Angel Studios Cash Flow 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
Net Income	-130.47	-89.8	9.16	-13.71	17.12
Depreciation & Amortization	2.48	1.61	1.51	1.05	0.25
Other Amortization	0.07	0.07	0.07	0.07	0.06
Loss (Gain) From Sale of Assets	-	-	-	-	-8.28
Loss (Gain) From Sale of Investments	1.63	1	-	-	-
Loss (Gain) on Equity Investments	-0.15	-0.07	-0.01	-0.07	-0.01
Stock-Based Compensation	9.25	3.64	1.03	1.5	4.59
Provision & Write-off of Bad Debts	0.2	0.2	2.39	-	-
Other Operating Activities	7.77	2.14	0.2	4.63	3.17
Change in Accounts Receivable	-20.33	7.7	-19.34	3.25	-9.24
Change in Inventory	1.52	1.13	-2.34	1.37	-1.08
Change in Accounts Payable	1.75	13.46	4.75	-12.93	12.51
Change in Unearned Revenue	40.64	18.25	3.29	-1.05	0.14
Change in Other Net Operating Assets	6.32	-19.58	5.2	4.22	-3.97
Operating Cash Flow	-79.31	-60.23	5.91	-11.66	15.26
Capital Expenditures	-0.41	-0.3	-0.57	-1.14	-0.78
Divestitures	-	-	-	-	-0.88
Sale (Purchase) of Intangibles	-8.82	-	-	-	-2.19
Investment in Securities	-9.97	-5.5	-1.72	-1.75	-0.95
Other Investing Activities	-0.98	1.89	1.6	-0.61	-0.81
Investing Cash Flow	-20.18	-3.91	-0.69	-3.5	-5.61
Short-Term Debt Issued	-	23.75	28.91	2	-
Total Debt Issued	112.87	23.75	28.91	2	-
Short-Term Debt Repaid	-	-18.63	-26.98	-0.21	-
Total Debt Repaid	-73.88	-18.63	-26.98	-0.21	-
Net Debt Issued (Repaid)	38.99	5.12	1.93	1.79	-
Issuance of Common Stock	109.17	33.44	7.74	0.26	12.94
Repurchase of Common Stock	-0.24	-0.71	-0.11	-0.43	-8.78
Other Financing Activities	3.54	8.3	-0.31	-	-0.58
Financing Cash Flow	151.47	46.15	9.25	1.62	3.58
Foreign Exchange Rate Adjustments	-0	-0	0	-	-
Net Cash Flow	51.98	-17.99	14.48	-13.54	13.24
Free Cash Flow	-79.71	-60.54	5.34	-12.8	14.48
Free Cash Flow Margin	-32.85%	-62.72%	2.64%	-16.95%	11.79%
Free Cash Flow Per Share	-2.17	-2.35	0.21	-0.53	0.59
Cash Interest Paid	9.43	2.37	3.59	0.5	0.52
Cash Income Tax Paid	1.38	1.38	0.02	-2.08	2.35
Levered Free Cash Flow	-42.97	-37.21	7.31	-12.93	-
Unlevered Free Cash Flow	-37.54	-35.73	9.6	-12.5	-
Change in Working Capital	29.9	20.96	-8.45	-5.14	-1.64

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