Rumble Inc

Rumble Inc (NASDAQ: RUM) operates as a video-sharing platform and a provider of cloud services. Its business is structured around two segments: Rumble Services and Rumble Cloud.

Key Business Updates (for Q2FY25)

• Revenue Growth Amid Shifting Audience Trends: Rumble Inc. reported revenue of USD 25.1 million for the second quarter of 2025, reflecting a 12% year-over-year increase from USD 22.5 million in the same period of 2024. The growth was primarily driven by a USD 4.4 million rise in subscription revenue and an additional USD 1.0 million from licensing and tipping fees, offset partially by a USD 3.7 million decline in advertising revenue. Contributions from cloud services and publisher network monetization further supported top-line expansion.
• User Base and Monetization Metrics: Monthly Active Users (MAUs) stood at 51 million in Q2 2025, compared to 59 million in Q1 2025, reflecting continued moderation in traffic outside of the U.S. election cycle. Despite this decline in MAUs, the Company achieved a significant improvement in Average Revenue Per User (ARPU), which increased 24% sequentially to USD 0.42. This uplift was largely attributable to stronger subscription and licensing revenues, demonstrating improved monetization efficiency per user.
• Profitability and Expense Management: The Company recorded a net loss of USD 30.2 million in Q2 2025, widening from a USD 26.8 million loss in Q2 2024. Adjusted EBITDA loss narrowed to USD 20.5 million, an improvement of USD 8.2 million year-over-year, underscoring ongoing cost discipline. Notably, cost of services declined by USD 9.1 million, primarily due to a USD 10.1 million reduction in programming and content costs, partially offset by a USD 1.0 million rise in other service-related expenses.
• Operating Expenses and Investments: General and administrative expenses increased 12% to USD 11.7 million, driven by higher professional fees and administrative services, partially offset by reduced payroll costs. Research and development expenditures decreased 9% year-over-year to USD 4.8 million, reflecting lower payroll and reduced investment in software and hardware development. Sales and marketing expenses rose 26% to USD 7.9 million, attributable to intensified marketing and public relations initiatives, as well as higher personnel-related costs.
• Strategic Partnerships and Market Expansion: Rumble advanced its strategic positioning through multiple partnerships during the quarter. Key developments included a collaboration with the Tampa Bay Buccaneers to expand its NFL relationships, and a blockchain-focused alliance with TRON DAO to support wallet and creator-monetization initiatives. The Company also announced the appointment of its first Chief Marketing Officer, Ben Torres Ezrick, strengthening its leadership team. Additionally, Rumble’s inclusion in the Russell 2000® and Russell 3000® Indexes enhanced institutional visibility.
• Post-Quarter Developments and Growth Initiatives: Subsequent to the quarter’s close, Rumble entered into an exclusive partnership with MoonPay to power crypto on- and off-ramps for its forthcoming Rumble Wallet, expected to launch in Q3 2025. The Company also appointed Ian O’Donnell, a veteran with prior roles at Google Cloud and Microsoft, as Vice President of Sales for Rumble Cloud. Furthermore, a strategic alliance with Cumulus Media positioned Rumble to capitalize on synergies between podcasting and video in the evolving media landscape.
• Management Outlook: Chairman and CEO Chris Pavlovski emphasized that the backing of Tether has enabled Rumble to pursue bold growth initiatives with greater financial strength. He highlighted the platform’s stickiness despite MAU moderation, its double-digit revenue growth, and the momentum from strategic partnerships. With the upcoming launch of Rumble Wallet and continued investments in cloud infrastructure and AI initiatives, management reaffirmed its commitment to building long-term growth while safeguarding an open and independent internet ecosystem.

Technical Observation (on the daily chart):

Rumble Inc. has been in a downtrend since peaking above USD 16 in early 2025, with price now consolidating around USD 7.39. The stock trades below its 50-day moving average (USD 7.77), keeping the medium-term trend weak, though the RSI at 51 suggests neutral momentum. Overall, the stock is stabilizing after a sharp correction but remains range-bound, with direction hinging on whether it can reclaim the 50-day average.

Rumble Inc. is positioned as both a fast-growing video-sharing platform and a cloud services provider, with its dual structure of Rumble Services and Rumble Cloud offering diversified growth avenues. This combination not only enhances monetization potential through subscriptions, licensing, and advertising but also strengthens long-term scalability by expanding into cloud infrastructure, positioning the company for sustained growth in digital media and technology markets.

As per the above-mentioned price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis, a ‘Buy’ rating has been given to Rumble Inc (NASDAQ: RUM) at the closing market price of USD 7.39 as of Oct 02,2025.

Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario.

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Related Risk: This report may be looked at from a high-risk perspective and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is October 02,2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.