Angel Studios (ANGX) Q2 2026 earnings summary

Executive summary

• Guild membership surged 99% year-over-year to 2.85 million by July 31, 2026, surpassing analyst expectations and driving a 93.8% increase in Guild revenue to $90.7 million, now representing over 80% of total revenue.

• Total Q2 2026 revenue rose 28% year-over-year to $111.7 million, driven by Guild membership growth, content licensing, and merchandise sales, partially offset by lower theatrical revenue.

• Operating leverage improved, with Guild sales and marketing expense reduced to 48–52.8% of Guild revenue, down from over 70% in 2025, while accelerating member growth.

• Net loss for Q2 2026 was $23.8 million ($0.129 per share), compared to $15.7 million ($0.106 per share) in Q2 2025, reflecting higher costs and digital asset losses.

• Operating cash flow turned positive at $16.9 million, a $27.5 million improvement from Q2 2025.

Financial highlights

• Gross margin for Q2 2026 was 54%, down from 69% in Q2 2025, due to a shift in revenue mix toward Guild revenue.

• Adjusted EBITDA loss for Q2 2026 was $11.7 million, improved from $17.5 million in Q2 2025; first half 2026 adjusted EBITDA loss was $7.7 million, a significant improvement from $46.2 million in the first half of 2025.

• Cash and cash equivalents at quarter-end were $48 million, up from $28 million a year earlier and $39 million at the end of Q1.

• Deferred revenue increased to $83 million at the end of June 2026, up from $67 million six months prior and $40 million a year ago.

• Operating loss narrowed to $18.5 million from $21.3 million year-over-year.

Outlook and guidance

• Management expects to remain below the adjusted EBITDA loss guidance of $25 million for the full year and anticipates continued Guild membership growth, supported by a pipeline of seven theatrical releases and new streaming agreements in the second half of 2026.

• Existing capital resources, recurring revenues, and access to debt facilities are expected to be sufficient for at least the next twelve months.

• The company is focused on disciplined, cash- and capital-efficient growth, with international expansion considered once profitability or free cash flow is achieved.