Angel reported Q4 2025 revenue of USD 109.93 million, and a net loss of USD 78.62 million. For FY 2025, revenue rose to USD 321.56 million, while net loss attributable to controlling interests was USD 170.48 million. Angel said the Angel Guild represented 65.2% of FY 2025 revenue, after growing 488% year over year. Selling and marketing expense increased to USD 120.6 million in Q4 2025, driven by faster-than-expected Guild member growth and marketing investment to support the DAVID release. Angel forecast an adjusted EBITDA loss of less than USD 25 million for FY 2026.

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