Angel Studios, the film and streaming company built around a paid fan membership, more than doubled its revenue last quarter. It did so while keeping 304 bitcoin on its balance sheet, a holding now worth more than half as much as its cash.
The NYSE-listed company, which trades as ANGX, reported third-quarter results on November 10 in an 8-K filed with the SEC. Revenue rose 107.7% from a year earlier to $159.0 million, and the net loss narrowed to $5.2 million from $38.5 million.
Revenue doubles as Guild membership climbs
The engine is the Angel Guild, its paid membership program, which accounted for 72.7% of total revenue in the quarter. Guild revenue grew 95.3% year over year to $115.6 million.
Paying Guild members reached 2.94 million at the end of September, up from 2.61 million in June and 1.58 million a year earlier. The company added about 335,000 net members in the quarter and about 939,000 in the first nine months of 2026.
The CEO commentary in the release framed that growth against a weak backdrop. Angel said the rest of the U.S. subscription video on demand industry lost 1.7 million subscribers over the same quarter, citing third-party industry research, while Angel kept adding members and surpassed analyst expectations.
Theatrical releases added a second leg. Theatrical release revenue jumped to $29.0 million from $5.5 million, led by Young Washington, which the company said took $47 million at the domestic box office and was its highest-grossing release of 2026.
The business is also getting cheaper to grow. Guild selling and marketing expense fell to 55% of Guild revenue from 75% a year earlier, and gross margin improved to 63% from 55%. Operating cash flow was a positive $10.3 million for the quarter and $29.1 million for the year to date, compared with an outflow of $52.5 million in the first nine months of 2025.
Where the 304 bitcoin fits in Angel Studios stock
Bitcoin sits in a small paragraph near the end of the release, but it is a meaningful part of the balance sheet. Angel said it holds 304 bitcoin, valued at $25.4 million as of September 30, compared with a value of $26.5 million at the end of 2025.
At the same date the company held $45.6 million in cash and cash equivalents. Put together, the two total $71.0 million, which means bitcoin made up roughly 36% of that combined reserve. Based on the reported figures, each coin was carried at about $83,550.
The bitcoin position also stays out of the company’s preferred operating yardstick. Angel’s definition of adjusted EBITDA excludes the gain or loss on digital assets, so swings in the bitcoin price do not distort the measure it uses to track the core film and streaming business.
That is a practical way for a non-crypto company to hold bitcoin. The coins sit in reserve as a long-term asset while management is judged on whether the Guild and theatrical businesses keep growing.
A consumer brand with a bitcoin reserve
Most public companies holding bitcoin are miners, exchanges or firms built specifically around a treasury strategy. Angel is different: it is an entertainment company with millions of paying customers, and bitcoin is simply part of how it holds its reserves.
It joins a growing group of everyday businesses touching bitcoin directly. This week alone, Square switched on bitcoin at checkout for eligible U.S. sellers, and Fold’s bitcoin gift card became its top growth channel on TikTok Shop.
The balance sheet around the bitcoin has improved too. Total notes payable fell to $75.5 million from $97.2 million at the end of 2025, while deferred revenue, mostly prepaid annual Guild memberships, climbed to $98.5 million from $66.5 million.
What comes next for the studio
Angel reiterated its full-year 2026 guidance for an adjusted EBITDA loss of less than $25 million. Through nine months the adjusted EBITDA loss stood at $10.9 million, compared with $78.8 million a year earlier.
The studio’s holiday slate opens with Drummer Boy, a period-piece musical, followed by Hershey and, at Christmas, Zero A.D. The company also completed its acquisitions of Tuttle Twins and The Wingfeather Saga, and its library has grown to more than 1,500 titles from 837 at the end of 2025.
For investors following Angel Studios stock, the main story is a subscription business that has more than doubled revenue in a year. The 304 bitcoin are a quieter detail, but at roughly a third of its cash-plus-bitcoin reserve, they give shareholders meaningful exposure to the asset alongside a growing media company.
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