Angel Studios Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	321.56	96.52	202.44	75.52	122.79
Revenue Growth (YoY)	233.16%	-52.32%	168.07%	-38.50%	-
Cost of Revenue	124.86	44.36	86.03	40.39	77.13
Gross Profit	196.7	52.16	116.4	35.12	45.66
Selling, General & Admin	345.28	126.03	94.34	32.11	28.3
Research & Development	15.53	12.84	9.7	12.35	4.94
Other Operating Expenses	-	-	-	5.07	2.74
Operating Expenses	360.81	138.88	104.05	49.52	35.97
Operating Income	-164.11	-86.72	12.36	-14.4	9.69
Interest Expense	-11.83	-2.37	-3.66	-0.69	-0.51
Interest & Investment Income	5.45	3.49	1.82	0.61	0.49
Other Non Operating Income (Expenses)	0.01	0.68	-0	-	-
EBT Excluding Unusual Items	-170.49	-84.91	10.52	-14.48	9.66
Gain (Loss) on Sale of Assets	-	-	-	-	8.28
Pretax Income	-170.49	-84.91	10.52	-14.48	17.94
Income Tax Expense	-	3.53	-2.7	-0.77	0.82
Earnings From Continuing Operations	-170.49	-88.45	13.21	-13.71	17.12
Minority Interest in Earnings	0.01	0.17	0.15	-	-
Net Income	-170.48	-88.27	13.36	-13.71	17.12
Net Income to Common	-170.48	-88.27	13.36	-13.71	17.12
Shares Outstanding (Basic)	155	138	133	24	23
Shares Outstanding (Diluted)	155	138	140	24	24
Shares Change (YoY)	12.50%	-1.34%	476.45%	-0.54%	-
EPS (Basic)	-1.10	-0.64	0.10	-0.57	0.76
EPS (Diluted)	-1.10	-0.64	0.10	-0.57	0.70
Free Cash Flow	-83.84	-51.6	14.62	-12.8	14.48
Free Cash Flow Per Share	-0.54	-0.37	0.10	-0.53	0.59
Gross Margin	61.17%	54.04%	57.50%	46.51%	37.19%
Operating Margin	-51.03%	-89.85%	6.11%	-19.06%	7.89%
Profit Margin	-53.02%	-91.46%	6.60%	-18.16%	13.94%
Free Cash Flow Margin	-26.07%	-53.46%	7.22%	-16.95%	11.79%
EBITDA	-149.69	-78.89	17.96	-13.8	9.94
EBITDA Margin	-46.55%	-81.74%	8.87%	-18.28%	8.09%
D&A For EBITDA	14.42	7.83	5.61	0.59	0.25
EBIT	-164.11	-86.72	12.36	-14.4	9.69
EBIT Margin	-51.03%	-89.85%	6.11%	-19.06%	7.89%
Effective Tax Rate	-	-	-	-	4.57%
Revenue as Reported	321.56	96.52	202.44	75.52	-
Advertising Expenses	-	-	-	-	12.79

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.