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Common Stock (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2025 | Dec. 31, 2024
Schedule of loss per share | ​
​ | ​ | ​ | ​
​ |  | For the Three Months Ended
​ | ​ | March 31, 2025
Net loss | ​ | $ | (101,682)
Less: Remeasurement of Class A redeemable shares to redemption value | ​ |  | (4,494)
Net loss including accretion of Class A redeemable shares to redemption value | ​ | $ | (106,176)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | ​ | ​ |
​ | ​ | March 31, 2025 | ​ | ​ | ​ |
​ | ​ | Class A | ​ | Class A and Class B | ​ | ​ | ​ | ​
​ |  | Redeemable Shares |  | Non-redeemable shares |  | Total |
Total number of shares | ​ | ​ | 37,987 | ​ | ​ | 5,750,000 | ​ | ​ | 5,787,987 | ​
Ownership percentage |  | ​ | 1 | % | ​ | 99 | % | ​ | 100 | %
Net loss allocated based on ownership percentage | ​ | ​ | (667) | ​ | ​ | (101,015) | ​ | ​ | (101,682) | ​
Less: Remeasurement of Class A redeemable shares to redemption value based on ownership percentage | ​ |  | (30) | ​ | ​ | (4,464) | ​ | ​ | (4,494) | ​
Plus: Accretion applicable to remeasurement of Class A redeemable shares to redemption value | ​ |  | 4,494 | ​ | ​ | — | ​ | ​ | 4,494 | ​
Total income (loss) based on ownership percentage | ​ | $ | 3,797 | ​ | $ | (105,479) | ​ | $ | (101,682) | ​
Weighted average shares outstanding | ​ |  | 37,986 | ​ | ​ | 5,750,000 | ​ | ​ | ​ | ​
Basic and diluted net income (loss) per share | ​ | $ | 0.10 | ​ | $ | (0.02) | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended
​ |  | March 31, 2024
Net income | ​ | $ | 261,607
Plus: Trust Account withdrawals for tax payments | ​ |  | 489,119
Less: Remeasurement of Class A redeemable shares to redemption value | ​ | ​ | (559,907)
Net income including accretion of Class A redeemable shares to redemption value | ​ | $ | 190,819
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | ​ | ​ |
​ | ​ | March 31, 2024 | ​ | ​ | ​ |
​ |  | Class A | ​ | Class A and Class B | ​ | ​ | ​ | ​
​ | ​ | Redeemable Shares |  | Non-redeemable shares |  | Total | ​
Total number of shares | ​ | ​ | 1,163,113 | ​ | ​ | 5,750,000 | ​ | ​ | 6,913,113 | ​
Weighted average shares ratio |  | ​ | 38 | % | ​ | 62 | % | ​ | 100 | %
Net income allocated based on weighted average shares ratio |  | $ | 100,589 |  | $ | 161,018 |  | $ | 261,607 | ​
Plus: Trust Account withdrawals for tax payments based on weighted average shares ratio | ​ | ​ | 188,068 | ​ | ​ | 301,051 | ​ | ​ | 489,119 | ​
Less: Remeasurement of Class A redeemable shares to redemption value based on weighted average shares ratio | ​ | ​ | (215,286) | ​ | ​ | (344,621) | ​ | ​ | (559,907) | ​
Less: Accretion applicable to Trust Account withdrawals for tax payments |  | ​ | (489,119) |  | ​ | — |  | ​ | (489,119) | ​
Plus: Accretion applicable to remeasurement of Class A redeemable shares to redemption value |  | ​ | 559,907 |  | ​ | — |  | ​ | 559,907 | ​
Total income based on weighted average shares ratio | ​ | $ | 144,159 | ​ | $ | 117,448 | ​ | $ | 261,607 | ​
Weighted average shares outstanding | ​ |  | 3,592,063 | ​ |  | 5,750,000 | ​ |  | ​ | ​
Basic and diluted net income per share | ​ | $ | 0.04 | ​ | $ | 0.02 | ​ |  | ​ | ​
| The following table reflects the calculation of basic and diluted net loss per common stock for the year ended December 31, 2024 (in dollars, except per share amounts):
​ | ​ | ​ | ​
​ |  | For the Year Ended
​ |  | December 31, 2024
Net loss | ​ | $ | (5,107,051)
Plus: Trust Account withdrawals for tax payments | ​ | ​ | 489,119
Less: Remeasurement of Class A redeemable shares to redemption value | ​ |  | (966,174)
Net loss including accretion of Class A redeemable shares to redemption value | ​ | $ | (5,584,106)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended | ​ | ​ | ​ |
​ | ​ | December 31, 2024 | ​ | ​ | ​ |
​ |  | Class A |  | Class A and Class B |  | ​ |
​ | ​ | Redeemable Shares | ​ | Non-redeemable Shares | ​ | Total | ​
Total number of shares |  | ​ | 37,987 |  | ​ | 5,750,000 |  | ​ | 5,787,987 | ​
Weighted average shares ratio |  | ​ | 22 | % | ​ | 78 | % | ​ | 100 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss allocated based on ownership percentage | ​ | $ | (1,118,969) | ​ | $ | (3,988,082) | ​ | $ | (5,107,051) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Plus: Trust Account withdrawals for tax payments based on weighted average shares ratio | ​ | ​ | 107,167 | ​ | ​ | 381,952 | ​ | ​ | 489,119 | ​
Less: Remeasurement of Class A redeemable shares to redemption value based on weighted average shares ratio | ​ | ​ | (211,691) | ​ | ​ | (754,483) | ​ | ​ | (966,174) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: Accretion applicable to Trust Account withdrawals for tax payments | ​ |  | (489,119) | ​ |  | — | ​ |  | (489,119) | ​
Plus: Accretion applicable to remeasurement of Class A redeemable shares to redemption value | ​ |  | 966,174 | ​ |  | — | ​ |  | 966,174 | ​
Total income (loss) based on ownership percentage | ​ | $ | (746,438) | ​ | $ | (4,360,613) | ​ | $ | (5,107,051) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares outstanding | ​ |  | 1,613,326 | ​ |  | 5,750,000 | ​ |  | ​ | ​
Basic and diluted net loss per share | ​ | $ | (0.46) | ​ | $ | (0.76) | ​ |  | ​ | ​
​ The following table reflects the calculation of basic and diluted net income (loss) per common stock for the year ended December 31, 2023 (in dollars, except per share amounts): ​
​ | ​ | ​ | ​
​ | ​ | For the Year Ended
​ |  | December 31, 2023
Net income | ​ | $ | 2,729,602
Plus: Trust Account withdrawals for tax payments | ​ | ​ | 2,287,729
Less: Remeasurement of Class A redeemable shares to redemption value | ​ | ​ | (6,707,678)
Net loss including accretion of Class A redeemable shares to redemption value | ​ | $ | (1,690,348)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | ​ | ​ |
​ | ​ | Class A | ​ | Class A and Class B | ​ | ​ |
​ | ​ | Redeemable Shares | ​ | Non-redeemable Shares | ​ | Total | ​
Total number of shares |  | ​ | 4,150,065 |  | ​ | 5,750,000 |  | ​ | 9,900,065 | ​
Weighted average shares ratio |  | ​ | 68 | % | ​ | 32 | % | ​ | 100 | %
Net income allocated based on ownership percentage |  | $ | 1,865,473 |  | $ | 864,129 |  | $ | 2,729,602 | ​
Plus: Trust Account withdrawals for tax payments based on weighted average shares ratio | ​ | ​ | 1,563,487 | ​ | ​ | 724,242 | ​ | ​ | 2,287,729 | ​
Less: Remeasurement of Class A redeemable shares to redemption value based on weighted average shares ratio |  | ​ | (4,584,183) |  | ​ | (2,123,495) |  | ​ | (6,707,678) | ​
Less: Accretion applicable to Trust Account withdrawals for tax payments | ​ | ​ | (2,287,729) | ​ | ​ | — | ​ | ​ | (2,287,729) | ​
Plus: Accretion applicable to remeasurement of Class A redeemable shares to redemption value |  | ​ | 6,707,678 |  | ​ | — |  | ​ | 6,707,678 | ​
Total income (loss) based on ownership percentage | ​ | $ | 3,264,726 | ​ | $ | (535,124) | ​ | $ | 2,729,602 | ​
Weighted average shares outstanding | ​ |  | 12,413,050 | ​ |  | 5,750,000 | ​ |  | ​ | ​
Basic and diluted net income (loss) per share | ​ | $ | 0.26 | ​ | $ | (0.09) | ​ |  | ​ | ​
Angel Studios Inc. Cik0001671941 |  |
Schedule of loss per share | The following table represents the Company’s loss per share for the three and three months ended March 31:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended
​ | ​ | 2025 |  | 2024
Numerator: |  | ​ |  |  | ​ |
Net loss attributable to controlling interests | ​ | $ | (37,416,910) | ​ | $ | (14,844,084)
​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator: | ​ |  |  | ​ |  |
Weighted average basic shares outstanding | ​ |  | 27,217,011 | ​ |  | 25,000,518
Effect of dilutive shares | ​ |  | — | ​ |  | —
Weighted average diluted shares | ​ |  | 27,217,011 | ​ |  | 25,000,518
​ | ​ | ​ | ​ | ​ | ​ | ​
Basic loss per share | ​ | $ | (1.375) | ​ | $ | (0.594)
Diluted loss per share | ​ | $ | (1.375) | ​ | $ | (0.594)
| The following table represents the Company’s loss per share for the three months and year ended December 31:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended
​ | ​ | 2024 |  | 2023 |  | 2022
Numerator: |  | ​ |  |  | ​ |  |  | ​ |
Net income (loss) attributable to controlling interests | ​ | $ | (89,795,494) | ​ | $ | 9,163,794 | ​ | $ | (13,710,708)
Denominator: | ​ |  |  | ​ |  |  | ​ |  |
Weighted average basic shares outstanding | ​ |  | 25,791,117 | ​ |  | 24,775,858 | ​ |  | 24,264,683
Effect of dilutive shares | ​ |  | — | ​ |  | 1,153,388 | ​ |  | —
Weighted average diluted shares | ​ |  | 25,791,117 | ​ |  | 25,929,246 | ​ |  | 24,264,683
Basic gain (loss) per share | ​ | $ | (3.482) | ​ | $ | 0.370 | ​ | $ | (0.565)
Diluted gain (loss) per share | ​ | $ | (3.482) | ​ | $ | 0.353 | ​ | $ | (0.565)

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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