Angel Studios Doubles Its Revenue to $159 Million as Guild Membership Nears 3 Million

Angel, the Utah based studio and streaming company behind Young Washington, reported on Tuesday that its third quarter revenue more than doubled from a year earlier, as its paying Guild membership climbed toward three million.

The company, which trades on the New York Stock Exchange as ANGX, said in its earnings release, also filed with the Securities and Exchange Commission on November 10, that revenue for the quarter ended September 30 reached $159.0 million. That compares with $76.5 million in the same quarter of 2025, an increase of 107.7%.

The Guild Drives the Growth

Angel's business is built around the Angel Guild, a paying membership whose members watch, screen and vote on which films and series the company produces and distributes. The company said paying members reached 2.94 million at the end of September, up from 2.61 million at the end of June and 1.58 million a year earlier.

Angel added about 335,000 net members in the quarter. Guild revenue rose 95.3% from a year earlier to $115.6 million and made up about 73% of total revenue.

The release also pointed to efficiency. Guild selling and marketing expense was 55.2% of Guild revenue, down from 75.0% in the third quarter of 2025. In its CEO commentary, the company said, "Our model continues to show results, surpassing analyst expectations."

Angel contrasted its member gains with the wider market, citing research firm Antenna's estimate that the rest of the U.S. subscription video on demand industry lost 1.7 million subscribers in the quarter.

Young Washington Lifts the Box Office Line

Theatrical release revenue was $29.0 million, up from $5.5 million a year earlier. Angel credited releases including Young Washington, Brink of War and Runner.

The company said Young Washington took $47 million at the domestic box office, making it Angel's highest grossing release of 2026, and that the film also helped drive Guild sign ups. That link between theatrical releases and subscriptions is central to Angel's pitch: films act as marketing for the membership as well as earning ticket revenue.

Angel also said its film and television library has grown to more than 1,500 releases, up from 837 at the end of 2025, helped by its completed acquisitions of Tuttle Twins and The Wingfeather Saga.

Losses Narrow, Cash Turns Positive

The bottom line improved sharply. Angel reported a net loss of $5.2 million, or about three cents a share, compared with a loss of $38.5 million a year earlier and $23.8 million in the second quarter.

Gross margin rose to 63% from 55% a year earlier. Adjusted EBITDA, a non GAAP measure the company uses, was a loss of $3.2 million, compared with a loss of $32.6 million a year ago. Operating cash flow was positive at $10.3 million.

Angel reiterated its full year guidance for an adjusted EBITDA loss of less than $25 million.

What to Watch on the Balance Sheet

The filing showed cash and equivalents of $45.6 million at the end of September, with current liabilities of about $222 million against current assets of about $135 million. Deferred revenue, largely annual Guild memberships paid in advance, grew to $98.5 million.

Shares outstanding rose to about 196.3 million from about 169.1 million at the end of 2025, partly because of the acquisitions, which added 9.4 million Class A shares. The company also reported holding 304 bitcoin valued at $25.4 million.

Why It Matters for Hollywood

Angel's numbers stand out in an industry where streaming growth has slowed and studios are chasing scale through mergers. Its model asks fans to pay a membership fee and help choose what gets made, then uses theatrical releases to attract new members.

The company will discuss the results in a webinar on Wednesday morning. The next test is whether its upcoming theatrical slate can keep the Guild growing at the same pace into 2027.