Angel Guild Membership Surges 99% Year-Over-Year on Efficient Growth Model — AngelList Holdings, LLC

Event summary

Angel's Guild membership grew by 17.6% sequentially and 99.2% year-over-year to 2.85 million members as of July 31, 2026.
Guild revenue increased by 93.8% year-over-year to $90.7 million in Q2 2026, representing 81.2% of total company revenue.
Operating cash flow turned positive at $16.9 million in Q2 2026, a $27.5 million improvement from the same period last year.
Guild selling and marketing expense decreased to 52.8% of Guild revenue in Q2 2026, down from 71.6% in Q2 2025.

The big picture

Angel's audience-driven model, where Guild members vote on content distribution, continues to gain traction. The company's ability to grow membership efficiently while improving operating cash flow positions it favorably in the competitive streaming landscape. However, sustaining this growth amid increasing competition and macroeconomic challenges will be critical.

What we're watching

Sustainable Growth: Whether Angel can maintain its rapid Guild membership growth while continuing to reduce marketing expenses as a percentage of revenue.
Content Strategy: How the company's seven theatrical releases in the second half of 2026 will impact Guild membership and overall revenue.
Financial Performance: The pace at which Angel can reduce its Adjusted EBITDA loss to meet its full-year 2026 guidance of no more than $25 million.