Rumble Inc. Q1 FY2026 earnings call

Acquisition and Strategic Transformation

• The business combination with Northern Data is on track to close in Q2 2026, with Rumble already securing ~81% of Northern Data's outstanding shares and all required regulatory approvals
• Closing the acquisition will transform Rumble into a dual-pillar business, with cloud infrastructure becoming a core segment alongside its legacy video platform; management expects cloud will eventually become Rumble's largest revenue generator, fulfilling the 2021 vision set when Rumble went public

Video Platform Operations

• Monthly Active Users (MAUs) reached 56 million, marking another quarter of sequential growth driven by international expansion and Rumble Shorts
• Rumble Shorts set a new daily record of ~2 billion unique video views in May 2026, driving meaningful MAU growth, but is not yet monetized, which has negatively impacted average revenue per user (ARPU); monetization for Shorts is scheduled to roll out in H2 2026
• Rumble Wallet, launched in partnership with Tether, is supported by a $100 million advertising commitment from Tether that has begun slow scaling in Q2 2026, with material scaling planned for H2 2026 to attract new creators to the platform

Cloud Infrastructure Business

• Rumble is actively negotiating GPU-as-a-Service contracts with multiple prospective customers, and has received several non-dilutive GPU financing offers that are currently under evaluation
• The company has invested in CPU-as-a-Service, which management expects to remain important for edge agentic AI deployments; Rumble recently launched one-click open-cloud deployment to enable fast spin-up of high-performance AI agents
• Rumble Cloud has secured a major customer win as infrastructure partner for Anchorage Digital, a leading regulated institutional digital assets platform, demonstrating product-market fit for institutional-grade crypto infrastructure workloads, supported by Rumble's strategic partnership with Tether

Financial Performance (Standalone Rumble)

• Cost of services declined 10% year-over-year to $27 million, driven by a $2.3 million reduction in programming and content costs
• General and administrative expenses decreased 37% year-over-year to $10.4 million, primarily due to lower payroll costs
• Research and development expenses increased 20% year-over-year to $5.7 million, reflecting higher payroll and development hardware/software costs
• Sales and marketing expenses increased 134% year-over-year to $8.5 million, driven by higher marketing spend, payroll, and consulting costs to support brand growth and Rumble Cloud commercial ramp ahead of the 2026 US midterm elections
• Adjusted EBITDA loss improved to $21 million from a $22.7 million loss in Q1 2025; net loss was $30.3 million, with the year-over-year increase driven primarily by noncash fair value movements and $4.8 million in Northern Data acquisition transaction costs
• Ended Q1 with $233.4 million in total liquidity, including $219 million in cash and cash equivalents

Rumble (standalone) reported total Q1 2026 revenue of $25.5 million, a 7% year-over-year increase from $23.7 million in Q1 2025. Audience monetization revenues grew by $2.6 million year-over-year, which was partially offset by an $800,000 decrease in other initiatives revenues. If combined with pending acquisition Northern Data, total pro forma Q1 2026 revenue would be approximately $75 million. Northern Data, which is on track to be acquired in Q2 2026, reported its own Q1 2026 record revenue of ~43 million euros, driven by increased GPU fleet utilization from 62% in December 2025 to 85% in March 2026.

• Northern Data has reaffirmed its full-year 2026 revenue guidance of 130 million to 150 million euros, supported by its existing customer pipeline and recently executed contracts • Rumble does not provide formal combined guidance at this time; the standalone and combined revenue forecasts included in regulatory filings for the Northern Data transaction are internal projections, not official guidance, and management will re-evaluate and may issue guidance after the transaction closes • Rumble expects Rumble Shorts monetization and scaled Tether advertising for Rumble Wallet to occur in the second half of 2026, with both expected to lift ARPU • Management expects meaningful advertising revenue growth from Rumble's new programmatic advertising efforts to begin in late 2026 and into 2027

No explicit risks or operational failures were discussed during this earnings call.

Q: The S-1 filing included a $204 million standalone Rumble revenue target and 878 million euro Northern Data revenue target for next year. How should investors interpret these numbers? / A: Management clarified that these are internal forecasts prepared for the transaction, not official company guidance. After the Northern Data acquisition closes, Rumble will evaluate the combined business and may choose to issue formal guidance at that time.

Q: Is the $100 million Tether ad commitment tied to the Northern Data closing, and will it scale gradually? / A: The ad commitment is not tied to the Northern Data transaction and has already begun slow scaling in Q2 2026 to test Rumble Wallet functionality. Rumble plans to materially scale the advertising in the second half of 2026, on a timeline controlled by Rumble based on product readiness.

Q: How many GPUs does Northern Data currently have, and what is the outlook for future compute capacity expansion? / A: Northern Data publicly confirms it holds approximately 22,000 GPUs across 9 data centers, with 180 megawatts of energized capacity at its Maysville site. Additional details on rack counts will be provided after the transaction closes.

Q: How will 2026 midterm elections impact monetization, compared to past election cycles? / A: Management noted Rumble is far better positioned for election-related advertising than in past cycles. It expects to see a similar uplift in ad spend in Q4 2026 as seen in prior election cycles, and the new internal ad boosting capability launching this summer will further accelerate this monetization opportunity.