Angel Studios' paying Guild members rose to 2.94 million as its quarterly revenue doubled

Angel Studios, which runs the Angel streaming service and describes itself as a values-based media distribution company, said on November 10, 2026, that its paid membership program, the Angel Guild, ended September with 2.94 million paying members. That is about 335,000 more than at the end of June and 1.36 million more than a year earlier, when the count stood at 1.58 million.

The Guild is Angel's subscription. All three tiers, Basic with Ads, Basic and Premium, let members vote on every Angel release and give them early access to its streaming titles, according to the company's quarterly report. Premium adds two free tickets to every Angel theatrical release and a merchandise discount. Members pay monthly or annually.

Membership revenue nearly doubled

Guild revenue rose 95.3% from a year earlier to $115.6 million, and 27.5% from the second quarter. Total revenue more than doubled to $159.0 million, up 107.7%. Theatrical release revenue jumped to $29.0 million from $5.5 million, led by Young Washington, which Angel says took $47 million at the domestic box office and is its highest-grossing release of 2026.

That theatrical push changed the revenue mix: the Guild made up 72.7% of revenue in the quarter, down from 81.2% in the second quarter. The company says Young Washington drove Guild sign-ups. Its holiday slate of Drummer Boy, Hershey and Zero A.D. is scheduled to run in theaters through Christmas, the company says.

Net additions slowed from about 390,000 in the second quarter to about 335,000 in the third. Over the first nine months of 2026 Angel added about 939,000 paying members, fewer than the roughly 1,030,000 it added in the same period of 2025, while Guild revenue for the nine months more than doubled to $289.7 million from $140.7 million (our comparison of the company's figures).

Smaller losses, cheaper growth

The net loss narrowed to $5.2 million from $38.5 million a year earlier. Angel's adjusted EBITDA, a non-GAAP measure, was a loss of $3.2 million, against a loss of $32.6 million a year earlier, and the company kept its full-year forecast of an adjusted EBITDA loss below $25 million. Operating activities brought in $10.3 million of cash in the quarter.

Spending to win and keep members fell to 55% of Guild revenue from 75% a year earlier. Deferred revenue, which Angel says grew with annual memberships paid in advance, rose to $98.5 million from $66.5 million at the end of 2025. Its library has passed 1,500 releases, from 837 at the end of last year, and Angel has completed its acquisitions of Tuttle Twins and The Wingfeather Saga.

Angel argues that it grew while the rest of the U.S. subscription video market shrank, citing an estimate by the research firm Antenna that other services lost 1.7 million subscribers in the quarter. The figure comes from Angel's release; we have not reviewed Antenna's report. Related: why Netflix stopped reporting subscriber numbers.

Angel also licenses its films and shows to other distributors, naming Amazon, Apple and Netflix in its 10-Q, and it held 304 bitcoin valued at $25.4 million at September 30.