Angel Studios (ANGX +0.87%) stock tumbled 11.2% 9:40 a.m. ET Friday after reporting mixed Q4 earnings.

According to data from TheFly.com, only one Wall Street analyst had published an earnings forecast for Angel Studios, which held a SPAC IPO last September, and has only reported earnings (now) twice since. This analyst expected Angel to report a $0.20 per share loss on $92.6 million in revenue.

Angel actually reported $0.46 in losses on sales of $109.9 million -- better sales than expected, but worse earnings.

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A short history of Angel Studies

Angel Studios began life as a private company called VidAngel, publishing and selling edited versions of Hollywood blockbusters to remove offensive language and violence. Sued by Disney (DIS +0.14%) and others over copyright, VidAngel went bankrupt in 2020, only to come back as a private, crowd-funded movie producer called Angel Studios -- then parlaying this support into an IPO late last year.

The company today boasts more than 2 million active "paying guild members" -- some of whom also own Angel stock. It's also the company behind movies such as Sound of Freedom and David, as well as the children's series Tuttle Twins.

How is Angel stock doing today?

Angel stock soared immediately after its IPO -- then crashed. After hitting a post-IPO high of $16 a share, the stock has traded in the mid-single digits for most of the past six months. So what are the chances Angel will recover?

The earnings results hold some promise. Q4 revenue soared 254% year over year, and full-year revenue was up 233%. Losses roughly doubled year over year, but Angel says adjusted EBITDA losses will "narrow" in 2026.

That's not a promise of real GAAP profits, though. Until those arrive, Angel stock will remain vulnerable to further declines.