Angel revenue jumps 107.7% to $159 million in third quarter
Key Facts
Angel said on November 10 that revenue was $159.0 million in the quarter ended September 30, 2026, up 107.7% year over year and 42.4% from the previous quarter. Growth was supported by Guild revenue, which reached $115.6 million, according to the company’s statement. Guild revenue rose 95.3% year over year and 27.5% quarter over quarter. The company said it “grew total revenue 107.7% year over year to $159.0 million in the third quarter.” The results link expansion in the paid-member base to growth in the service’s recurring revenue.
Angel Guild had 2.94 million paid members at the end of the quarter, a net increase of 1.36 million from a year earlier. The company added about 335,000 net members in the third quarter and about 939,000 in the first nine months of 2026. Its filing showed membership rising from 1.58 million on September 30, 2025, to 2.94 million on September 30, 2026. Angel attributed the $56.4 million quarterly increase in Guild revenue to higher membership. This organic growth places the subscription base at the center of the company’s explanation for the revenue surge.
Adjusted EBITDA loss narrowed to $3.2 million in the third quarter, from $11.7 million in the second quarter and $32.6 million in the third quarter of 2025. For the nine months ended September 30, adjusted loss was $10.9 million, compared with a loss of $78.8 million in the same period a year earlier. Quarterly net loss also fell to $5.2 million, or $0.03 per share, from $38.5 million, or $0.25 per share, a year earlier. Gross margin rose to 63%, from 55% a year earlier and 54% in the second quarter. The comparisons show improving profitability metrics alongside accelerating revenue.
Guild’s sales and marketing expense ratio improved to 55% of its revenue in the third quarter, from 75% a year earlier, the company said. Theatrical release revenue rose to $29.0 million from $5.5 million in the third quarter of 2025. Releases cited by Angel included the films Young Washington, Brink of War and Runner. The company said Young Washington helped drive Guild memberships and generated $47 million at the domestic box office, making it the company’s highest-grossing release in 2026 through the results announcement. Content licensing revenue also increased by $2.5 million year over year, which Angel attributed to larger licensing deals tied to its 2026 theatrical releases.
Angel posted positive operating cash flow of $29.1 million from the start of the year through September 30, 2026, compared with negative cash flow of $52.5 million in the same period of 2025. Cash and cash equivalents totaled $45.6 million on September 30, up $1.5 million from $44.1 million on December 31, 2025. Deferred revenue rose to $98.5 million, from $82.5 million on June 30 and $66.5 million at the end of 2025. The company attributed the increase in deferred revenue to growth in annual memberships paid in advance. It also said its film and television library exceeded 1,500 releases, compared with 837 releases on December 31, 2025.
Angel reaffirmed its fiscal 2026 outlook for an adjusted EBITDA loss of less than $25 million. The company scheduled a webinar to discuss the results and answer questions from the analyst community on November 11, 2026, at 8:00 a.m. Eastern time. That follows an adjusted loss of $10.9 million in the first nine months of the year. The year-earlier comparison for the same period was a loss of $78.8 million in 2025. The webinar gives the company an opportunity to discuss the quarterly results and annual outlook directly with the analyst community.