ANGXHIGH SIGNALFINANCIAL10-K

ANGX completed a significant business combination merger, transforming from Southport Acquisition Corporation to Angel Studios, Inc. with substantially expanded share count and operational scale.

The company underwent a complete corporate transformation through a SPAC merger, with outstanding shares expanding from approximately 5.8 million to over 169 million shares, indicating a major dilutive event for existing shareholders. The name change from Southport Acquisition Corporation to Angel Studios signals the completion of the SPAC's original acquisition purpose, fundamentally altering the investment thesis.

Comparing 2026-03-12 vs 2025-04-15View on EDGAR →
FINANCIAL ANALYSIS

The financial metrics show a company in operational expansion mode, with R&D expenses growing notably by 21% to $15.5M, suggesting increased investment in content or technology development. Share buyback activity declined modestly to $438K while inventory decreased to $1.3M, indicating more efficient working capital management. Overall, the financial profile reflects a newly public entertainment company scaling its operations post-merger.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-38%
$707K→$438K

Buyback activity reduced 38% — capital being redeployed elsewhere or cash conservation underway.

Inventory
Balance Sheet
-26.1%
$1.7M→$1.3M

Inventory reduced 26.1% — lean inventory management or demand outpacing supply.

R&D Expense
P&L
+20.9%
$12.8M→$15.5M

R&D investment increased 20.9% — signals commitment to future product development, though near-term margin impact.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-04-15
ADDED
(Exact name of registrant as specified in its charter) Delaware 86-3483780 (State or other jurisdiction of incorporation or organization) (I.R.S.
As of March 9, 2026, 112,425,272 shares of the Registrant s Class A common stock, $.0001 par value per share, and 57,082,997 shares of the Registrant s Class B common stock, $.0001 par value per share, were outstanding.
The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.
(f/k/a Angel Studios, Inc.), a Delaware corporation ( Angel Legacy ).
Pursuant to the terms of the Merger Agreement, a merger was effected in which Merger Sub merged with and into Angel Legacy, the separate corporate existence of Merger Sub ceased and Angel Legacy survived as the surviving company and direct wholly-owned subsidiary of the Company (the Merger and, collectively with the other transactions described in the Merger Agreement, the Business Combination ).
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REMOVED
7262(b)) by the registered public accounting firm that prepared or issued its audit report.
As of April 15, 2025, there were 4,237,987 shares of Class A common stock and 1,550,000 shares of Class B common stock of the registrant issued and outstanding.
Those forward-looking statements include, but are not limited to, statements regarding our or our management team s expectations, hopes, beliefs, intentions or strategies regarding the future.
In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.
The words anticipate, believe, continue, could, estimate, expect, intends, may, might, plan, possible, potential, predict, project, should, would and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not a forward-looking statement.
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