Angel Studios, Inc.

Overview

• IndustryServices-Motion Picture & Video Tape Production¹
• HeadquartersProvo, Utah¹
• Incorporated inDE³
• Business address295 W Center St, Provo, Ut 84601³
• Filer category, Emerging growth company³
• Legal formCorporation

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We are a values based media distribution company that uses technology to empower a vibrant and growing community to replace the Hollywood gatekeeper system and champion stories that amplify light for mainstream audiences.⁵ From its latest annual report

Corporate structure

Angel Studios, Inc. sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Angel Studios, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

Investments

Intangibles and goodwill

Inventory

Properties, in its own words

Our primary assets are our Intellectual Property and the contracts we have entered into directly.

We lease our corporate office facilities at 295 W. Center St., Provo, Utah, under a lease commencing on December 15, 2016, and ending on February 28, 2029. In July 2021, we purchased a 50.0% ownership interest in the building and entity that we lease our corporate office facilities from. We also entered into three new leases to expand our corporate office space at 265 W., 275 W. and 285 W Center St., Provo, Utah under leases commencing August 1, 2022, March 1, 2024 and July 1, 2022, respectively, and ending July 31, 2027, February 28, 2029 and September 30, 2027, respectively. On September 28, 2023, we entered into a lease addendum for the leased premises located at 285 W Center St., Provo, Utah to clarify that due to construction delays, the lease began on October 1, 2022 rather than on July 1, 2022, and will end on September 30, 2027. We have entered into a warehouse lease at 951 East 1950 North in Spanish Fork, Utah that began on September 1, 2022 and will end September 30, 2027. We currently lease these locations for $34.7 thousand, $3.8 thousand, $5.3 thousand, $12.0 thousand and $14.3 thousand per month, respectively. We do not currently own or lease any other real property. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.

Item 2 of the 10-K filed Mar 28, 2025.⁵

Leadership

Who has led Angel Studios, Inc., and when. Pick a name to see everywhere that person has worked.

• Chief executive officerNeal Harmon Apr 29, 2024 to now¹⁰
• PresidentJordan Harmon Apr 29, 2024 to now¹¹
• Chief financial officerScott Edward Klossner Jul 21, 2025 to now¹²
• Chief financial officerPatrick J. Reilly Apr 29, 2024 to Jul 21, 2025¹³
• Chief operating officerElizabeth Ellis Sep 12, 2024 to now¹⁴

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

• Angel Studios Licensing, LLC Utah⁴
• Angel Studios, Inc. Delaware⁴
• Dry Bar Comedy, LLC Utah⁴

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

• Angel Studios Legacy, Inc.Jul 16, 2025 to Jul 16, 2025³
• VidAngel, Inc.Apr 12, 2016 to Mar 5, 2021³

Timeline

1. Sep 10, 20258-K Entered a material agreement; New debt or obligation; Unregistered sale of shares²³
2. Sep 8, 20258-K Unregistered sale of shares²⁴
3. Sep 5, 20258-K Shareholder vote; Regulation FD disclosure²⁵
4. Aug 15, 20258-K Entered a material agreement; New debt or obligation; Unregistered sale of shares²⁶
5. Aug 4, 20258-K Unregistered sale of shares²⁷
6. Jun 16, 20258-K Unregistered sale of shares²⁸
7. Jun 10, 20258-K Executive or director change; Other events²⁹
8. May 9, 20258-K Entered a material agreement; New debt or obligation; Unregistered sale of shares³⁰
9. May 7, 20258-K Unregistered sale of shares³¹
10. Apr 24, 20258-K Unregistered sale of shares³²
11. Feb 18, 20258-K Entered a material agreement³³
12. Oct 15, 20248-K Unregistered sale of shares; Other events³⁴
13. Apr 29, 2024New chief executive Neal Harmon becomes CEO¹⁰

Filings

144 filings to the SEC since October 2021: 1 annual reports, 5 quarterly reports, 20 major events, 68 insider forms, 5 private raises, 45 other. The latest 20:

1. Sep 10, 202515-12G EDGAR
2. Sep 10, 20258-K EDGAR
3. Sep 8, 20258-K EDGAR
4. Sep 5, 20258-K EDGAR
5. Aug 26, 2025DEFR14A EDGAR
6. Aug 18, 2025DEFA14A EDGAR
7. Aug 15, 20258-K EDGAR
8. Aug 13, 202510-Q EDGAR
9. Aug 12, 2025253G2 EDGAR
10. Aug 7, 2025253G2 EDGAR
11. Aug 6, 2025QUALIF EDGAR
12. Aug 6, 2025DEFM14A EDGAR
13. Aug 4, 20258-K EDGAR
14. Jul 24, 2025CORRESP EDGAR
15. Jul 24, 20251-A/A EDGAR
16. Jul 21, 20254 OWNERSHIP DOCUMENT EDGAR
17. Jul 21, 20254 OWNERSHIP DOCUMENT EDGAR
18. Jul 21, 20254 OWNERSHIP DOCUMENT EDGAR
19. Jul 21, 20254 OWNERSHIP DOCUMENT EDGAR
20. Jul 21, 20254 OWNERSHIP DOCUMENT EDGAR

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

13 open-market trades by officers, directors and large owners since October 2021: 12 buys and 1 sales. Grants, option exercises and gifts are left out.

From Forms 4 filed with the SEC.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

1. Oct 10, 2024Raised $38.1 million in a private offering of equity³⁵ Form D: $50 million offered in all Form D
2. Jun 6, 2023Raised $17 million in a private offering of debt³⁶ Form D: 19 investors so far Form D
3. Feb 14, 2023Raised $7.5 million in a private offering of equity³⁷ Form D: 1 investor so far Form D

SEC filer profile

How Angel Studios, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

• Name on EDGARAngel Studios, Inc.¹
• CIK0001671941
• Employer ID (EIN)46-5217451⁵
• Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company⁵
• Incorporated inDelaware⁵
• Fiscal year endsDecember 31¹
• Industry code (SIC)7812 Services-Motion Picture & Video Tape Production¹
• SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance¹
• Business address295 W Center St, Provo, UT 84601¹
• Mailing address295 W Center Street, Provo, UT 84601¹
• Phone760-933-8437¹
• Shares outstanding11,270,828 Common Class A shares; 3,005,416 Common Class B shares; 3,381,637 Common Class C shares; 9,786,312 Common Class F shares as of Mar 17, 2025⁵
• Public float$0 as of Jun 30, 2024²
• AuditorTANNER LLC, Salt Lake City, Utah PCAOB ID 270; it also attests to the company’s internal control over financial reporting⁵
• On EDGAR sinceApr 12, 2016¹
• Filings196 in all: 4 (45), 8-K (19), 1-U (14), 3 (12), UPLOAD (11), 1-A/A (9), 3/A (9), CORRESP (8)¹
  All 36 form types

  1-K (7), 1-SA (7), 425 (6), 10-Q (5), 1-A (4), 253G2 (4), D (4), S-4/A (4), QUALIF (3), 10-12G/A (2), 5 (2), C (2), C-AR (2), C-U (2), D/A (2), 1-U/A (1), 10-12G (1), 10-K (1), 15-12G (1), 424B3 (1), 8-K/A (1), C/A (1), DEFA14A (1), DEFM14A (1), DEFR14A (1), EFFECT (1), S-4 (1), SEC STAFF ACTION (1)

• Latest filingsAnnual report (10-K) Mar 28, 2025
  Quarterly report (10-Q) Aug 13, 2025
  Latest 8-K (8-K) Sep 10, 2025

Risk factors and legal proceedings

The risks Angel Studios, Inc. names in Item 1A of its 10-K filed Mar 28, 2025: 58 risks under these headings, as written.⁵

• General Risks Relating to Our Business
• We filed a voluntary petition for relief under the Bankruptcy Code and were reorganized under the Reorganization Plan confirmed by the Bankruptcy Court on September 4, 2020, which became effective on the Reorganization Plan Effective Date. The Reorganization Plan may have a material adverse impact on our business, financial condition, results of operations, and cash flows.
• Although the Reorganization Plan was confirmed, we may not be able to achieve our stated goals and objectives, which may have a material adverse impact on our business, financial condition, results of operations and cash flows.
• As a result of the bankruptcy proceedings, our historical financial information may not be indicative of our future performance, which may be volatile.
• We may be found in violation of the Disney Settlement Agreement in relation to the unauthorized use of Copyrighted Works by a Studio or its affiliates. If a Studio prevails in an Enforcement Action against us, our business would be adversely impacted and this would significantly impair our ability to continue as a going concern.
• We are subject to liens on our personal property, including our intellectual property, under the Reorganization Plan, which if enforced, would significantly impair our intellectual property rights and our ability to continue as a going concern.
• We are employing a business model with a limited track record, which may make our business difficult to evaluate.
• We have a history of net losses and cannot guarantee that we will be able to become profitable or maintain profitability.
• Historically, a significant amount of our revenue has been derived from the Chosen Agreement. The termination of the Chosen Agreement could reduce our revenues and adversely affect our operating results.
• If our efforts to attract and retain customers are not successful, our business will be adversely affected.
• The popularity of SVOD releases are difficult to predict and can change rapidly, leading to significant fluctuations in our revenues. A low public acceptance rate of our content may adversely affect our results of operations.
• The video industry is subject to rapid technological change. We must continue to enhance and improve our technology.

Legal proceedings

We currently are, and from time to time might again become, involved in litigation. Litigation has the potential to cause us to incur unexpected losses, some of which might not be covered by insurance but can materially affect our financial condition and our ability to continue business operations.

Disney Litigation and the Preliminary Injunction

On December 12, 2016, the California Court in the matter of Disney Enterprises, Inc.; Lucasfilm Ltd., LLC; Twentieth Century Fox Film Corporation and Warner Bros. Entertainment, Inc. (the “Original Plaintiffs”), v. VidAngel (the “Disney Litigation”), granted the Original Plaintiffs’ motion for preliminary injunction against us. On October 5, 2017, the California Court allowed the Original Plaintiffs to amend the original complaint to add three of their subsidiaries, MVL Film Finance LLC, New Line Productions, Inc. and Turner Entertainment Co., as additional Plaintiffs (collectively with the Original Plaintiffs, the “Plaintiffs”), and identify additional motion pictures as having allegedly been infringed. The Plaintiffs claimed that we unlawfully decrypted and infringed 819 titles in total.

The opening of Item 3, Legal Proceedings.⁵