Rumble Inc. Q4 FY2025 earnings call

1. Three Rumble video product initiatives completed:
   • Addressed user feedback to make platform more resilient, design, interface, stability and features more competitive.
   • Launched Rumble Wallet with Tether to allow tipping in Bitcoin, USD Tether, and Tether Gold in early 2026.
   • Introduced Rumble Shorts for better user discovery of content, with records in views since launch.
2. Q4 MAUs up quarter over quarter driven by international growth, concurrent streamers hit new all-time high. Dan Bongino back, Asmongold joining.
3. Sales: Appointed Greg Sherrill as president of sales, captured brands like Netflix, Morgan & Morgan, etc., repositioning Rumble in advertising ecosystem.
4. Cloud: Expect acquisition of Northern Data to close in Q2 2026, Northern Data on pace for ~85% GPU utilization by end of February 2026, positive reception from customers and suppliers for acquisition.

For the full year 2025, revenues were $100.6 million, an increase of 5% compared to $95.5 million in 2024, achieving the $100 million milestone for the first time. For the fourth quarter, revenues were $27.1 million, a sequential increase of 9% from $24.8 million in Q3 2025, and a year-over-year decrease of $3.2 million. Audience monetization revenues decreased by $2.8 million, with $5.5 million reduction in advertising, tipping, and platform hosting fees partially offset by $2.7 million increase in subscription and licensing fees. Other initiatives revenues decreased by $0.4 million, with $0.5 million reduction in advertising inventory monetized by publisher network partially offset by $0.1 million increase in cloud services. ARPU for Q4 was $0.46, up 2% sequentially. Average global MAUs reached $52 million for the quarter, an 11% sequential increase. Cost of services in Q4 decreased 26% year over year to $25.6 million, primarily from an $8.8 million reduction in programming and content expenses. For the full year, cost of services decreased by $31.1 million to $107.4 million, primarily from a $33.9 million reduction in programming and content expenses, offset by an increase in other cost of services of $2.8 million. Adjusted EBITDA loss for Q4 was $16 million compared to $13.4 million in Q4 2024. For full year 2025, adjusted EBITDA loss improved to $74.3 million compared to $92.1 million in 2024. Net loss for Q4 was $32.7 million. Ended the quarter with total liquidity of $256.4 million, including $237.9 million in cash and cash equivalents and $18.5 million in Bitcoin holdings. Net cash used in operating activities for full year was $70.4 million, an improvement from $87 million in 2024.

1. Tether's advertising commitment is expected to materially ramp in the second and third quarter of 2026.
2. Expect acquisition of Northern Data to close in Q2 2026, which is believed to be transformative and redefine revenue profile.
3. Sales team under Greg Sherrill's leadership is expected to see returns in the back half of 2026 and primarily into 2027.
4. Rumble Shorts' monetization with ads is planned to be implemented by the end of 2026.

Q: How's the addition of Greg Sherrill as your first president of sales for Rumble Advertising expected to change your go-to-market strategy?

A: Chris responded that traditionally Rumble wasn't pursuing brand dollars prior to 2024 election, but now post-2024 election environment is different. Greg will lead to be on the offense to go to top agencies and get big brand ad dollars into Rumble Advertising Center.

Q: How might a new content type such as Rumble Shorts serve as a catalyst for advertising revenue?

A: Chris said in the very short term will keep ad load off Rumble Shorts to push growth, later in Q3 and Q4 will integrate ads similar to Instagram and TikTok through RAC.

Q: 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?

A: Chris said prior to him going to FBI he brought content to platform, post-FBI his video podcast is exclusively on Rumble now unlike prior non-contractually exclusive.

Q: Hey, Jason, this is Chris. So, yeah, we saw international growth. We've 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 U.S. market. So if you were to look at it... you know, on a U.S. basis, then, yeah, I would say that would be correct. But at this point right now, we're kind of still testing the international markets, and whether or not we peel that out and kind of look at ARPU in different countries, it remains to be seen. But we just kind of 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 kind of go from there before we – we peel out those ARPUs with different countries.

Q: On northern data, what still needs to happen for the closing second quarter? Just take us through what's left in the process.

A: Chris responded that at this point right now, we're on track to close in the second quarter. That's kind of been the schedule since the very start, so everything is running on schedule and on track to close for the second quarter. Obviously, we've still got to go through the tendering process, et cetera, and that's all on schedule to close up by the end of the second quarter.

Q: congrats on the positive gross profit in the quarter. It looks like the minimum guarantees were down, like, another million-ish sequentially. Brandon, do you see that pattern of lower minimum guarantees continuing into 26, or do you plan to reinvest the Tether ad commitments into more content and almost start again with the minimum guarantees?

A: Brandon responded that if you kind of take a step back to where we were a year ago, we talked about kind of reducing those minimum guarantees and moving materially towards breakeven. But with the Tether investment and the opportunity we have there with the Tether contracts, I think we said we're going to kind of hit the gas again and start investing again. So I think you'll see some of those investments continue to grow over 2026. But at the same time, we've 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'll see continued increase in costs, but we expect the revenue to be increasing at the same time.

Q: when it comes to ad sales, we're anticipating that Greg and his team start to ramp up later In 2026, obviously the ad sale cycle can range from like six months to a year with the big brands. You got to get to the upfronts, then you got to get your bookings, the RFPs, place the orders in, and then get them out the door. So we see that as like a six month to a year cycle with the big brands for any kind of meaningful spend. Obviously, with RAC, we have a significant amount of inventory to monetize. We're very ready on the technology deployment side of the ad sales. And on the sales front, Greg just recently started in the last, I believe, in January. So he's only been on the ground for a couple months. So it's been a lot of initial meetings. And then once those initial meetings conclude, he goes into basically getting the bookings, and then we go from there. But I see this all kind of materializing in late 26, too, and then primarily in 2027. But like you mentioned, we do have some other upcoming ad units, like with Rumble Shorts later in the year. You know, there is possibility this can make an impact in the 26-year MQ3 and Q4 as well.

Q: Yes, so this is actually a great question. What we've seen in the last couple 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's off the charts from our perspective. And as Northern Data continues to get their utilization up, and as you saw, around 85% by the end of this quarter. We're really in a position where we're going to have to invest and really grow this business, and obviously that is the intent here is to grow it and grow it rapidly. So we're 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're out there meeting these customers as we speak every day and we're really kind of setting up the future here for when this transaction closes. And also, even if it happens prior to the transaction, Rumble Cloud 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're very keen on moving as quickly as possible, potentially with some of the clients we've already met with.

Q: That's 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 GB 300 and that is something that we're very much looking into. There's an immediate there's 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.

Q: I'd like two more. So on the $150 million 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 $150, does Tether get prioritized lower for outside? clients or they get prioritized first or TBD, just any color there.

A: Jason. So, yeah, we're going to treat Tether like any other customer, any other paying customer. With their demand and the commitment that they have, we're going to have to obviously expand and provide them and invest and provide what we are committed to providing them. And obviously, depending on their needs and the way they scale, we'll accommodate that as well. But our... My philosophy here is that obviously there's a lot of demand in this AI space. There's a lot of people that want to make commitments and pay for H100s or Blackwells and whatnot. We're here to just kind of step on the gas pedal and really grow this business. That's the intent. That's why we're acquiring Northern Data. And we obviously have a lot of potential customers even outside of Tether. And we're looking at all of them. And we want to service as many as we possibly can. And obviously Tether is one that we definitely want to service as well.

Q: Well, I can't speak to specific contracts and deals on our current cloud side, but the way we look at sports as a category is that they're very kind of new in the cloud space. They're really just starting to use video in terms of like, you know, 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, you know, keep more content in the cloud and scale with us and do more things. That's just, like, one segment. You know, for us, we're looking at all different segments, not just NFL teams, but we're looking in various different other areas as well. But, yeah, in terms of sports, we do see, like, long-term potential there to grow them.