Neal Harmon, Chief Executive Officer
Neal Harmon is the CEO and co-founder of Angel Studios, which emerged from the bankruptcy reorganization of VidAngel. He has a history of launching multiple startup companies, including co-founding Orabrush and the viral video ad agency Harmon Brothers. Harmon Brothers became known for boosting sales for brands like Squatty Potty, Poo-Pourri, and Purple Mattress through viral videos. VidAngel, a content filtering service he co-founded with his brothers, was involved in a high-profile lawsuit with major Hollywood studios, eventually leading to a settlement in 2020. The filtering service business was subsequently sold, and the company rebranded as Angel Studios in 2021.

Scott Klossner, Chief Financial Officer
Scott Klossner is a public company veteran with over 35 years of experience. Prior to joining Angel Studios, he served as the CFO for field technician platform Field Nation. He also held the CFO position and was a member of the board of directors at Mercato Partners Acquisition Corporation, a special purpose acquisition company (SPAC), which merged with Nuvini Ltd. in 2023. Klossner continues to serve on Nuvini Ltd.'s board. His experience includes serving as CFO for fast-growing companies, such as online retailer Backcountry.com, which was acquired by Liberty Media Corporation in 2007.

Jordan Harmon, President
Jordan Harmon is a co-founder and the President of Angel Studios. Before his role at Angel Studios, he co-founded and served as Head of Marketing at Cove, a national home security company, which he helped grow into a $100 million business in four years. He also previously held the position of Chief Marketing Officer at VidAngel and worked as a marketing consultant for Harmon Brothers.

Jeffrey Harmon, Chief Content Officer
Jeffrey Harmon is a co-founder and the Chief Content Officer of Angel Studios. He co-founded Orabrush, Inc. in 2009 and served as its CEO, with Orabrush winning startup of the year in 2010. While at Orabrush, he is credited with having contributed to the invention of the "skip ad" button for Google/YouTube. Jeffrey also co-founded the Harmon Brothers ad agency with his brothers.

Elizabeth Ellis, Chief Operating Officer
Elizabeth Ellis serves as the Chief Operating Officer of Angel Studios.

Here are the key risks to Angel Studios' business:

1. Financial Health and Path to Profitability: Angel Studios faces significant financial challenges, evidenced by substantial net losses, negative profitability metrics such as Return on Equity (ROE) and Return on Assets (ROA), and liquidity concerns. Despite impressive revenue growth, expenses are scaling faster than revenue, leading to investor skepticism regarding the company's ability to achieve sustainable profitability. The company's Altman Z-Score also indicates it is in a financial distress zone, suggesting a potential for bankruptcy.
2. Reliance on Unique Community-Driven Business Model and Content Acceptance: Angel Studios' business model is heavily dependent on its "Angel Guild" community for content selection, funding, and audience engagement, making its success closely tied to public acceptance rates of its "values-driven" content. This unique approach can lead to rapid fluctuations in revenue based on content popularity and makes the business model difficult to evaluate compared to traditional entertainment companies. Maintaining a positive reputation for content quality and retaining its subscriber base are crucial, as any reputational issues or low content acceptance could negatively impact operational results and subscriber growth.
3. Intense Competition and Rapid Technological Change: Angel Studios operates in a highly competitive entertainment industry, facing strong competition from well-capitalized streaming giants and traditional entertainment companies. The rapid pace of technological change in the video industry necessitates continuous investment in technology enhancements, which could significantly influence Angel Studios' growth trajectory and market position.

• The U.S. video streaming market is projected to grow from an estimated $43 billion in 2025 to $195.6 billion by 2034.
• Globally, the video streaming market is expected to expand from $157.7 billion in 2025 to $868.9 billion by 2034.

Here are 3-5 expected drivers of future revenue growth for Angel Studios (ANGX) over the next 2-3 years:

1. Growth in Angel Guild Membership: Angel Studios' unique community-driven model, powered by its Angel Guild members, is a significant driver of recurring revenue. The company has seen substantial increases in its Guild membership, expanding from approximately 550,000 members at the end of 2024 to 2.2 million by the end of 2025, representing a 300% year-over-year increase. Guild membership revenue accounted for a significant portion of total revenue in 2025, and the company expects this trend to continue.
2. Expansion of Theatrical Releases and Streaming Content Library: Angel Studios plans to continue growing its content offerings through a robust slate of theatrical releases and an expanded streaming library. The company had successful theatrical releases in 2025, including "DAVID" and "The King of Kings," and has announced upcoming films like "Animal Farm," "Young Washington," and "The Fellowship" for 2026. Furthermore, Angel Studios intends to significantly enhance its streaming platform by adding 200 films and over 500 television episodes and specials, aiming to double its content library and increase user engagement.
3. Strategic Content Acquisition and Development, Supported by AI-driven Discovery: The company's strategy involves acquiring top-performing franchises and leveraging its AI-driven discovery technology to enhance viewer engagement and content selection. This proprietary platform, combined with the Angel Guild's input, helps identify and greenlight values-driven stories, fostering a sustainable content pipeline.
4. International Distribution Expansion: Angel Studios is actively increasing its global reach by forging international distribution partnerships. This expansion into new geographical markets provides an additional avenue for revenue growth by making their content accessible to a broader international audience.

Share Issuance

• Angel Studios entered into an Equity Distribution Agreement in December 2025, allowing it to offer and sell up to $150,000,000 of its Class A common stock through an "at-the-market" equity program.
• In 2025, the company generated approximately $49.1 million from the sale of 9,266,477 shares of Class A Common Stock to various purchasers, primarily for business management and working capital.
• A Regulation A Offering in September 2025 resulted in gross proceeds of approximately $55.0 million from the sale of 6,688,077 shares of Class A Common Stock.

Inbound Investments

• Angel Studios completed a business combination with Southport Acquisition Corporation, a Special Purpose Acquisition Company (SPAC), in September 2025, becoming a publicly traded company on the NYSE under ANGX with a valuation of $1.6 billion.
• The company secured a $100 million credit facility with Trinity Capital in September 2025, intended to expand the Angel Guild.

Outbound Investments

• In November 2025, Angel Studios acquired three studios (Black Autumn Show, Toothy Cow Productions, and Tuttle Twins Show) through all-stock merger agreements to expand its content portfolio.
• Angel Studios plans to continue acquiring and holding bitcoin as a strategic treasury asset to support its mission of funding filmmakers.

Capital Expenditures

• Capital expenditures for the 12 months ending December 31, 2025, amounted to approximately -$509,424.
• The company is making significant investments in technology and artificial intelligence (AI) to scale the Angel Guild, expand its content slate, and develop AI-enabled products.
• Increased spending on marketing and research and development (R&D) is a primary focus to accelerate content releases and grow its membership.