Rumble Inc. Reports $23.7 Million Revenue in Q1 2025, Achieving 33.8% Growth

Rumble Inc. reported a revenue of $23.7 million for the first quarter of 2025, marking a 33.8% increase from $17.7 million in the same period of 2024. The growth was primarily driven by a $4.6 million rise in Audience Monetization revenues, which included a $3.6 million increase in subscription revenue and $1.0 million from various fees. Other Initiatives also contributed an additional $1.4 million, reflecting increased advertising inventory monetization and cloud service offerings. Despite the revenue growth, Rumble recorded a net loss of $2.65 million, a significant improvement from a net loss of $43.3 million in the prior year, largely due to a $21.9 million gain from changes in the fair value of warrant liabilities.

The company experienced notable changes in its operational metrics, with Monthly Active Users (MAUs) averaging 59 million in the first quarter of 2025, a 13% decrease from the previous quarter. This decline is attributed to reduced political engagement compared to the heightened interest during the U.S. presidential election campaign. Average Revenue Per User (ARPU) also fell to $0.34, down 13% from the fourth quarter of 2024, reflecting lower advertising revenue despite an uptick in subscription income.

Strategically, Rumble completed a significant transaction with Tether Investments, securing a $775 million investment in exchange for 103,333,333 shares of Class A Common Stock at $7.50 per share. This transaction, finalized on February 7, 2025, included a tender offer to repurchase 70 million shares for $525 million, which is expected to support the company's growth initiatives. The company also reported a cash and cash equivalents balance of $301.3 million as of March 31, 2025, a substantial increase from $114 million at the end of 2024, bolstered by the Tether investment.

Operationally, Rumble's total expenses rose to $60.1 million in the first quarter of 2025, up from $52.7 million a year earlier. This increase was driven by higher general and administrative expenses, which surged by $7.3 million, primarily due to one-time compensation costs related to executive departures. Research and development expenses also saw a slight increase, reflecting ongoing investments in platform enhancements. The company continues to face challenges in managing its cost structure while pursuing growth, particularly in programming and content costs.

Looking ahead, Rumble remains focused on expanding its user base and enhancing monetization strategies. The company anticipates continued investment in content acquisition and platform development, with a commitment to maintaining a strong internal control environment to address previously identified weaknesses. Rumble's management expressed optimism about leveraging its recent capital influx to drive future growth and improve operational efficiency.