued sizable losses, negative equity, and ongoing cash burn. Offsetting this, technicals are favorable (price above major moving averages with positive momentum), and the latest earnings call was constructive with reaffirmed adjusted-EBITDA-loss guidance and improving operating leverage, despite margin compression and quarterly variability. Valuation remains constrained by unprofitability (negative P/E) and no stated dividend yield.
Positive Factors
Guild revenue and membership growth
Rapid growth in Guild revenue and paying membership indicates increasing consumer adoption of Angel’s community-led model. A larger member base can support recurring revenue, improve content monetization, and strengthen the platform’s ability to reinvest in future growth.
Negative Factors
Persistent losses and cash consumption
The company is still consuming substantial cash while reporting large net and operating losses, limiting its ability to fund expansion internally. Continued negative cash generation increases dependence on balance-sheet resources or external financing until profitability materially improves.
Read all positive and negative factors
Positive Factors
Negative Factors
Guild revenue and membership growth
Rapid growth in Guild revenue and paying membership indicates increasing consumer adoption of Angel’s community-led model. A larger member base can support recurring revenue, improve content monetization, and strengthen the platform’s ability to reinvest in future growth.
Read all positive factors
Angel Studios Inc Class A (ANGX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$743.29M
Dividend YieldN/A
Average Volume (3M)1.84M
Price to Earnings (P/E)―
Beta (1Y)0.33
Revenue GrowthN/A
EPS Growth14.95%
CountryUS
Employees301
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)-0.93
Shares Outstanding130,093,840
10 Day Avg. Volume1,605,845
30 Day Avg. Volume1,840,896
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)-23.06
Price to Sales (P/S)2.25
P/FCF Ratio-7.12
Enterprise Value/Market Cap0.95
Enterprise Value/Revenue1.71
Enterprise Value/Gross Profit2.94
Enterprise Value/Ebitda-6.90
Forecast
1Y Price Target
$8.75Price Target Upside95.75% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.37
Revenue Forecast (FY)$511.58M
Angel Studios Inc Class A Business Overview & Revenue Model
Company Description
Angel Studios, Inc., established in 2013 and headquartered in Provo, Utah, operates a streaming service dedicated to producing and distributing movies and television series from various creators. Through its platform, the company offers subscriber...
Angel Studios Inc Class A Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call emphasized strong top-line growth and community-driven unit economics: rapid Guild membership expansion (nearly doubling YoY in the period), large increases in Guild revenue, improving operating leverage and concrete technology and distribution wins (DRM, AI tools, platform launches). Management reaffirmed a disciplined adjusted EBITDA target (≤ -$25M) and showed marked YTD improvement versus last year. Offsetting items included gross margin compression due to revenue mix, a larger GAAP net loss in the quarter, modest decline in ARPM driven by promotional and annual plans, and quarter-to-quarter seasonality and lumpy theatrical/distribution recognition. Overall, the positive growth in membership, revenue, and operational efficiency, plus strategic execution on tech and distribution, outweigh the near-term margin and seasonality headwinds.Positive Updates
Strong Revenue Growth
Total revenue of $111.0M in Q2 2026, up 28% versus $88.0M in Q2 2025, driven by core Guild growth.
Negative Updates
Gross Margin Compression
GAAP gross margin declined to 54% in Q2 2026 from 69% in Q2 2025, primarily due to a revenue mix shift (Q2 2026 was 84% Guild revenue vs Q2 2025 which had ~45% theatrical/distribution revenue that historically carried higher margins).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Total revenue of $111.0M in Q2 2026, up 28% versus $88.0M in Q2 2025, driven by core Guild growth.
Read all positive updates
Company Guidance
Management reaffirmed its full‑year guidance to limit the adjusted EBITDA loss to no more than $25 million, noting a year‑to‑date adjusted EBITDA loss of $7.7 million (vs. a $46.2M H1 2025 loss) while continuing to scale the Angel Guild: Q2 total revenue was $111M (+28% YoY) with Guild revenue $90.7M (+94% YoY); Guild members grew from 2.22M in Q1 to 2.61M in Q2 (+17.6% sequential), reached 2.85M as of July 31 after adding ~390k in Q2 (~600k through June), and trailing‑12‑month ARPM is $13.63 (down $0.06), implying roughly $466M of annual recurring revenue; Q2 gross margin was 54% (vs. 69% LY), operating expenses (ex‑costs) were $78.5M, sales & marketing was $61.1M (management says S&M intensity has fallen to roughly the high‑40s % of Guild revenue from 71.6% a year ago), net loss was $23.8M (EPS ‑$0.129), cash was $48M (up from $39M) and deferred revenue was $83M — and management expects H2 seasonality from theatrical timing but believes continued efficient member acquisition and operating leverage will keep adjusted EBITDA loss under the $25M cap without an immediate capital raise.Angel Studios Inc Class A Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
22
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 413.29M | 321.56M | 96.52M | 202.44M | 75.52M | 122.79M |
| Gross Profit | 239.44M | 196.70M | 52.16M | 116.40M | 35.12M | 45.66M |
| EBITDA | -102.16M | -148.76M | -78.14M | 18.70M | -13.28M | 9.94M |
| Net Income | -154.78M | -170.48M | -88.27M | 13.36M | -13.71M | 17.12M |
Balance Sheet | ||||||
| Total Assets | 235.06M | 241.41M | 98.52M | 98.26M | 39.39M | 236.63M |
| Cash, Cash Equivalents and Short-Term Investments | 48.04M | 44.08M | 7.21M | 25.20M | 10.72M | 1.95M |
| Total Debt | 77.08M | 100.51M | 14.28M | 5.49M | 3.98M | 0.00 |
| Total Liabilities | 264.39M | 267.19M | 94.67M | 58.58M | 17.39M | 26.29M |
| Stockholders Equity | -29.15M | -31.43M | -4.37M | 39.83M | 22.00M | 210.34M |
Cash Flow | ||||||
| Free Cash Flow | -67.34M | -101.89M | -60.54M | 5.34M | -12.80M | 794.34K |
| Operating Cash Flow | -63.97M | -83.33M | -60.23M | 15.19M | -11.66M | 794.34K |
| Investing Cash Flow | -71.42M | -55.59M | -3.91M | -9.96M | -3.50M | -234.60M |
| Financing Cash Flow | 176.38M | 175.79M | 46.15M | 9.25M | 1.62M | 235.76M |
Angel Studios Inc Class A Technical Analysis
Negative
4.47
Price Trends
4.55
Negative
3.97
Positive
3.75
Positive
Market Momentum
-0.18
Positive
34.27
Neutral
10.39
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANGX, the sentiment is Negative. The current price of 4.47 is below the 20-day moving average (MA) of 4.69, below the 50-day MA of 4.55, and above the 200-day MA of 3.75, indicating a neutral trend. The MACD of -0.18 indicates Positive momentum. The RSI at 34.27 is Neutral, neither overbought nor oversold. The STOCH value of 10.39 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ANGX.
Angel Studios Inc Class A Risk Analysis
Angel Studios Inc Class A disclosed 53 risk factors in its most recent earnings report. Angel Studios Inc Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Angel Studios Inc Class A Peers Comparison
UnderperformOutperform
Sector (60)
ANGX
Angel Studios Inc Class A
3.98
-2.69
-40.33%
VELO
Velo3D
8.67
3.26
60.26%
Angel Studios Inc Class A Corporate Events
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Angel Studios Updates TCP Merger Stock Distribution Terms
Neutral
Oct 2, 2026
On November 14, 2025, Angel Studios entered into a merger agreement to acquire Toothy Cow Productions, which was amended and restated on June 29, 2026 and again on September 17, 2026. The latest Second Amended and Restated Agreement and Plan of Me...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.