Angel Studios Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	242.66	96.52	202.44	75.52	122.79
Revenue Growth (YoY)	110.21%	-52.32%	168.07%	-38.50%	-
Cost of Revenue	91.83	42.07	86.03	40.39	77.13
Gross Profit	150.83	54.45	116.4	35.12	45.66
Selling, General & Admin	254.95	128.33	94.34	32.11	28.3
Research & Development	14.49	14.36	13.91	12.35	4.94
Other Operating Expenses	-1.68	-1.68	0	5.07	2.74
Operating Expenses	267.76	141.01	108.25	49.52	35.97
Operating Income	-116.93	-86.56	8.15	-14.4	9.69
Interest Expense	-8.68	-2.37	-3.66	-0.69	-0.51
Interest & Investment Income	4.95	3.49	1.82	0.61	0.49
EBT Excluding Unusual Items	-116.03	-85.43	6.31	-14.48	9.66
Gain (Loss) on Sale of Investments	-1.63	-1	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	8.28
Pretax Income	-122.55	-86.43	6.31	-14.48	17.94
Income Tax Expense	8.02	3.53	-2.7	-0.77	0.82
Earnings From Continuing Operations	-130.57	-89.97	9.01	-13.71	17.12
Minority Interest in Earnings	0.11	0.17	0.15	-	-
Net Income	-130.47	-89.8	9.16	-13.71	17.12
Net Income to Common	-130.47	-89.8	9.16	-13.71	17.12
Shares Outstanding (Basic)	37	26	25	24	23
Shares Outstanding (Diluted)	37	26	26	24	24
Shares Change (YoY)	-65.97%	-0.53%	6.86%	-0.54%	-
EPS (Basic)	-3.54	-3.48	0.37	-0.57	0.76
EPS (Diluted)	-3.55	-3.48	0.35	-0.57	0.70
Free Cash Flow	-79.71	-60.54	5.34	-12.8	14.48
Free Cash Flow Per Share	-2.17	-2.35	0.21	-0.53	0.59
Gross Margin	62.16%	56.42%	57.50%	46.51%	37.19%
Operating Margin	-48.19%	-89.68%	4.03%	-19.06%	7.89%
Profit Margin	-53.77%	-93.04%	4.53%	-18.16%	13.94%
Free Cash Flow Margin	-32.85%	-62.72%	2.64%	-16.95%	11.79%
EBITDA	-115.24	-85.63	9	-13.8	9.94
EBITDA Margin	-47.49%	-88.72%	4.45%	-18.28%	8.09%
D&A For EBITDA	1.69	0.93	0.84	0.59	0.25
EBIT	-116.93	-86.56	8.15	-14.4	9.69
EBIT Margin	-48.19%	-89.68%	4.03%	-19.06%	7.89%
Effective Tax Rate	-	-	-	-	4.57%
Revenue as Reported	242.66	96.52	202.44	75.52	-
Advertising Expenses	-	-	-	-	12.79

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.