Angel Studios, Inc.
For the period ended Jun 30, 2026. Filed Aug 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 4, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0001865200-26-000036
Item 1A. Risk FactorsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001865200-26-000070
Item 1A. Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 6 previous paragraphs and 8 current paragraphs.
6 unchanged; 0 reworded; 2 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
We have issued a financial guarantee in connection with a royalty-backed guarantee, which could require us to make cash payments if the guaranteed film does not generate sufficient revenue. Under this arrangement, we unconditionally guarantee repayment of a third-party loan made to an independent film production company to the extent that Producer Royalty Rights from the distribution of the film are insufficient to repay the loan in full by the end of the guarantee term. The commercial performance of the film is subject to uncertainty and factors outside our control, including audience reception, critical response, competitive releases, and broader economic conditions. If the film underperforms, we could be required to make a cash payment to the lender, which could affect our liquidity, cash flows, and results of operations. We may in the future enter into additional similar arrangements, which would increase our aggregate exposure. Although we currently assess the payment risk as low, there can be no assurance that actual film revenue will meet projections or that we will not be required to make payments under the guarantee.
Current report
We have entered into agreements with certain filmmakers and content creators that guarantee minimum royalty payments over specified periods, regardless of the actual box office, streaming, or other performance of the underlying content, and we may enter into similar arrangements in the future. We recognize royalty expense and a corresponding liability as royalties are earned under these agreements, and we do not currently expect any of these guarantees to result in a shortfall between royalties earned and the guaranteed minimum; however, that expectation depends on projections of future box office receipts, streaming performance, and other revenue-generating activity for the underlying content, which are inherently uncertain and may not prove accurate. If any content subject to these guarantees underperforms relative to our expectations, we would be required to recognize the estimated shortfall as an expense with a corresponding liability, potentially with limited advance notice, which could be material and could affect our results of operations in the period recognized.