Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Angel Studios, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2023
FY2024
FY2025
Revenue
202
96.5
322
Cost of revenue
86
44.4
125
Gross profit
116
52.2
197
Research and development
9.7
12.8
15.5
Selling and marketing
74.2
92.9
297
General and administrative
18.1
22.3
37.9
Operating income
-1.58
12.4
-86.7
-164
Interest expense
0.93
2.37
11.8
Interest income
1.82
3.49
5.45
Other non-operating income
-1.84
1.81
-6.38
Pre-tax income
18.5
10.5
-84.9
-170
Income tax
0.36
-2.7
3.53
Net income to minority interests
-0.15
-0.17
-0.01
Net income
18.1
13.4
-88.3
-170
EBITDA
18
-78.8
-150
EPS, basic
0.10
-0.64
-1.10
EPS, diluted
0.10
-0.64
-1.10
Shares, basic (weighted)
133
138
155
Shares, diluted (weighted)
140
138
155
Balance sheet
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
10.7
25.2
7.21
44.1
Receivables
16.2
51.1
Inventory
1.71
1.26
Other current assets
0.23
6.8
13.5
Total current assets
0.28
2.17
52.9
135
Property, plant and equipment
0.78
0.71
Lease right-of-use assets
2.74
3.24
Intangible assets
1.92
3.85
Other non-current assets
0.59
0.09
Total assets
238
46.9
111
241
Accounts payable
0.1
0.1
7.93
40
Accrued liabilities
0.68
2.25
13.1
24.5
Deferred revenue
22.2
66.5
Total current liabilities
1.21
4.98
80.1
219
Long-term debt
41.7
Lease liabilities
2.15
2.06
Total liabilities
1.74
5.56
94.7
267
Total debt
45.5
Paid-in capital
0.76
0.71
210
Retained earnings
-1.46
-4.15
-87
-242
Shareholders' equity
-1.46
-3.39
-8.5
Minority interests
8.22
5.65
Total equity
29.1
51
16.7
-25.8
Total liabilities and equity
238
46.9
111
241
Shares outstanding
144
169
Cash flow statement
FY2022
FY2023
FY2024
FY2025
Net income
18.1
13.2
-88.4
-170
Depreciation and amortization
5.68
7.9
14.4
Stock-based compensation
1.03
3.64
9.67
Deferred income tax
0.04
4
Change in receivables
-19.3
7.7
-35.1
Change in inventory
-2.34
1.13
0.45
Change in payables
0.55
4.75
13.5
32.9
Cash from operations
0.4
15.2
-51.3
-83.3
Purchases of investments
-238
-6.51
-0.96
Sales and maturities of investments
235
200
45.2
Cash from investing
-2.62
-9.96
-12.8
-55.6
Stock issued
7.5
32.8
104
Share buybacks
-0.11
-0.71
-0.44
Cash from financing
0.33
9.25
46.2
176
Exchange rate effect
0
-0
Net change in cash
-1.9
2.12
-1.68
Interest paid
3.59
2.37
7.81
Income taxes paid
0.02
1
-0.29
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.80 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
57.9%
Gross profit / revenue.
Operating margin
-31.5%
Operating income / revenue.
EBITDA margin
-27.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-37.5%
Pre-tax income / revenue.
Net margin
-37.5%
Net income / revenue.
Operating cash flow margin
-10.7%
Cash from operations / revenue.
Return on assets (ROA)
-65.9%
Net income / average total assets.
R&D / revenue
4.0%
Research and development expense / revenue.
Stock-based pay / revenue
2.9%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
3.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
233.2%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
277.1%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
116.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
0.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
12.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.65x
Current assets / current liabilities.
Quick ratio
0.41x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.25x
(Cash + short-term investments) / current liabilities.
Liabilities / assets
112.5%
Total liabilities / total assets.
Interest coverage
-7.83x
Operating income / interest expense.
Working capital
-$67.2M
Current assets - current liabilities.
Goodwill and intangibles / assets
1.0%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
1.76x
Revenue / average total assets.
Fixed asset turnover
655x
Revenue / average property, plant and equipment.
Inventory turnover
117x
Cost of revenue / average inventory.
Days inventory
3 days
365 x average inventory / cost of revenue.
Receivables turnover
13.6x
Revenue / average receivables.
Days sales outstanding
27 days
365 x average receivables / revenue.
Days payables
84 days
365 x average accounts payable / cost of revenue.
Cash conversion cycle
-54 days
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.84
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Market cap + total debt - cash - short-term investments.
P/S
2.17x
Market cap / revenue.
EV/Sales
2.05x
Enterprise value / revenue.
Earnings yield
-17.3%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.2%
(Dividends paid + share buybacks) / market cap.
What was Angel Studios, Inc.'s revenue in fiscal 2025?
Angel Studios, Inc. reported revenue of $321.6M for fiscal 2025, 233.2% higher than the year before.
Was Angel Studios, Inc. profitable in fiscal 2025?
No. It reported a net loss of $170.5M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.