Rumble (RUM) Q4 2025 Earnings Call Transcript

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DATE

Thursday, March 5, 2026 at 5 p.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Christopher Pavlovski
• Chief Financial Officer — Brandon Alexandroff
• President of Sales — Greg Sherrill

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TAKEAWAYS

• Revenue -- Rumble (NASDAQ:RUM) reported $100,600,000 for the full year, up 5% from $95,500,000 in 2024, surpassing the $100,000,000 milestone for the first time.
• Quarterly Revenue -- $27,100,000 for the fourth quarter, reflecting a 9% sequential increase from $24,800,000, but a decrease of $3,200,000 year over year driven by lower audience monetization and other initiatives revenue.
• MAUs -- 52,000,000 average global monthly active users, up 11% sequentially, primarily from international expansion.
• RumbleShorts Performance -- Broke 1,000,000 unique daily video views this past weekend, climbing from 669,000 a week earlier.
• ARPU -- Increased to $0.46, up 2% sequentially.
• Cost of Services -- $25,600,000 in the quarter, down 26% year over year, mainly due to an $8,800,000 cut in programming and content expenses.
• Full-Year Cost of Services -- Decreased by $31,100,000 to $107,400,000, mainly from a $33,900,000 reduction in programming and content expenses, partially offset by a $2,800,000 rise in other costs.
• Adjusted EBITDA Loss -- $16,000,000 in the quarter, wider than the $13,400,000 loss in 2024.
• Full-Year Adjusted EBITDA Loss -- Improved to $74,300,000 from $92,100,000, a $17,800,000 positive change attributed to lower content costs and revenue growth.
• Quarterly Net Loss -- $32,700,000, compared to $236,800,000 in 2024, with last year's figure impacted by a $184,700,000 change in derivative liability fair value.
• Liquidity -- $256,400,000, including $237,900,000 in cash and cash equivalents and $18,500,000 in Bitcoin holdings, all remeasured quarterly at fair value.
• Net Cash Used in Operations -- $70,400,000 for the year, down from $87,000,000.
• Large Brand Partnerships -- Added Netflix, Morgan and Morgan, Perplexity, Crypto.com, Paramount, Amazon Prime, and Fox Nation to the roster since the 2024 election.
• New President of Sales -- Greg Sherrill appointed, with previous roles at Magnite, AT&T, and Comcast, to build a professionalized, proactive sales operation focused on new ad dollars.
• Advertising Commitment -- $50,000,000 annual deal with Tether for two years, totaling $100,000,000, serving as an anchor to attract major influencers and podcasters; management expects ramp-up in the second and third quarter.
• RumbleWallet with Tether -- Launched, enabling tipping in Bitcoin, USD Tether, and Tether Gold—first among major platforms.
• Northern Data Acquisition -- Expected to close in the second quarter; Northern Data announced "on pace for roughly 85% GPU utilization by February 2026."
• Exclusive Content -- Daniel John Bongino's video podcast is now exclusive to Rumble.
• Ad Load Strategy for RumbleShorts -- No advertising planned for RumbleShorts in Q1 and Q2 2026; ad monetization to be considered in Q3 and Q4 following user growth evaluation.

SUMMARY

Management presented a year characterized by accelerated product innovation and international user expansion, emphasizing record user engagement with the recent RumbleShorts launch. The company disclosed a shift to high-value brand partnerships and the addition of an experienced sales executive, mapping out a proactive sales trajectory tied to a $100,000,000 advertising agreement with Tether. Rumble reported a substantial decrease in annual net loss and improved cost discipline, with ongoing investment in platform resiliency and monetization features such as RumbleWallet. The anticipated closing of the Northern Data acquisition was highlighted as a pivotal opportunity for AI and GPU-as-a-service growth, supported by external confirmation of robust GPU utilization at Northern Data. Liquidity was underscored as adequate to sustain organic growth and strategic commitments in both digital video and cloud segments.

• Plans are underway to market RumbleShorts more aggressively due to rapid user adoption and early engagement metrics.
• International monetization remains limited, but user testing for global markets is ongoing to identify scalable opportunities.
• Further investment in minimum guarantees is planned for 2026 but will be structured to favor profitable agreements in light of lessons learned from previous contracts.
• Management stated, "we want to secure the contracts in hand from these customers and then go out and purchase the GPUs," outlining a demand-driven infrastructure expansion model post-acquisition.
• Tether will be treated as a standard customer in the cloud segment; management indicated all demand, including Tether's, will influence expansion and investment allocation as the business grows.

INDUSTRY GLOSSARY

• MAU (Monthly Active Users): The number of unique users who engaged with the platform during a month, used as a key measure of platform reach and growth.
• ARPU (Average Revenue Per User): Calculated quarterly in this context, reflecting average revenue earned from each monthly active user.
• GPU-as-a-service: Cloud-based rental of graphics processing units to enterprise customers, often for AI workloads, on-demand and typically by capacity or usage.
• Minimum Guarantees: Financial commitments to content creators or partners ensuring a set payment level, often used to attract and retain valuable content.

Full Conference Call Transcript

Christopher Pavlovski: Afternoon, everyone, and thank you for joining us. 2025 was a year where my team went heads down building and expanding the Rumble product, building out our sales operation, and putting together assets that would transfer Rumble into an impactful player in cloud. I am happy to say we have successfully executed on these initiatives. As we enter 2026, we have reached a critical inflection point, and Rumble is now primed for a new era of aggressive growth. I am going to start with three Rumble video product initiatives that have been completed and a growth update. First, we addressed user feedback to make the platform more resilient.

Our design, interface, stability, and features are now far more competitive with YouTube and even exceeding in specific areas. Second, launching RumbleWallet with Tether to become the first major platform to allow tipping in Bitcoin, USD Tether, and Tether Gold was another key initiative that we brought to the public in 2026. By leveraging Tether's stablecoin technology, we now have a solution for creators to bypass the friction and predatory fees of traditional payment rails. Third, RumbleShorts. After carefully listening to our community, we introduced RumbleShorts to deliver better user discovery of content. RumbleShorts are short vertical videos that play in a continuous swipeable feed, which introduces a fast, engaging way to watch and interact.

Users can easily consume Shorts from their favorite content creators, discover new ones, and send tips through RumbleWallet, which fuels platform growth and enables monetization. After being in a non-election year and moving into a midterm election year, early signs are showing that growth is back. In Q4, MAUs are up quarter over quarter, driven primarily by international growth. And more recently, less than 10 days ago, Rumble hit a new all-time high of concurrent streamers on the platform. Dan Bon Gino is back as of February, and Asmongold, a top streamer, expressed that he is going to be joining Rumble. But it does not end there.

After only a month since the launch of RumbleShorts on the web, and only a little more than a week or two on Android and iOS, the results are staggering. RumbleShorts has been delivering records. And to quantify that, as of this past weekend, it broke the 1,000,000 unique video views milestone in a single day, up from 669,000 only one week prior. It is still very early, but our teams are blown away with the success we have seen so far. We plan to market RumbleShorts heavily given the stickiness and early response from our core audience. On to sales.

Regarding our sales organization, as we have mentioned many times, prior to the 2024 election, brand sales faced significant headwinds. Since the 2024 election, some of those headwinds have shifted into distinct tailwinds, as we captured several brands including Netflix, Morgan and Morgan, Perplexity, Crypto.com, and most recently, we have added Paramount, Amazon Prime, and Fox Nation. To capture this opportunity, we appointed Greg Sherrill as President of Sales, who has had senior leadership positions at Magnite, AT&T, and Comcast.

Greg has already made strides in repositioning Rumble within the advertising ecosystem, improving our product as we seek to build meaningful integrations across demand-side platforms and supply-side platforms, and building a professionalized sales operation capable of converting our mass reach into high-value brand partnerships. While we work through the product development cycles, partnership and sales pipelines, we expect to see the returns in 2026 and primarily into 2027. In the meantime, our content teams have been working diligently to capitalize on our recently announced $50,000,000 per year advertising deal with Tether over the next two years. The strategy is simple. Use the $100,000,000 commitment as the advertising anchor to bring in incremental major influencers and podcasters to the platform.

It is an incredible opportunity for the company, and we have been laying the foundation in recent months to capture this revenue opportunity. We expect this to materially ramp in the second and third quarter. The excitement for Rumble as a video platform and the sales infrastructure being into place is at the highest we have seen it. Growth is back, the platform has never been more ready to capture the moment as we move into the midterm election year. Now let us talk about cloud, which is equally as exciting but even more transformative.

We continue to expect that our acquisition of Northern Data will close in the second quarter of this year, and we are as excited as ever about this transaction. Specifically, earlier today, Northern Data announced they are on pace for roughly 85% GPU utilization by February 2026, which is an incredible accomplishment. This utilization represents the incredibly strong demand in the market. Since finalizing the definitive agreement on 11/10/2025, we have met with several GPU-as-a-service customers and presented the industrial logic for the acquisition. The reception has been quite positive, not only from a variety of such customers, but also key strategic suppliers in the GPU ecosystem.

These market participants see significant value in Rumble's Northern Data acquisition and have expressed keen interest in Rumble delivering Blackwell generation GPUs. Furthermore, many of these customers and suppliers have expressed the desire to begin working together as soon as possible. The pace and size of this growing pipeline, including strong Blackwell demand, has been extremely encouraging. The pipeline and Northern Data's improved utilization demonstrate the level of growing GPU-as-a-service demand, and Rumble could not be better positioned to serve it. As I said when we announced we are going public, Rumble's ambition was to compete with YouTube, Google Ads, and all the hyperscalers. With the addition of RumbleShorts, you can now add TikTok to the list.

Every day our team continues to build is one day closer to that vision. As we move through 2026, I think it is important to contextualize the hand we have. Midterm elections are around the corner, and our video platform is in the best state it has ever been to capture the potential audience growth. Second, our sales team is energized by a favorable ad market. Third, we expect Tethr's advertising commitment to materially start to ramp in the second and third quarter. Four, we expect our acquisition of Northern Data to close in 2026, which we strongly believe will be transformative and redefine our revenue profile.

Fifth, as detailed in Northern Data's announcement earlier today, Northern Data is nearing 85% GPU utilization, evidencing extremely high GPU demand. Sixth, multiple customers and suppliers have expressed interest in working together on GPU-as-a-service opportunities as soon as possible. And seven, RumbleShorts is on absolute fire. I have to say it has never been more exciting to be at the helm of this company, and I cannot wait to see what this company looks like later in the year. I will now take you through our fourth quarter and full year 2025 financials at a very high level, before turning the call over to the operator for Q&A.

Brandon Alexandroff: For the full year 2025, we reported revenues of $100,600,000, an increase of 5% compared to $95,500,000 in 2024, our first time achieving this $100,000,000 milestone. For the fourth quarter, we reported revenues of $27,100,000, a sequential increase of 9% from $24,800,000 in 2025 and a year-over-year decrease of $3,200,000, of which $2,800,000 was attributable to a decrease in audience monetization revenues and $400,000 to lower other initiatives revenues. The fourth quarter year-over-year decrease in audience monetization revenues was driven by a $5,500,000 reduction in advertising, tipping, and platform hosting fees, partially offset by a $2,700,000 increase in subscription and licensing fees.

Decrease in other initiatives revenues was due to a $0 reduction in advertising inventory monetized by our publisher network, partially offset by a $100,000 increase in cloud services. ARPU increased to $0.46 for the fourth quarter, up 2% sequentially from 2025, a continued positive indicator of our monetization progress. Average global MAUs reached 52,000,000 for the quarter, an 11% sequential increase from Q3, driven primarily by our initial investment in international expansion. Cost of services in the fourth quarter decreased 26% year over year to $25,600,000, primarily from an $8,800,000 reduction in programming and content expenses.

For the full year, cost of services decreased by $31,100,000 to $107,400,000, primarily from a $33,900,000 reduction in programming and content expenses, offset by an increase in other cost of services of $2,800,000. Adjusted EBITDA loss for the fourth quarter was $16,000,000 compared to a loss of $13,400,000 in 2024. For the full year of 2025, adjusted EBITDA loss improved to $74,300,000 compared to a loss of $92,100,000 in 2024, an improvement of $17,800,000, primarily driven by the reduction in programming and content expenses and revenue growth. You will see in our financial statements a net loss for the fourth quarter of $32,700,000, which compares to a net loss of $236,800,000 in 2024.

I want to note that the prior year figure included $184,700,000 in the change in fair value of derivative liability related to the Tether strategic investment. We ended the quarter with total liquidity of $256,400,000, including $237,900,000 in cash and cash equivalents and $18,500,000 in Bitcoin holdings. Our Bitcoin holdings are carried at fair value and remeasured each quarter. For the full year, net cash used in operating activities was $70,400,000, an improvement from $87,000,000 in 2024. As Chris described, we entered 2026 with momentum across video, advertising, and cloud. The Tethr advertising commitment, the build-out of our sales operation under Greg Sherrill, and the pending Northern Data acquisition all represent meaningful catalysts for revenue growth.

We have the liquidity, the strategy, and the team to capitalize on each of them. That concludes my prepared remarks. Before I turn the call over to the operator, I invite you all to join Chris this afternoon at 06:30 PM Eastern Time in an exclusive post-earnings interview with Mac Kors to be streamed live on the Matt Coors Rumble channel. That concludes my prepared remarks. Operator, we are now ready to open the line for questions.

Operator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star followed by the two. One moment please for your first question. Our first question comes from Thomas Forte with Maxim Group. Please go ahead.

Thomas Forte: Great. So first off, Chris and Brandon, congrats on the broad-based momentum. I have three questions. I will go one at a time. The first question I had is, how is the addition of Greg Sherrill as your first President of Sales for mobile advertising expected to change your go-to-market strategy?

Christopher Pavlovski: Tom, this is Chris. Thanks for the question. So traditionally, Rumble prior to the 2024 election was not pursuing brand dollars for various different reasons, mostly because we were boycotted and were not able to work with a lot of the agencies prior to the 2024 election. That has completely changed post-2024 election, so the environment is much different. And as I stated earlier, a lot of brands have started to work with us that I previously mentioned.

And the idea with Greg now is to finally go on the offense to those agencies and start bringing the ad dollars not by taking phone calls, but by going and being proactive, and going to the top and the largest agencies in the world and getting those ad dollars into the Rumble advertising center, both for video, for our publishers, for, you know, eventually our new RumbleShorts product, etcetera. So the strategy going forward is going to be very much on the offense, and it is going to be going and getting net new ad dollars from big brands.

Thomas Forte: Excellent. And then you sort of teased my second question there. So how might a new content type such as RumbleShorts serve as a catalyst for advertising revenue?

Christopher Pavlovski: So in this stage right now, in this quarter and in the next quarter, we are going to keep advertising off RumbleShorts and really kind of just press as hard as we can on growth and see how far we can push that. Obviously, we are seeing some pretty amazing internal results that I already went through. But, coming later in the year in Q3 and Q4, teams have already kind of developed what that is going to look like and how we are going to start inserting that.

We are looking at taking a very similar approach to Instagram and TikTok in terms of integrating ads that will all come through Rack, and maybe we might use some other partners to help us with that. But in the very short term, we are going to just keep the ad load off until we get into the third quarter and kind of evaluate there. The last thing we want to do is hinder this growth that we are seeing. So we are going to push that as high as we can and see where that takes us before integrating the ads. But the ads are definitely a component that is very important.

We are going to need to monetize for the creators, and that is going to be something that we must do. I see us doing that by the end of the year.

Thomas Forte: Excellent. And last one for me, and thanks for taking my questions. So can you briefly explain how your current relationship with content creator and former deputy director at FBI Dan Bongino is similar to and different from your prior relationship before he left the platform to join the FBI?

Christopher Pavlovski: Yeah. So I cannot get into the specifics of agreements, but I will say that prior to him going to the FBI, he brought his content onto the platform, and that was his choice. Post FBI, we now have his content exclusively, the video podcast, exclusively on the platform. That is as much as I can say without getting into the details, but it is exclusive. The video podcast is exclusive to Rumble as it stands right now, and it was not contractually exclusive prior to that.

Thomas Forte: Thanks, Chris.

Operator: Thank you. Our next question comes from Jason Stuart Helfstein from Oppenheimer. Please go ahead.

Jason Stuart Helfstein: Hey. Hey, everybody. Definitely always keeping it interesting, not boring. I will ask three, and I will jump back in the queue and then follow up. So first, I think you made a point that engagement kind of benefited from international, and so if you would strip that out, the ARPU would have actually increased more on a quarter-to-quarter basis. I do not know if there is just more color you can give us there. Okay. And then on Northern Data, what still needs to happen for the close in the second quarter? Just take us through what is left in the process. Okay. So, like, literally, like, outside of some, like, I know, or document or something.

Like, is there any way which any Northern Data shareholders could block the transaction at this point? By not tendering. And then I guess congrats on the positive gross profit in the quarter. It looks like the minimum guarantees were down like another $1,000,000 sequentially. I mean, Brandon, do you see that pattern of lower minimum guarantees continuing into '26? Or do you plan to reinvest the Tethr ad commitments into more content and kind of, you know, almost start again with the minimum guarantees.

Christopher Pavlovski: Hey, Jason. This is Chris. So yes, we saw international growth. We have obviously been pushing the international in the last quarter by launching a bunch of new languages. Our monetization in the international markets is very negligible, very low in comparison to the US market. So if you were to look at it on a US basis, then, yeah, I would say that would be correct. But at this point right now, we are still testing the international markets, and whether or not we peel that out and look at ARPU in different countries remains to be seen.

But we just want to see what really sticks internationally and what works internationally, and then, obviously, what markets are going to be easiest for us to monetize internationally, and then go from there before we peel out those ARPUs with different countries. So at this point, right now, we are on track to close in the second quarter. That has been the schedule since the very start, so everything is running on schedule, and on track to close for the second quarter. Obviously, we still have to go through the tendering process, etcetera, and that is all on schedule to close up by the end of the second quarter. No.

Brandon Alexandroff: Yeah. If you take a step back to where we were a year ago, we talked about reducing those minimum guarantees and moving materially towards breakeven. But with the Tether investment and the opportunity we have there with the Tether contract, I think we said we are going to hit the gas again and start investing again. So I think you will see some of those investments continue to grow over 2026. But at the same time, we have learned a lot from a lot of those contracts, and we would like to, and we plan on, moving more towards having profitable agreements.

So you will see continued increase in cost, but we expect the revenue to be increasing at the same time. I will get back and give. Thank you.

Operator: Our next question comes from Rohit Kulkarni from ROTH Capital Markets. Please go ahead.

Rohit Kulkarni: Hey. Thanks for taking my questions. A couple big picture ones. One on just the drivers behind the advertising sales growth. Maybe break down ARPU versus audience growth. What are the next two to three quarters given the org that you have, and the new ad units and new ad surfaces. Maybe just break down how you are thinking about the algorithm behind ad sales growth. Would love to get your thoughts and then have a couple follow-ups. Okay.

And then I guess to the extent, just on the AI cloud and Northern Data, to the extent you can provide any more color on how should we think about the return on investment and how much CapEx do you feel you would need to do over the next 12 months, 24 months? And how do you keep up with a space that is increasingly fragmented and probably getting very competitive. Okay. Great. And one specific one on the AI cloud, if you could. Is there a specific amount of megawatts or number of GPUs that you feel you could scale up to by end of this year or in 12 months after the transaction closes?

That is the metric that investors would love to track.

Christopher Pavlovski: Thanks, Rohit, for the question. So when it comes to ad sales, we are anticipating that Greg and his team start to ramp up later in 2026. Obviously, the ad sales cycle can range from six months to a year with the big brands. You have to get to the upfronts, then you have to get your bookings, the RFPs, place the orders, and then get them out the door. So we see that as a six-month to a year cycle with the big brands for any kind of meaningful spend. Obviously, with Rack, we have a significant amount of inventory to monetize. We are very ready on the technology deployment side of the ad sales.

And on the sales front, Greg just recently started in January, so he has only been on the ground for a couple months, so it has been a lot of initial meetings. And then once those initial meetings conclude, he goes into getting the bookings, and then we go from there. But I see this all materializing in late 2026, and then primarily in 2027. But like you mentioned, we do have some other upcoming ad units like with RumbleShorts later in the year. There is possibility this can make an impact in the 2026 year in Q3 and Q4 as well. Yes. So this is actually a great question.

What we have seen in the last couple of months is the demand is unbelievable in this space. The demand for GPUs, even for the H100s, and definitely for the Blackwells, the GB300s, it is off the charts from our perspective. And as Northern Data continues to get the utilization up, and as you saw, around 85% by the end of this quarter, we are really in a position where we are going to have to invest and really grow this business. And obviously, that is the intent here, to grow it and grow it rapidly. So we are meeting with a lot of customers.

The way in which we want to execute on that is we want to secure the contracts in hand from these customers and then go out and purchase the GPUs. So that way everything is set up in a very good way for the company and in a way that will provide us really good returns. So we are out there meeting these customers as we speak every day, and we are really setting up the future here for when this transaction closes.

And also, even if it happens prior to the transaction, RumbleCloud is very open to doing deals prior to the transaction closing as well, because we do have the capital on hand, and these investments look to have really good returns. So we are very keen on moving as quickly as possible, potentially with some of the clients we have already met with. That is more of a Northern Data question, but what I can say is that there is capacity to scale immediately in some of their data centers with the GV300s. And that is something that we are very much looking into.

There is an immediate scaling that we could do with the current data center set that they have. And then, obviously, they have other sites like Maysville that require development and have a lot of megawatts potential there. But yes, there is immediate capability to scale with some of their current sites.

Rohit Kulkarni: Okay. Great. Thank you very much.

Operator: Thank you. We have a follow-up question from Jason Stuart Helfstein, Oppenheimer. Please go ahead.

Jason Stuart Helfstein: I would like more help. On the $150,000,000 that Tether has committed to spend for data center usage, how are you thinking about prioritizing them? So is it like if you have more demand than you can fulfill with the $1.50, do you—does Tethr get prioritized lower for outside clients, or they get prioritized first, or TBD? Any dollar there. And then just on your comments about the Browns, the Dolphins, the Buccaneers, the NFL teams you have been signing up. I mean, we can see what the other initiatives line in the model as far as revenue. I mean, it does not look like at least so far any of these teams have been meaningful to revenue.

I guess, when they scale up, it is almost like, place hold it. Is it like each team—are these few $100,000, half $1,000,000, like—just, you know, when I look at it, right, other initiatives revenues have gone down by $400,000 from the beginning of the year to the end. Obviously, some clients have moved in, some moved out. But I guess, how big, for example, could this NFL business be, just as an example?

Christopher Pavlovski: Thanks, Jason. So, yeah, we are going to treat Tethr like any other customer or any other paying customer. With their demand, if the commitment that they have requires it, we are going to have to expand and invest and provide what we are committed to providing them. And, obviously, depending on their needs and the way they scale, we will accommodate that as well. But my philosophy here is that, obviously, there is a lot of demand in this AI space. There are a lot of people that want to make commitments and pay for H100s or Blackwells and whatnot. We are here to step on the gas pedal and really grow this business. That is the intent.

That is why we are acquiring Northern Data. And we obviously have a lot of potential customers even outside of Tethr, and we are looking at all of them, and we want to service as many as we possibly can. And, obviously, Tethr is one that we definitely want to service as well. Well, I cannot speak to specific contracts and deals on our current cloud side. But the way we look at sports as a category is that they are very new in the cloud space. They are really just starting to use video in terms of keeping all that data and analyzing all that data for plays.

And we see this as a pool that will grow quite significantly in the later years to come as they continue to keep more content in the cloud and scale with us and do more things. So that is just one segment. For us, it is looking at all different segments, not just NFL teams. But we are looking in various different other areas as well. But, yeah, in terms of sports, we do see long-term potential there to grow them.

Operator: Ladies and gentlemen, there are no further questions at this time. This concludes today's conference call. Thank you for your participation. You may now disconnect.

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