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.

What the company is saying

Anghami Inc. is positioning itself as a leading digital entertainment platform in the MENA region, emphasizing rapid revenue growth and expanding user metrics as proof of momentum. The company wants investors to believe it is on a sustainable growth trajectory, underpinned by strategic partnerships, technology investments, and a broadened content offering. The announcement highlights a 27% year-over-year revenue increase to $99.3 million, paid subscribers exceeding 3.5 million, and a registered user base surpassing 130 million, all framed as validation of its market position. Management repeatedly references high-profile partnerships—such as the $57 million Warner Bros. Discovery investment and collaborations with Noon, talabat, Shahid, and Disney+—to suggest both industry validation and future upside. The language is upbeat and forward-looking, with a confident tone that stresses operational expansion and ecosystem building, but it avoids any discussion of net income, EBITDA, or cash flow. Notably, the announcement buries or omits entirely any hard data on profitability, margin trends, or capital efficiency, instead focusing on qualitative claims about technology and content investments. The addition of board members from SRMG, Warner Bros. Discovery, and KIPCO is presented as a sign of institutional confidence, but the practical implications for governance or future deal flow are not spelled out. This narrative fits a classic growth-company investor relations strategy: spotlighting top-line expansion and strategic alliances while downplaying or omitting bottom-line realities. Compared to prior communications (where history is unavailable), the messaging here is heavily weighted toward future potential and partnership-driven growth, with little transparency on financial sustainability.

What the data suggests

The disclosed numbers show that Anghami’s revenue grew from $78.1 million in 2024 to $99.3 million in 2025, a 27% increase that is both material and clearly supported by the data. Paid subscribers across Anghami and OSN+ exceeded 3.5 million, and the registered user base crossed 130 million, indicating significant operational scale. The $57 million minority investment by Warner Bros. Discovery in OSN Streaming Limited is a concrete, completed transaction, not a mere intention. However, the financial disclosures are notably incomplete: there is no information on net income, EBITDA, cash flow, or even gross margin, making it impossible to assess whether the company is profitable or burning cash. The only reference to profitability is a qualitative statement that fixed video content licensing fees impacted results, but without any numbers to quantify the effect. There is also no breakdown of revenue by segment, region, or product, nor any data on the financial impact of the much-touted partnerships or technology investments. An independent analyst, looking solely at the numbers, would conclude that while top-line growth is robust, the lack of bottom-line disclosure is a major red flag. The gap between the company’s claims of operational discipline and the absence of any profitability metrics is stark. Without more granular financials, investors are left to guess whether growth is translating into sustainable economics or simply masking underlying losses.

Analysis

The announcement presents a positive tone, highlighting strong revenue growth (27% YoY) and subscriber/user milestones, all of which are supported by disclosed numerical data. However, a significant portion of the narrative is forward-looking, focusing on anticipated benefits from partnerships, technology investments, and content initiatives, with no immediate or quantified impact disclosed. The language inflates the signal by emphasizing future growth drivers and operational leverage without providing supporting profitability or cash flow figures. While the $57 million investment by Warner Bros. Discovery is a realised event, most other claims about expanded distribution, technology, and content are qualitative or aspirational. The absence of any net income, EBITDA, or margin data creates a gap between the company's growth narrative and the evidence of sustainable financial performance.

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.

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