Anghami Reports FY2025 Revenue of $99.3m, up 27%, on 3.5m Subscribers and Landmark Strategic Partnerships

Strong revenue growth, but profitability and cash flow remain a black box for investors.

Risk flags

• ●Lack of profitability disclosure: The announcement omits net income, EBITDA, and cash flow figures, leaving investors blind to the company’s true financial health. This matters because strong revenue growth can easily mask persistent losses or unsustainable cash burn, especially in capital-intensive digital media businesses.
• ●Heavy reliance on forward-looking statements: A significant portion of the narrative is aspirational, projecting benefits from partnerships, technology, and content investments into 2026 and beyond. This exposes investors to the risk that anticipated improvements may never materialize, with no interim metrics to track progress.
• ●Capital intensity and fixed costs: The company admits that profitability was impacted by fixed video content licensing fees, which now reflect a full 12-month impact. High fixed costs can erode margins and increase break-even thresholds, especially if user growth slows or content costs rise.
• ●Opaque impact of partnerships: While the announcement touts multiple strategic alliances and a $57 million investment from Warner Bros. Discovery, there is no quantitative disclosure of how these deals affect revenue, costs, or user acquisition. Investors cannot assess whether these partnerships are accretive or simply headline fodder.
• ●Execution risk on technology and distribution: Claims about in-house platform rebuilds, AI-powered recommendations, and expanded distribution are not backed by metrics or timelines. If these initiatives fail to deliver, the company could face wasted capital and missed growth targets.
• ●Board composition and governance: The addition of directors from SRMG, Warner Bros. Discovery, and KIPCO signals institutional interest, but does not guarantee future investment, strategic alignment, or operational improvement. Board appointments alone are not a substitute for financial performance.
• ●Geographic and operational complexity: Operating across 16 MENA countries and integrating 45 telco partnerships adds execution risk, regulatory exposure, and potential for operational missteps, especially as the company scales new distribution models.
• ●Absence of segment or margin data: Without a breakdown of revenue sources or margin trends, investors cannot determine which parts of the business are driving growth or losses. This lack of transparency increases the risk of negative surprises in future reporting.

Bottom line

For investors, this announcement confirms that Anghami is growing its top line rapidly, with a 27% revenue increase and expanding user metrics, but it provides no visibility into profitability, cash flow, or capital efficiency. The company’s narrative is credible on the surface—revenue and subscriber numbers are clearly disclosed and supported—but the absence of any bottom-line data is a glaring omission that undermines confidence in the sustainability of growth. The $57 million investment by Warner Bros. Discovery is a real, completed transaction and does signal some level of external validation, but it does not guarantee future streaming deals, profitability, or institutional follow-through. To change this assessment, Anghami would need to disclose net income, EBITDA, cash flow, and the quantitative impact of its partnerships and technology investments. In the next reporting period, investors should watch for any disclosure of profitability metrics, margin trends, and concrete evidence that partnerships are driving incremental revenue or cost savings. At present, the signal is worth monitoring but not acting on: the growth story is real, but the lack of financial transparency is too great a risk for a conviction buy. The single most important takeaway is that while Anghami’s revenue and user base are expanding, investors have no way to judge whether this growth is translating into sustainable value or simply fueling a larger, unprofitable operation.

Announcement summary

Anghami Inc. (NASDAQ: ANGH) announced its consolidated financial results for the year ended December 31, 2025, reporting revenue growth to $99.3 million, a 27% increase from $78.1 million in 2024. Paid subscribers exceeded 3.5 million, and the registered user base surpassed 130 million, supported by strategic partnerships and the first full-year consolidation of OSN+. Warner Bros. Discovery closed a $57 million minority investment in OSN Streaming Limited in March 2025, expanding content partnerships and committing to joint investment in regional original production. The company continued to invest in technology, content, and distribution partnerships, reinforcing its position in the MENA region. These results and initiatives are significant for investors as they demonstrate Anghami's growth trajectory, expanded ecosystem, and strengthened market position.

Disagree with this article?