Rumble’s shares fell sharply by 11.8% following disappointing investor reaction to cautious near-term outlook and margin pressure amid ongoing investments for the Northern Data acquisition and Cloud transition.

• The acquisition of Northern Data, which will transform Rumble into a Cloud and Agentic AI infrastructure company, remains on track to close this quarter with 81% of shares secured and regulatory approvals completed.
• Cloud business shows promise with expanding GPU-as-a-Service pipeline and CPU-as-a-Service investments, but these remain early-stage and capital-intensive, pressuring margins.
• Video platform monthly active users (MAUs) grew sequentially to 56 million aided by Rumble Shorts, yet the latter’s current lack of monetization dragged down ARPU.
• Rumble Wallet launched in partnership with Tether, supported by a $100 million advertising commitment, but significant scaling is planned for the latter half of the year.
• Management emphasized long-term strategic potential, but near-term revenue ramp and profitability remain uncertain, likely underpinning the negative market reaction.