Angel Studios, Inc. Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights (vs. Q2 2025)

  • Total Revenue: $111 million (+28% from $88 million)
  • Guild Revenue: $90.7 million (+94% from $46.8 million)
  • Gross Margin: 54% (down from 69%, due to revenue mix shift toward Guild vs. theatrical/distribution)
  • Operating Expenses (excl. cost of sales): $78.5 million (down from $81.7 million)
  • Sales & Marketing: $61.1 million (flat vs. $61.5 million) but more efficient: 52.8% of Guild revenue (improved from 71.6% YoY); added ~390k members (vs. 230k in Q2 2025)
  • Net Loss: $23.8 million (vs. $15.7 million loss); Net loss per share $0.129 (vs. $0.106)
  • Adjusted EBITDA (YTD): $7.7 million loss (significantly improved from $46.2 million loss in H1 2025)
  • Cash & Equivalents: $48 million (up from $39 million at end of Q1 2026)
  • Deferred Revenue: $83 million (up from $67 million 6 months prior; $40 million a year ago)

Guild Membership & Growth

  • Guild members: 2.61 million in Q2 (up 17.6% sequentially from 2.22 million in Q1); reached 2.85 million as of July 31, 2026 (+99% YoY)
  • Added ~390k members in Q2; ~600k added through June 2026 (60% annualized growth)

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Luk Janssens: Hello, everyone. Welcome to Angel's Second Quarter 2026 Earnings Call. Joining me are Angel's Co-Founder and CEO, Neal Harmon; and Angel's CFO, Scott Klossner. Before we begin, I would like to remind everyone that certain statements made on today's call, including statements regarding future financial performance, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Information regarding these risks and uncertainties is included in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. These forward-looking statements represent our outlook only as of the date of this call, and we undertake no obligation to update any forward-looking statements, except as required by applicable law. During this call, we may refer to certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are available in our earnings press release. These cautionary statements apply to all forward-looking statements wherever they appear in this call, including in the question-and-answer session. Our earnings press release is available on our Investor Relations web

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