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
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	-105.86	-89.97	9.01	-13.71
Depreciation & Amortization	3.6	1.68	1.58	1.12
Stock-Based Compensation	6.89	3.64	1.03	1.5
Other Adjustments	3.34	3.45	2.73	4.56
Change in Receivables	-5.32	5.97	-38.47	3.25
Changes in Inventories	1.65	1.13	-2.34	1.37
Changes in Accounts Payable	18.28	13.46	4.75	-12.93
Changes in Accrued Expenses	-4.36	-11.35	31.85	3.09
Changes in Unearned Revenue	32.42	18.25	3.29	-1.05
Changes in Other Operating Activities	-5.6	-6.5	-7.51	1.13
Operating Cash Flow	-53.34	-60.23	5.91	-11.66
Capital Expenditures	-0.18	-0.3	-0.57	-1.14
Purchases of Intangible Assets	-4.27	-	-	-
Purchases of Investments	-0.58	-0.62	-0.12	-
Proceeds from Sale of Investments	1.42	2.29	-	-
Other Investing Activities	-9.16	-5.27	0	-2.36
Investing Cash Flow	-15.2	-3.91	-0.69	-3.5
Long-Term Debt Issued	57.6	23.75	28.91	2
Long-Term Debt Repaid	-33.3	-18.63	-26.98	-0.21
Net Long-Term Debt Issued (Repaid)	24.29	5.12	1.93	1.79
Issuance of Common Stock	63.66	33.44	7.74	0.26
Repurchase of Common Stock	-0.73	-0.71	-0.11	-0.43
Net Common Stock Issued (Repurchased)	62.93	32.73	7.63	-0.17
Other Financing Activities	-12.85	8.3	-0.31	-
Financing Cash Flow	91.83	46.15	9.25	1.62
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-0	-0	0	-
Net Cash Flow	23.61	-17.99	14.48	-13.54
Free Cash Flow	-53.51	-60.54	5.34	-12.8
FCF Margin	-28.73%	-62.72%	2.64%	-16.95%
Free Cash Flow Per Share	-0.62	-2.35	0.21	-0.53
Levered Free Cash Flow	-35.54	-68.31	42.13	-20.32
Unlevered Free Cash Flow	-61.76	-73.73	42.68	-22.04