Angel Studios (ANGX) Q1 2026 earnings summary

Executive summary

• Achieved 143% year-over-year revenue growth to $115.1 million in Q1 2026, driven by Angel Guild membership expansion, strong theatrical and licensing performance, and content success.

• Angel Guild membership surpassed 2.22 million, accounting for 72% of total revenue and representing $365 million in annual recurring revenue.

• Adjusted EBITDA turned positive at $4.0 million, a significant improvement from a loss of $28.7 million in Q1 2025.

• Net loss narrowed to $13.8 million ($0.08/share), improved from $37.3 million ($0.26/share) in Q1 2025.

• AI-driven operational improvements and strategic theatrical releases, such as Solo Mio, supported Guild growth and audience expansion.

Financial highlights

• Q1 2026 revenue was $115.1 million, up 143% year-over-year from $47.4 million in Q1 2025.

• Adjusted EBITDA improved to $4.0 million from a loss of $28.7 million in Q1 2025.

• Gross margin expanded to 62% from 59% year-over-year.

• Net loss attributable to controlling interest was $13.8 million ($0.08/share), improved from $37.3 million ($0.26/share) in Q1 2025.

• Cash and cash equivalents rose to $38.9 million as of March 31, 2026, with positive operating cash flow of $1.9 million.

Outlook and guidance

• On track to deliver fiscal year 2026 guidance of an Adjusted EBITDA loss of $25 million or less.

• Management expects continued revenue growth through Guild expansion, new theatrical releases, and additional streaming agreements.

• Focus remains on sustainable Guild growth and international expansion after achieving U.S. profitability.

• Existing capital resources, recurring revenues, and access to debt and digital assets are expected to meet operating requirements for at least the next twelve months.

• Plans to double streaming library by adding 730 titles by year-end 2026.