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Angel Studios, Inc.

American motion picture and video tape production services company1

In its 2026 annual report the company says: “We are a media and technology company guided by a community of approximately 2.0 million grassroots Angel Guild members championing values-driven stories.”4 It is headquartered in Provo, Utah.1 Its shares trade on NYSE under the symbol ANGX.1

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Last updated Oct 21, 2026.

Overview

$321.6MRevenue, fiscal 20252
-$170.5MNet income, fiscal 20252

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  • TickerANGX on NYSE1
  • IndustryServices-Motion Picture & Video Tape Production1
  • HeadquartersProvo, Utah1
  • Incorporated inDE3
  • Business address295 W Center Street, Provo, Ut 846013
  • Filer category, Emerging growth company3

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We are a media and technology company guided by a community of approximately 2.0 million grassroots Angel Guild members championing values-driven stories. The combination of our community and our technology platform replaces the traditional Hollywood gatekeeper model with a scalable, data-informed approach to film and TV show decisions that improves with each new member and interaction.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-51.0%Operating margin2
-53.0%Net margin2
233.2%Revenue growth, 20252

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Angel Guild Revenue brought in 65% of the revenue Angel Studios, Inc. broke down this way in fiscal 2025.

  1. Angel Guild Revenue$209.7M265%up 488% from 2024
  2. Theatrical Release Revenue$77.0M224%up 162% from 2024
  3. Content Licensing$24.5M28%up 47% from 2024
  4. Merchandise Revenue$7.4M22%up 27% from 2024
  5. Entertainment, Pay-it-forward Revenue$1.8M21%down 77% from 2024
  6. Product and Service, Other$1.2M20%down 0% from 2024
  7. Entertainment, Pay-it-forward Revenue Not Related to Theatrical Releases$1.1M20%down 81% from 2024
  8. Entertainment, Pay-it-forward Revenue Related to Theatrical Releases$719.4K20%down 68% from 2024
Products and services by year
Products and services202320242025
Angel Guild Revenue$2.9M$35.6M$209.7M
Theatrical Release Revenue$106.8M$29.4M$77.0M
Content Licensing$38.7M$16.6M$24.5M
Merchandise Revenue$18.0M$5.8M$7.4M
Entertainment, Pay-it-forward Revenue$35.3M$7.8M$1.8M
Product and Service, Other$663.2K$1.2M$1.2M
Entertainment, Pay-it-forward Revenue Not Related to Theatrical Releases$31.9M$5.6M$1.1M
Entertainment, Pay-it-forward Revenue Related to Theatrical Releases$3.4M$2.2M$719.4K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue39¢$124.9M
  • Research and development5¢$15.5M
  • Other costs56¢$181.2M

Out of $321.6M in revenue.2 The company lost money this year.

Financial statements

Revenue2$321.6M in 2025+59% since 2023
0$100.0M$200.0M$300.0M$400.0M2023: $202.4M$202.4M20232024: $96.5M$96.5M2024−52%2025: $321.6M$321.6M2025+233%
Operating income52-$164.1M in 2025+10303% since 2022
-$200.0M-$150.0M-$100.0M-$50.0M0$50.0M2022: -$1.6M-$1.6M20222023: $12.4M$12.4M20232024: -$86.7M-$86.7M20242025: -$164.1M-$164.1M2025+89%
Net income652-$170.5M in 2025+7658419% since 2021
-$200.0M-$150.0M-$100.0M-$50.0M0$50.0M2021: -$2.2K-$2.2K20212022: $18.1M$18.1M20222023: $13.4M$13.4M2023−26%2024: -$88.3M-$88.3M20242025: -$170.5M-$170.5M2025+93%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Total revenue$321.6M$96.5M$202.4M
Cost of revenues$124.9M$44.4M$86.0M
Selling and marketing$297.3M$92.9M$74.2M
General and administrative$37.9M$22.3M$18.1M
Research and development$15.5M$12.8M$9.7M
Legal expense$10.1M$10.8M$2.0M
Total operating expenses$485.7M$183.2M$190.1M
Operating income (loss)-$164.1M-$86.7M$12.4M
Net gain (loss) on digital assets-$1.8M$1.7M-$4.0K
Interest expense-$11.8M-$2.4M-$3.7M
Interest income$5.4M$3.5M$1.8M
Other income (expense)$1.8M-$1.0M
Total other income (expense), net-$6.4M$1.8M-$1.8M
Income (loss) before income tax expense (benefit)-$170.5M-$84.9M$10.5M
Income tax expense (benefit)$3.5M-$2.7M
Net income (loss)-$170.5M-$88.4M$13.2M
Net loss attributable to noncontrolling interests-$12.7K-$172.1K-$151.7K
Net income (loss) attributable to controlling interests-$170.5M-$88.3M$13.4M
Net income (loss) per common share - basic-$1.10-$0.64$0.10
Net income (loss) per common share - diluted-$1.10-$0.64$0.10
Weighted average common shares outstanding - basic155.3M shares138.0M shares132.6M shares
Weighted average common shares outstanding - diluted155.3M shares138.0M shares139.9M shares

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Corporate structure

Angel Studios, Inc. is part of a group headed by Angel Studios, Inc.. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Angel Studios, Inc.

  • Angel Studios, Inc. Provo, Utah
    • Angel Studios, Inc. Provo, Utah
    • Angel Studios Licensing, LLC Subsidiary · Utah, United States
    • Dry Bar Comedy, LLC Subsidiary · Utah, United States

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

ItemLatestA year beforeChange
Property and equipment, before depreciation$3.9M2 Dec 31, 2025$3.4M2 Dec 31, 2024+14.9%
Accumulated depreciation$3.2M2 Dec 31, 2025$2.6M2 Dec 31, 2024+21.8%
Property and equipment, net$709.8K2 Dec 31, 2025$778.9K2 Dec 31, 2024−8.9%
Operating-lease assets (leased space)$3.2M2 Dec 31, 2025$2.7M2 Dec 31, 2024+18.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$44.1M2 Dec 31, 2025$7.2M2 Dec 31, 2024+511.3%
Stakes in other companies (equity method)$36.5M2 Dec 31, 2025$2.6M2 Dec 31, 2024+1303.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$3.9M2 Dec 31, 2025$1.9M2 Dec 31, 2024+100.8%
Accumulated amortization$1.3M2 Dec 31, 2025$274.3K2 Dec 31, 2024+391.2%
Finite-lived intangibles, net$3.9M2 Dec 31, 2025$1.9M2 Dec 31, 2024+100.8%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.3M2 Dec 31, 2025$1.7M2 Dec 31, 2024−26.1%

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 also entered into an office lease at 526 Selby Ave, St Paul, Minnesota that began on June 1, 2025 and will end May 31, 2027. 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 12, 2026.4

Leadership

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

Chief executive

  1. Jeb S. Spencer2021
  2. Neal Harmon2025–now

President

  1. Jordan Harmon2025–now

Chief financial officer

  1. Scott Edward Klossner2025–now

Chief operating officer

  1. Elizabeth Ellis2025–now
2025
Board members and other officers (17)

Former names

  • Southport Acquisition CorpJun 16, 2021 to Sep 10, 20253

Timeline

  1. Oct 2, 20268-K Entered a material agreement32
  2. Aug 4, 20268-K Results of operations33
  3. Jun 30, 20268-K Entered a material agreement34
  4. Jun 18, 20268-K Bylaws or fiscal year changed; Shareholder vote35
  5. Jun 4, 20268-K Regulation FD disclosure36
  6. May 22, 20268-K Shareholder vote37
  7. Apr 30, 20268-K Results of operations38
  8. Apr 13, 20268-K Entered a material agreement; Other events39
  9. Apr 10, 20268-K Other events40
  10. Mar 12, 20268-K Results of operations41
  11. Feb 23, 20268-K Entered a material agreement42
  12. Dec 30, 20258-K Regulation FD disclosure43
  13. Sep 22, 2025New chief executive Neal Harmon becomes CEO12
  14. Dec 9, 2021New chief executive Jeb S. Spencer becomes CEO13

Calendar

Coming up

  1. Nov 10, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported ($0.25) a share, on Nov 13, 2025.44

When it reported results

  1. Aug 4, 2026Reported quarterly or annual results33
  2. Apr 30, 2026Reported quarterly or annual results38
  3. Mar 12, 2026Reported quarterly or annual results41
  4. Nov 13, 2025Reported quarterly or annual results45

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

243 filings to the SEC since October 2021: 5 annual reports, 14 quarterly reports, 56 major events, 68 insider forms, 17 large holders, 83 other. The latest 20:

  1. Oct 2, 20268-K EDGAR
  2. Sep 14, 20264 PRIMARY DOCUMENT EDGAR
  3. Sep 11, 20264 PRIMARY DOCUMENT EDGAR
  4. Sep 3, 20264 PRIMARY DOCUMENT EDGAR
  5. Aug 17, 2026EFFECT EDGAR
  6. Aug 17, 20264 PRIMARY DOCUMENT EDGAR
  7. Aug 17, 20264 PRIMARY DOCUMENT EDGAR
  8. Aug 17, 20264 PRIMARY DOCUMENT EDGAR
  9. Aug 14, 20264 PRIMARY DOCUMENT EDGAR
  10. Aug 14, 20264 PRIMARY DOCUMENT EDGAR
  11. Aug 14, 2026S-4/A EDGAR
  12. Aug 12, 2026SCHEDULE 13D/A EDGAR
  13. Aug 12, 2026SCHEDULE 13D/A EDGAR
  14. Aug 4, 202610-Q EDGAR
  15. Aug 4, 20268-K EDGAR
  16. Aug 3, 20264 PRIMARY DOCUMENT EDGAR
  17. Jul 24, 20264 PRIMARY DOCUMENT EDGAR
  18. Jul 24, 20264 PRIMARY DOCUMENT EDGAR
  19. Jul 24, 20264 PRIMARY DOCUMENT EDGAR
  20. Jul 24, 20264 PRIMARY DOCUMENT EDGAR

The 243 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

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: 13 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 11, 2026Sarowitz Steven IDirectorBuy88,647$5.33$472.5KForm 4
Sep 10, 2026Sarowitz Steven IDirectorBuy355,998$5.28$1.9MForm 4
Sep 9, 2026Sarowitz Steven IDirectorBuy132,639$4.95$656.6KForm 4
Sep 1, 2026Sarowitz Steven IDirectorBuy10,979$4.27$46.9KForm 4
Aug 14, 2026Harmon NealChief Executive OfficerBuy29,193$4.28$124.9KForm 4
Aug 14, 2026Harmon JeffreyChief Content OfficerBuy51,380$4.26$218.9KForm 4
Aug 14, 2026Sarowitz Steven IDirectorBuy57,922$4.26$246.7KForm 4
Aug 13, 2026Harmon JeffreyChief Content OfficerBuy178,700$4.08$729.1KForm 4
Aug 13, 2026Sarowitz Steven IDirectorBuy107,662$4.12$443.6KForm 4
Aug 13, 2026Harmon NealChief Executive OfficerBuy29,036$4.31$125.1KForm 4
Aug 12, 2026Sarowitz Steven IDirectorBuy246,153$3.71$913.2KForm 4
May 5, 2026Sarowitz Steven IDirectorBuy321,544$3.06$983.9KForm 4
Sep 11, 2025Taylor SethChief Experience OfficerBuy11$17.54$193Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Jordan Harmon35$6.5M55
2025Jeffrey Harmon43$2.3M55
2025Neal Harmon48$2.2M55
2024President$1.5M55
2024Chief Executive Officer$1.1M55
2024Chief Content Officer$859.7K55

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Gigafund Management Company, LLC19,459,882$71.4M0.2%No change
Hudson Bay Capital Management LP3,915,068$14.4M0.1%−202,749
Peak6 LLC2,593,933$9.5M0.2%New
BlackRock, Inc.1,387,172$5.1M0.0%+68,697
Renaissance Technologies LLC1,373,228$5.0M0.0%+1,283,609
Geode Capital Management, LLC1,145,922$4.2M0.0%+230,120
Vanguard Capital Management LLC1,107,342$4.1M0.0%+170,786
Sepio Capital, LP959,485$3.5M0.2%−104,350
Diversify Advisory Services, LLC700,712$3.1M0.1%New
Diversify Wealth Management, LLC700,712$3.1M0.1%−2,362
Harvest Investment Services, LLC706,776$2.6M0.4%+21,837
Mmbg Investment Advisors Co.597,543$2.2M0.2%No change
LPL Financial LLC595,665$2.2M0.0%+9,399
Charles Schwab Investment Management Inc559,211$2.1M0.0%+58,994
Millennium Management LLC522,801$1.9M0.0%New
Vanguard Fiduciary Trust Co520,666$1.9M0.0%+99,415
State Street Corp466,500$1.7M0.0%+93,400
AWM Investment Company, Inc.458,379$1.7M0.1%New
Americana Partners, LLC389,481$1.4M0.0%New
Citadel Advisors LLC378,068$1.4M0.0%New
Tudor Investment Corp Et Al335,035$1.2M0.0%+212,663
Diametric Capital, LP329,386$1.2M0.1%+117,785
Paloma Partners Management Co325,000$1.2M10.5%New
Shay Capital LLC285,000$1.0M0.1%New
Stratos Wealth Partners, LTD.219,952$807.2K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

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
  • CIK0001865200
  • Employer ID (EIN)86-34837804
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • 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 Street, Provo, UT 846011
  • Phone760-933-84371
  • Shares outstanding112,425,272 Common Class A shares; 57,082,997 Common Class B shares as of Mar 9, 20264
  • Public float$68.5M as of Jun 30, 20254
  • AuditorTANNER LLP, Lehi, Utah PCAOB ID 270; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJun 16, 20211
  • Filings246 in all: 8-K (53), 4 (45), 3 (23), 10-Q (14), CORRESP (12), UPLOAD (11), DEFA14A (8), 425 (6)1
    All 39 form types

    SC 13G (6), SC 13G/A (6), 10-K (5), EFFECT (5), S-4/A (5), DEF 14A (4), S-1/A (4), 8-K/A (3), NT 10-Q (3), PRE 14A (3), 424B3 (2), 424B5 (2), 8-A12B (2), CERT (2), NT 10-K (2), S-1 (2), S-4 (2), SCHEDULE 13D (2), SCHEDULE 13D/A (2), 25-NSE (1), 424B4 (1), ARS (1), DEFR14A (1), DRS (1), DRS/A (1), NT 10-K/A (1), NT 10-Q/A (1), PRER14A (1), S-3 (1), S-8 (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) Apr 8, 2026
    Latest 8-K (8-K) Oct 2, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, $0.0001 par value per share

From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Angel Studios, Inc. names in Item 1A of its 10-K filed Mar 12, 2026: 53 risks under these headings, as written.4

  • General Risks Relating to Our Business
  • 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.
  • 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.
  • Changes in competitive offerings for entertainment video, including the potential rapid adoption of piracy-based video offerings, could adversely impact our business.
  • If we are not able to manage change and growth, our business could be adversely affected.
  • If we fail to maintain or, in new markets establish, a positive reputation with customers concerning our service, including the content we offer and the way in which we allow the customer to help us choose the content that is ultimately added to the service, we may not be able to attract or retain customers, and our operating results may be adversely affected.
  • Changes in how we market our service could adversely affect our marketing expenses and our customer base may be adversely affected.
  • We face risks, such as unforeseen costs and potential liability, in connection with content we acquire and/or distribute through our service.
  • Theatrical distribution typically involves significant risk and high upfront marketing costs, which can cause our financial results to vary from time to time.
The other 42 risks
  • We rely upon a number of partners to make our service available on their devices.
  • Any significant disruption in or unauthorized access to our computer systems or those of third parties that we utilize in our operations, including those relating to cybersecurity or arising from cyber-attacks, could result in a loss or degradation of service, unauthorized disclosure of data, including customer and corporate information, or theft of intellectual property, including digital content assets, which could adversely impact our business.
  • We rely upon certain third-party cloud computing service providers to operate certain aspects of our service and any disruption of or interference with our use of such services from our providers would impact our operations and our business would be adversely impacted.
  • If the technology we use in operating our business fails, becomes unavailable, or does not operate as expected, our business and operating results could be adversely impacted.
  • If government regulations relating to the internet or other areas of our business change, we may need to alter the manner in which we conduct our business or incur greater operating expenses.
  • Changes in how network operators handle and charge for access to data that travel across their networks could adversely impact our business.
  • Privacy concerns could limit our ability to collect and leverage our customer data and disclosure of customer data could adversely impact our business and reputation.
  • Our reputation and relationships with customers would be harmed if our customer data, particularly billing data, were accessed by unauthorized persons.
  • We are subject to payment processing risk.
  • If our trademarks and other proprietary rights are not adequately protected to prevent use or appropriation by our competitors, the value of our brand and other intangible assets may be diminished, and our business may be adversely affected.
  • Intellectual property claims against us could be costly and result in the loss of significant rights related to, among other things, our website, our recommendation and merchandising technology and marketing activities.
  • We may be engaged in legal proceedings that could cause us to incur unforeseen expenses and could occupy a significant amount of our management’s time and attention.
  • We may seek additional capital that may result in stockholder dilution or others having rights senior to those of our stockholders.
  • We depend on our senior management to achieve our objectives, and our loss of, or inability to obtain, key personnel or inability to attract and retain highly skilled employees could delay or hinder implementation of our business and growth strategies, which could adversely affect the value of your investment and our ability to pay dividends.
  • Our ability to monetize content that we distribute is heavily reliant on factors outside of our control.
  • Holders of our Common Stock will have only limited rights regarding our management, and will thus not have the ability to actively influence the day-to-day management of our business and affairs.
  • We may change our operational policies and business and growth strategies without stockholder consent, which may subject us to different and more significant risks in the future.
  • The ability of a stockholder to recover all or any portion of such stockholder’s investment in the event of a dissolution or termination may be limited.
  • Our Board and our executive officers will have limited liability for, and will be indemnified and held harmless from, our losses.
  • Our business may be subject to regulatory or legislative changes.
  • Members of our Board and our executive officers may have other business interests and obligations to other entities.
  • Provisions in our governing documents and under Delaware law could discourage a takeover that stockholders may consider favorable.
  • Financial forecasting may differ materially and adversely from actual results.
  • Our future indebtedness may limit our ability to declare and pay dividends and may affect our operations, including our ability to repay existing debt obligations.
  • 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 do not intend to pay dividends for the foreseeable future.
  • Artificial intelligence technologies present both competitive risks and strategic opportunities for our business.
  • Our increasing use of artificial intelligence tools in engineering and operations introduces new risks.
  • Risks Relating to Our Bitcoin Treasury Strategy
  • Our bitcoin treasury strategy exposes us to various risks, including risks associated with bitcoin
  • Bitcoin is a highly volatile asset.
  • Bitcoin does not pay interest or dividends.
  • Our bitcoin holdings are and will be less liquid than cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.
  • Bitcoin is a highly volatile asset, and fluctuations in the price of bitcoin have in the past influenced and are likely to continue to influence our financial results and the market price of our Common Stock.
  • Bitcoin and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.
  • Our historical financial statements do not reflect the potential variability in earnings that we may experience in the future relating to our bitcoin holdings.
  • We expect our bitcoin holdings to significantly impact our financial results and the market price of our Common Stock.
  • A significant decrease in the market value of our bitcoin holdings could adversely affect our ability to satisfy our financial obligations.
  • We face risks relating to the custody of our bitcoin, including the loss or destruction of private keys required to access our bitcoin and cyberattacks or other data loss relating to our bitcoin.
  • The emergence or growth of other digital assets, including those with significant private or public sector backing, could have a negative impact on the price of bitcoin and adversely affect our business.
  • Our bitcoin treasury strategy could subject us to enhanced regulatory oversight.
  • Due to the unregulated nature and lack of transparency surrounding the operations of many bitcoin trading venues, bitcoin trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes, which may result in a loss of confidence in bitcoin trading venues and adversely affect the value of our bitcoin.

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 United States District Court for the Central District of California (the “California Court”) in the matter of Disney Enterprises, Inc.; Lucasfilm Ltd., LLC; Twentieth Century Fox Film Corporation and Warner Bros. Entertainment, Inc., or Plaintiffs, v. VidAngel (the “Disney Litigation”), granted the Plaintiffs’ motion for preliminary injunction against us. On October 5, 2017, the California Court allowed the 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 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.4

Sources

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  51. 51
  52. 52
  53. 53
  54. 54
  55. 55