Investment Thesis
Angel Studios exhibits severe financial distress with negative stockholders' equity of -$25.8M, massive operating losses (-$164.1M), and negative free cash flow (-$83.3M), indicating the company is burning cash at an unsustainable rate despite 233% revenue growth. The combination of negative profitability margins exceeding -50%, current ratio of 0.62x indicating liquidity constraints, and liabilities exceeding assets by $25.8M suggests potential solvency concerns that outweigh revenue growth.
ANGX Strengths
- Exceptional revenue growth of 233% YoY demonstrates strong market demand and business expansion
- Maintains $44.1M in cash reserves providing near-term liquidity buffer
- Significant insider activity (8 Form 4 filings in 90 days) suggests management confidence
ANGX Risks
- Negative stockholders' equity of -$25.8M indicates technical insolvency and asset deficiency
- Negative operating cash flow of -$83.3M at current burn rate unsustainable without additional capital infusion
- Current ratio of 0.62x and liabilities exceeding assets creates acute liquidity risk and covenant violation potential
- Net loss of -$170.5M with -53% net margin demonstrates severe unprofitability despite revenue scale
- Negative interest coverage of -175.5x indicates inability to service debt from operations
Key Metrics to Watch
- Path to operating profitability and cash flow breakeven timeline
- Stockholders' equity recovery and whether it returns to positive territory
- Operating cash flow trends and sustainability of cash burn rate
- Current ratio improvement and working capital management
- Debt covenant compliance status and refinancing requirements
ANGX Financial Metrics
ANGX Profitability Ratios
ANGX Balance Sheet & Liquidity
ANGX 5-Year Financial Trend
5-Year Trend Summary: Angel Studios, Inc.'s revenue has remained relatively flat over the 5-year period, with a 0% decline. The most recent EPS of $0.10 reflects profitable operations.
ANGX Growth Metrics (YoY)
ANGX Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $20.1M | -$13.9M | $-0.10 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
ANGX Capital Allocation
ANGX SEC Filings
Access official SEC EDGAR filings for Angel Studios, Inc. (CIK: 0001865200)