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Rumble Reports Strong Second Quarter 2023 Results


~ Record Quarterly Revenue To-Date of $25.0 Million, an Increase of 468% Compared to Q2 2022 ~

~ Company Strategically Diversifies Content with the Addition of Top Influencers Across Gaming, Culture and Lifestyle ~

LONGBOAT KEY, Fla., August 14, 2023 (GLOBE NEWSWIRE) – Rumble Inc. (Nasdaq: RUM) (“Rumble” or the “company”), the popular video-sharing platform, today announced financial results for the fiscal quarter ended June 30, 2023.

Q2 2023 Highlights and Key Items

Subsequent to Quarter End Highlights

Management Commentary

“The success achieved in the second quarter is evident in our top-line growth – we generated revenue of $25.0 million, which is a company record,” commented Rumble’s Chairman and CEO Chris Pavlovski. “This early monetization of our users is proof that we not only have the audience, but most importantly, the capabilities to monetize our user base. The top-line results are supported by continued growth in estimated minutes watched per month and resilience in MAUs in Q2. In order for us to accelerate revenue growth, we have to strategically onboard new creators, improve our product across all devices and automate creator sponsorships through RAC. This is the most important aspect of our growth trajectory and strategy. Many of our newly announced and onboarded creators, such as RiceGum and FaZe Kaysan, resonate with the younger demographic. Their audiences are the hardest to reach for advertisers, making these creators and their fans a ripe target for Rumble. The acquisition of these and other similar creators brings us a significant opportunity to attract advertisers through RAC.”

“The company is well-capitalized, with the funds from the de-SPAC at our disposal to continue improving our RAC and Cloud products, along with making opportune creator and content acquisitions. Rumble remains an attractive platform that continues to better itself for creators, and we are extremely diligent with respect to creators and the ROI that they project to generate. We are responsible for diversifying our audiences, increasing consumption, and assessing the potential creators’ ability to deliver returns to our shareholders. While I am very pleased with the results of Q2 2023, I am more excited about our trajectory and the mission that drives us forward,” Pavlovski added.

Q2 Financial Summary (Unaudited)

For the three months ended June 30, 2023
Variance ($) Variance (%)

Revenues  $ 24,974,054 $ 4,399,312 $ 20,574,742 468%


Cost of services (content, hosting and other) $ 40,849,816 $ 4,183,424 $ 36,666,392 876%
General and administrative
4,700,378 268%
Research and development
2,859,017 240%
Sales and marketing
2,430,536 214%

For the second quarter of 2023, revenue was $25.0 million, compared to $4.4 million in the second quarter of 2022, an increase of 468%. The increase is due to an $18.0 million increase in advertising revenue and a $2.6 million increase in licensing and other revenue. The increase in advertising revenue was driven by an increase from advertising solutions for creators, publishers and advertisers, including host read advertising and RAC, our online advertising management exchange, both of which we started to build and test in the second half of 2022. The increase in licensing and other revenue was driven largely by subscription as well as licensing creator contracts, tipping, cloud platform and hosting fees.

Cost of services was $40.8 million for the quarter, compared to $4.2 million in the second quarter of 2022. The increase is due to an increase in programming and content costs of $35.0 million, hosting expenses of $0.7 million, and other service costs of $1.0 million.  

General and administrative expense was $6.5 million for the quarter, compared to $1.8 million in the second quarter of 2022. The increase was due to a $0.9 million increase in staffing-related costs, as well as a $3.8 million increase in other administrative expenses, most of which are public company-related including accounting, legal, investor relations, insurance and other administrative services.

Research and development expense was $4.1 million for the quarter, compared to $1.2 million in the second quarter of 2022. The increase was due to a $2.1 million increase in staffing-related costs, as well as a $0.8 million increase in costs related to computer software and hardware, software development and other administrative expenses.

Sales and marketing expense was $3.6 million for the quarter, compared to $1.1 million in the second quarter of 2022. The increase was due to a $1.0 million increase in staffing-related and consulting service costs, as well as a $1.4 million increase in other marketing and public relations activities.


As of June 30, 2023, Rumble had cash, cash equivalents and marketable securities of $296.7 million. 

Appointment of Moss Adams LLP as Rumbles Independent Auditor 

In light of Rumble recently becoming publicly traded and the related anticipated additional audit requirements, the company’s Audit Committee of the Board of Directors undertook a process to consider a potential audit firm change.  Earlier this year, the committee invited several registered public accounting firms, including Moss Adams LLP, to participate in this process. Following completion of this process, on August 10, 2023, Rumble’s Audit Committee appointed Moss Adams LLP, a large, U.S.-based audit firm, as Rumble’s new auditor effective upon the completion by Rumble’s current auditor, MNP LLP, of its quarterly review of the interim consolidated financial statements and the filing of Rumble’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023.

Rumble would like to thank MNP LLP for its support over the years through multiple stages of the company’s growth and development.

Conference Call Webcast Information

Rumble will host a conference call at 5:00 p.m. Eastern Time today, Monday, August 14, 2023, to discuss its quarterly results. Access to the live webcast and replay of the conference call will be available here and on Rumble’s Investor Relations website at under ‘News & Events.’

Chris Pavlovski, the Chairman and CEO of Rumble, will also be interviewed by Matt Kohrs later this evening at 7:00 p.m. Eastern Time. The interview will be accessible here and streamed live on the Matt Kohrs Rumble channel at

Notes on KPIs 

Monthly Active Users (MAUs”). We use MAUs as a measure of audience engagement to help us understand the volume of users engaged with our content on a monthly basis. MAUs represent the total web and app users of Rumble for each month, which allows us to measure our total user base calculated from data provided by Google, a third-party analytics provider, using company-set parameters such as excluding users who access content on Rumble through “embedded” videos on domains other than We have used the Google analytics systems since we first began publicly reporting MAU statistics, and the resulting data have not been independently verified. There is a potential for minor overlap in the resulting data due to users who access Rumble’s content from both the web and the app in a given measurement period; however, given that we believe this minor overlap to be immaterial, we do not separately track or report “unique users” as distinct from MAUs. MAUs do not include embedded video, certain connected TV users, or users of Locals Technology Inc. (“Locals”), our subscription-based platform. We also do not separately report the number of users who register for accounts in any given period, which is different from MAUs.  Like many other major social media companies, we rely on significant paid advertising in order to attract users to our platform; however, we cannot be certain that all or substantially all activity that results from such advertising is genuine. Spam activity, including inauthentic and fraudulent user activity, if undetected, may contribute, from time to time, to some amount of overstatement of our performance indicators, including reporting of MAUs by our third-party analytics provider. We continually seek to improve our ability to estimate the total number of spam-generated users, and we eliminate material activity that is substantially likely to be spam from the calculation of our MAUs. We will not, however, succeed in identifying and removing all spam.

Estimated Minutes Watched Per Month (MWPM”). We use estimated MWPM as a measure of audience engagement to help us understand the volume of users engaged with our content on a monthly basis and the intensity of users’ engagement with the platform. Estimated MWPM represents the monthly average of minutes watched per user within a quarterly period, which helps us measure user engagement. Estimated MWPM is calculated by converting actual bandwidth consumption into minutes watched, using our management’s best estimate of video resolution quality mix and various encoding parameters. We continually seek to improve our best estimates based on our observations of creator and user behavior on the Rumble platform, which changes based on the introduction of new product features, including livestreaming. We are currently limited, however, in our ability to collect data from certain aspects of our systems while we improve our measurement capabilities. These limits may result in errors that are difficult to quantify, especially as the proportion of livestreaming on the Rumble platform increases over time, and as we improve the quality of various video formats by increasing bit rates, until we are able to measure MWPM directly. Bandwidth consumption includes video traffic across the entire Rumble platform (website, apps, embedded video, connected TV, etc.), as well as what our management believes is a nominal amount of non-video traffic and a nominal amount of traffic from customers hosted on Rumble’s infrastructure. Starting in the second quarter of 2022 we began transitioning a portion of Locals’ bandwidth consumption to our infrastructure. While this currently represents an immaterial amount of consumption, we expect this to grow in the coming quarters.

Hours of Uploaded Video Per Day. We use the amount of hours of uploaded video per day as a measure of content creation to help us understand the volume of content being created and uploaded to us on a daily basis. We regularly review, have adjusted in the past, and may in the future adjust our processes for calculating our key business metrics to improve their accuracy, including through the application of new data or technologies or product changes that may allow us to identify previously undetected spam activity. As a result of such adjustments, our key business metrics may not be comparable period-over-period.

About Rumble

Rumble is a high-growth neutral video platform that is creating the rails and independent infrastructure designed to be immune to cancel culture. Rumble’s mission is to restore the Internet to its roots by making it free and open once again. For more information, visit

Forward-Looking Statements

Certain statements in this press release and the associated conference call constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not historical facts are forward-looking statements and include, for example, results of operations, financial condition and cash flows (including revenues, operating expenses, and net income (loss)); our ability to meet working capital needs and cash requirements over the next 12 months; and our expectations regarding future results and certain key performance indicators. Certain of these forward-looking statements can be identified by using words such as “anticipates,” “believes,” “intends,” “estimates,” “targets,” “expects,” “endeavors,” “forecasts,” “could,” “will,” “may,” “future,” “likely,” “on track to deliver,” “accelerate,” “forward trajectory,” “continues to,” “looks forward to,” “begins to focus on,” “plans,” “projects,” “assumes,” “should” or other similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, and our actual results could differ materially from future results expressed or implied in these forward-looking statements. The forward-looking statements included in this release are based on our current beliefs and expectations of our management as of the date of this release. These statements are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward- looking statements include, but are not limited to, our ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, our ability to grow and manage growth profitably, maintain relationships with customers, compete within our industry and retain key employees; the possibility that we may be adversely impacted by economic, business, and/or competitive factors; our limited operating history making it difficult to evaluate our business and prospects; our inability to effectively manage future growth and achieve operational efficiencies; our recent and rapid growth not being indicative of future performance; our inability to achieve revenue growth consistent with or better than our current annual revenue run rate, including due to our failure to onboard sufficient new content creators and content and/or fully launch RAC or, even if RAC is fully launched, our inability to achieve the monetization o creators through RAC consistent with our expectations our inability to grow or maintain our active user base; our inability to achieve or maintain profitability; the possibility that we may be unable to monetize our expansion into live sports as currently anticipated, including with respect to our relationships with Power Slap, SLS, NRX and BKFC;  the possibility that we may be unable to reach definitive agreements with either or both Kai Cenat and IShowSpeed (each of whom has signed a binding term sheet with us), or if definitive agreements are entered into, the possibility that we may be unable to monetize such relationships as currently anticipated; our failure to comply with applicable privacy laws; occurrence of a cyber incident resulting in information theft, data corruption, operational disruption and/or financial loss; potential liability for hosting a variety of tortious or unlawful materials uploaded by third parties; negative publicity for removing, or declining to remove, certain content, regardless of whether such content violated any law; impediment of access to our content and services on the Internet; significant market competition that we face; changes to our existing content and services resulting in failure to attract traffic and advertisers or to generate revenue; our dependence on third party vendors; our inability to realize the expected benefits of financial incentives that we offer to our content creators; potential diversion of management’s attention and consumption of resources as a result of acquisitions of other companies and success in integrating and otherwise achieving the benefits of recent and potential acquisitions; failure to maintain adequate operational and financial resources or raise additional capital or generate sufficient cash flows; adverse effect on our business by compliance obligations imposed by new privacy laws, laws regulating social media platforms and online speech in the U.S. and Canada; regulations regarding paid endorsements by content creators; and those additional risks, uncertainties and factors described in more detail under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, and in our other filings with the Securities and Exchange Commission. We do not intend, and, except as required by law, we undertake no obligation, to update any of our forward-looking statements after the issuance of this release to reflect any future events or circumstances. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

Rumble Social Media

Investors and others should note that we announce material financial and operational information to our investors using our investor relations website (, press releases, SEC filings and public conference calls and webcasts. We also intend to use certain social media accounts as a means of disclosing information about us and our services and for complying with our disclosure obligations under Regulation FD: the @rumblevideo X (formerly Twitter) account (, the @rumble TRUTH Social account (, the @chrispavlovski X (formerly Twitter) account (, and the @chris TRUTH Social account (, which Chris Pavlovski, our Chairman and Chief Executive Officer, also uses as a means for personal communications and observations. The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our investor relations website.

For investor inquiries, please contact:

Shannon Devine

MZ Group, MZ North America


[email protected] 

Source: Rumble Inc.

Condensed Consolidated Interim Statements of Comprehensive Loss (Unaudited)


 Three months ended June 30, Six months ended June 30,

2023   2022
2023   2022

Revenues  $ 24,974,054 $ 4,399,312 $ 42,589,429 $ 8,444,077


Cost of services (content, hosting, other) $ 40,849,816 $ 4,183,424 $ 66,864,181 $ 7,925,992
General and administrative
Research and development
Sales and marketing
Finance costs
Share-based compensation 
Foreign exchange loss (gain)
Amortization and depreciation

Total expenses

Loss from operations
Interest income 
Other income 

Share of profit (loss) from joint venture


Changes in fair value of contingent consideration

Changes in fair value of warrant liability 


Loss before income taxes
Income tax recovery (expense)


Net and comprehensive loss  $ (29,454,080) $ (4,688,680) $ (58,122,193) $ (8,600,874)

Loss per share  basic $ (0.15) $ (0.03) $ (0.29) $ (0.05)
Loss per share  diluted $ (0.15) $ (0.03) $ (0.29) $ (0.05)
Weightedaverage number of common shares 

  used in computing net loss per

share  basic 
Weightedaverage number of common shares    

  used in computing net loss per


Condensed Consolidated Interim Balance Sheets (Unaudited)

June 30,
December 31,

2023   2022


Current assets

Cash and cash equivalents  $ 295,563,303 $ 337,169,279
Marketable securities
Accounts receivable, net
Prepaid expenses and other


Prepaid expenses and other, long term
Capital assets 
Rightofuse assets 
Intangible assets 
12,504,329   662,899
  $ 359,989,184  $ 366,982,638

Liabilities and Shareholders’ Equity

Current liabilities

Accounts payable and accrued liabilities $ 26,513,401 $ 14,324,696
Deferred revenue 
Lease liabilities 
Contingent consideration
Income taxes payable (receivable)
(1,359)   934
Deferred tax liability (asset)


Lease liabilities, longterm 
Contingent consideration, net of current portion
Warrant liability
Other liability 
500,000   500,000


Commitments and contingencies 

Shareholders’ Equity 

    Common shares
Additional paidin capital 
387,851,901   367,649,123

301,715,520   339,634,779
  $ 359,989,184 $ 366,982,638

Condensed Consolidated Interim Statements of Cash Flows (Unaudited)

For the six months ended June 30,   2023   2022

Cash flows provided by (used in)

Operating activities

Net and comprehensive loss for the period  $   (58,122,193)  $   (8,600,874)
Adjustments to reconcile net loss to cash flows:

used in operating activities:

Amortization and depreciation 
Share-based compensation 
Interest expense 
Non-cash portion of operating lease costs 
Repayment of lease liabilities 
Loss on change in fair value of warrants 
Gain on change in fair value of contingent consideration

Changes in noncash working capital: 

Accounts receivable
Prepaid expenses
Accounts payable and accrued liabilities
Deferred revenue 
Income taxes payable (receivable)          –   

  (34,524,828)   (9,298,882)

Investing activities

Purchase of capital assets   (7,684,880)         (4,018,919)
Purchase of intangible assets 
Cash acquired in connection with Callin acquisition



Financing activities

Share issuance costs


Decrease in cash and cash equivalents during the period


Cash and cash equivalents, beginning of period
  337,169,279      46,847,375 
Cash and cash equivalents, end of period   $     295,563,303   $  33,529,574

Supplemental cash flow information

     Cash paid for income taxes  $   16,475   $   – 
     Cash paid for interest
     Cash paid for lease liabilities