Angel Studios, Inc. — Form 8-K
Filed August 4, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 58/100
What the filing says
Angel Studios reported Q2 2026 Guild revenue of $90.7M (up 93.8% YoY from $46.8M), driven by Guild membership growth from 1.31M to 2.61M members (99.2% YoY increase, reaching 2.85M by July 31). Guild selling/marketing expense fell to 52.8% of revenue from 71.6%, while the company achieved positive operating cash flow of $16.9M (vs. negative $10.6M in Q2 2025). However, net loss widened to $23.8M from $15.7M, and Adjusted EBITDA loss was $11.7M; company reiterates full-year 2026 Adjusted EBITDA loss guidance of no more than $25M.
Why this rating
Guild revenue ($90.7M) now represents 81% of total revenue ($111.7M)—a core business inflection. YoY membership growth of 99% and improving unit economics (CAC decline) are material for a $68.5M market cap company. However, still unprofitable with widening net losses, negative stockholders' equity ($29.3M deficit), and elevated debt ($74.4M notes payable). Growth trajectory is significant but profitability path remains uncertain.
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