Prepared Highlights
- 收入：Q1 2026 总收入 $25.5M，同比增长 7%（去年同期 $23.7M），增长由观众变现收入增加 $2.6M 部分抵消其他计划收入减少 $0.8M 驱动（CFO）。
- 成本结构：服务成本 $27M，同比下降 10%，其中编程和内容成本减少 $2.3M，其他服务成本减少 $0.7M（CFO）。
- 费用变化：G&A 费用 $10.4M，同比下降 37%（工资减少 $6.7M，专业费用减少 $0.4M，其他增加 $0.7M）；研发费用 $5.7M，同比上升 20%（工资增 $0.6M，软硬件增 $0.4M）；销售/营销费用 $8.5M，同比上升 134%（营销/公关增 $3.8M，工资增 $0.8M，咨询增 $0.3M）（CFO）。
- 盈利能力：调整后 EBITDA 亏损 $21M，优于去年亏损 $22.7M（CFO）；净亏损 $30.3M（去年净亏损 $2.7M），变化主因非现金项：认股权证公允价值变动收益减少 $14.9M、衍生品公允价值收益减少 $9.7M、收购交易成本 $4.8M、数字资产公允价值变动费用增加 $2.4M（CFO）。
- 流动性：总流动性 $233.4M，含现金 $219M 及 210.82 BTC（公允值 $14.4M）（CFO）；经营活动现金净流出 $16.6M（CFO）。
- 视频平台用户：MAU 达 56M，由营销、国际扩张及 Rumble Shorts 驱动；Shorts 在5月创单日约 2M 独特视频观看记录，目前尚未变现，对 ARPU 有负面影响；计划2026下半年启动变现（CEO）。
- Northern Data 收购进展：预计6月完成，已获约81%股份及所有监管批准；Northern Data Q1 收入约 EUR 43M（记录），GPU 利用率从2025年12月62%升至2026年3月约85%；维持2026全年收入指引 EUR 130M–150M（CEO）。
- Cloud 业务：GPU-as-a-Service 正与多个客户谈判，并收到多份非稀释性 GPU 融资报价；CPU-as-a-Service 推出 one-click OpenClaw 部署；与 Anchorage Digital 达成基础设施合作关系（CEO）。
- Tether 合作：Rumble Wallet 已上线，Tether $100M 广告承诺在当季缓慢启动，计划下半年显著放量（CEO）。
- 合并影响：若与 Northern Data 合并，Q1 总收入约 $75M（CEO）。
官方指引：Northern Data 2026 全年收入指引 EUR 130M–150M（CEO）。Rumble 未提供自身下一季度或全年收入指引。
管理层引用
- “This is a special moment in Rumble's history... Cloud will become a pillar alongside video. And from early indications, Cloud should be the largest generator of revenue.” (CEO)
- “The strategic logic of this acquisition has only strengthened in the months since we announced it.” (CEO)
- “We will be a high-growth company, but with a disciplined capital and financial approach for our shareholders.” (CFO)
- “This win [Anchorage Digital] highlights our ability to meet the performance, security and reliability requirements of regulated institutional-grade platforms. It's a clear signal that Rumble Cloud is gaining traction with high-value, mission-critical workloads.” (CEO)
Prepared Metrics
| Metric | Value | Speaker/Context |
|---|
| Q1 2026 Revenue | $25.5M (YoY +7%) | CFO |
| MAUs (March 2026) | 56M | CEO |
| Adjusted EBITDA Loss (Q1 2026) | $21M (improved from $22.7M loss in Q1 2025) | CFO |
| Net Loss (Q1 2026) | $30.3M | CFO |
| Total Liquidity (March 31, 2026) | $233.4M ($219M cash + $14.4M Bitcoin) | CFO |
| Northern Data Q1 2026 Revenue | ~EUR 43M (record) | CEO |
| Northern Data Full-Year 2026 Revenue Guidance | EUR | |
Q&A Batch (1-2 of 2)
Q1 — Jason Helfstein
- Topic: Revenue forecasts, Tether ad commitment, Northern Data GPU count
- Key points:
- S1 shows $204M revenue target for standalone Rumble and $878M for Northern Data; not guidance — these are internal forecasts related to the transaction.
- Tether ad commitment already began this quarter; scaling slowly, no link to Northern Data close; full ramp anticipated in H2 2026.
- Northern Data owns ~22,000 GPUs, 9 data centers, and a Nashville site with 180 MW energized capacity; rack count not disclosed.
- Mgmt stance: Neutral (clarifying no guidance, providing factual equipment counts)
Q2 — Thomas Forte
- Topic: Advertising sales progress, Rumble Shorts, midterm monetization
- Key points:
- New President of Sales (Greg Sherrill) opened programmatic channels; meaningful ad revenue expected late 2026 into 2027.
- Rumble Shorts set a new record in May 2026; not yet monetized; monetization targeted for H2 2026.
- An in-platform boosting feature for creators/ads will launch summer 2026 to accelerate midterm and election revenue.
- Mgmt stance: Bullish (highlights strong Shorts growth, planned monetization, and boosting feature to capture midterm budgets)