secwatch.observer — SEC 8-K summary
======================================

Issuer:     Angel Studios, Inc. (ANGX)
CIK:        0001865200
Form:       8-K
Filed at:   2026-11-10T21:35:33+00:00
Accession:  0001865200-26-000098
Event type: earnings
Sentiment:  positive
Materiality: 0.78
Item codes: 2.02, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

Angel Studios Q3 revenue $159.0M, up 107.7% YoY; net loss narrowed to $5.2M
---------------------------------------------------------------------------

- Total revenue $159.0M vs $76.5M in Q3 2025 (+107.7% YoY, +42.4% QoQ); Guild revenue $115.6M, up 95.3% YoY and 27.5% QoQ.
- Net loss $5.2M ($0.03/share) vs $38.5M ($0.25/share) a year ago; Adjusted EBITDA loss $3.2M vs $32.6M; gross margin 63% vs 55%.
- Paying Guild members reached 2.94M, up ~1.36M YoY and ~335,000 in the quarter; Guild S&M fell to 55% of Guild revenue from 75%.
- Young Washington grossed $47M domestic box office; library scaled to over 1,500 releases from 837 at Dec 31, 2025; operating cash flow +$10.3M in Q3.
- Reiterated FY2026 Adjusted EBITDA loss under $25M; cash $45.6M, deferred revenue $98.5M, notes payable $75.5M, and 304 bitcoin worth $25.4M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1865200/000186520026000098/0001865200-26-000098-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1865200/000186520026000098/angx-20261110x8k.htm
  HTML page:      https://secwatch.observer/filing/0001865200-26-000098

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer