0001213900-26-024099
SEC filingRumble Inc. reported revenues of $100.6 million for FY 2025, a 5.4% increase from $95.5 million in FY 2024. The company incurred a net loss of $81.8 million, a significant improvement from a net loss of $338.4 million in the prior year. This improvement was primarily driven by a $175.0 million gain from the settlement of a derivative liability and a $24.8 million gain from the change in fair value of warrant liabilities, partially offset by a $126.7 million operating loss. Key performance indicators show the company grew its monthly active users (MAUs) to 52 million as of Q4 2025, with Average Revenue Per User (ARPU) reaching $0.46. The company strengthened its balance sheet with a $775.0 million equity issuance and ended the year with $237.9 million in cash and cash equivalents.
Rumble Inc. reported FY 2025 revenues of $100.6 million, representing a 5.4% increase from $95.5 million in FY 2024. The company significantly reduced its net loss to $81.8 million from $338.4 million in the prior year. This improvement was largely attributable to non-cash gains: a $175.0 million gain from the settlement of a derivative liability related to the Tether transaction and a $24.8 million gain from the change in fair value of warrant liabilities. Despite these gains, the company's core operations continued to generate substantial losses, with an operating loss of $126.7 million for FY 2025, slightly improved from $130.9 million in FY 2024. The company ended the year with 52 million Monthly Active Users (MAUs) and an Average Revenue Per User (ARPU) of $0.46 as of Q4 2025.
Revenue is generated from two primary categories: Audience Monetization and Other Initiatives. Audience Monetization, which includes advertising on the Rumble platform, subscription fees (Rumble Premium, Locals, badges), content licensing, tipping, and platform hosting fees, accounted for $86.5 million or approximately 86% of total revenue in FY 2025, growing 3.7% from $83.5 million in FY 2024. Other Initiatives, comprising digital advertisements placed on Rumble's network of third-party publisher websites/mobile applications and cloud services, contributed $14.1 million or 14% of total revenue, showing stronger growth of 17.2% from $12.0 million in the prior year. Geographically, the United States represented approximately 90% of total revenue ($90.9 million), with Canada and other regions contributing the remainder.
The company's cost structure reveals significant expenses relative to revenue. Total expenses were $227.3 million in FY 2025, with the largest component being Cost of Services (content, hosting and other) at $107.4 million. General and administrative expenses were $48.7 million, research and development $18.7 million, sales and marketing $23.9 million, and acquisition-related transaction costs $13.3 million. The company's operating loss margin was approximately 126% of revenue, indicating that operating expenses substantially exceeded revenue generation. Share-based compensation expense totaled $23.8 million for the year. The company's programming and content agreements included minimum contractual cash commitments of $45 million as of December 31, 2025.
Net cash used in operating activities was $70.4 million for FY 2025, an improvement from $87.0 million used in FY 2024. Investing activities used $26.1 million, primarily for purchases of digital assets ($19.1 million), property and equipment ($4.1 million), and intangible assets ($2.9 million). Financing activities provided $220.4 million, driven by proceeds from the issuance of Class A Common Stock ($775.0 million), partially offset by repurchase of Class A Common Stock ($525.0 million) and share issuance costs ($29.4 million). The company ended FY 2025 with $237.9 million in cash and cash equivalents, up from $114.0 million at the end of FY 2024. Total assets were $336.8 million, with shareholders' equity of $274.8 million and total liabilities of $62.0 million.
The company has entered into a business combination agreement with Northern Data AG, with an expected closing in the second quarter of 2026. As part of this transaction, Tether has committed to purchase up to $150 million of GPU services over two years following the closing. Separately, Tether has committed to $100 million in advertising over two years beginning in Q1 2026. The company faces numerous risk factors including its limited operating history, dependence on advertising revenue, intense competition, challenges in maintaining user growth, cybersecurity risks, regulatory uncertainties, and the volatility of its Bitcoin treasury strategy. Management's focus remains on growing users and usage consumption while experimenting with monetization levers for long-term positioning.