Rumble (RUM) - 2024 Q1 - Quarterly Results

Financial Performance - Revenue for Q1 2024 was $17.7 million, a 1% increase from$ 17.6 million in Q1 2023, with $3.2 million attributed to higher other services and cloud[8] - Revenues for Q1 2024 were$ 17,733,456, a slight increase from $17,615,375 in Q1 2023, representing a growth of approximately 0.67%[27] - Total expenses for Q1 2024 were$ 57,737,998, up from $41,243,759 in Q1 2023, indicating an increase of about 39.97%[27] - The net loss for Q1 2024 was$ 43,290,040, compared to a net loss of $28,668,113 in Q1 2023, reflecting an increase in losses of approximately 50.94%[27] - The company reported a loss per share of$ 0.21 for Q1 2024, compared to a loss per share of $0.14 in Q1 2023[27] User Engagement - Average global Monthly Active Users (MAUs) were 50 million in Q1 2024, down from 67 million in Q4 2023, marking the ninth consecutive quarter above 40 million[3] - Estimated Minutes Watched Per Month (MWPM) decreased to 8.6 billion in Q1 2024 from 10.5 billion in Q4 2023, attributed to bandwidth consumption shifting to the company's proprietary CDN[3] - Hours of uploaded video per day increased by 11% to 12,429 in Q1 2024 compared to Q1 2023, but decreased by 1% from Q4 2023[19] Cash and Assets - Cash, cash equivalents, and marketable securities balance was approximately$ 183.8 million as of March 31, 2024[13] - Cash and cash equivalents decreased to $182,699,695 as of March 31, 2024, down from$ 218,338,658 at the end of 2023, a decline of about 16.3%[29] - The company’s total assets were $263,006,564 as of March 31, 2024, down from$ 295,712,888 at the end of 2023, a decrease of approximately 11.1%[29] Expenses and Investments - Research and development expenses increased by 73% to $4.5 million in Q1 2024 compared to Q1 2023[11] - Research and development expenses rose to$ 4,527,792 in Q1 2024, compared to $2,617,659 in Q1 2023, marking an increase of approximately 72.96%[27] - Share-based compensation expense totaled$ 4,762,894 in Q1 2024, significantly higher than $2,309,210 in Q1 2023, an increase of approximately 106.06%[27] Strategic Initiatives - Rumble launched Rumble Cloud in March 2024, providing a new revenue stream in the public cloud market[7] - A strategic partnership with Barstool Sports was announced, combining Rumble's solutions with Barstool's content library[7] Legal Matters - The company filed a second antitrust lawsuit against Google, with damages estimated in excess of$ 1 billion[4] Future Outlook - The company expects a sequential increase in revenue starting in Q2 2024, moving towards breakeven in 2025[14]