Rumble (NASDAQ:RUM) executives used the company’s fourth-quarter 2025 earnings call to outline a strategy they said positions the platform for “aggressive growth” in 2026, pointing to product updates, a changing advertising backdrop, and a planned expansion of its cloud business tied to the pending acquisition of Northern Data.
Founder, Chairman and CEO Chris Pavlovski said 2025 was spent “building and expanding the Rumble product,” developing the sales operation, and assembling assets intended to make the company a larger player in cloud. CFO Brandon Alexandroff reviewed results that included full-year revenue topping $100 million for the first time, sequential fourth-quarter revenue growth, and improved full-year adjusted EBITDA loss versus 2024.
Video product updates and early usage indicators
He also said the company launched Rumble Wallet with Tether in the first week of 2026, describing it as enabling tipping in Bitcoin, USD Tether, and Tether Gold. Pavlovski said the aim is to let creators bypass “friction and predatory fees” associated with traditional payments.
On short-form video, Pavlovski said Rumble Shorts was introduced to improve content discovery through a continuous, swipeable vertical-video feed. He said early performance has exceeded internal expectations, citing an increase to more than 1 million unique video views in a single day as of the prior weekend, up from 669,000 a week earlier. Pavlovski said the company plans to market Shorts “heavily” based on early user response.
He also pointed to early signs of renewed audience momentum heading into a midterm election year, saying Q4 monthly active users increased quarter-over-quarter and were “driven primarily by international growth.” Pavlovski added that less than 10 days before the call, Rumble reached a new all-time high in concurrent streamers on the platform. He noted Dan Bongino’s return in February and said Twitch streamer Asmongold had expressed he would be joining Rumble.
Advertising outlook and sales strategy
Pavlovski said brand advertising had faced “significant headwinds” ahead of the 2024 election, which he attributed to boycotts and limited access to agencies. He said conditions shifted after the election, and Rumble has since landed brands including Netflix, Morgan & Morgan, Perplexity, Crypto.com, Paramount, Amazon Prime, and Fox Nation.
To pursue more brand dollars, the company appointed Greg Sherrill as President of Sales. Pavlovski said Sherrill has held senior leadership roles at Magnite, AT&T, and Comcast and has begun repositioning Rumble within the advertising ecosystem and working toward integrations with demand-side and supply-side platforms. Pavlovski said that while product development and partnership work is underway, the company expects returns “in the back half of 2026 and primarily into 2027.”
In Q&A, Pavlovski said the new go-to-market strategy is to go “on the offense” with major agencies and to pursue incremental ad dollars proactively, rather than waiting for inbound interest. He also addressed how Rumble Shorts could become an advertising catalyst, saying the company plans to keep advertising “off” Shorts in the near term to avoid hindering growth, with plans to evaluate ad integration in the third quarter and potentially begin inserting ads in Q3 and Q4. He said the company is considering an approach similar to Instagram and TikTok, with ads flowing through the Rumble Advertising Center.
Separately, Pavlovski referenced a $50 million per year advertising deal with Tether over two years, calling it a $100 million commitment intended to serve as an “advertising anchor” to attract additional influencers and podcasters. He said the company expects that commitment to “materially ramp” in the second and third quarter.
Northern Data acquisition and GPU-as-a-service demand
Pavlovski said Rumble continues to expect its acquisition of Northern Data to close in the second quarter of 2026 and described the transaction as potentially transformative for the company’s revenue profile. He cited Northern Data’s announcement earlier in the day that it was on pace for roughly 85% GPU utilization by the end of February 2026, which he said reflects strong market demand.
Pavlovski said that since the definitive agreement was finalized on Nov. 10, 2025, Rumble has met with multiple GPU-as-a-service customers and suppliers, and that the reception has been positive. He said customers and suppliers have expressed interest in Rumble delivering Blackwell generation GPUs and a desire to begin working together “as soon as possible.”
Asked about what remains to close the deal, Pavlovski said the transaction is on schedule and still requires going through the tendering process. He also stated that Northern Data shareholders could not block the transaction by not tendering.
On the company’s investment approach for AI infrastructure expansion, Pavlovski said the intent is to secure customer contracts and then purchase GPUs, which he said would help set up the business for strong returns. He added that Rumble Cloud is open to doing deals prior to the acquisition closing because the company has capital on hand. He also said there is immediate capacity to scale in some of Northern Data’s existing data centers with GB300s, while other sites such as “Maysville” require development and have significant megawatt potential.
In a follow-up question, Pavlovski said the company would treat Tether “like any other customer,” while acknowledging that meeting Tether’s committed demand could require additional expansion and investment.
Q4 and full-year 2025 financial results
Alexandroff reported full-year 2025 revenue of $100.6 million, up 5% from $95.5 million in 2024, marking what management described as the company’s first $100 million revenue milestone. Fourth-quarter revenue was $27.1 million, up 9% sequentially from $24.8 million in Q3 2025, but down $3.2 million year-over-year. The year-over-year decline included a $2.8 million drop in audience monetization revenue and a $0.4 million decline in other initiatives revenue.
Management said the Q4 decrease in audience monetization revenue was driven by a $5.5 million reduction in advertising, tipping, and platform hosting fees, partially offset by a $2.7 million increase in subscription and licensing fees. The decline in other initiatives revenue reflected a $0.5 million reduction in advertising inventory monetized by the publisher network, partially offset by a $0.1 million increase in cloud services.
- ARPU: $0.46 in Q4, up 2% sequentially.
- Average global MAUs: 52 million in Q4, up 11% sequentially, driven primarily by international expansion efforts.
- Cost of services: $25.6 million in Q4, down 26% year-over-year, primarily due to an $8.8 million reduction in programming and content expenses.
- Adjusted EBITDA loss: $16.0 million in Q4 versus a $13.4 million loss in Q4 2024; full-year adjusted EBITDA loss improved to $74.3 million from $92.1 million in 2024.
Net loss in Q4 was $32.7 million, compared with a net loss of $236.8 million in the prior-year quarter. Alexandroff noted that Q4 2024 included $184.7 million related to a change in fair value of a derivative liability tied to the Tether strategic investment.
Rumble ended the quarter with total liquidity of $256.4 million, including $237.9 million in cash and cash equivalents and $18.5 million in Bitcoin holdings. For the full year, net cash used in operating activities was $70.4 million, improving from $87.0 million in 2024.
In Q&A, Alexandroff said that after reducing minimum guarantees and moving toward break-even over the past year, the company expects to “hit the gas again” with investments tied to the Tether opportunity during 2026, while aiming for more profitable agreements. Pavlovski also said international user growth has been a headwind to ARPU given lower monetization outside the U.S., noting monetization in international markets is “very negligible” compared with the U.S.
Looking ahead, management framed 2026 around several catalysts, including midterm-election-related engagement opportunities, a more favorable ad market, the expected ramp of the Tether advertising commitment, and the anticipated closing of the Northern Data acquisition in the second quarter.
About Rumble (NASDAQ:RUM)
Rumble Inc operates a video-sharing platform designed to offer creators and audiences an alternative to traditional social media and streaming services. The company’s primary business activities include hosting, distributing and monetizing user–generated and professional video content. Through its platform, Rumble enables content creators to retain a higher share of advertising revenue and maintain greater control over their intellectual property, while offering viewers open access to a wide range of videos spanning news, sports, entertainment and educational programming.
In addition to its core video platform, Rumble provides cloud–based video hosting and delivery services via Rumble Cloud, a content–delivery network (CDN) designed to support high–volume streaming and storage.
