Angel Reports Fourth Quarter and Full Year 2025 Financial Results (Form 8-K)

Angel Reports Fourth Quarter and Full Year 2025 Financial Results

~ Fourth Quarter Record Revenue of $109.9 Million, Growth of 254.3% YoY ~

~ Revenue for the Twelve-Month Period, Increased 233.2% YoY ~

~ The Company's Recurring Revenue Stream, The Angel Guild, Represents 65.2% of Total Revenue, having grown 488.3% YoY ~

~ DAVID Became the Highest-Grossing Faith-Based Animated Theatrical Opening of All Time ~

~ Anticipates a Significantly Narrowed Adjusted EBITDA Loss of Less than $25 Million for the Full Year 2026 ~

PROVO, Utah - Angel (NYSE: ANGX) (the "Company"), a media and technology company guided by 2.2 million grassroots Angel Guild members championing values-driven stories, today reported financial results for the fourth quarter and full year ended December 31, 2025.

Key Highlights

Theatrical Milestones and Upcoming Slate

Message from our CEO

"We listed on NYSE, achieved the highest average domestic box office per title among all independent distributors, and received by far the highest audience satisfaction scores in the industry - again," said Angel co-founder and CEO Neal Harmon. "It is all due to the wisdom, passion, and guidance of our Angel Guild, which more than tripled in size this year to more than two million strong, generating $360 million in annual recurring revenue. The Guild proves every day that there is a growing global audience for values-driven films and television."

Fourth Quarter 2025 Financial Results

Total revenue was $109.9 million in the fourth quarter of 2025 and $321.6 million for the twelve months ended December 31, 2025, compared to $31.0 million and $96.5 million in the prior year periods, respectively. The quarterly increase in revenues was due to an increase in Angel Guild revenue of $54.7 million and theatrical release revenue, which increased by $19.6 million as a result of the success of the DAVID theatrical rollout.

Gross Margin for the quarter was 60% compared to 58% a year ago in Q4.

Selling and marketing for the fourth quarter of 2025 was $120.6 million, compared to $38.0 million for the 2024 comparable quarter. The increase was largely due to faster than expected Guild member growth and the marketing investment to support the DAVID release.

Net loss was $78.6 million, or ($0.47) per share, in the fourth quarter of 2025, compared to a net loss of $37.2 million, or ($0.26) per share, in the fourth quarter of 2024.

Liquidity

As of December 31, 2025, Angel has cash and cash equivalents of $44.1 million, this compares to $7.2 million as of December 31, 2024.

Outlook

The Company anticipates a significantly narrowed Adjusted EBITDA loss of less than $25 million for the full year 2026.

By the end of 2026, we expect to add 730 titles (including films, episodes, and comedy specials), making Angel one of the fastest-growing libraries of values-driven films and television series anywhere in the world.

Webinar

The Company will host a webinar on Friday, March 13, 2026, at 11:00 a.m. Eastern Time to discuss the results and answer questions from the sell side community. The webinar can be accessed using the dial-in numbers or registration link below.

A replay will be available within 24 hours after the webinar and can be accessed here or on the Company's investor relations website at https://angx.com/.

About Angel

Angel (NYSE: ANGX) is a media and technology company guided by 2.2 million grassroots Angel Guild paying members championing values-driven stories. Clearly expressing the kind of programming they crave, members of the Angel Guild act as virtual co-producers, greenlighting what films and television series get produced and distributed in theaters and on the Angel app. Propelled by this audience-first momentum, Angel has released more than 40 films and 20 television series that amplify light, including the animated musical epic DAVID and Sound of Freedom, which earned more than 250 million dollars at the worldwide box office. The company also has more than six billion views of its Dry Bar

Comedy streaming franchise, which has attracted some of the world's best-known comedians. For more information, visit www.angel.com.