Angel Studios, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report (Form 8-K) was filed by Angel Studios, Inc. on April 10, 2026. The filing provides preliminary financial estimates for the first quarter of 2026, covering the period ended March 31, 2026. The Company is an emerging growth company incorporated in Delaware.
Key Financial Metrics
The filing presents preliminary, unaudited estimates for Q1 2026:
- Revenue: Expected to range between $105.0 million and $109.0 million.
- Adjusted EBITDA: Expected to range between $(4.0) million and $(6.0) million (a loss).
- GAAP Net Loss: The filing does not provide a clear value for GAAP net loss, noting that a reconciliation to Adjusted EBITDA is not available without unreasonable effort.
- Cash Flow, Debt, and Liquidity: The filing text does not provide specific values for cash flow, debt levels, or liquidity metrics.
Material Changes and Comparisons
The filing does not provide comparative financial data for the prior year period (Q1 2025) or detail specific material changes in revenue or profit margins versus the prior period. The document focuses solely on the current quarter's preliminary outlook.
Guidance, Outlook, and Risks
Outlook and Timing: The Company expects to report full financial results during an earnings call in May 2026. These preliminary estimates are subject to adjustment following customary quarter-end close review procedures.
Non-GAAP Measures: Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock compensation, gain/loss on digital assets, and exceptional items. Management uses this to evaluate core operations, though it excludes significant GAAP items.
Risks and Contingencies:
- Unaudited Estimates: Tanner LLP has not audited, reviewed, or applied agreed-upon procedures to these estimates and expresses no assurance.
- Potential Adjustments: Material adjustments to these estimates may be required as the Company prepares full financial statements.
- Reconciliation Limitations: The Company states that reconciling Adjusted EBITDA to net loss is not feasible without unreasonable effort due to the variability and complexity of items such as interest, taxes, stock-based compensation, and fair value changes.
Key Facts for Investor Verification
- Verify the final Q1 2026 revenue and Adjusted EBITDA figures when the official earnings release is issued in May 2026.
- Confirm the actual GAAP net loss, as the preliminary filing does not provide a clear reconciliation or value.
- Monitor for any material adjustments to the preliminary estimates resulting from the quarter-end close review.
- Review the upcoming earnings call for details on cash flow, debt, and liquidity, which are absent from this 8-K.