Rumble (RUM 2.94%), a video-sharing and cloud infrastructure company, released its second quarter 2025 results on August 11, 2025. The headline news: GAAP revenue came in at $25.1 million, missing analyst estimates of $26.77 million and reflecting a 12% year-over-year increase. Net loss (GAAP) widened to $30.2 million, resulting in a GAAP loss per share of $0.12 compared to expectations for a $0.07 loss per share. The quarter saw a decline in monthly active users (MAUs) to 51 million but a notable quarter-over-quarter improvement in monetization, as ARPU increased 24% from Q1 to Q2 2025. Overall, the period highlighted progress in cost controls, ARPU increased 24% to $0.42, and strategic partnership momentum, but also flagged persisting challenges with user retention and continued operating losses.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS | ($0.12) | ($0.07) | ($0.13) | 0.01 |
| Revenue | $25.1 million | $26.77 million | $22.5 million | 12 % |
| Adjusted EBITDA | ($20.5 million) | ($28.7 million) | 28.6 % | |
| Monthly Active Users (MAUs) | 51 million | N/A | ||
| ARPU | $0.42 | N/A |
Source: Analyst estimates for the quarter provided by FactSet.
Company Overview and Strategic Focus
Rumble (RUM 2.94%) operates a video-sharing platform that positions itself as an alternative to major incumbents by focusing on freedom of speech and support for small and independent creators. It also develops and markets its own cloud infrastructure, offering Infrastructure-as-a-Service (IaaS) to external clients. Often leaning into periods of heightened political discourse for user growth.
Recent business priorities have included improving monetization, reducing reliance on advertising, expanding cloud and crypto-related solutions, and boosting partnerships with high-profile creators and brands. Success depends on Rumble's ability to grow and retain its user base, diversify revenue streams beyond advertising, attract creators, and build its infrastructure to limit third-party costs. The company also faces the complex regulatory landscape governing user-generated content and data privacy, which adds another layer of operational focus.
Quarter Highlights: Revenue Miss, Monetization Efficiency, and User Metrics
The quarter's most significant storyline was a sizeable revenue miss against analyst expectations, with actual GAAP revenue lagging the $26.77 million consensus by approximately $1.68 million. Despite this, revenue (GAAP) still climbed 12% year-over-year. Average Revenue Per User (ARPU) reached $0.42, a 24% increase from Q1 2025’s $0.34 and ahead of the $0.39 ARPU recorded in Q4 2024. This jump in ARPU was driven by higher income from subscriptions and licensing, which partially offset declines in advertising revenue.
Monthly Active Users (MAUs) dropped to 51 million, down from 59 million in the first quarter of 2025 and well below the peak reached during the U.S. election cycle. Management attributes this drop to “the result of a slowdown of news and political commentary outside of a U.S. election cycle.” This marks the second consecutive quarter of MAU contraction, with users declining from 68 million in Q4 2024 to 59 million in Q1 2025 and then to 51 million in Q2 2025, raising questions about the stickiness of Rumble's user base when major news events subside. CEO Chris Pavlovski commented that “we proved the stickiness of our platform with 51 million MAUs,” aiming to frame the result as evidence of a core user segment, even as overall engagement slipped.
In the three months ended June 30, 2025, revenue composition changed compared to the same period in 2024. Audience Monetization, which captures subscription and user-driven payments such as tipping and licensing, added $1.7 million year over year, with $4.4 million growth attributed to subscriptions and $1.0 million from licensing and tipping fees. These gains were necessary to offset a $3.7 million year-over-year drop in advertising revenue. The “Other Initiatives” business contributed an additional $0.9 million, including $0.8 million from cloud services and $0.1 million from advertising inventory. Advertising’s ongoing weakness stands out, given how central ad sales are for most platforms in the space.
On the cost side, Rumble reduced its cost of services by $9.1 million compared to Q2 2024. This was largely achieved by cutting programming and content costs, which fell by $10.1 million compared to Q2 2024. The company invested more in sales and marketing, which increased 26% year over year to $7.9 million (GAAP), following the strategic capital injection from crypto platform Tether. On the profitability front, net loss (GAAP) widened to $30.2 million, but Adjusted EBITDA, a non-GAAP financial measure, was a loss of $20.5 million, representing an improvement of $8.2 million compared to the second quarter of 2024. The company continued to issue shares, with weighted average outstanding shares at 260.3 million, compared to 204.1 million for Q2 2024, mostly due to fundraising activities.
Liquidity remained strong as of June 30, 2025, with cash and equivalents of $283.8 million and digital assets (Bitcoin) valued at $22.6 million, for total liquidity of $306.4 million. This marks a significant boost from the $114.0 million cash position at year-end 2024, thanks to the Tether investment. On the infrastructure front, the company advanced its Rumble Cloud offering through partnerships with the Tampa Bay Buccaneers and TRON DAO, supporting a strategy of broadening the business beyond core video content. It also announced an exclusive crypto payments partnership with MoonPay for its upcoming Rumble Wallet, which is positioned as a key tool for monetizing international users when launched in the coming quarter.
Additional corporate moves included naming a Chief Marketing Officer and Vice President of Sales for the cloud division, and formalizing partnerships with entities such as Cumulus Media to expand into audio and podcasting. Rumble’s recent entry into the Russell 2000 and 3000 indexes further indicated rising institutional awareness, even as its business model faces ongoing questions around long-term user engagement.
Outlook and What to Watch
Management did not provide explicit financial guidance for the current or following quarters. However, leadership reiterated its expectation to “move materially towards adjusted EBITDA breakeven in 2025.” The focus remains on international expansion, launching the Rumble Wallet, and building the foundation for future revenue streams beyond advertising. The company also pointed to enhanced liquidity and planned investments aimed at entering a "new phase of aggressive growth."
With no direct forward guidance on revenue, profitability, or MAUs, investors are left to track the impact of product launches, partnerships, and user trends. RUM does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
