Revenue and Financial Performance - Revenue for Q3 2025 was $24.8 million, a decrease of 1% from $25.1 million in Q3 2024[4] - Revenues for the three months ended September 30, 2025, were $24,762,445, a decrease from $25,056,904 in the same period of 2024, representing a decline of approximately 1.2%[22] - The net loss for the three months ended September 30, 2025, was $16,261,762, compared to a net loss of $31,539,413 for the same period in 2024, reflecting an improvement of approximately 48.7%[22] - The company reported a loss per share of $0.06 for the three months ended September 30, 2025, compared to a loss per share of $0.15 in the same period of 2024[22] - The company experienced a net loss of $49,136,885 for the nine months ended September 30, 2025, compared to a net loss of $101,610,153 for the same period in 2024, indicating an improvement of approximately 52%[26] - The company reported an Adjusted EBITDA loss of $(58,265,958) for the nine months ended September 30, 2025, compared to a loss of $(78,684,576) for the same period in 2024, showing an improvement of approximately 26%[29] User Metrics - Monthly Active Users (MAUs) were 47 million in Q3 2025, down from 51 million in Q2 2025, attributed to seasonal content creation and a slowdown in news and political commentary[4] - Average Revenue Per User (ARPU) increased by 7% to $0.45 in Q3 2025 compared to Q2 2025, driven by audience monetization despite fewer MAUs[4] Expenses - Total expenses for the three months ended September 30, 2025, were $52,904,530, down from $57,874,368 in the same period of 2024, indicating a reduction of about 8.5%[22] - Cost of services decreased by 31% to $25.2 million in Q3 2025, primarily due to a reduction in programming and content costs[6] - General and administrative expenses increased by 8% to $10.5 million in Q3 2025, driven by higher professional fees[7] - Sales and marketing expenses rose by 28% to $5.1 million in Q3 2025, reflecting increased marketing and public relations activities[9] - Research and development expenses for the three months ended September 30, 2025, were $4,455,354, slightly down from $4,650,688 in the same period of 2024[22] - The total share-based compensation expense for the three months ended September 30, 2025, was $5,383,691, compared to $6,157,765 in the same period of 2024, indicating a decrease of about 12.5%[22] - Share-based compensation expenses for the nine months ended September 30, 2025, totaled $19,447,788, compared to $17,478,041 for the same period in 2024, representing an increase of approximately 11%[29] Liquidity and Assets - Total liquidity as of September 30, 2025, was $293.8 million, including $269.8 million in cash and cash equivalents and Bitcoin valued at $24.0 million[4] - Cash and cash equivalents increased to $269,757,150 as of September 30, 2025, up from $114,018,900 at the beginning of the period, reflecting a growth of approximately 136%[26] - As of September 30, 2025, the company reported total assets of $367,174,300, a significant increase from $195,312,807 as of December 31, 2024, representing an increase of approximately 88%[24] Liabilities - The total liabilities decreased from $258,428,209 as of December 31, 2024, to $64,943,669 as of September 30, 2025, reflecting a reduction of approximately 75%[24] - The company reported a significant increase in accounts payable and accrued liabilities, rising to $30,545,284 as of September 30, 2025, compared to $18,223,372 as of December 31, 2024, an increase of approximately 68%[24] Strategic Initiatives - Rumble announced a strategic partnership with Cumulus Media to enhance distribution and monetization opportunities[4] - The company incurred acquisition-related transaction costs of $5,236,796 during the three months ended September 30, 2025, with no such costs reported in the same period of 2024[22] - The company raised $775,000,000 from the issuance of Class A Common Stock during the financing activities, which was a key strategy to enhance liquidity[26] Other Financial Metrics - Interest income for the three months ended September 30, 2025, was $2,896,649, an increase from $1,949,898 in the same period of 2024, representing a growth of approximately 48.7%[22] - The company reported changes in fair value of digital assets amounting to $(1,456,388) for the three months ended September 30, 2025, with no such changes reported in the same period of 2024[22] - The company’s digital assets amounted to $24,049,413 as of September 30, 2025, indicating a new asset class introduced in the financials[24]

Earnings Reports Overview - The earnings season is slowing down, but several retail-favorite companies are set to report this week [1] - Key companies reporting include Barrick Mining Corp., Plug Power Inc., Oklo Inc., Cisco Systems Inc., Walt Disney Co., and Applied Materials Inc. [2][3][5][10][11] Company-Specific Insights - Barrick Mining Corp. reported its third-quarter results before the market opened on November 10 [2] - Plug Power Inc. is expected to report losses of 12 cents per share and revenue of $179.54 million, having missed earnings expectations for the last 18 quarters [3] - Oklo Inc. is anticipated to report losses of 13 cents per share and revenue of $17.01 billion, with stock volatility noted ahead of the report [5] - Cisco Systems Inc. is expected to be a focal point for investors, particularly regarding management's guidance and updates on AI and cybersecurity business momentum [10] - Walt Disney Co. and JD.com Inc. will release earnings reports before the market opens on November 13 [11] - Applied Materials Inc. is set to release its Q4 results after the market closes on November 13 [11] Additional Companies Reporting - Other companies reporting this week include Workhorse Group Inc., Beyond Meat Inc., Microvision Inc., and Virgin Galactic Holdings Inc. [4][6][12]

Core Insights - Rumble Inc. reported a quarterly loss of $0.08 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.07, marking an earnings surprise of -14.29% [1] - The company's revenues for the quarter ended September 2025 were $24.76 million, missing the Zacks Consensus Estimate by 5.92% and down from $25.06 million a year ago [2] - Rumble Inc. shares have declined approximately 54.7% year-to-date, contrasting with the S&P 500's gain of 14.4% [3] Financial Performance - Over the last four quarters, Rumble Inc. has not surpassed consensus EPS estimates and has only topped revenue estimates once [2] - The current consensus EPS estimate for the upcoming quarter is -$0.06 on revenues of $31.3 million, and for the current fiscal year, it is -$0.26 on revenues of $106.42 million [7] Market Outlook - The company's earnings outlook is mixed, with a Zacks Rank of 3 (Hold), indicating expected performance in line with the market [6] - The Internet - Software industry, to which Rumble Inc. belongs, is currently in the top 28% of Zacks industries, suggesting a favorable industry outlook [8]

Core Insights - Rumble plans to acquire Northern Data for approximately $767 million in an all-stock transaction, allowing Northern Data shareholders to receive 2.0281 shares of Rumble for each share they hold, resulting in them owning about 30.4% of Rumble post-transaction [1] - The acquisition includes a $150 million GPU computing power leasing agreement with Tether, which holds about 48% of Rumble's shares, and Rumble will also provide around $200 million in tax liability support [1] - The deal is expected to close by Q2 2026, after which Northern Data will be delisted from the pan-European stock exchange [1] Company Strategy - Rumble aims to transform itself from a conservative video platform into a significant player in the AI cloud infrastructure sector by leveraging Northern Data's extensive AI GPU components and cloud computing services [2] - The acquisition will allow Rumble to integrate Northern Data's Ardent data center and Taiga AI GPU services into its existing cloud platform, enhancing its capabilities without the need to build infrastructure from scratch [3] - Rumble intends to utilize the acquired computing power for its own video platform's recommendation and content generation models while also renting out excess capacity, focusing on cloud-based AI computing power leasing services [3] Industry Context - The demand for AI computing power is surging globally, leading to exponential growth in the valuation and performance of AI cloud computing service platforms [4] - CoreWeave, a leader in cloud-based AI computing power leasing, has seen its stock price increase by approximately 186% since its market debut, with revenue projections rising from about $395 million in Q2 2024 to around $1.2 billion in Q2 2025 [4]

Government Shutdown and Market Impact - A procedural vote in the Senate has allowed for a deal to reopen the government, with a 60-40 vote that included seven Democrats and one Independent voting with Republicans [4] - The stopgap deal includes funding for several departments through the end of the fiscal year and extends funding for other agencies through January 30, 2026 [5] - Historical precedent suggests that markets may see a surge of delayed data releases following the reopening, with September's employment report expected to be among the first [6] Taiwan Semiconductor Manufacturing (TSM) - TSM's October revenue rose 16.9% year-on-year to NT$367.47 billion, marking the slowest growth since February 2024 and lower than the 39.6% surge in September [6][7] - Analysts expect TSMC sales to increase by 16% in the current quarter [8] - Month-over-month, TSM's revenue rose 11%, and it is up 33.8% for January–October 2025 [9] - TSM shares have gained about 45% since the beginning of the year, driven by strong demand for AI chips [9] Rumble's Acquisition of Northern Data - Rumble is set to acquire German AI cloud company Northern Data for $767 million in an all-stock transaction [10] - Northern Data shareholders will receive 2.0281 newly issued Class A shares of Rumble per share of Northern Data [10] - The deal includes a $150 million GPU leasing agreement with cryptocurrency firm Tether and $200 million in tax liability support from Rumble, expected to close by Q2 2026 [10]

Core Insights - The acquisition of Northern Data will enable Rumble to secure over 40,000 Nvidia graphics processing units [1] Company Summary - Rumble is set to enhance its technological capabilities through the acquisition of Northern Data, which includes a significant number of Nvidia GPUs [1]

Core Insights - Rumble, a video-sharing platform and cloud-services provider, is set to enhance its capabilities by acquiring Northern Data's extensive portfolio of graphics-processing-unit products and data center business [1] Company Summary - Rumble will gain access to a large portfolio of graphics-processing-unit products through the acquisition [1] - The deal includes the integration of Northern Data's data center business, which will bolster Rumble's infrastructure [1]

Core Insights - Rumble is acquiring Northern Data in an all-stock deal valued at approximately $767 million [2] - Northern Data shareholders will receive 2.0281 newly issued Class A shares of Rumble for each share of Northern Data [2] Company Overview - Rumble is a video platform that is expanding its capabilities through the acquisition of an AI cloud company [2] - Northern Data is a German company specializing in AI cloud services, indicating a strategic move by Rumble to enhance its technological offerings [2]

Core Insights - Rumble reported Q3 2025 revenue of $24.8 million and a net loss of $16.3 million [1] - The company holds $269.8 million in cash and 210.82 bitcoins, valued at approximately $24 million, totaling over $290 million in liquid assets [1] - Rumble has partnered with Perplexity AI to integrate AI search and launched a joint subscription service [1] - The platform has fully resumed operations in France [1]

Core Insights - Rumble Inc. has entered into a $100 million advertising commitment with Tether, which will be executed at $50 million per year over two years starting in Q1 2026 [1] - This agreement follows Rumble's definitive agreement to submit a voluntary exchange offer for Northern Data AG and Tether's commitment to purchase up to $150 million of GPU services from Rumble after the exchange offer closes [1] - Tether's support is expected to enhance Rumble's efforts towards creating a freer and more open digital ecosystem, emphasizing the importance of freedom, transparency, and innovation in creator monetization and digital advertising [1] Advertising Commitment Highlights - Tether's commitment to Rumble's platform underscores the significance of free speech and creator monetization in the future of advertising [3] - The integration of advertising with Rumble Wallet aims to foster a transparent and privacy-focused monetization environment for creators and users [3] - The commitment is anticipated to drive engagement with Rumble Wallet, which facilitates seamless payments in USD₮, XAU₮, and BTC [7] Ecosystem and Monetization Expansion - The partnership is expected to expand monetization opportunities for both new and existing creators on Rumble, promoting freedom of speech within their communities [7] - The collaboration will accelerate the development of new advertising solutions and attract a wave of new creators to the platform [7]