Angel Studios, Inc. Issues Preliminary Q1 2026 Results – Key Investor Update

Summary of Key Points

• Preliminary Q1 2026 Revenue Estimate: Company expects revenue between \$105.0 million and \$109.0 million.
• Preliminary Q1 2026 Adjusted EBITDA Estimate: Expected to be between \$(4.0) million and \$(6.0) million (i.e., an adjusted EBITDA loss).
• Nature of Estimates: These numbers are unaudited, preliminary and subject to completion of quarter-end review procedures.
• Audit Status: These estimates have not been audited, reviewed, or compiled by the company’s independent auditor, Tanner LLP.
• Anticipated Reporting Date: Full Q1 2026 results will be released during the upcoming earnings call in May 2026.
• Emerging Growth Company: Angel Studios is an emerging growth company and has not elected to use the extended transition period for complying with new or revised accounting standards.
• Stock Information: Class A Common Stock, par value \$0.0001, trading on the NYSE under the symbol ANGX.

Details for Investors

Angel Studios, Inc., a Delaware corporation and an emerging growth company, has released preliminary financial estimates for the first quarter of 2026. The company is projecting Q1 revenue in the range of \$105.0 million to \$109.0 million. This range reflects the company’s current expectations and is subject to finalization as part of the typical quarter-end close and review process.

The company also expects Adjusted EBITDA for Q1 2026 to fall between \$(4.0) million and \$(6.0) million. Investors should note that Adjusted EBITDA is a non-GAAP measure of operating performance. It is intended to indicate the company’s core profitability by excluding certain non-recurring or non-operating items such as interest expense, income taxes, depreciation and amortization, stock-based compensation, restructuring charges, transaction-related costs, and changes in fair value of financial instruments. However, due to the variability and limited visibility of some reconciling items, the company is unable to provide a reconciliation of Adjusted EBITDA to net loss without unreasonable effort at this time.

Shareholders should be aware that these estimates are preliminary and may change. The final results could be materially different, especially as the company completes quarter-end procedures and finalizes its financials. Additionally, the company’s independent auditor, Tanner LLP, has not audited, reviewed, or compiled these estimates and does not express any form of assurance about them.

The company has indicated that it may identify items during the preparation of its financial statements for the quarter ended March 31, 2026, that could require material adjustments to these estimates. The official Q1 2026 results will be communicated during the earnings call expected in May 2026.

Other Shareholder Information

• Class A Common Stock, par value \$0.0001 per share, is traded on the NYSE under the symbol ANGX.
• The company is not currently making written communications under Rule 425, soliciting material under Rule 14a-12, or pre-commencement communications under Rule 14d-2(b) or 13e-4(c).
• Angel Studios is registered as an emerging growth company and has not opted out of the extended transition period for new or revised accounting standards.

Potential Share Price Impact

These preliminary results are significant and may be price sensitive. While revenue is expected to exceed \$100 million for the quarter, the anticipated loss on an Adjusted EBITDA basis could raise concerns among investors about the company’s profitability in the near term. The lack of profitability, even on an adjusted basis, may affect market sentiment and could impact the share price, especially if finalized results differ materially from these estimates.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. The information is based on preliminary, unaudited estimates provided by Angel Studios, Inc. and is subject to change. Investors should review the company’s official filings and consult with their financial advisors before making investment decisions. The company’s actual results may differ materially from those indicated in these preliminary estimates.

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