Rumble Reports Fourth Quarter and Full Year 2024 Results

Core Insights - Rumble Inc. reported record revenues of $30.2 million for Q4 2024, marking a 48% increase year-over-year from $20.4 million in Q4 2023 [4][6] - The company achieved an average of 68 million Monthly Active Users (MAUs) in Q4 2024, with a significant 21% sequential growth in the U.S. and Canada, reaching 52 million MAUs [4][5] - Rumble secured a strategic investment of $775 million from Tether, which included $250 million in gross proceeds to strengthen its balance sheet [4][5] - The company experienced a net loss of $236.8 million in Q4 2024, primarily due to a $184.7 million loss related to the change in fair value of derivative expenses from Tether's investment [4][5] - Adjusted EBITDA improved to a loss of $13.4 million in Q4 2024, an improvement of $16.6 million compared to Q4 2023 [4][5] Financial Performance - Revenue for the full year 2024 was $95.5 million, up from $81.0 million in 2023 [37] - Average Revenue Per User (ARPU) increased to $0.39 in Q4 2024 from $0.33 in Q3 2024, reflecting higher advertising and subscription revenue [4][6] - Total expenses for Q4 2024 were $54.4 million, down from $57.6 million in Q4 2023, with notable reductions in cost of services and general administrative expenses [6][7][8] User Engagement - Rumble's MAUs have consistently remained above 40 million for twelve consecutive quarters, indicating strong user engagement [4][5] - The platform saw record-breaking metrics during the U.S. presidential election night, including advertising revenue and live stream viewership [4][5] Strategic Initiatives - The company announced a $20 million corporate treasury diversification strategy to allocate a portion of cash reserves to Bitcoin, highlighting its commitment to cryptocurrency [4][5] - Rumble entered into a cloud services agreement with the Government of El Salvador, aligning with its values of freedom and transparency [8] Future Outlook - For Q1 2025, Rumble expects revenue growth of at least 25% compared to Q1 2024, with a focus on reaching Adjusted EBITDA breakeven in 2025 [12]