0001213900-25-108230
SEC filingRumble's Q3 2025 revenue slightly declined but operating loss improved significantly, driven by reduced content costs and non-cash gains, while liquidity surged after Tether investment.
For the three months ended September 30, 2025, Rumble reported total revenue of $24.8 million, a slight decline of 1% compared to $25.1 million in the same period last year. The decrease was driven by a $4.9 million reduction in advertising revenue, partially offset by a $3.7 million increase in subscription fees and $0.7 million from licensing, tipping, and platform hosting fees. The company continues to see early progress in new brand adoption but remains in the early stages.
Cost of services decreased significantly by 31% to $25.2 million, primarily due to an $11.9 million reduction in programming and content costs. This drove a substantial improvement in gross margin (implicitly), though the company does not report gross profit separately. Loss from operations improved 14% to $28.1 million, reflecting the cost savings and disciplined spending.
Net loss for the quarter was $16.3 million, a 48% improvement from $31.5 million a year ago, benefitting from $8.9 million in gains from warrant liability fair value changes and $1.5 million from digital asset remeasurement. Basic and diluted loss per share improved to $(0.06) from $(0.15).
As of September 30, 2025, Rumble held $269.8 million in cash and cash equivalents, a significant increase from $114.0 million at year-end 2024. The surge was primarily driven by the closing of the Tether strategic investment in February 2025, which generated $775 million in gross proceeds, partially offset by a $525 million share repurchase (tender offer). Total assets rose to $367.2 million from $195.3 million, while shareholders' equity turned positive to $302.2 million from a deficit of $(63.1) million. Digital assets, consisting solely of 210.82 bitcoin, were valued at $24.0 million at quarter-end.
For the nine months ended September 30, 2025, cash used in operating activities was $41.0 million, an improvement from $74.7 million used in the prior year period, reflecting lower net loss and favorable working capital changes. Investing activities used $22.9 million, including $19.1 million to purchase bitcoin and $3.8 million in property and equipment and intangible assets. Financing activities provided $219.6 million, driven by net proceeds from the Tether investment after the share repurchase and related costs. Free cash flow is not explicitly disclosed, but operating cash flow remains negative as the company continues to invest in growth.
Management highlighted the continued shift toward subscription revenue and the ramp of cloud services as key growth drivers. The company expects to continue investing in content creator incentives and platform development. On November 10, 2025, Rumble signed a business combination agreement with Northern Data AG, with the acceptance period expected to commence in Q2 2026. Additionally, Tether committed to a $100 million advertising spend over two years and a GPU services agreement of up to $150 million. These post-quarter events signal strategic expansion into AI and cloud infrastructure.
Revenue by type: Audience Monetization (advertising, subscriptions, licensing) fell slightly to $21.3 million (from $21.8 million) in Q3, while Other Initiatives (publisher network, cloud) rose to $3.4 million (from $3.2 million). Geographically, U.S. revenue accounted for $23.1 million, Canada $0.2 million, and other regions $1.4 million.
Stock-based compensation totaled $5.4 million in Q3, down from $6.2 million a year ago. Acquisition-related transaction costs were $5.2 million in Q3, reflecting ongoing strategic evaluation.
Deferred revenue rose to $15.6 million from $12.8 million at year-end, signaling prepaid subscription and service growth. The company also reported non-cancelable commitments of approximately $38 million, primarily for programming and content.
The company identified material weaknesses in internal control over financial reporting as of December 31, 2024, and is implementing remediation measures.