# Angel Studios Posts $159 Million Q3 Revenue as Guild Membership Reaches 2.94 Million

> Angel Studios reported Q3 2026 revenue of $159.0 million, up 107.7%, as paying Guild members reached 2.94 million and net loss narrowed to $5.2 million.

- Published: 2026-11-10T21:32:58+00:00
- Section: Earnings & Results
- Author: News Desk
- URL: https://newsforagent.com/news/2026-11-10/angel-studios-q3-revenue-guild-membership
- Source: [Business Wire](https://www.businesswire.com/news/home/20261110251735/en/)

## Key takeaways

- Angel Studios reported Q3 2026 revenue of $159.0 million, up 107.7% year-over-year.
- Paying Angel Guild members reached 2.94 million, up 1.36 million net new members year-over-year.
- Net loss narrowed to $5.2 million from $38.5 million in Q3 2025, and the company reiterated full-year Adjusted EBITDA loss guidance of less than $25 million.

[Angel Studios](https://akta.pro/company-profiles/00000bc/angel-studios) reported third-quarter 2026 revenue of $159.0 million, up 107.7% year-over-year, and a net loss of $5.2 million, according to [Business Wire](https://www.businesswire.com/news/home/20261110251735/en/). The Provo, Utah-based company runs a streaming and theatrical distribution business built around its Angel Guild, a paid membership community that votes on which projects get made.

## Guild Revenue and Membership Growth

Guild revenue reached $115.6 million in the quarter ended September 30, 2026, up 95.3% year-over-year and 27.5% quarter-over-quarter. Paying Guild members grew to 2.94 million, a net increase of about 335,000 in the quarter and 1.36 million year-over-year. Guild selling and marketing expense was 55% of Guild revenue, compared with 75% a year earlier.

Total revenue rose 42.4% from the second quarter. Gross margin was 63%, compared with 55% in Q3 2025 and 54% in Q2 2026. Net loss per share was $0.03, compared with $0.25 in the year-earlier quarter. Adjusted EBITDA was a loss of $3.2 million, compared with a loss of $32.6 million in Q3 2025.

"Our model continues to show results, surpassing analyst expectations," CEO Neal Harmon said in the release. "Q3 revenue more than doubled year-over-year to $159 million."

The quarter included the release of Young Washington, which delivered $47 million at the domestic box office, Angel's highest-grossing release of 2026. Theatrical release revenue was $29.0 million, up from $5.5 million in Q3 2025. The company also completed its previously announced acquisitions of Tuttle Twins and The Wingfeather Saga, increasing total Class A common stock share count by 9.4 million.

## Angel Studios' Funding and Membership Records

Angel Studios priced an underwritten public offering of 14.3 million Class A shares at $2.10 per share in April 2026, generating approximately $30 million in gross proceeds, according to akta.pro [company records](https://akta.pro/company-data). The same records list a 2026-04 post-IPO equity round of $34.5 million and a 2025-09 post-IPO debt round of $100 million led by Trinity Capital. Angel Guild membership reached over 2.2 million paying members by June 2026, up 11% sequentially from 2.0 million in December 2025.

## Angel Promise and Theatrical Releases

Angel Studios introduced The Angel Promise in late October 2026, a content policy banning nudity, sex and certain profanity, and gave paying Guild members voting power over projects, Yahoo reported. Submissions must score at least 70 out of 100 to be approved. A remake of the John Wayne classic Angel and the Badman opened in theaters on October 9 and earned $3.9 million domestically before moving to digital streaming on November 6.

## Angel Studios' Holiday Slate and Webinar

Angel's holiday slate opens with Drummer Boy, continues with Hershey and closes at Christmas with Zero A.D., the story of the birth of Christ. The company will host a webinar on November 11, 2026, at 8:00 a.m. Eastern Time to discuss the results and answer questions from the sell-side community.

## Companies in this story

- [Angel Studios company profile](https://akta.pro/company-profiles/00000bc/angel-studios) · website: https://www.angel.com

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