Southport Acquisition (NYSE:ANGX) executives pointed to a sharp increase in revenue and Guild membership growth during the company’s fourth-quarter 2025 earnings call, while also outlining a strategy that prioritizes community-driven “values-driven” content, theatrical releases as a growth and marketing engine, and operating efficiencies aided by artificial intelligence.
Revenue surged as Guild membership became a larger share of the mix
Management said fourth-quarter 2025 revenue totaled $110 million, up 254% from $31 million in the prior-year quarter. For the full year, the company reported nearly $322 million in revenue, up 233% from $97 million a year earlier.
The company reported ending Q4 with 2.0 million Guild members, up from 1.6 million in Q3 and 550,000 at the end of 2024. Management added that membership has since risen to 2.2 million.
Film slate and box office performance highlighted by “David” and “Solo Mio”
Leadership credited the Angel Guild’s feedback and ideas with helping guide a year in which the company released eight films theatrically. Management said it had two of the top 10 highest-grossing animated domestic theatrical releases of 2025, naming David and The King of Kings. Executives also said the company achieved the highest average domestic box office per title among independent distributors, surpassing several long-established peers.
In Q4, the company released its animated musical epic David in theaters, calling it the highest-rated film of 2025 and noting it drove the company’s second-largest wave of new paying Guild members, behind only the Homestead franchise. Management described David as a strategic franchise expected to support retention, licensing opportunities, potential spin-offs, and long-term membership growth. Executives said the title was tracking to surpass Homestead as the company’s most significant driver of active Guild memberships.
The company also highlighted Solo Mio, which it said recently became the highest audience-rated romantic comedy of all time. During Q&A, management said Solo Mio generated over $25 million at the box office and had just arrived on the Guild platform. Management also discussed I Was a Stranger, stating it delivered a theatrical “cinematic experience” and produced roughly $2.5 million in domestic box office receipts, while emphasizing that success is measured by “right-sized” marketing and Guild growth rather than theatrical profit maximization.
Loss widened as Q4 marketing spend ramped for a late-quarter release
Despite revenue growth, the company reported a net loss of $79 million for Q4 2025, compared with a $37 million net loss in the prior-year quarter. Selling and marketing expense increased to $121 million from $38 million a year earlier.
Executives attributed the higher marketing spend in large part to the Q4 push behind David, which the company launched on December 19. Management said only 11 days of revenue from the film were recognized in the quarter, while most advertising expense was incurred in 2025. They said returns on that investment—including international distribution, premium video-on-demand, and Guild membership growth—are expected to materialize throughout 2026.
Looking ahead, the company guided to an adjusted EBITDA loss of no greater than $25 million for 2026. Management said marketing remains a growth driver, but emphasized improving member acquisition efficiency and better retention as the content library expands. Executives said gross margin was 60%, and noted general and administrative expenses grew 25% year over year compared to revenue growth of 233%.
The company said it ended Q4 with $44 million in cash and cash equivalents, up from $7 million at the end of 2024.
Distribution economics, product updates, and a larger 2026 library target
Management pointed to steps to improve distribution economics, including acceptance into the Apple Partner Network, which it said lowered platform fees and is expected to add roughly $300,000 per month to the bottom line. Executives also said the company established direct relationships with major digital transactional platforms on market-level terms.
For content depth, management set an ambitious 2026 target to add 500 episodes, 200 films, and 30 comedy specials to the platform—nearly doubling the library from the end of 2025. In response to analyst questions, executives said the step-up is supported by partnerships with library owners, naming Samuel Goldwyn and Lionsgate among sources of licensed titles, and suggested additional announcements could follow.
On the product side, executives cited a recommendation engine that increased watch time by 12%, integrations into connected TV search feeds (including VIZIO, Samsung, and Fire TV), and a “Gift the Guild” feature allowing members to gift subscriptions. Management said Gift the Guild could influence average revenue per member either direction depending on mix, but would contribute positively to margins and household engagement.
Theatrical strategy and 2026 slate: “lead generation” and community building
During Q&A, executives repeatedly described theatrical releases as “lead generation” and “community building,” rather than a standalone profit center. They said the company’s strategy is to keep theatrical releases as close to break-even as possible, with occasional breakouts viewed as exceptions. Management said they measure theatrical success by the new filmmakers it attracts and how effectively it grows the Guild.
Management previewed upcoming theatrical releases, including:
- Animal Farm, directed by Andy Serkis, with voice talent including Seth Rogen, Woody Harrelson, Glenn Close, Kathleen Turner, Gaten Matarazzo, and Kieran Culkin (release planned for May).
- Young Washington, starring Ben Kingsley, Kelsey Grammer, and Mary-Louise Parker (opening July 3, tied to the U.S. 250th anniversary).
- Zero A.D., starring Jim Caviezel, Sam Worthington, Gael García Bernal, Ben Mendelsohn, and Devika Bhise, directed by Alejandro Monteverde (planned for Q4).
Executives also said they expect to make additional theatrical announcements at CinemaCon in April.
In closing remarks, management framed the quarter’s results as validation that audiences want stories reflecting their values and that a community-powered approach can compete at high levels of the entertainment industry. Executives described the Guild—now at 2.2 million members—as a competitive moat and said the company is focused on both growth and a path to profitability without compromising its mission.
About Southport Acquisition (NYSE:ANGX)
Southport Acquisition Corporation does not have significant operations. The company focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or assets. It intends to identify business opportunities in the field of financial software space with a focus on mortgage and real estate verticals. The company was incorporated in 2021 and is based in Del Mar, California.
