Angel Studios reports $115M Q1 revenue, 2.2M members; remediated control weaknesses

Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 16, 2025 · ~2 min read

Key Changes

• high

  First operating quarter post-merger: $115M revenue, $13.8M net loss, 2.22 million Angel Guild members generating 72% of revenue. Company holds 303 bitcoin as treasury asset and carries $106M in debt.

  MD&A: Financial Results verify on EDGAR →
• high

  Material weaknesses in cash flow presentation, excise tax recognition, and accrued liabilities remediated; disclosure controls now effective. Company hired separate CFO and launched readiness program for future accelerated filer status.

  Controls and Procedures verify on EDGAR →
• high

  Raised $34.5M in equity (16.4M shares at $2.10) in April 2026 and repaid $38.5M P&A loan facility in full. Management concludes sufficient liquidity for 12 months despite $255M accumulated deficit.

  MD&A: Liquidity verify on EDGAR →