Company Overview - Rumble Inc. is a high-growth neutral video platform and cloud services provider, offering products such as Rumble Video, Rumble Studio, Rumble Advertising Center, Rumble Wallet, and Rumble Cloud [5] Leadership Change - Mike Masci has been appointed as the new CFO of Rumble, effective March 31, 2026, succeeding Brandon Alexandroff, who will transition to a strategic advisor role [1] - Brandon Alexandroff has played a crucial role in the company's growth and will continue to contribute in his new position [4] New CFO's Background - Mike Masci is a seasoned technology executive with extensive experience in AI and cloud infrastructure, previously serving as Vice President of Product Management for the Edge Computing Group at Intel [2] - His experience includes leading large-scale, high-growth technology businesses and holding the position of Group CFO for the Datacenter Network Platforms Group at Intel [2][3] - Masci's expertise covers areas such as Hyperscale Cloud, Edge and Enterprise Datacenters, Infrastructure-as-a-Service, and Generative AI [3] Strategic Vision - The CEO of Rumble, Chris Pavlovski, expressed excitement about Masci's appointment, highlighting his financial and AI industry experience as key to supporting Rumble's growth and scaling of its platform and cloud services [4] - The company is looking forward to leveraging AI infrastructure opportunities, particularly in relation to its pending acquisition of Northern Data [4]

Summary of Rumble's Conference Call Company Overview - **Company**: Rumble - **Industry**: Video streaming and cloud infrastructure - **Key Figures**: - Monthly Active Users (MAUs): Grew from 1 million in 2020 to 52 million in the last reported quarter [4][6] - Investment from Tether: $775 million in February 2025 [7] - Acquisition of Northern Data: Expected to close in Q2 2026 [8] Core Business and Growth Strategy - **Evolution of Identity**: Rumble started as a platform for cute videos and evolved into a free speech platform amid rising online censorship [2][3] - **Advertising Business**: - Experienced a boycott from major advertisers until 2025, when brands like Netflix and Chevron began to engage [10][11] - Rumble's MAUs during the 2022 midterms were approximately 17% of the U.S. streaming market [14] - Plans to grow advertising revenue by leveraging new hires and optimizing ad sales [12][13] Strategic Partnerships and Acquisitions - **Tether Relationship**: - Tether's investment has led to the development of the Rumble Wallet, allowing creators to receive tips in Bitcoin and Tether [16][17] - A $100 million advertising deal with Tether to promote the Rumble Wallet [18] - Tether will become the largest shareholder post-Northern Data acquisition [20] - **Northern Data Acquisition**: - Acquisition will provide access to over 20,000 GPUs and multiple data centers, enhancing Rumble's cloud capabilities [8][21] - Expected to improve Rumble's advertising business through AI optimization [13][22] Market Position and Competitive Advantage - **AI Cloud Services**: Rumble aims to differentiate itself from competitors like CoreWeave and Nebius by leveraging low latency streaming and proprietary datasets [25][26] - **Target Market**: Focus on small to medium-sized businesses and government contracts, moving beyond traditional LLM models [27][32] Financial Outlook and Capital Strategy - **Capital Intensity**: Rumble acknowledges the capital-intensive nature of the AI cloud business but plans to be strategic in investments, ensuring contracts are in place before deploying capital [29][30] - **Profitability Goals**: Aiming for EBITDA positivity while balancing growth ambitions, with a focus on responsible capital deployment [35] Key Milestones and Future Outlook - **Utilization of Northern Data**: A key metric will be the utilization rate of Northern Data's resources, with a goal to maximize capacity [31] - **Growth Ambitions**: Rumble aims to grow aggressively, targeting a valuation of over $100 billion [31] Additional Insights - **Streaming Performance**: Rumble's streaming latency is reportedly two seconds faster than YouTube, providing a competitive edge [21] - **Market Trends**: The company is positioning itself to capitalize on emerging AI applications across various sectors, including agriculture [26]

Core Viewpoint - Rumble Inc. will participate in the 38th Annual ROTH Conference, showcasing its management team and providing opportunities for investor engagement through a fireside chat and one-on-one meetings [1][2]. Group 1: Conference Participation - Rumble's CEO Chris Pavlovski will engage in a fireside chat on March 23, 2026, at 1:00 PM PT/4:00 PM ET [2]. - The conference will take place from March 22 to 24, 2026, at the Ritz-Carlton Laguna Niguel in Dana Point, California [1]. Group 2: Company Overview - Rumble is a high-growth neutral video platform and cloud services provider, founded in 2013 and headquartered in Longboat Key, Florida [4]. - The company's platform products include Rumble Video, Rumble Studio, Rumble Advertising Center (RAC), Rumble Wallet, and Rumble Cloud, catering to various needs in video sharing, livestreaming, advertising, and cloud services [4]. Group 3: Investor Engagement - The fireside chat will be webcast and available for viewing on the company's Investor Relations website [3]. - Institutional investors can schedule one-on-one meetings with the Rumble team during the conference [2].

Group 1 - Rumble Inc. reported a revenue of $100.6 million for the full year 2025, marking a 5% increase from 2024 [3] - The company achieved 52 million monthly active users (MAUs) in Q4 2025, an 11% sequential increase, driven by international expansion [1][5] - Rumble Shorts reached 1 million unique daily views shortly after its launch, indicating strong early success [1] Group 2 - Rumble is professionalizing its sales and advertising operations, securing partnerships with major brands like Netflix, Amazon Prime, and Paramount [2] - A significant $100 million, two-year advertising deal with Tether is expected to ramp up in mid-2026, aimed at attracting high-profile influencers and podcasters [2] - The company anticipates that structural changes and the upcoming midterm election cycle will drive material revenue returns in the latter half of 2026 and into 2027 [3] Group 3 - Rumble is focusing on aggressive growth in 2026, having completed key video product initiatives, including platform resiliency improvements and the launch of Rumble Wallet [1] - The company plans to close its acquisition of Northern Data in Q2 2026, targeting the high demand for GPU-as-a-Service in the cloud sector [3]

Core Viewpoint - Rumble Inc experienced a significant decline in share price, nearly 15%, following disappointing fourth quarter earnings that showed a year-over-year revenue decline and missed Wall Street expectations [1] Financial Performance - Q4 revenue was reported at $27.1 million, a decrease of 10.5% from the same period in 2024, and fell short of the estimated $29 million [1] - The company reported a loss per share of $0.13, which was worse than the expected loss of $0.10 [1] - Adjusted EBITDA for the quarter was negative $16 million, compared to a loss of $13.4 million in Q4 2024 [2] - Average global monthly active users (MAUs) reached 52 million in Q4, reflecting an 11% sequential increase, primarily due to international expansion efforts [2] - Average revenue per user increased by 2% quarter over quarter to $0.46 [2] - Rumble surpassed $100 million in annual revenue for the first time in its history [2] Strategic Initiatives - The company signed an agreement to acquire AI infrastructure firm Northern Data AG, which is expected to enhance Rumble Cloud's computing capabilities with over 22,000 NVIDIA GPUs [3] - Rumble secured a $100 million advertising commitment from Tether, structured over two years [3] - Partnerships were announced with AI platform Perplexity and the NFL's Cleveland Browns [3] Management Commentary - Chris Pavlovski, Rumble's CEO, stated that the company has reached an inflection point, indicating that investments made in 2025 in various areas are beginning to yield positive results [4]

Core Insights - Rumble has announced a partnership with the Cleveland Browns to provide cloud storage services through Rumble Cloud, enhancing the team's infrastructure capabilities [1][2] - This partnership positions Rumble Cloud as a high-performance and cost-effective cloud provider, further solidifying its reputation in the market [2] - The Cleveland Browns are the third NFL team to partner with Rumble Cloud, following the Miami Dolphins and the Tampa Bay Buccaneers [2] Company Overview - Rumble is a high-growth video-sharing platform and cloud services provider, founded in 2013 by Chris Pavlovski, aiming to create an independent infrastructure resistant to censorship by major tech companies [3] - The company's mission is to restore the internet to its original principles of being free and open [3]

Strategic Combination - Rumble and Northern Data are combining to build a "Freedom-First Ecosystem" rooted in freedom, privacy, independence, and resilience, aiming to compete with Big Tech[2] - The combination seeks to provide independent access to technology and financial tools, decentralizing these resources to enhance societal resilience[3] - The combined entity aims to create a full-stack cloud platform, from power to GPUaaS[22] Key Assets and Capabilities - Rumble has 47 million Monthly Active Users and a growing cloud business, securing a $775 million strategic investment with Tether[10] - Northern Data possesses over 22,000 GPUs and operates 9 data centers, providing a sovereign AI Cloud platform[13] - The combined entity will have over $1 billion in capital deployed[16] Strategic Rationale - The acquisition of Northern Data will provide Rumble with immediate scale in the enterprise market through GPUaaS and data center businesses[20] - The combination expands the international footprint of both companies, creating globally accessible computing infrastructure[23] - Tether has committed to an initial purchase of up to $150 million of GPU services over a 2-year period from the combined entity[25] Financial Terms and Ownership - The transaction is an all-stock deal where Northern Data shareholders will receive 2.0281 newly issued Rumble Class A shares[31] - Post-transaction, Rumble will own 69.6% and Northern Data will own 30.4% of the combined company[32] Market Positioning - The combined company aims to become a growing player in the high-growth AI and GPU market, with a market capitalization of $3.5 billion[30]

Core Insights - Rumble Inc. has signed a business combination agreement with Northern Data AG, which will enhance Rumble Cloud's portfolio by adding approximately 22,000 Nvidia GPUs and a globally distributed network of data centers [1][13] - The transaction is a significant step towards Rumble's vision of a Freedom-First technology platform, emphasizing freedom, privacy, independence, and resilience in technology [1][3] - Following the completion of the exchange offer, Northern Data will be delisted [1] Group 1: Transaction Overview - The business combination will allow Rumble to scale its cloud business and expand internationally, providing significant revenue growth opportunities [2][10] - Rumble will offer 2.0281 newly issued Class A shares for each Northern Data share, resulting in approximately 30.4% pro forma ownership for Northern Data shareholders [10][39] - Tether has committed to becoming an anchor customer of the combined group after the closing of the transaction [8] Group 2: Strategic Benefits - The transaction will create one of the largest GPU estates in Europe, enhancing Rumble's capabilities in AI and high-performance computing [2][13] - Rumble aims to accelerate innovation in its video business and expand its creator, video, and advertising AI roadmap with the new GPU resources [9][10] - The combined entity will focus on building a full-stack cloud platform, enhancing its mission to protect a free and open internet [6] Group 3: Future Vision - Rumble's Freedom-First initiative aims to empower individuals rather than allowing control by large tech companies, promoting a future rooted in free speech and privacy [4][5] - The transaction is expected to facilitate the development of new verticals, including financial services and AI solutions, furthering Rumble's ecosystem [5][10] - Rumble's strategic partnership with Tether and Northern Data positions it as a disruptive force in the AI infrastructure market [5][18]

Core Insights - Rumble's stock (RUM) experienced a significant surge of nearly 16% on October 3, 2023, following the announcement of a partnership with Perplexity, an AI answer engine, indicating strong market interest and heavy trading volume of 21.35 million shares [1][3] - Despite the recent gains, RUM stock is still down 40% year-to-date, highlighting the volatility and challenges the company faces [1][3] Company Overview - Founded in 2013, Rumble has established itself as a platform for content creators, offering tools for monetization and audience engagement through its video and livestreaming services [2] - The company's current market capitalization is approximately $3.2 billion [2] Recent Developments - The partnership with Perplexity aims to enhance content discovery on Rumble by integrating advanced AI tools, which will improve user engagement and address the challenge of relevance in digital media [3][11] - A bundled subscription service combining Rumble Premium with Perplexity Pro will be introduced, alongside a marketing initiative for Perplexity's new Comet AI browser [12][13] Financial Performance - In Q2, Rumble reported revenues of $25.1 million, a 12% year-over-year increase, driven by audience monetization and other initiatives, despite missing some market projections [6] - The net loss widened to $30.2 million, but loss per share improved slightly to $0.12, indicating some operational efficiency [7] User Engagement Metrics - Monthly active users (MAUs) reached 51 million, maintaining above 50 million for eight consecutive quarters, although down from 59 million in Q1 2025 [8] - Average revenue per user (ARPU) increased by 24% sequentially to $0.42, supported by higher subscription and licensing revenue [8] Future Outlook - Rumble ended the quarter with $283.8 million in cash and cash equivalents, along with $22.6 million in Bitcoin holdings, positioning itself for future growth [9] - Analysts predict a reduction in losses, estimating a 58% year-over-year decrease in loss per share to $0.39 in 2025, and a further 51% drop to $0.19 in 2026, suggesting a potential path to profitability [10] Analyst Sentiment - The consensus rating for RUM stock is "Moderate Buy," with an average price target of $14.50, indicating a potential upside of 85% from current levels [14][15] - The highest analyst target of $20 suggests a possible upside of 155% [15] Strategic Implications - The integration of Perplexity's AI capabilities with Rumble's platform could redefine user engagement and monetization strategies, setting Rumble apart from competitors reliant on traditional algorithms [16] - The current momentum in RUM stock raises questions about whether it can sustain its gains or if profit-taking will occur in the short term [17]

Financial Data and Key Metrics Changes - The company reported revenues of $25,100,000, representing a 12% increase year over year, driven by a $1,700,000 increase in audience monetization revenues and a $900,000 increase in other initiatives [21][22] - Adjusted EBITDA loss improved to $20,500,000 compared to a loss of $28,700,000 last year, an $8,200,000 improvement primarily related to the increase in revenue and expiration of programming and content agreements [22] - The company ended the quarter with total liquidity of $306,400,000, including $283,800,000 in cash and cash equivalents and $22,600,000 in Bitcoin holdings [23] Business Line Data and Key Metrics Changes - Audience monetization revenue increased due to Rumble Premium and local subscriptions, licensing, and tipping, offset by a decline in advertising revenue [21] - ARPU increased to $0.42, up 24% sequentially, indicating enhanced monetization strategy attributable to higher subscription and licensing revenue [22] Market Data and Key Metrics Changes - The company maintained 51,000,000 MAUs, marking the eighth consecutive quarter above the 50,000,000 mark, and showing growth compared to the post-midterm elections number in Q2 2023 [9] - The company is seeing increased interest in its cloud business, entering RFP processes with multiple governments and corporate entities, competing with major players like Amazon and Google [50] Company Strategy and Development Direction - The company is focused on M&A strategy and evaluating strategic opportunities, including a potential acquisition of AI company Northern Data [5][6] - The launch of Rumble Wallet is anticipated to drive growth for Rumble's video platform, both domestically and internationally, with a focus on onboarding new creators [15][19] - The company aims for aggressive growth while protecting a free and open Internet, leveraging partnerships, particularly with Tether [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of advertising revenue, indicating that CPMs are expected to rise in future quarters [28] - The company is optimistic about the impact of Rumble Wallet on MAU growth, especially in international markets [45][46] - Management highlighted the importance of partnerships in driving future growth and the positive momentum in building out these partnerships [12][16] Other Important Information - The company is experiencing a shift in corporate America, which is seen as a potential tailwind for growth, with notable partnerships being formed [10][11] - The company is actively working on integrating AI into its cloud business, which is viewed as a significant growth opportunity [17][18] Q&A Session Summary Question: Update on advertising growth and RAC - Management confirmed that advertising remains a high priority and is seeing increased publisher inventory coming into RAC, indicating potential growth opportunities [28][29] Question: Onboarding new creators - The company plans to onboard creators using Rumble Studio, which allows multi-streaming across platforms, incentivizing them to promote Rumble Wallet [30][31] Question: Path to positive gross profit and EBITDA - Management indicated that with current financial resources and partnerships, the company is moving towards adjusted EBITDA breakeven, though aggressive growth remains a priority [34][35] Question: MAU evolution and ARPU growth - Management expressed satisfaction with MAU growth, especially without the presence of a major creator, and attributed ARPU growth to successful execution of Rumble Premium [39][40] Question: Marketing initiatives for Rumble Wallet - The marketing strategy will involve both Rumble creators and off-platform initiatives to drive growth for both Rumble Wallet and the video platform [42][43]