RUM earnings analysis
What we found in RUM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Rumble’s Q2 2026 revenue of $40.366 million rose approximately 61.5% year over year and beat consensus by $9.7 million, helped by $10.1 million of Northern Data revenue and growth in video and advertising. However, diluted EPS of $(0.28) missed the $(0.10) estimate, while the combined company assumed a €317.533 million secured facility and expects additional borrowing for AI infrastructure. The filing introduces significant data-center execution risks and discloses potential Northern Data VAT exposure of up to approximately €110 million, or $125 million, excluding penalties and interest.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue accelerated and beat consensus
- Q2 2026 revenue was $40.366 million, up approximately 61.5% from $25 million in Q2 2025 and $25 million in Q1 2026. Revenue exceeded consensus of $30.6592 million by approximately $9.7 million, or 31.7%.
- Acquisition expands reported revenue
- Northern Data contributed $10.1 million of Q2 2026 revenue following the June 17, 2026 acquisition, while management identified video and advertising as core growth drivers.
- Cash balance provides near-term liquidity
- The company reported $203.3 million of cash and cash equivalents as of June 30, 2026, invested primarily in money market funds, treasury bills, and term deposits.
- Q3 outlook points to sharp growth
- Rumble initiated Q3 2026 consolidated revenue guidance of $87 million-$93 million, materially above Q2 2026 revenue of $40.366 million, although the periods are not directly comparable because of the Northern Data combination.
- Disclosure controls assessed effective
- The company stated that disclosure controls were effective as of June 30, 2026, while excluding Northern Data from the internal-control assessment during the first year after acquisition.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Large loss and EPS miss
- Diluted EPS was $(0.28), $0.18 below the $(0.10) consensus estimate and $0.16 worse than $(0.12) in Q2 2025. The prior-period history also shows an operating margin of negative 106.2% in Q2 2025, underscoring ongoing loss risk, although current-quarter operating margin was not available in the filing text.
- Leverage and variable-rate debt
- Following the Northern Data combination, the company entered a secured five-year term facility with commitments of €317.533 million, bearing interest at a 3.00% margin plus EURIBOR. Management also expects to incur substantial additional indebtedness for data centers and AI infrastructure.
- Material Northern Data tax exposure
- Northern Data subsidiaries face Swedish VAT assessments of approximately SEK 336 million and SEK 209 million, or approximately $35 million and $21 million, respectively. Separately, an EPPO investigation references potential VAT exposure of up to approximately €110 million, or approximately $125 million, excluding penalties, surcharges, and interest.
- Customer and receivables concentration
- Customer concentration increased: one customer represented $6.731 million, or 10% of Q2 2026 revenue, versus no customer representing at least 10% in Q2 2025. Three customers represented 51% of accounts receivable at June 30, 2026, versus no single customer representing at least 10% at December 31, 2025.
- Data-center permitting and execution risk
- The filing newly highlights data-center development risks including construction delays, permitting restrictions, community opposition, power availability, and water-use limits. The company stated that such issues could delay, redesign, downsize, relocate, or abandon projects and increase costs.
- Acquisition control integration
- Northern Data was excluded from Rumble’s internal-control assessment after the June 17, 2026 acquisition, with integration expected within one year of closing. This creates an ongoing integration and reporting-control risk during the transition period.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.28
- Segment
- Rumble core business: approximately $30.3 million of Q2 2026 revenue, based on total revenue of $40.366 million less $10.1 million from Northern Data.
- Segment
- Northern Data: $10.1 million of Q2 2026 revenue.
- Segment
- Video and advertising: management identified these businesses as drivers of growth; standalone segment amounts were not provided in the available filing text.
What they said about what is next.
The company initiated Q3 2026 consolidated revenue guidance of $87 million-$93 million. No directly comparable prior consolidated outlook was disclosed; the prior Northern Data outlook of €170 million-€190 million was not directly comparable.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 14, 2026
- Rumble's Q1 2026 10-Q reported a 7% revenue increase from the prior year, reaching $25.46 million, but significant operational losses persisted. Efforts to reduce costs and enhance profitability were noted, alongside…
- 10-K · March 5, 2026
- Rumble reports continued user and monetization expansion (52 million MAUs and ARPU of $0.46 as of Q4 2025) and Q4 revenue of $27,068,454 (beat consensus). The company remains unprofitable with deeply negative operating…
- 10-Q · November 10, 2025
- Rumble reported Q3 revenue of $24,762,445, down slightly from $25,056,904 in Q3 2024, while GAAP loss per share improved to $(0.06) from $(0.15) a year ago. Gross margin materially improved (quarterly gross loss of…
- 10-Q · August 11, 2025
- Rumble Inc. reported its Q2 earnings, showing a revenue increase to $25.08M, up 6.3% from $22.47M in Q2 2024, although its EPS was a loss of $0.12, broader than the expected loss of $0.08. Management noted significant…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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