Angel Studios FY 2025 Results: Revenue Growth Meets Persistent Losses
Angel Studios (ANGX) has reported new figures for FY 2025, with third quarter revenue at about US$76.5 million and a basic EPS loss of US$0.25. Over the trailing twelve months, revenue stands at roughly US$242.7 million and the basic EPS loss at US$3.54. The company’s quarterly revenue has moved from US$20.1 million in Q3 2024 to US$31.0 million in Q4 2024, then to US$47.4 million in Q1 2025, US$87.6 million in Q2 2025 and US$76.5 million in Q3 2025. Over the same period, basic EPS losses ranged between US$0.10 and US$1.43. Analysts are currently calling for around 26.5% annual revenue growth and highlighting potential upside in their price targets, so the latest results keep focus on whether Angel Studios can translate its top line into healthier margins for shareholders.
See our full analysis for Angel Studios.With the headline numbers released, the next step is to see how these results compare with the main narratives around Angel Studios, including growth expectations, profitability concerns and what the market might be pricing in.
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US$130.5m TTM Loss Keeps Profitability Out of Reach
- Over the last twelve months, Angel Studios generated about US$242.7 million in revenue but reported a net loss of roughly US$130.5 million, which works out to a basic EPS loss of US$3.54 on a trailing basis.
- Bears point out that losses have grown at about 87% per year over five years and the company is not forecast to be profitable over the next three years, and the current TTM loss of US$130.5 million alongside quarterly net losses between US$13.9 million and US$38.6 million gives that cautious view plenty of backing.
- Critics highlight that even in Q2 2025, when revenue reached US$87.6 million, Angel still reported a net loss of US$15.9 million and a basic EPS loss of US$0.57, so higher activity has not yet translated into positive earnings.
- The concern from the bearish side is that this pattern repeats across recent quarters, with every period in the data showing both negative net income and negative EPS despite revenue moving from US$16.5 million to US$76.5 million.
Revenue Forecast at 26.5% vs P/S Premium of 2.6x
- Angel Studios is expected to grow revenue at about 26.5% per year according to the supplied forecasts, while the shares trade on a P/S of 2.6x compared with 1.5x for both peers and the wider US Entertainment industry.
- Supporters with a bullish tilt see faster forecast growth as a reason the stock might deserve that premium, but the current loss profile and TTM net loss of US$130.5 million create a tension between the growth story and what is actually flowing through to the bottom line.
- Consensus narrative points to the Guild membership model and recurring revenue as key long term drivers, yet the latest twelve month figures still show no profitability and margins that remain firmly negative.
- At the same time, analysts’ targets in the supplied data imply upside from the current US$3.70 share price, even though the P/S premium is already above the 1.5x peer mark, so investors have to weigh paying that premium while the company is loss making.
Analyst Upside vs DCF Fair Value Gap
- The current share price of US$3.70 sits well below the allowed analyst target reference of US$7.80 and above a DCF fair value of about US$2.55, so the stock trades between those two reference points.
- Bulls argue that forecast revenue growth of roughly 26.5% a year plus analysts’ implied upside make the story attractive, yet the fact that the DCF fair value is below today’s price and that shareholders have faced substantial dilution over the past year challenges the idea that upside is straightforward.
- What stands out for bulls is that analyst targets are higher than the current price, but bears counter that equity issuance and persistent losses, including quarterly net losses in the US$15.9 million to US$38.6 million range, mean existing holders have already absorbed real costs.
- Consensus narrative emphasizes long term Guild expansion and IP monetization, and the gap between the DCF fair value at US$2.55 and the US$7.80 target range is exactly where investors have to decide how much growth risk they are comfortable with at US$3.70 today.
Next Steps
To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Angel Studios on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.
After all this, the real question is what you make of Angel Studios right now. So move quickly, weigh both sides, and check out 2 key rewards and 3 important warning signs.
See What Else Is Out There
Angel Studios is still carrying heavy losses, trading on a P/S premium and showing no clear path to profitability, which raises real earnings risk for shareholders.
If this mix of steep losses and valuation tension feels uncomfortable, you might want to move some research time toward 68 resilient stocks with low risk scores, where companies score better on resilience and downside risk.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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