Anghami reported increased revenue but significant losses in the first half of 2024, highlighting ongoing challenges in profitability and operational execution.

• Anghami reported revenue of approximately $78.1 million and a net loss of about $63.6 million for the fiscal year ended December 31, 2024, with EPS of -$1.10 [S1].
• Liquidity ratios as of December 31, 2024, included a current ratio of 0.6 and a cash ratio of 0.28, indicating limited short-term liquidity [S1].
• The company continues remediation of material weaknesses in internal controls related to personnel, entity-level controls, and IT systems [S1].
• Anghami expanded its strategic partnership with OSN+ and launched bundled offerings with Shahid and Disney to enhance content breadth and subscriber engagement [S1].
• Recent news highlighted increased revenue but significant losses in H1 2024, underscoring ongoing challenges in achieving profitability [N1].

Anghami's strong regional brand recognition and deep Telco partnerships enable it to effectively monetize the growing digital entertainment market in the MENA region. Its diversified revenue streams from subscriptions, advertising, and live events provide multiple growth levers. The strategic alliance with OSN+ expands its content offering and market reach, potentially increasing subscriber engagement and retention. The company's investment in data analytics and personalized user experiences supports improved conversion and retention rates. Flexibility in payment methods and localized pricing enhances accessibility in diverse markets. Continued remediation of internal control weaknesses may improve operational efficiency and investor confidence.

Anghami faces ongoing challenges in achieving profitability, as evidenced by significant net losses reported in recent periods. Material weaknesses in internal controls and financial reporting pose risks to operational reliability and regulatory compliance. The company operates in a highly competitive environment with global streaming giants and widespread piracy, which may limit market share growth and pricing power. Economic and currency volatility in key markets such as Egypt and Lebanon could impact revenue and cost structures. Dependence on Telco partnerships and regional regulatory environments introduces execution risks. Seasonality and cultural factors affect user engagement and revenue consistency.

Anghami's moat is built on its first-mover advantage as the pioneering music streaming platform in the MENA region, extensive regional market knowledge, and strong strategic partnerships with 45 Telcos and major global music labels. Its integration with Telco billing systems and tailored bundling solutions provide a competitive edge in subscriber acquisition and retention. The company's proprietary data analytics and machine learning capabilities enhance user engagement through personalized content recommendations. Additionally, its combined offering of music and premium video streaming through OSN+ and exclusive regional content partnerships further differentiate its platform. These factors create barriers to entry for competitors and foster customer loyalty in a region with unique payment and content consumption behaviors.

• Profitability Risk: The company has reported significant net losses, indicating challenges in achieving sustainable profitability.
• Internal Control Weaknesses: Material weaknesses in internal control over financial reporting have been identified, with ongoing remediation efforts required.
• Competitive Pressure: Competition from global streaming platforms and piracy remains intense, potentially impacting subscriber growth and retention.
• Currency and Economic Risks: Exposure to currency fluctuations and economic instability in key MENA markets may adversely affect financial performance.
• Regulatory and Operational Risks: As a foreign private issuer with complex regional operations, Anghami faces regulatory compliance and execution risks related to partnerships and market dynamics.

• Anghami Inc is a Cayman Islands exempted company incorporated in 2012, headquartered in Abu Dhabi with offices in Beirut, Dubai, Cairo, and Riyadh [S1].
• Anghami operates primarily in the Middle East and North Africa (MENA) region, covering 16 countries including Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Tunisia, and UAE [S1].
• The company offers a digital entertainment platform combining music streaming (Anghami app) and premium video streaming (OSN+), with a catalog of over 100 million songs and 18,000 hours of premium video content including exclusive HBO content [S1].
• Anghami's music streaming service includes a free ad-supported tier and multiple premium subscription plans (individual, family, student, limited) with pricing and duration varying by country and currency [S1].
• OSN+ video streaming operates on a paid subscription model with occasional free trials and a lower-priced ad-supported tier in select geographies [S1].
• Revenue streams include subscriptions (90% of total revenue in 2025), advertising and branded content (8%), and live events (2%) [S1].
• Subscription revenues are generated through app stores, direct carrier billing via partnerships with 45 Telcos across 16 countries, direct debit, card purchases, and offline voucher sales [S1].
• Anghami has strategic partnerships with major global music labels (Universal, Sony, Warner) and regional Telcos, enabling tailored bundling and marketing campaigns to drive subscriber acquisition and retention [S1].
• The company leverages proprietary data analytics and machine learning for personalized content recommendations and subscriber retention [S1].
• Anghami's business model includes branded content production (Anghami Studios) and live event management featuring regional artists [S1].
• The company reported revenue of approximately $78.1 million USD and a net loss of about $63.6 million USD for the fiscal year ended December 31, 2024, with basic and diluted EPS of -$1.10 [S1].
• Liquidity ratios as of December 31, 2024, include a current ratio of 0.6 and a cash ratio of 0.28, with cash and equivalents of approximately $14.1 million USD and current liabilities of about $51.0 million USD [S1].
• Anghami faces material weaknesses in internal control over financial reporting, including lack of sufficiently skilled personnel, entity-level controls, and IT general controls; remediation efforts are ongoing [S1].
• The company experiences seasonality in its business, with lower user activity and revenues during Ramadan and stronger advertising revenues in the fourth quarter [S1].
• Competition includes piracy and global streaming platforms such as Apple Music, Spotify, Deezer, YouTube Music, Netflix, and regional players like Shahid [S1].
• Anghami's recent strategic move includes a partnership with OSN+ to expand video streaming offerings and bundled subscription packages with other platforms like Shahid and Disney [S1].
• The company reported increased revenue but significant losses in the first half of 2024, highlighting ongoing challenges in profitability [N1].
• Anghami's payment flexibility includes multiple payment methods suited to regional preferences, including carrier billing, vouchers, cash solutions, and credit/debit cards [S1].
• The company employs approximately 191 employees as of December 31, 2025, with functions spanning engineering, sales and marketing, business development, finance and administration, and operations [S1].
• Anghami is classified as a foreign private issuer and is exempt from certain U.S. securities laws, filing annual reports on Form 20-F and periodic reports on Form 6-K [S1].
• The company is incorporated in the Cayman Islands and benefits from tax concessions exempting it from local income, corporate, and capital gains taxes for 20 years from May 13, 2022 [S1].