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Angel Studios, Inc. balance sheet

At the end of fiscal 2025, Angel Studios, Inc. had total assets of $241m, total liabilities of $267m and shareholders' equity of −$25.8m. It held $44.1m in cash against $101m of debt: net debt of $56.9m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash and equivalents2574448
Receivables—165130
Inventory—211
Total current assets253135125
Total assets47111241235
Accounts payable084040
Deferred revenue (current)—226783
Total current liabilities580219193
Long-term debt——4657
Total debt01210178
Total liabilities695267264
Shareholders' equity−3−9−26−29
Non-controlling interests and other (assets − liabilities − equity)4525——
Net debt (negative = net cash)−2545730
Shares outstanding—144m169m187m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Angel Studios, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Angel Studios, Inc.