Legion M vs Angel Studios 2026

They are different investments, and the record on each is different. Angel Studios, Inc. is now listed on the NYSE as ANGX, reported $321.56 million of FY2025 revenue and a $170.48 million net loss, and its FY2025 audit opinion carries no going-concern paragraph. Legion M Entertainment, Inc. is a private company that sells its own stock to fans at prices it sets, reported about $2.0 million of FY2025 revenue, has lost money every year since 2016 and carries going-concern language from its auditor. On the film-level products, two of Angel's four print-and-advertising Regulation A offerings are confirmed in their own filings to have redeemed investors in full, while Legion M's two film participations with disclosed distributions have paid back 21 percent of the money raised so far, about 25 percent if the amount the company still projects is paid. AltStreet scores Angel Studios 4.8 (C+) and Legion M 2.9 (D). Neither score is a recommendation; both companies lose money and both equity investments carry the risk of loss.

Angel Studios Class A shares trade on the NYSE under ANGX, so a holder can sell at the market price on any trading day. Legion M Class A shares have no established trading market and no redemption program, and Reg CF shares carry a one-year resale restriction, so selling may be difficult or restricted. A Legion M holder would realize value mainly through a sale of the company or a listing, which the founders' votes decide: on AltStreet's arithmetic from the 1-K ownership table they hold about 71 percent of all votes.

The September 2025 Regulation A offering sold 1,250,000 Class C shares at $44.00 for about $55.0 million. When Angel merged with Southport Acquisition Corporation and listed on the NYSE, every legacy share became 5.3504621 shares of ANGX, per the reverse-recapitalization note in the FY2025 10-K. So $44.00 became an effective $8.2236 per ANGX share. Against a $4.82 market quote on September 23, 2026, that cohort was down about 41 percent; the September 2024 cohort, which paid a restated $5.66, was down about 15 percent. Comparing $44.00 directly with the ANGX price overstates the loss by a factor of more than five.

By the company, round by round. The split-adjusted price has risen from $0.70 in Round 1 (2016) to $2.25 in Round 11, filed on StartEngine on May 28, 2026, and bonus shares at higher investment tiers lower the effective price in most rounds. On AltStreet's arithmetic, $2.25 values the 22.55 million Class A and 16.49 million Class B shares at about $88 million, against FY2025 revenue of $2.0 million and book equity of $381,970 at June 30, 2026. No market tests the price, and the filings do not explain the method beyond the factors the circulars list.

Partly. Fans put about $750,000 into Shatner Shares for William Shatner: You Can Call Me Bill and $3,870,029 into MDFZ, LLC for My Dead Friend Zoe, on Zoe terms of 120 percent recoupment plus 50 percent of the backend pro rata. In 2025 the company paid $164,920 and $813,248 respectively, then removed $585,917 and $2,892,192 from its balance sheet as amounts no longer expected to be paid, keeping $164,590 projected for Zoe. The filings describe the Zoe write-down both as a lower revenue projection and as a contractual expiration, so whether further receipts would reach investors is not settled; on the company's own projection most of the money will not come back. Fade to Black, the third film, is in post-production and has no results yet.

On the print-and-advertising Regulation A offerings, yes where the record is complete. Each is a separate Delaware subsidiary for one film that sells non-voting Series A Preferred at $1.00 and may redeem at a stated $1.15, principal plus a capped 15 percent, from that film's receipts. Four subsidiaries have sold $18,480,922; two are confirmed in their own Form 1-SA filings to have redeemed in full, The King of Kings in June 2025 and The Last Rodeo in August 2025. The parent reports $15.8 million of Regulation A share redemptions in 2025 and $5.9 million in the first half of 2026, as aggregates. The separate Regulation CF film-company offerings on the Angel Funding portal generally cap returns at 120 percent of the purchase price, and AltStreet located one completed distribution among its 25 issuers.

Both put fan money into the marketing of film releases and both cap the investor's return at 15 percent above cost. Angel's offerings are one subsidiary per Angel film, selling preferred stock under Regulation A that is redeemed at a stated $1.15 from that film's receipts; two have redeemed in full. Legion M's two Film Funds, formed December 22, 2025, sell $10 LLC interests under Reg CF (through DealMaker, 8.5 percent plus $5,000) and co-finance Legion M's positions in other studios' releases (Fackham Hall, Coyote vs. Acme, Nimrods), receiving a pro rata share of gross receipts until each fund has received 115 percent of its contribution, then rolling proceeds into new positions rather than paying them out. They had raised $1,629,540 by June 30, 2026 and have no completed track record. Legion M holds all voting rights and the distributor contracts.

Legion M's board is its two co-founders, Paul Scanlan (also CEO, CFO and treasurer) and Jeff Annison (president). Class B shares carry 10 votes each and hold about 88 percent of the votes; the founders' own Class B shares amount to about 71 percent, and Class A shares carry a drag-along. Angel Studios also has a dual-class structure after the merger, Class A at one vote and Class B at ten, and it reports to the SEC as a listed company. Its film-company crowdfunding ran through VAS Portal, LLC, which the 10-K says is indirectly owned by chief executive Neal Harmon and two of his brothers, and a Compliance Lien from the 2020 Disney settlement covers all company assets and the equity of Neal and Jeffrey Harmon until about September 2034.

Neither charges investors a fee directly; the cost comes out of the money raised. Legion M's funding portals take 7 to 13 percent (StartEngine) or 8.5 percent plus setup and monthly fees (DealMaker), and in the first half of 2026 its offering costs were $174,495 against $499,221 of Class A proceeds, about 35 percent. Angel's 2025 Regulation A offering had no underwriting discount, with Rialto Markets LLC as broker-dealer of record, and estimated net proceeds of about $54.65 million on about $55.0 million, under 1 percent in estimated costs.

Both are issuers selling their own securities, not brokers or advisers. Legion M reports under Regulation A Tier 2 (audited annual 1-K, semiannual 1-SA) and files a Form C for each Reg CF round; dbbmckennon audited FY2024 and FY2025 with going-concern language. Angel Studios files 10-Ks and 10-Qs as an NYSE-listed company; Tanner LLP issued an unmodified opinion on FY2025 with no substantial-doubt paragraph. AltStreet located no SEC, FINRA or state action against Legion M. Angel's disclosed legal history includes the Disney copyright settlement, an arbitration with The Chosen that Angel lost along with its appeal, and a pending Utah State Court complaint by Slingshot USA, LLC whose claims are allegations.