Rumble Inc (RUM)
NASDAQ:RUM
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Rumble
(NASDAQ:RUM)
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Rating:58Neutral
Price Target:
$10.00
▲(58.23% Upside)
Action:Reiterated
Date:05/28/26
The score reflects strong technical momentum and a generally positive earnings-call narrative around the Northern Data acquisition, liquidity, and commercial partnerships, but is held back by weak financial quality—large ongoing losses and heavy negative free cash flow—plus limited valuation support due to negative earnings and no dividend.
Positive Factors
Strong revenue & user growth
Sustained top-line expansion and rising MAUs indicate product-market fit and a growing content ecosystem. Durable user scale increases ad inventory and creator supply, improving optionality for ARPU uplift as monetization initiatives (e.g., Shorts monetization planned H2 2026) and cloud cross-sells take hold over the medium term.
Negative Factors
Persistent cash burn and losses
Significant negative operating and free cash flow reflect a business that still consumes material capital to operate and grow. Over the medium term this necessitates external financing or deep cost reductions; repeated funding raises dilution risk and constrain strategic optionality if monetization or cost improvements lag execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue & user growth
Sustained top-line expansion and rising MAUs indicate product-market fit and a growing content ecosystem. Durable user scale increases ad inventory and creator supply, improving optionality for ARPU uplift as monetization initiatives (e.g., Shorts monetization planned H2 2026) and cloud cross-sells take hold over the medium term.
Read all positive factors
Rumble (RUM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.01B
Dividend YieldN/A
Average Volume (3M)3.71M
Price to Earnings (P/E)―
Beta (1Y)2.16
Revenue Growth0.90%
EPS Growth71.02%
CountryUS
Employees135
SectorCommunication Services
Sector Strength97
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.43
Shares Outstanding216,396,990
10 Day Avg. Volume3,442,787
30 Day Avg. Volume3,712,017
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)5.86
Price to Sales (P/S)16.00
P/FCF Ratio-21.61
Enterprise Value/Market Cap0.94
Enterprise Value/Revenue36.87
Enterprise Value/Gross Profit250.67
Enterprise Value/Ebitda-65.79
Forecast
1Y Price Target
$22.00Price Target Upside248.10% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.28
Revenue Forecast (FY)$198.62M
Rumble Business Overview & Revenue Model
Company Description
Rumble Inc. operates video sharing platforms. The company operates rumble.com, a platform that enables video creators to host, livestream, manage, distribute, and create OTT feeds, as well as monetize their content. It also operates locals.com, a ...
How the Company Makes Money
Rumble primarily generates revenue from (1) advertising and monetization on its video platform, where it sells ads and shares monetization with creators/publishers; (2) subscription-based offerings tied to its platform and creator ecosystem (e.g.,...
Rumble Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Neutral
The call highlights meaningful strategic progress: near-term closing of the Northern Data acquisition, strong GPU utilization and revenue at Northern Data, emerging Cloud/GPU-as-a-Service momentum, MAU growth to 56M, a $100M Tether ad partnership, and a healthy liquidity position. However, the company remains loss-making with a materially wider net loss ($30.3M), continued adjusted EBITDA loss (~$21M), negative operating cash flow ($16.6M used), costs exceeding revenue in the quarter, and elevated sales & marketing spend. The narrative is one of a transformational opportunity balanced against near-term financial losses, integration costs, and execution risk.Positive Updates
Northern Data Acquisition Nearing Close
Rumble has secured ~81% of Northern Data's outstanding shares and received required regulatory approvals; transaction expected to close in June. Northern Data reported Q1 revenue of ~€43M and increased GPU utilization from 62% (Dec 2025) to ~85% (Mar 2026). Northern Data FY2026 revenue outlook is €130M–€150M. Management states combined company revenue would have been roughly $75M in Q1.
Negative Updates
Large Net Loss Year‑over‑Year
Net loss widened to $30.3M in Q1 2026 from a net loss of $2.7M in Q1 2025. The increase was driven largely by noncash fair value movements, acquisition-related transaction costs ($4.8M) and a higher charge on digital assets ($2.4M).
Read all updates
Q1-2026 Updates
Positive
Negative
Northern Data Acquisition Nearing Close
Rumble has secured ~81% of Northern Data's outstanding shares and received required regulatory approvals; transaction expected to close in June. Northern Data reported Q1 revenue of ~€43M and increased GPU utilization from 62% (Dec 2025) to ~85% (Mar 2026). Northern Data FY2026 revenue outlook is €130M–€150M. Management states combined company revenue would have been roughly $75M in Q1.
Read all positive updates
Company Guidance
The company did not provide formal guidance on the call—management emphasized that internal forecasts (e.g., the previously modeled ~$204M standalone Rumble and ~$878M Northern Data figures) are not guidance—while flagging several concrete metrics and near-term targets: Northern Data reported Q1 revenue of roughly EUR 43M, utilization rising from 62% in Dec‑2025 to ~85% in Mar‑2026 and a full‑year 2026 revenue outlook of EUR 130–150M; Rumble’s reported Q1 revenue was $25.5M (up ~7% y/y), MAUs were 56M, adjusted EBITDA loss was $21M (improved vs. $22.7M a year ago) and net loss was $30.3M, pro‑forma combined Q1 revenue would have been roughly $75M, liquidity stood at $233.4M (including $219M cash and 210.82 BTC valued at $14.4M), Northern Data assets include ~22,000 GPUs across ~9 data centers (Nashville up to 180 MW) and the acquisition (~81% of shares secured) is on track to close in June; management also noted a $100M Tether ad commitment that has begun this quarter and will scale in H2 2026, and that Rumble Shorts (a record ~2M unique video views in one day in May) and Shorts monetization are planned to roll out in H2 2026.Rumble Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
56
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 102.38M | 100.62M | 95.49M | 80.96M | 39.38M | 9.47M |
| Gross Profit | 15.06M | 14.24M | -42.98M | -65.19M | -4.36M | 1.66M |
| EBITDA | -57.38M | -62.57M | -326.76M | -131.47M | -32.40M | -10.37M |
| Net Income | -109.45M | -81.83M | -338.36M | -116.42M | -11.40M | -13.41M |
Balance Sheet | ||||||
| Total Assets | 311.21M | 336.85M | 195.31M | 295.71M | 366.98M | 55.80M |
| Cash, Cash Equivalents and Short-Term Investments | 219.04M | 237.92M | 114.02M | 219.47M | 338.27M | 46.85M |
| Total Debt | 1.58M | 1.91M | 1.80M | 2.61M | 1.42M | 1.51M |
| Total Liabilities | 61.26M | 62.00M | 258.43M | 44.09M | 27.35M | 25.43M |
| Stockholders Equity | 249.95M | 274.84M | -63.12M | 251.62M | 339.63M | 30.37M |
Cash Flow | ||||||
| Free Cash Flow | -78.27M | -74.50M | -89.68M | -107.48M | -41.33M | -7.15M |
| Operating Cash Flow | -72.55M | -70.43M | -87.01M | -92.91M | -32.29M | -5.31M |
| Investing Cash Flow | -8.48M | -26.05M | -15.64M | -23.77M | -10.14M | 1.58M |
| Financing Cash Flow | -1.22M | 220.39M | -1.67M | -2.15M | 332.79M | 49.13M |
Rumble Technical Analysis
Positive
6.32
Price Trends
6.63
Positive
6.24
Positive
6.65
Positive
Market Momentum
0.67
Negative
63.20
Neutral
88.00
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RUM, the sentiment is Positive. The current price of 6.32 is below the 20-day moving average (MA) of 8.04, below the 50-day MA of 6.63, and below the 200-day MA of 6.65, indicating a bullish trend. The MACD of 0.67 indicates Negative momentum. The RSI at 63.20 is Neutral, neither overbought nor oversold. The STOCH value of 88.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RUM.
Rumble Risk Analysis
Rumble disclosed 52 risk factors in its most recent earnings report. Rumble reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Rumble Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $2.22B | 24.25 | 123.31% | ― | 31.02% | ― | |
67 Neutral | $11.23B | 38.18 | 7.76% | ― | 16.30% | -82.47% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | $4.01B | -21.92 | -38.36% | ― | 0.90% | 71.02% | |
56 Neutral | $413.47M | -0.50 | -108.85% | ― | -11.42% | -20.07% | |
53 Neutral | $9.46B | -23.51 | -18.93% | ― | 10.26% | 23.77% |
* Communication Services Sector Average
RUM
Rumble
9.19
0.42
4.79%
SNAP
Snap
5.71
-2.49
-30.37%
PINS
Pinterest
20.05
-11.86
-37.17%
GRND
Grindr
12.50
-12.23
-49.45%
BMBL
Bumble
3.17
-2.57
-44.77%
Rumble Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A Transactions
Rumble Posts Record Q1 Revenue, Advances Northern Data Deal
Positive
May 14, 2026
On May 14, 2026, Rumble reported record first-quarter 2026 revenue of $25.5 million, up 7% year over year, alongside an 8% sequential increase in global monthly active users to 56 million driven by Rumble Shorts and international growth. The compa...
Business Operations and StrategyExecutive/Board Changes
Rumble Appoints New CFO to Support Cloud Expansion
Positive
Mar 27, 2026
Rumble Inc., the Freedom-First technology platform listed on Nasdaq as RUM, is expanding its position in online video and cloud infrastructure through a suite of products spanning video sharing, creator monetization, advertising technology, crypto...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Rumble Reports Record 2025 Revenue and User Growth
Positive
Mar 5, 2026
Rumble reported that for the fourth quarter and full year ended Dec. 31, 2025, it surpassed $100 million in annual revenue for the first time, generated $27.1 million in Q4 revenue with 11% sequential growth in monthly active users to 52 million, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.