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RI

Rumble Inc. (RUM)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 revenue was $25.1M, up 12% YoY and up sequentially versus Q1 ($23.7M), driven by subscriptions/licensing and cloud, while advertising declined; ARPU rose to $0.42 (+24% QoQ) despite MAUs falling to 51M in a non‑election quarter .
  • Net loss was $30.2M (EPS $(0.12)), while Adjusted EBITDA loss improved to $(20.5)M from $(28.7)M in Q2 2024, reflecting lower programming/content costs as deals expired .
  • Management emphasized an “aggressive growth” mandate with Tether support, the launch of Rumble Wallet in Q3 2025 (MoonPay to power on/off ramps), and expanding partnerships (Cumulus Media, TRON DAO, Tampa Bay Buccaneers); Class A shares were added to Russell 2000/3000 on June 30 .
  • No Wall Street consensus estimates from S&P Global were available to assess beat/miss; focus for H2: CPM uplift, RAC publisher inventory/SSP integrations, creator onboarding via Rumble Studio, and international expansion tied to Rumble Wallet .
  • Potential stock reaction catalysts: Q3 Rumble Wallet launch, AI/cloud momentum and government/corporate RFPs, possible Northern Data exchange offer discussed broadly (details limited on the call), and index inclusion increasing institutional visibility .

What Went Well and What Went Wrong

What Went Well

  • ARPU rose 24% QoQ to $0.42 on higher subscription and licensing revenue; audience monetization revenue mix improved .
  • Cost of services fell 26% YoY ($26.5M vs $35.7M), driven by $10.1M lower programming/content costs, aiding Adjusted EBITDA improvement (+$8.2M YoY) .
  • Strategic momentum: Cumulus partnership, TRON DAO collaboration, Russell index inclusion, and MoonPay powering Rumble Wallet with Q3 launch; CEO: “With the incredible backing of Tether… our mandate is growth” .

What Went Wrong

  • MAUs declined to 51M from 59M in Q1, reflecting lower political/news engagement outside election cycles and the departure of a top live streamer (Dan Bongino) .
  • Advertising revenue fell $3.7M YoY within Audience Monetization; sales & marketing increased 26% YoY with higher marketing/PR and payroll .
  • EPS was $(0.12) vs $(0.13) in Q2 2024; warrant liability fair value changes and continuing losses remain optics headwinds; CFO declined to give gross margin guidance .

Financial Results

MetricQ2 2024Q4 2024Q1 2025Q2 2025
Revenue ($USD)$22.47M $30.23M $23.71M $25.08M
EPS (basic & diluted) ($)$(0.13) $(1.15) $(0.01) $(0.12)
Adjusted EBITDA ($USD)$(28.67)M $(13.39)M $(22.71)M $(20.46)M
Cost of Services ($USD)$35.69M $34.52M $30.04M $26.54M
Loss from Operations ($USD)$(38.81)M $(24.22)M $(36.38)M $(26.64)M

Revenue change drivers (YoY, Q2 2025):

DriverQ2 2025 YoY Change
Audience Monetization+$1.7M (subscriptions +$4.4M; licensing/tipping +$1.0M; advertising −$3.7M)
Other Initiatives+$0.9M (cloud +$0.8M; publisher network +$0.1M)

KPIs:

KPIQ2 2024Q4 2024Q1 2025Q2 2025
MAUs (Millions)53 68 59 51
ARPU ($)$0.37 $0.39 $0.34 $0.42

Liquidity:

MetricQ4 2024Q1 2025Q2 2025
Cash & Equivalents ($USD)$114.0M $301.3M $283.8M
Bitcoin (fair value at quarter end) ($USD)N/A $17.4M $22.6M

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue growthQ1 2025≥25% YoY (issued at Q4 2024) Actual delivered +34% YoY; no forward quantitative guidance issued in Q2 2025 Completed; no new forward range
Adjusted EBITDA breakeven trajectoryFY 2025“Manage moving materially towards Adjusted EBITDA breakeven in 2025” Becoming “lesser relative priority” as the company evaluates investing in aggressive growth with Tether backing Softened focus; growth prioritized
Gross profit/marginsFY 2025Not providedCFO declined specific guidance; noted improvement from expiring creator agreements Maintained “no guidance”
Rumble Wallet launchQ3 2025In developmentLaunch in Q3 2025; MoonPay to power crypto on/off ramps New timeline/detail provided
Advertising/RACH2 2025RAC scaling; sequential growth expected in 2024 Publisher inventory expanding; SSP partnerships (e.g., PubMatic) expected to drive CPM improvement over future quarters Constructive trajectory

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4 2024)Previous Mentions (Q1 2025)Current Period (Q2 2025)Trend
AI/Cloud initiativesUnderappreciated cloud; momentum with NFL/enterprise; Tether investment enabling crypto strategy El Salvador cloud agreement; Tampa Bay Buccaneers partnership Government/corporate RFPs where Rumble competes with hyperscalers; broader AI partnership to be detailed later in quarter Strengthening pipeline and credibility
Advertising/RACSequential growth expected; introduced ARPU KPI Early wins with brands (Netflix, Crypto.com, Chevron) RAC scaling publisher inventory; SSP integrations; CPMs expected to rise; ad remains high priority Improving monetization infrastructure
Creator monetization/Rumble PremiumMAU growth; ARPU 0.39 on ads/subs Premium execution driving monetization; retention post-election ARPU 0.42; creators to monetize via Rumble Studio and Wallet ad reads Positive flywheel forming
Rumble Wallet & cryptoTreasury diversification to BTC approved Wallet development advancing; international expansion potential Wallet launches Q3; MoonPay on/off ramps; tipping in BTC/USDT; expected to catalyze international growth Near-term product catalyst
Regulatory/legalAntitrust suit vs Google/GARM headwinds Brazil censorship litigation and US court ruling; White House channel No new legal updates; focus on growth mandate Litigation background persists
Regional/user trendsUS/Canada MAUs up 21% QoQ in Q4 59M MAUs; 87% retention vs 60% post-2022 midterms 51M MAUs in non-election quarter; plan to drive international MAU via Wallet Near-term softer MAUs; pivot to intl growth

Management Commentary

  • CEO: “With the incredible backing of Tether and the resources now at our disposal, Rumble is entering a new phase of aggressive growth… we are laying the foundation for sustained growth while protecting a free and open internet.”
  • CEO: “Our mandate is growth… YouTube has Google, CoreWeave has Microsoft, Anthropic has Amazon and now Rumble has Tether.”
  • CFO: “Adjusted EBITDA loss improved… primarily related to the previously mentioned increase in revenue and expiration of programming and content agreements… With the incredible backing from Tether… we believe we have the opportunity to evaluate investing in aggressive growth.”
  • CEO on Wallet and creators: Wallet ad reads via Rumble Studio will incentivize multi-streaming and drive both creator revenues and Rumble consumption; MoonPay will power crypto on/off ramps .

Q&A Highlights

  • Advertising/RAC: Ad remains a high priority; RAC is expanding publisher inventory and adding SSPs like PubMatic; management expects CPMs to rise over future quarters .
  • Creator onboarding: Strategy centers on Rumble Studio and paid Wallet ad reads to attract creators both on and off platform; backed by Tether to execute at scale .
  • Profitability path: CFO declined gross margin guidance; adjusted EBITDA breakeven becomes a lesser priority relative to investing in aggressive growth given capital/resources .
  • Cloud scale: RFPs include large governments and corporates with peer sets alongside AWS/GCP/Azure; expectation that opportunities could “snowball” over 12–24 months .
  • MAUs/ARPU dynamics: MAUs held above 50M for an eighth quarter despite non-election season and loss of a top streamer; ARPU benefited from Premium and licensing .

Estimates Context

  • No Wall Street consensus estimates from S&P Global were available for Q2 2025 EPS or revenue; as a result, formal beat/miss analysis versus consensus cannot be provided. Values retrieved from S&P Global.*
  • Outlook implications: Expect analysts to revisit H2 assumptions around ad CPMs, RAC scale, subscription/licensing durability, and the timing/impact of Rumble Wallet and international user growth .

Key Takeaways for Investors

  • Monetization framework is improving: ARPU up 24% QoQ and Adjusted EBITDA loss narrowed; cost discipline via content/programming roll-offs supports margin trajectory even as ad trends remain mixed .
  • Near-term catalysts: Q3 Rumble Wallet launch (MoonPay), broader AI partnership disclosure, and RAC integrations that could lift CPMs—each with potential to drive top-line acceleration .
  • Strategic capital and mandate: Tether’s backing shifts priority toward aggressive growth—expect elevated investment in creators, cloud/AI, and international expansion (Wallet-driven) .
  • Advertising and creator flywheel: Rumble Studio plus Wallet ad reads can attract off-platform creators, boosting content supply and monetization; watch adoption pace and ad demand normalization into Q4 seasonality .
  • Cloud optionality: Presence in large RFPs with governments/corporates enhances credibility; any wins could be step-function drivers over the next 12–24 months .
  • Risk monitors: MAU softness outside election cycles, ad market variability, warrant/derivative fair value swings, and execution on Wallet/partner initiatives .
  • Trading lens: Index inclusion improves institutional visibility; announcements on Wallet/AI/partnerships may be stock catalysts; absent consensus, focus on sequential revenue/ARPU trends and margin progression .