Angel Studios, Inc.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $321.6M | $96.5M | $202.4M |
| Cost of Revenue | $124.9M | $44.4M | $86.0M |
| Gross Profit | $196.7M | $52.2M | $116.4M |
| Gross Margin | 61.2% | 54.0% | 57.5% |
| Operating Expenses | |||
| Research & Development | $15.5M | $12.8M | $9.7M |
| SG&A Expense | $37.9M | $22.3M | $18.1M |
| Operating Income | $-164.1M | $-86.7M | $12.4M |
| Operating Margin | -51.0% | -89.8% | 6.1% |
| Interest Expense | — | — | $934.9K |
| Pretax Income | $-170.5M | $-84.9M | $10.5M |
| Income Tax Expense | — | $3.5M | $-2.7M |
| Net Income | $-170.5M | $-88.3M | $13.4M |
| Net Margin | -53.0% | -91.5% | 6.6% |
| EPS (Basic) | $-1.10 | $-0.64 | $0.10 |
| EPS (Diluted) | $-1.10 | $-0.64 | $0.10 |
| Shares Outstanding (Basic) | 155.3M | 138.0M | 132.6M |
| Shares Outstanding (Diluted) | 155.3M | 138.0M | 139.9M |
| Dividends Per Share | — | — | — |