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Red Flags Detected
- Debt Default (new) — Company filed Chapter 11 bankruptcy in October 2017 following Disney copyright litigation; emerged September 2020 under reorganization plan.
Angel Studios posts $170M loss amid bitcoin treasury pivot, Chosen arbitration, Disney settlement
Filed March 12, 2026 · Period ending December 31, 2025 · Compared to 10-K Apr 15, 2025 · ~2 min read
Key Changes
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Net loss ballooned to $7.8 million in FY2025 (vs. $15.5 million in FY2024) with $83.3M cash burn; accumulated deficit now $241.5M. Management relies on future debt and equity issuances to fund operations.
MD&A: Financial Results verify on EDGAR → -
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Adopted bitcoin as treasury asset with new fair-value accounting (ASU 2023-08) effective Jan 2025, creating earnings volatility tied to bitcoin price swings. Holdings concentrated with third-party custodians subject to insolvency and regulatory risk.
Risk Factors: Bitcoin Treasury verify on EDGAR → -
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Lost distribution rights to The Chosen series after arbitrator found breach of contract in May 2024; settled all claims July 2025. Chosen revenue fell from 6.4% of total in 2024 to 0.0% in 2025.
Legal Proceedings: Arbitration verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jun 4, 2026 · How we verify