Angel Studios Reports Third Quarter 2025 Financial Results

Provo, UT—November 13, 2025—Updated September 8, 2026

Angel (NYSE: ANGX) (the "Company"), a media and technology company guided by 1.6 million grassroots Angel Guild members championing values-driven stories, today reported financial results for the third quarter ended September 30, 2025.

Company Highlights

• Third Quarter Revenues increased 280% year-over-year to $76.5 million. Revenues for the nine-month period ended September 30, grew 223% to $211.6 million.

• The Company's recurring revenue stream, the Angel Guild, contributed $59.2 million, representing 77% of total revenues for the quarter, growth of more than 556% compared to 2024.

• The Angel Guild grew to 1.6 million members in the third quarter, compared to 1.3 million members in the second quarter of 2025, and 258,000 members at the end of the third quarter of 2024, an increase of 19% from the second quarter of 2025, and up 620% year-over-year.

• Average Revenue Per Member "ARPM" was $13.70 for the trailing twelve months ended September 30, 2025.

• As the Angel Guild continues to grow beyond 1.6 million members, the demand for original television series is extremely strong. Angel will continue to invest in compelling, values-driven series that inspire and encourage ongoing Guild engagement.

• Net loss for the third quarter was $38.6 million, compared to $13.9 million in 2024, driven largely by increased marketing and content-related expenses tied to growth of the Angel Guild and theatrical releases. Contributing to the net loss were one-time expenses associated with the Company's NYSE debut.

• In conjunction with its public listing, the Company closed a $100 million credit facility with Trinity Capital, a leading alternative asset manager.

• Total fully diluted shares outstanding were 168,631,209 as of September 30, 2025.

Subsequent Event

• Subsequent to quarter end, Angel and 2521 Entertainment announced the acquisition of the DAVID franchise and intellectual property from Slingshot USA. DAVID is an animated film and television series based on the biblical story. David's journey from humble shepherd to anointed king tests the limits of faith, courage, and love - culminating in a battle for the soul of a kingdom. One of Angel's most highly anticipated films, DAVID will be released in theatres on December 19, 2025.

Upcoming Slate

Theatrical:

• December 19, 2025: DAVID

• January 9, 2026: I Was a Stranger

• February 6, 2026: Solo Mio starring Kevin James

Returning to the Guild:

• Season 18 of Dry Bar Comedy, our flagship 'funny for everyone' franchise, with more than 6 billion online views.

• Earlier this month, Season Four of the hit animated television series Tuttle Twins premiered. Angel Guild members have watched more than 124 million minutes of Tuttle Twins on the platform.

• The Wingfeather Saga, the bestselling book series by Andrew Peterson, now an epic animated series, launched the first two episodes of Season Three on November 12th.

• Additional episodes of Homestead Season One, the most popular franchise on the Angel platform.

Management Commentary

"Our third-quarter results underscore the strength of our community and the momentum of our audience-first model," said Neal Harmon, Co-Founder and CEO of Angel. "The Angel Guild has grown more than 500% year over year to 1.6 million paying members - a remarkable community that doesn't just watch, but decides which values-driven films and series get made. We have an exciting slate of projects headed to theaters and the Angel platform, and as audiences seek stories that uplift and inspire, Angel is just beginning to meet that demand."

Third Quarter 2025 Financial Results

Total revenue was $76.5 million in the third quarter, and $211.6 million for the nine months ended September 30, compared to $20.1 million and $65.5 million in the prior year periods, respectively. The quarterly increase in revenues was due to an increase in Angel Guild Revenue of $50.2 million year-over-year.

Total cost of revenues for the third quarter was $34.3 million, compared to $8.1 million in the prior year. The increase was due to higher royalty expense of $17.0 million as a result of royalties earned by filmmakers, as they receive an allocation of net revenues generated during the quarter. We also saw higher costs related to the Angel Guild of $7.3 million driven by the increase in memberships during the quarter, consisting of increased transaction processing fees of $5.4 million.

Selling and marketing expense for the third quarter was $64.7 million, compared to $16.6 million in the prior year. This represents $44.1 million in strategic investments made to grow the Angel Guild, and $16.7 million to promote theatrical box office releases. As we continue to bring on additional content, drive Angel Guild memberships and promote future theatrical releases, this cost is expected to fluctuate, but overall remain high and be a significant component of our operating expenses.

Net loss was $38.6 million, a loss of ($0.25) per share, compared to a net loss of $13.9 million, a loss of ($0.10) per share, in the third quarter of 2024.

Liquidity

As of September 30, 2025, Angel has cash and cash equivalents of $63.3 million, compared to $7.2 million as of December 31, 2024.

The Company continues to execute its treasury strategy to hold Bitcoin as a strategic reserve asset, with BTC holdings now valued at $34.5 million.

Angel Third Quarter 2025 Earnings Webinar

The Company will host a webinar on Friday, November 14, 2025 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.

Date: Friday, November 14, 2025

Time: 11:00 a.m. Eastern time

Dial-in: 1-877-407-0779

International Dial-in: 1-201-389-0914

Webcast: Please register here

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://ir.angel.com/.

About Angel

Angel (NYSE: ANGX) is a media and technology company guided by 1.6 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 "Sound of Freedom," which earned more than $250 million at the worldwide box office. The Company also has more than 6 billion views of its Dry Bar Comedy franchise, which has attracted some of the world's best-known comedians. For more information, visit www.angel.com.

Cautionary Statement Regarding Forward-Looking Statements:

This communication may contain certain forward-looking statements within the meaning of the federal securities laws with respect to the business combination between Angel and Southport. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forwardlooking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Southport's and Angel's annual reports on Form 10-K, respectively, and quarterly reports on Form 10-Q, the registration statement or Form S-4 filed in connection with the business combination, including those under "Risk Factors" therein, and other documents filed by Southport and Angel from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Angel and Southport assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Angel nor Southport gives any assurance that either Angel or Southport, or the combined company, will achieve its expectations.

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Investor Relations

Angel

investorrelations@angel.com

David Shane, Corporate Communications

Angel

press@angel.com