Angel Studios Q2 2026 revenue rose 27.5% year-over-year to $111.7 million; operating loss narrowed to $18.5 million.
Net loss widened to $23.8 million, or $0.129 per share.
Gross margin fell to about 54% from about 69% a year earlier, due to a shift in revenue mix away from higher-margin theatrical revenue.
Angel Guild growth boosts revenue mix and cash flow
Angel Guild revenue climbed 93.8% to $90.7 million, about 81.2% of total revenue; paying members more than doubled to 2,610,000.
Positive operating cash flow was $16.9 million versus ($10.6) million a year earlier; guidance reiterated for a full-year 2026 adjusted EBITDA loss of no more than $25 million.
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