• YouTube for free speech.
• An alternative video platform similar to YouTube.

• Video Hosting & Streaming Platform: A digital platform where users and creators can upload, watch, and share videos, including live streams.
• Rumble Cloud Services: A cloud infrastructure offering storage, processing, and delivery solutions, primarily supporting video content and creator needs.
• Creator Monetization & Support Tools: A suite of services enabling creators to earn revenue from their content through various mechanisms and manage their channels.

Rumble (symbol: RUM) primarily sells its services to other companies, particularly through its advertising platform and cloud services. Its major customers include:

• Trump Media & Technology Group Corp. (NASDAQ: DJT): A significant customer for Rumble Cloud, which provides the infrastructure to host the Truth Social social media platform. According to Rumble's SEC filings, revenue derived from Truth Social accounted for approximately 6.7% of Rumble's total revenue in 2023.

• Advertisers: A diverse array of companies that purchase advertising space on the Rumble video platform. These customers range from small businesses to larger corporations and advertising agencies seeking to reach Rumble's audience. Rumble's SEC filings indicate that no single advertiser accounts for a material portion of its revenue, highlighting a broad customer base in this segment.

Chris Pavlovski, Chief Executive Officer
Chris Pavlovski is the Founder and Chief Executive Officer of Rumble. He is a three-time successful entrepreneur with over 20 years of experience in online marketing and advertising. Mr. Pavlovski founded Jolted Media Group (later Jolt Media Group) and served as its Chief Executive Officer. He also co-founded Cosmic Development, an IT and software services firm. Additionally, he served as the director of marketing for NASA's Next Giant Leap. He was a finalist for the Ernst & Young Entrepreneur of the Year in 2010.

Brandon Alexandroff, Chief Financial Officer
Brandon Alexandroff serves as the Chief Financial Officer, Corporate Secretary, and Principal Accounting Officer for Rumble. He has held the position of CFO since September 2022.

Tyler Hughes, Chief Operating Officer
Tyler Hughes is the Chief Operating Officer at Rumble.

Wojciech Hlibowicki, Chief Technology Officer
Wojciech Hlibowicki holds the position of Chief Technology Officer at Rumble.

Claudio Ramolo, Chief Content Officer
Claudio Ramolo is the Chief Content Officer for Rumble.

The key risks to Rumble's (RUM) business include:

1. Uncertainty Regarding Profitability and Financial Sustainability: Rumble has consistently reported net losses, characterized by high operating costs, particularly for content and infrastructure, with an unclear path to achieving sustained profitability. Some analyses indicate a higher-than-average probability of financial distress within the next two years.
2. Intense Competition and Challenges in Advertiser Monetization: Rumble operates in a highly competitive digital media landscape dominated by well-established platforms such as YouTube and Meta. The company faces significant hurdles in attracting and retaining top-tier advertisers, partly due to concerns regarding its content moderation policies and its appeal to a niche demographic, which limits its revenue growth and monetization potential.
3. Regulatory, Legal, and Content Moderation Risks: As a platform that hosts user-generated content, Rumble is exposed to potential regulatory scrutiny and legal challenges. These include liabilities related to content moderation, allegations of copyright infringement, and data privacy concerns, which can lead to substantial costs and operational restrictions.

Rumble (RUM) operates in several addressable markets, primarily through its video platform and cloud services. The estimated market sizes for these main products and services are as follows:

Video Platform (including Live Streaming, Video-on-Demand, and Ad-Supported Video-on-Demand)

• The global live streaming market was valued at approximately USD 143.89 billion in 2024 and is projected to reach USD 1,049.87 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 28.20% during the forecast period. Other estimates place the global live streaming market at USD 87.8 billion in 2024, with a projection to reach USD 605.2 billion by 2033 at a CAGR of 23.93% from 2025 to 2033.
• The global advertising-based video on demand (AVOD) market size was estimated at USD 49.04 billion in 2024 and is projected to reach USD 226.57 billion by 2030, growing at a CAGR of 29.2% from 2025 to 2030. Another report valued the global ad-supported video on demand market at US$ 40.12 billion for 2024, projected to grow to US$ 150.8 billion by the end of 2034, with a CAGR of 14.2%.

Cloud Services (Rumble Cloud)

• The global cloud computing market size was estimated at USD 752.44 billion in 2024 and is projected to reach USD 2,390.18 billion by 2030, growing at a CAGR of 20.4% from 2025 to 2030. North America accounted for a significant revenue share of around 39.0% in the global cloud computing market in 2024. Another estimate indicates the global cloud services market size was USD 618.04 billion in 2024 and is expected to exceed USD 2,726.94 billion by 2034, growing at a CAGR of 16.00% from 2025 to 2034.

Rumble (NASDAQ: RUM) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market opportunities.

Here are 3-5 expected drivers of future revenue growth:

1. Enhanced Audience Monetization through Advertising and Subscriptions: Rumble is actively increasing its revenue from its user base through various monetization strategies. The company has seen growth in audience monetization, including advertising and subscription revenue, with a notable increase in Q3 2024. The introduction of mid-roll advertisements in September 2024 has contributed to revenue growth and boosted the traction of its Rumble Premium service. Furthermore, Rumble has demonstrated an improved Average Revenue Per User (ARPU), which rose to $0.45 in Q3 2025 from $0.33 in Q3 2024, indicating more effective monetization efforts despite a decline in monthly active users. The company is also making progress in securing partnerships with new brands for advertising.
2. Expansion of Rumble Cloud Services and AI/HPC Infrastructure: Rumble is significantly expanding its cloud services, including a push into AI and high-performance computing (HPC) infrastructure. Rumble Cloud is gaining traction with large enterprise clients, including a collaboration with the Miami Dolphins and discussions with government entities. A major driver is the acquisition of Northern Data AG in November 2025, which is expected to accelerate international expansion, provide substantial revenue growth opportunities, and advance Rumble's AI roadmap. This acquisition includes Taiga Cloud, which provides GPU services to customers.
3. Strategic Partnerships and Content Diversification: Rumble is forging strategic alliances to expand its reach and content offerings. The company secured its first major brand advertising partnership in December 2024, opening doors for more such collaborations. Partnerships with entities like Cumulus Media and Perplexity AI are aimed at broadening content distribution and improving discoverability. The integration of Perplexity's AI search tool into Rumble's platforms, potentially bundled into subscription packages, could also drive new revenue streams. Additionally, the expansion of video distribution to platforms like Xbox in Q3 2024 signifies growth in both partnerships and user engagement.
4. International Market Expansion: A key element of Rumble's growth strategy is its focus on expanding into international markets. The acquisition of Northern Data AG is specifically highlighted as a move that will accelerate Rumble's international expansion efforts. The company has also explicitly stated its exploration of international expansion as a part of its future growth strategy.
5. Launch of Rumble Wallet and Cryptocurrency Integration: Rumble plans to roll out its crypto-enabled "Rumble Wallet" in Q3 2025 in collaboration with MoonPay. This initiative is anticipated to drive improved creator monetization and facilitate international user acquisition, acting as a significant catalyst for revenue growth. The strategic investment from Tether also supports the development and integration of the Rumble Wallet, further underscoring its potential as a revenue driver.

Share Repurchases

• In December 2024, Rumble announced plans to buy back $525 million in stock from other large shareholders, funded by a $775 million stock sale to Tether.

Share Issuance

• Rumble completed its SPAC merger and became a public company in September 2022, resulting in the issuance of shares to former CF Acquisition Corp. VI shareholders and PIPE investors.
• The SPAC merger generated approximately $400 million in gross proceeds for Rumble through share issuance.
• In December 2024, Rumble issued $775 million worth of new stock to Tether at a price of $7.50 per share.
• A proposed business combination agreement in November 2025 with Northern Data involves tendering each Northern Data share for 2.0281 newly issued Rumble Class A shares.

Inbound Investments

• In September 2022, Rumble received approximately $400 million in gross proceeds from its SPAC merger, which included $85 million from a PIPE financing.
• Tether made a $775 million investment in Rumble in December 2024 by purchasing new stock.
• As part of the Northern Data acquisition in November 2025, Tether committed significant commercial support, including converting half of Northern Data's approximately €610 million ($705 million) shareholder loan into Rumble shares.

Outbound Investments

• Rumble announced its intention to use the approximately $400 million cash injection from its 2022 SPAC merger to fund acquisitions, among other strategic initiatives.
• In November 2025, Rumble signed a business combination agreement to acquire Northern Data, an AI and HPC infrastructure firm, in a deal potentially valued between $767 million and $967 million.
• This acquisition aims to expand Rumble's cloud and AI capabilities significantly by adding approximately 22,400 Nvidia units and a network of data center sites.

Capital Expenditures

• Rumble reported capital expenditures of approximately $6.6 million for the twelve months ending March 2023 and about $7.17 million for December 2024.
• The company plans significant capital expenditures, with projections of $17 million for 2025, rising to $88 million by 2029.
• The primary focus of these capital expenditures is to build out Rumble's independent infrastructure and expand its cloud and AI ambitions.