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…
Earnings analysis · 10-Q
RUM earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
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,…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.28
What stood out
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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%.
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.