RUM on Nasdaq

Rumble

Logo: Rumble, Public domain, via Wikimedia Commons5

Video hosting and cloud services company

Rumble, Inc. is an American AI, infrastructure, and video company headquartered in Longboat Key, Florida. It was founded in 2013 by Canadian tech entrepreneur Chris Pavlovski. After the 2020 United States presidential election, the site became a major platform for news and influencers on the right and far-right.3 Wikipedia text CC BY-SA 4.0

$5.96 down 0.08 (1.29%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

$100.6MRevenue, fiscal 20256
-$81.8MNet income, fiscal 20256
Sep 18, 2013Founded1

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  • TickerRUM on Nasdaq1
  • IndustryServices-Computer Programming, Data Processing, Etc.1
  • HeadquartersToronto1
  • Websiterumble.com
  • Business address444 Gulf Of Mexico Drive, Longboat Key, Fl 342287
  • Filer category, Emerging growth company7
  • Legal formCorporation

Rumble, Inc. is an American AI, infrastructure, and video company headquartered in Longboat Key, Florida. It was founded in 2013 by Canadian tech entrepreneur Chris Pavlovski.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-125.9%Operating margin6
-81.3%Net margin6
5.4%Revenue growth, 20256
-29.8%Return on equity6
-$74.5MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue85¢$107.4M
  • Research and development15¢$18.7M
  • Income tax0¢$67.2K

Out of $100.6M in revenue.6 The company lost money this year.

Financial statements

Revenue10116$100.6M in 2025+963% since 2021
0$50.0M$100.0M$150.0M2021: $9.5M$9.5M20212022: $39.4M$39.4M2022+316%2023: $81.0M$81.0M2023+106%2024: $95.5M$95.5M2024+18%2025: $100.6M$100.6M2025+5%
Operating income1012116-$126.7M in 2025+1105% since 2021
-$150.0M-$100.0M-$50.0M02021: -$10.5M-$10.5M20212022: -$35.6M-$35.6M2022+239%2023: -$135.5M-$135.5M2023+281%2024: -$130.9M-$130.9M2024−3%2025: -$126.7M-$126.7M2025−3%
Net income1012116-$81.8M in 2025+510% since 2021
-$400.0M-$300.0M-$200.0M-$100.0M02021: -$13.4M-$13.4M20212022: -$11.4M-$11.4M2022−15%2023: -$116.4M-$116.4M2023+921%2024: -$338.4M-$338.4M2024+191%2025: -$81.8M-$81.8M2025−76%
Fiscal year202020212022202320242025
Revenue$9.5M10$39.4M10$81.0M11$95.5M6$100.6M6
Cost of revenue$146.2M11$138.5M6$107.4M6
Research and development$1.6M10$6.3M12$15.7M11$18.9M6$18.7M6
Operating expenses$20.0M10$75.0M12$216.5M12$226.3M6$227.3M6
Operating income-$10.5M10-$35.6M12-$135.5M11-$130.9M6-$126.7M6
Income before tax-$13.5M10-$11.6M10-$119.7M11-$340.4M6-$81.8M6
Income tax$57510-$215.4K12-$3.3M11-$2.0M6$67.2K6
Net income-$13.4M10-$11.4M12-$116.4M11-$338.4M6-$81.8M6
Earnings per share-$0.0610-$0.0512-$0.5811-$1.666-$0.326
Earnings per share (diluted)-$0.0610-$0.0512-$0.5811-$1.666-$0.326
Shares (weighted, basic)242.4M shares12201.4M shares11204.1M shares6254.7M shares6
Shares (weighted, diluted)211.4M shares10242.4M shares12201.4M shares11204.1M shares6254.7M shares6

Compare Rumble with another company

Corporate structure

Rumble sits at the top of its group. 7 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Rumble

  • Rumble Toronto
    • 1000045707 Ontario Inc. Subsidiary · Ontario, Canada
    • 1000045728 Ontario Inc. Subsidiary · Ontario, Canada
    • Rumble Canada Inc. Subsidiary · Ontario, Canada
    • Rumble Cloud DOOEL Skopje Subsidiary · North Macedonia
    • Rumble Cloud El Salvador S.A. de C.V. Subsidiary · El Salvador
    • Rumble Cloud Panama Inc. Subsidiary · Panama

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Rumble reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$31.6M6 Dec 31, 2025$26.6M6 Dec 31, 2024+18.5%
Accumulated depreciation$15.4M6 Dec 31, 2025$9.6M6 Dec 31, 2024+60.7%
Property and equipment, net$16.2M6 Dec 31, 2025$17.1M6 Dec 31, 2024−5.2%
Operating-lease assets (leased space)$1.9M6 Dec 31, 2025$1.8M6 Dec 31, 2024+6.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$237.9M6 Dec 31, 2025$114.0M6 Dec 31, 2024+108.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$10.7M6 Dec 31, 2025$10.7M6 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$24.0M6 Dec 31, 2025$29.3M6 Dec 31, 2024−18.0%
Finite-lived intangibles, gross$43.3M6 Dec 31, 2025$39.9M6 Dec 31, 2024+8.7%
Accumulated amortization$19.3M6 Dec 31, 2025$10.6M6 Dec 31, 2024+82.7%
Finite-lived intangibles, net$24.0M6 Dec 31, 2025$29.3M6 Dec 31, 2024−18.0%

Properties, in its own words

We are headquartered in Longboat Key, Florida, and maintain offices in both the United States and Canada. Some of our employees work remotely. All of our facilities are leased. We believe that our current facilities are adequate to meet our current needs. We intend to procure additional space in the future as we continue to add employees and expand geographically. We also believe that, if we require additional space, we will be able to lease additional facilities on commercially reasonable terms.

Item 2 of the 10-K filed Mar 5, 2026.18

The story

Founded by Chris Pavlovski on Sep 18, 2013.1

Early years (2013–2019)

Rumble was founded in Toronto on October 30, 2013, by Chris Pavlovski, a Canadian businessman whose family is from Macedonia. The same year, Pavlovski also co-founded Cosmic Development, an IT and software services company that does business in Canada, North Macedonia and Serbia. Ryan Milnes, the co-founder and CEO of Cosmic Development, serves on Rumble's board, while Cosmic Development provides content-moderation services for Rumble. Vladimir Novachki, Cosmic Development's former CTO, now serves as the CTO of the Trump Media & Technology Group (TMTG).

Rumble was originally founded as an alternative to YouTube for independent vloggers and smaller content creators. Pavlovski founded the platform after seeing that Google was prioritizing influencers on YouTube over independent content creators. In its early years, Rumble was a lesser-known website. During that time, it featured videos from Reuters, America's Funniest Home Videos, E. W. Scripps Company, and even Snopes.

By 2017, Rumble was receiving increasing media attention for its work with content creators and its use of machine learning and AI to manage content licensing. That year, it reported a digital media presence of 300,000 videos, and 60,000 content creators. It also claimed to reach 100 million active users and generate more than 250 million views per month.

Political identity, antitrust lawsuit (2020–2021)

The platform received a large influx of viewership from 2020, at the start of the COVID-19 pandemic. Monthly visitors rose from 1.6 million in 2020, to 31.9 million by 2021. Just before the 2020 United States presidential election, Pavloski invited Republican politician Devin Nunes to join the platform. Nunes, who accused YouTube of overly censoring his channel, began posting on Rumble, with other prominent conservatives, such as Dinesh D'Souza, Dan Bongino, Sean Hannity, and Representative Jim Jordan, following soon after. In June 2021, former US president Donald Trump joined Rumble in preparation for recording his Ohio campaign rally.

In the first nine months of 2021, Rumble generated more than $6.5 million in revenue, mostly from advertisements; however, it was not profitable. On January 11, 2021, Rumble filed an antitrust lawsuit against Google over its search algorithms, seeking damages exceeding $2 billion. Rumble alleged that Google manipulated its algorithm so as to favor Google's own YouTube over Rumble in Google search results. Rumble alleged that this direct manipulation reduced its viewership and resulted in lower advertising revenues for their company. In August 2022, a California judge said that Rumble's case against Google can proceed.

Funding, Truth Social hosting, public company (2021–2024)

Rumble first began to develop a relationship with US president Donald Trump after he was de-platformed in the wake of the January 6 United States Capitol attack. Soon after, the company received $25 million in backing from Peter Thiel and then-Senator J.D. Vance through Narya Capital in May 2021, with that round of funding valuing Rumble at around $500 million. In October 2021, Rumble acquired Locals. On December 14, 2021, TMTG announced that it entered a "wide-ranging technology and cloud services agreement" with Rumble in a statement that also stated that Rumble would operate part of Truth Social as well as TMTG. Also in December 2021, Rumble challenged a New York law prohibiting hate speech on social media.

In August 2022, Rumble announced plans to provide an online advertising platform known as Rumble Ads, with Truth Social as its first publisher. Rumble became a publicly traded company in September 2022, trading under ticker RUM on the Nasdaq, after merging with a special-purpose acquisition company. Howard Lutnick, the CEO of Cantor Fitzgerald, helped broker the deal. In May 2023, Rumble acquired the podcasting platform CallIn.

Rumble moved its headquarters to Longboat Key, Florida, in 2023. That same year, Rumble was granted exclusive rights to the online stream of the Republican presidential primary debates. In 2024, the U.S. Securities and Exchange Commission confirmed that Rumble was under an active investigation, the exact nature of which is unknown. Early that year, Pavlovski stated that the "short-lived investigation was part of a coordinated ploy by short sellers manipulating the market." The U.S. Securities and Exchange Commission later cleared Rumble.

Read the full text

The site became a significant platform for news and influencers on the right during the 2024 United States presidential election. That november, creator Guy "Dr Disrespect" Beahm signed a deal to produce both free and exclusive content on the platform and head Rumble gaming's division. The deal included equity in the company for Beahm.

Rebranding (2025–)

Shortly after the 2024 election, Cantor Fitzgerald helped facilitate a $775 million investment from crypto company Tether. Pavlovski, the CEO of Rumble, became a billionaire in January 2025 after Rumble's stock increased in price by nearly 190 percent in 2024. Rumble is largely unprofitable, with their user base peaking in 2022 at 80 million. In 2025, Rumble announced they were acquiring German high-performance computing infrastructure company Northern Data for $767 million. The company was previously described as an online video platform, web hosting, and cloud services business. In June 2026, Rumble Inc rebranded as RUM Group Inc, an AI, infrastructure, and video company. They added a new unit known as Quake AI, which includes 22,000 GPUs in nine data centers with an estimated 200 MW of "unmonetized ⁠energy capacity", according to Pavlovski.

From Wikipedia’s article on Rumble (company), shared under CC BY-SA 4.0.8

Leadership

Who has led Rumble, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (16)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • General Counsel and Corporate SecretaryMichael Ellis named Oct 3, 2022 to May 31, 202339

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 1000045707 Ontario Inc. Ontario9
  • 1000045728 Ontario Inc. Ontario9
  • Rumble Canada Inc. Ontario9
  • Rumble Cloud DOOEL Skopje Macedonia9
  • Rumble Cloud El Salvador S.A. de C.V. El Salvador9
  • Rumble Cloud Panama Inc. Panama9

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Rumble Inc.Sep 20, 2022 to Jun 17, 20267
  • CF Acquisition Corp. VINov 4, 2020 to Sep 16, 20227

Timeline

  1. Oct 2, 20268-K Unregistered sale of shares40
  2. Sep 10, 20268-K Other events41
  3. Aug 28, 20268-K Financial statements and exhibits42
  4. Aug 26, 20268-K Executive or director change43
  5. Aug 24, 20268-K Entered a material agreement; Unregistered sale of shares; Other events44
  6. Aug 10, 20268-K Results of operations; Regulation FD disclosure45
  7. Jun 18, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares46
  8. Jun 17, 20268-K Entered a material agreement; Completed an acquisition or sale; Unregistered sale of shares47
  9. Jun 15, 20268-K Shareholder vote48
  10. Jun 4, 20268-K Regulation FD disclosure49
  11. May 14, 20268-K Results of operations; Regulation FD disclosure50
  12. Mar 27, 20268-K Executive or director change; Regulation FD disclosure51
  13. Sep 26, 2022New chief executive Chris Pavlovski becomes CEO19
  14. Sep 18, 2013Founded Founded1

Calendar

Coming up

  1. Nov 9, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.08) a share, on Nov 10, 2025.52

When it reported results

  1. Aug 10, 2026Reported quarterly or annual results45
  2. May 14, 2026Reported quarterly or annual results50
  3. Mar 5, 2026Reported quarterly or annual results53
  4. Nov 10, 2025Reported quarterly or annual results54
  5. Aug 11, 2025Reported quarterly or annual results55
  6. May 8, 2025Reported quarterly or annual results56
  7. Mar 25, 2025Reported quarterly or annual results57
  8. Nov 12, 2024Reported quarterly or annual results58

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

463 filings to the SEC since October 2021: 5 annual reports, 17 quarterly reports, 57 major events, 151 insider forms, 37 large holders, 2 private raises, 194 other. The latest 20:

  1. Oct 2, 20268-K CURRENT REPORT EDGAR
  2. Oct 1, 20264 EDGAR
  3. Sep 10, 20268-K CURRENT REPORT EDGAR
  4. Sep 4, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Sep 4, 2026SCHEDULE 13D/A EDGAR
  6. Aug 28, 20268-K/A AMENDMENT NO. 1 TO FORM 8-K EDGAR
  7. Aug 26, 20268-K CURRENT REPORT EDGAR
  8. Aug 24, 20268-K CURRENT REPORT EDGAR
  9. Aug 10, 202610-Q QUARTERLY REPORT EDGAR
  10. Aug 10, 20268-K CURRENT REPORT EDGAR
  11. Jul 1, 20264 EDGAR
  12. Jul 1, 20264 EDGAR
  13. Jun 22, 20264 OWNERSHIP DOCUMENT EDGAR
  14. Jun 22, 2026SCHEDULE 13D/A EDGAR
  15. Jun 18, 20268-K CURRENT REPORT EDGAR
  16. Jun 17, 20268-K CURRENT REPORT EDGAR
  17. Jun 16, 20264 EDGAR
  18. Jun 16, 20264 EDGAR
  19. Jun 16, 20264 EDGAR
  20. Jun 16, 20264 EDGAR

The 463 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

55 open-market trades by officers, directors and large owners since October 2021: 7 buys and 48 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Feb 6, 2026Devasini Giancarlo10% ownerBuy44,355$5.48$243.1KForm 4
Feb 5, 2026Devasini Giancarlo10% ownerBuy538,955$5.41$2.9MForm 4
Feb 3, 2026Devasini Giancarlo10% ownerBuy193,702$5.49$1.1MForm 4
Nov 21, 2025Devasini Giancarlo10% ownerBuy270,478$5.46$1.5MForm 4
Nov 20, 2025Devasini Giancarlo10% ownerBuy440,000$5.38$2.4MForm 4
Nov 19, 2025Devasini Giancarlo10% ownerBuy353,192$5.45$1.9MForm 4
Feb 7, 2025Pavlovski ChristopherChief Executive OfficerSale9,991,283$7.50$74.9MForm 4
Feb 7, 2025Milnes RyanDirectorSale24,978,210$7.50$187.3MForm 4
Feb 7, 2025Alexandroff BrandonChief Financial OfficerSale8,872,259$7.50$66.5MForm 4
Feb 7, 2025Hlibowicki WojciechChief Technology OfficerSale6,913,967$7.50$51.9MForm 4
Feb 7, 2025Ramolo ClaudioChief Content OfficerSale6,269,731$7.50$47.0MForm 4
Feb 7, 2025Hughes TylerChief Operating OfficerSale312,727$7.50$2.3MForm 4
Feb 7, 2025Arsov RobertDirectorSale12,350,025$7.50$92.6MForm 4
Dec 2, 2024Arsov RobertDirectorSale29,988$6.90$206.9KForm 4
Nov 6, 2024Arsov RobertDirectorSale30,000$5.93$178.0KForm 4
Nov 5, 2024Arsov RobertDirectorSale30,000$5.89$176.7KForm 4
Nov 4, 2024Arsov RobertDirectorSale27,500$5.69$156.5KForm 4
Nov 1, 2024Arsov RobertDirectorSale27,500$5.83$160.3KForm 4
Oct 4, 2024Arsov RobertDirectorSale27,500$5.31$146.0KForm 4
Oct 3, 2024Arsov RobertDirectorSale27,500$5.12$140.8KForm 4

All 55 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Chris Pavlovski$1.0M$4.6M70
2025Brandon Alexandroff$381.1K$1.9M70
2025Wojciech Hlibowicki$381.1K$1.7M70
2024Chairman and Chief Executive Officer$980.4K$4.4M70

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$91.9M 2022–2023
Money received by yearMoney received by year, 2022–2023: $91.9M in all. Private raises (Form D) $91.9M.$0$25M$50M$75M$100M2022 · Private raises (Form D): $83.0M20222023 · Private raises (Form D): $8.9M2023
Figures by year
YearPrivate raises (Form D)Total
2023$8.9M$8.9M
2022$83.0M$83.0M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. May 15, 2023Raised $8.9 million in a private offering of equity39 Form D: 57 investors so far Form D
  2. Sep 16, 2022Raised $83 million in a private offering of equity71 Form D: 67 investors so far Form D

SEC filer profile

How Rumble is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARRUM Group Inc.2
  • CIK0001830081
  • Employer ID (EIN)80-098459718
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company18
  • Incorporated inDelaware18
  • Fiscal year endsDecember 312
  • Industry code (SIC)7370 Services-Computer Programming, Data Processing, Etc.2
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance2
  • Business address444 Gulf Of Mexico Drive, Longboat Key, FL 342282
  • Phone941-210-01962
  • Shares outstanding215,749,009 Common Class A shares; 123,690,477 Common Class C shares; 95,791,120 Class D Common Stock shares as of Mar 1, 202618
  • Public float$1.7B as of Jun 30, 202518
  • AuditorBaker Tilly US, LLP, Seattle, Washington PCAOB ID 23; no auditor attestation of internal control over financial reporting18
  • On EDGAR sinceNov 4, 20202
  • Filings493 in all: 4 (133), 425 (70), 8-K (59), 3 (26), 424B3 (25), 10-Q (17), CORRESP (17), 144 (16)2
    All 44 form types

    SCHEDULE 13D/A (15), UPLOAD (14), EFFECT (9), DEFA14A (7), SC 13D (6), SC 13D/A (6), SC 13G/A (6), 10-K (5), S-4/A (5), S-8 (5), ARS (4), DEF 14A (4), S-1/A (4), SC 13G (4), POS AM (3), SC TO-I/A (3), 10-Q/A (2), 8-K/A (2), D (2), DEF 14C (2), DRS (2), PRE 14C (2), S-1 (2), S-3 (2), S-4 (2), SC TO-C (2), 25-NSE (1), 424B4 (1), 8-A12B (1), CERT (1), PRE 14A (1), PRER14C (1), S-3/A (1), SC TO-I (1), SCHEDULE 13D (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 5, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Apr 24, 2026
    Latest 8-K (8-K) Oct 2, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stock, par value $0.0001 per shareRUMNasdaq
Warrants to purchase one share of Class A common stockRUMBWNasdaq

From the cover page of the 10-K filed Mar 5, 2026 (Section 12(b) of the Exchange Act).18

Risk factors and legal proceedings

The risks Rumble names in Item 1A of its 10-K filed Mar 5, 2026: 75 risks under these headings, as written.18

  • Risks Relating to Our Business
  • Weakened global economic conditions may affect our business and operating results.
  • Our limited operating history makes it difficult to evaluate our business and prospects.
  • We may not continue to grow or maintain our active user base, may not be able to achieve or maintain profitability, and may not be able to scale our systems, technology, or infrastructure effectively or grow our business at the same or similar rate as other comparable companies.
  • If we fail to maintain adequate operational and financial resources, particularly if our business returns to a period of rapid growth or experiences any significant change, we may be unable to execute our business plan or maintain high levels of service and customer satisfaction.
  • Users are increasingly using mobile devices and connected TV apps to access content within digital media and adjacent businesses, and if we are unsuccessful in attracting new users to our mobile and connected TV offerings and expanding the capabilities of our content and other offerings with respect to our mobile and connected TV platforms, our business and operating results could be adversely affected.
  • Our traffic growth, engagement, and monetization depend upon effective operation within and compatibility with operating systems, networks, devices, web browsers, and standards, including mobile operating systems, networks, and standards that we do not control.
  • Our business depends on continued and unimpeded access to our content and services on the internet. If we or those who engage with our content experience disruptions in internet service, or if internet service providers are able to block, degrade or charge for access to our content and services, we could incur additional expenses and the loss of traffic and advertisers.
  • We rely on data from third parties to calculate certain of our performance metrics. Real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business.
  • We face significant competition, and if we are unable to compete effectively with our competitors for traffic and advertising spend, our business and operating results could be harmed.
  • Changes to our existing content and services could fail to attract traffic and advertisers or fail to generate revenue.
  • We derive the majority of our revenue from advertising. The failure to attract new advertisers, the loss of existing advertisers, or the reduction of or failure by existing advertisers to maintain or increase their advertising budgets may adversely affect our business and operating results.
The other 64 risks
  • We may not be able to maintain relationships with existing publishers through RAC and may fail to attract new publishers to our network.
  • We depend on third-party vendors, including internet service providers and data centers, to provide core services.
  • Technologies that enable blocking of certain online advertisements or otherwise impair our ability to deliver advertising could harm our operating results.
  • Our ability to generate revenue depends on the development and availability of tools to accurately measure the effectiveness of advertisements on our platform.
  • Our cloud services business depends on a small number of key third-party service providers and a small number of customer relationships, the disruption of which could harm our operating results.
  • The loss of key personnel, or failure to attract and retain other highly qualified personnel in the future, could harm our business.
  • If our users do not continue to contribute content or their contributions are not perceived as valuable to other users, we may experience a decline in user growth, retention, and engagement on Rumble, Locals or RAC, which could result in the loss of advertisers and revenue.
  • The loss of a material portion of our existing content creators, or our failure to recruit new content creators, may materially harm our business and results of operations.
  • We have offered and intend to continue to offer incentives, including economic incentives, to content creators to join our platform, and these arrangements may involve fixed payment obligations that are not contingent on actual revenue or performance metrics generated by the applicable content creator but rather are based on our modeled financial projections for that creator, which if not satisfied may adversely impact our financial performance, results of operations, and liquidity.
  • We have made, and may in the future make, acquisitions, and such acquisitions could disrupt our operations, and may have an adverse effect on our operating results.
  • We are subject to cybersecurity risks and interruptions or failures in our information technology systems. Notwithstanding our efforts, a cyber incident could occur and result in information theft, data corruption, operational disruption, and/or financial loss.
  • Spam activities, including inauthentic and fraudulent user activities, if undetected, may contribute, from time to time, to some amount of overstatement of our performance indicators and may negatively impact our reputation.
  • Our cloud services business may not achieve our intended results, which could adversely affect our business, financial condition, and results of operations.
  • Risks related to our e-commerce business may result in our broader business, financial condition and results of operations being adversely affected.
  • Negative media campaigns may adversely impact our financial performance, results of operations, and relationships with our business partners, including content creators and advertisers.
  • Our Bitcoin treasury strategy exposes us to various risks associated with holding Bitcoin.
  • Risks related to accepting stablecoin as a payment method.
  • The operation of our non-custodial crypto wallet exposes us to significant regulatory, operational, security, and market risks that could adversely affect our business, financial condition, results of operations, and reputation.
  • Our increasing use of artificial intelligence technologies presents significant regulatory, legal, operational, cybersecurity, and reputational risks that could materially and adversely affect our business, financial condition, and results of operations.
  • Prolonged or escalating trade disputes could materially and adversely affect our business, financial condition, and results of operations.
  • Risks Related to the Legal and Regulatory Environment in Which We Operate
  • We collect, store, and process large amounts of video content and personal information of our users and subscribers. If our information security safeguards and measures are breached, our sites and applications may be perceived as not being secure, traffic and advertisers may curtail or stop viewing our content or using our services, our business and operating results could be harmed, and we could face legal claims from users and subscribers.
  • We may fail to comply with applicable privacy laws.
  • Our cloud services business operates in a highly regulated environment, subject to a complex and rapidly evolving array of domestic and international laws, regulations, and industry standards governing data privacy, cybersecurity, data localization, cross-border data transfers, and emerging technologies such as artificial intelligence.
  • We operate across many domestic and international jurisdictions, which may subject us to cybersecurity, privacy, data security, data protection, and online content laws with uncertain interpretations.
  • Noncompliance with anti-corruption, anti-bribery, anti-money laundering, and similar laws can subject us to criminal or civil liability and harm our business, financial condition, and results of operations.
  • Inadequate technical and legal intellectual property protections could prevent us from defending or securing our proprietary technology and intellectual property.
  • We may be found to have infringed on the intellectual property of others, which could expose us to substantial losses or restrict our operations.
  • We may face liability for hosting content that allegedly infringes on third-party copyright and trademark rights.
  • We may face liability for hosting a variety of tortious or unlawful materials uploaded by third parties, notwithstanding the liability protections of Section 230. In certain circumstances, we may also voluntarily suspend access to our services indefinitely in certain jurisdictions in order to uphold our commitment to free speech and diversity of opinion.
  • The incentives that we offer to certain content creators may lead to liability based on the actions of those creators.
  • User-generated content could affect the quality of our services and deter current or potential users from using our platforms, and we may face negative publicity for removing, or declining to remove, certain content, regardless of whether such content violates any law.
  • Changes in tax rates, changes in tax treatment of companies engaged in e-commerce, the adoption of new U.S. or international tax legislation, or exposure to additional tax liabilities may adversely impact our financial results.
  • Compliance obligations imposed by new privacy laws, laws regulating online video-sharing and other platforms and online speech in certain jurisdictions in which we operate, or industry practices may adversely affect our business and operating results.
  • We may become subject to newly enacted laws and regulations that restrict content on the internet.
  • We are exposed to significant regulatory, operational, compliance, privacy, and legal risks related to age verification and child online safety laws implemented in various U.S. states and foreign jurisdictions.
  • We are involved in litigation that is unpredictable and may have an adverse impact on our financial condition, results of operations, and cash flows.
  • Paid endorsements by our content creators may expose us to regulatory risk, liability, and compliance costs, and, as a result, may adversely affect our business, financial condition, and results of operations.
  • Some of our stockholders, including content creators to whom we have issued equity, may face legal scrutiny and reputational harm. To the extent these stockholders experience such negative effects and are perceived as being closely associated with Rumble, our business, reputation, financial conditions, results of operations, and stock price could be materially and adversely affected.
  • Risks Related to Ownership of Our Securities
  • We are an “emerging growth company” within the meaning of the Securities Act of 1933 (the “Securities Act”) and as such we have relied on, and we expect to continue to rely on, certain exemptions from disclosure requirements available to emerging growth companies. Our reliance on these exemptions could make our securities less attractive to investors and may make it more difficult to compare our performance with that of other public companies.
  • Our Charter authorizes our Board to issue preferred stock, which may delay, defer, or prevent a tender offer or a takeover attempt.
  • The provision of our Charter requiring exclusive forum in certain courts in the State of Delaware or the federal district courts of the United States for certain types of lawsuits may have the effect of discouraging lawsuits against our directors and officers.
  • Our CEO has control over key decision-making as a result of his control of a majority of the voting power of our outstanding capital stock.
  • Our CEO may be incentivized to focus on the short-term share price as a result of his interest in shares placed in escrow and subject to forfeiture pursuant to the terms of the CF Business Combination Agreement.
  • Substantial future sales of our Class A Common Stock by our current stockholders could cause the market price of our Class A Common Stock to decline.
  • Our stock price may be volatile, and purchasers of our common stock could incur substantial losses.
  • There can be no assurance that we will be able to comply with the continued listing standards of Nasdaq.
  • If securities or industry analysts cease publishing research or reports about Rumble or our business or market, or if they change their recommendations regarding our securities adversely, the price and trading volume of our securities could decline.
  • Pursuant to the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act for so long as we are an “emerging growth company”.
  • We do not expect to declare any cash dividends for the foreseeable future.
  • Risks Related to the ND Business Combination
  • The consummation of the ND Business Combination is subject to certain conditions, which could delay, extend or prevent the Exchange Offer and the ND Business Combination.
  • Under the terms of the ND Business Combination Agreement, if the Exchange Offer is not settled by the End Date (as defined below), the ND Business Combination Agreement may be terminated by either party. If the ND Business Combination Agreement is terminated, the ND Business Combination will not be consummated.
  • The prices of our Class A Common Shares may be adversely affected if the ND Business Combination is not completed.
  • If the number of Northern Data Shares held directly by Rumble reaches or exceeds 90% or 95% of Northern Data’s share capital, Rumble may, in its sole discretion, elect to carry out a squeeze-out of minority holders of Northern Data Shares.
  • Following the completion of the ND Business Combination, Northern Data will be indirectly majority owned by Rumble and the management board of Northern Data will continue to manage Northern Data independently in accordance with and within the framework of German law.
  • The announcement and pendency of the ND Business Combination, during which Northern Data is subject to certain operating restrictions, could have an adverse effect on Rumble and Northern Data’s businesses, cash flows, financial condition, and results of operations.
  • Negative publicity related to the ND Business Combination may adversely affect Rumble and Northern Data.
  • Certain of the directors, board members, and executive officers of Rumble and Northern Data may have interests in the ND Business Combination that may be different from, or in addition to, those of Rumble Stockholders and Northern Data Shareholders, respectively.
  • Rumble and Northern Data will incur significant transaction fees and costs in connection with the ND Business Combination which costs could reduce profitability, increase net losses, and constrain liquidity.
  • Risks Relating to the Business of Rumble After Completion of the ND Business Combination
  • We may fail to realize the anticipated strategic and financial benefits sought from the ND Business Combination.
  • A combined Rumble and Northern Data may experience a loss of customers or may fail to win new customers in certain countries.
  • The combined company may be unable to retain and motivate Rumble and/or Northern Data personnel successfully.
  • Our stockholders will experience immediate dilution as a consequence of the issuance of our Class A Common Shares pursuant to the Exchange Offer and the other transactions contemplated by the ND Business Combination Agreement, which could reduce the market price of our Class A Common Shares.
  • We may require additional capital to support our growth strategy or operations, and such financing may not be available on acceptable terms or at all.
  • We have no history of, and limited experience in, operating a cloud computing and data center business.

Legal proceedings

We are, and from time to time may become, involved in various legal proceedings arising in the normal course of our business activities, such as copyright infringement and tort claims arising from user-uploaded content, patent infringement claims, breach of contract claims, government demands, putative class actions based upon consumer protection or privacy laws and other matters. The amounts that may be recovered in such matters may be subject to insurance coverage.

In January 2021, we filed an antitrust lawsuit against Google in the U.S. District Court for the Northern District of California, alleging that Google unlawfully gives an advantage to its YouTube platform over Rumble in search engine results and in the mobile phone market. The court heard arguments on Google’s motion for summary judgment in February 2025. The trial was scheduled for July 7, 2025. On May 21, 2025, the court granted Google’s motion for summary judgment on statute of limitations grounds and dismissed the case. The Company has filed a notice of appeal to the U.S. Court of Appeals for the Ninth Circuit. The Company’s appeal brief was filed on September 10, 2025. Google’s opposition brief was filed on November 10, 2025 and the Company’s reply was filed on December 1, 2025. In addition, on November 12, 2025, the Company filed a notice of motion for an indicative ruling on a request for recusal and reassignment on the grounds that the District Court’s impartiality might reasonably be questioned in light of newly discovered facts. The District Court deferred to rule on that motion, leaving it to the Ninth Circuit Court of Appeals to render its determination.

The opening of Item 3, Legal Proceedings.18

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