[Management View]
Rumble reported $25.1 million in revenue for Q2 2025, up 12% YoY, driven by higher audience revenue and cloud segment initiatives. Monthly active users (MAUs) maintained over 50 million for the eighth consecutive quarter. Average revenue per user (ARPU) increased to $0.42, up 24% sequentially, primarily due to growth in Rumble Premium subscriptions and licensing revenue. Adjusted EBITDA loss improved to $20.5 million compared to a loss of $28.7 million in Q2 2024.

[Outlook]
Management emphasized continued caution but signaled a greater willingness to invest aggressively in growth due to Tether's backing. The launch of Rumble Wallet in Q3 is expected to drive creator acquisition and international growth. The cloud business is described as increasingly competitive, with active participation in government and enterprise RFPs.

[Financial Performance]
Revenue increased 12% YoY to $25.1 million. ARPU rose 24% sequentially to $0.42. Adjusted EBITDA loss improved by $8.2 million YoY to $20.5 million. Cost of services reduced 26% YoY to $26.5 million. Total liquidity ended at $306.4 million, including $283.8 million in cash and cash equivalents and $22.6 million in Bitcoin.

[Q&A Highlights]
Question 1: You saw a nice advertising growth in the second quarter. Can you give us an update on RAC? When could we see an acceleration in advertising? Should investors assume that advertising is going to become a lower priority post the Northern Data announcement and your comments about Tether?

Answer: Advertising will still be a very high priority here. CPMs should start moving up in future quarters and years. RAC lacked the ability to connect with SSPs and monetize well on other publishing sites. Now, we are seeing more publisher inventory come into RAC and partnerships with SSPs like PubMatic. This is a big potential growth opportunity in the coming quarters and years.

Question 2: Are you looking to find creators who are not monetizing on their existing platforms or offer better monetization terms? How do you get them to join?

Answer: The main mousetrap will be Rumble Studio, allowing creators to multistream across multiple platforms. They will get paid to promote the Rumble wallet, providing a huge incentive to use Studio and generate revenue. We are scoping out which creators to target and onboard, with interest from creators not currently on Rumble.

Question 3: On gross profit losses improvement, are we on track for positive gross profit in the second half? Can you talk about the path to positive EBITDA and free cash flow from here?

Answer: Moving towards adjusted EBITDA breakeven is still important but has become a lesser priority as we evaluate investing into aggressive growth. We saw an improvement this quarter as large creator agreements started to expire and will continue to evaluate our optionality going forward.

Question 4: How is the evolution of MAU coming through compared to your internal expectation? Can you give us some color on the initiatives to get these results?

Answer: We were impressed by the MAUs number in Q2, especially without Dan Bongino and in a non-election year. The execution of Rumble Premium has taken effect, bringing in mid-rolls and more audience monetization across the platform. This has propelled Rumble Premium, creating a feedback loop with advertising and subscription.

Question 5: On the Rumble Wallet marketing initiatives, is the main marketing approach going to be using your own creators?

Answer: We will use Rumble creators and look off-platform for marketing. We plan to tap into audiences we don't currently have and bring them onto Rumble. Rumble Wallet will drive growth towards rumble.com, especially internationally.

Question 6: Can you size how big your cloud capacity is today versus that of Northern Data?

Answer: We are seeing interest from governments and large corporate entities, entering RFP processes with Amazon, Google, Microsoft, and Rumble Inc. We anticipate this could snowball into something much larger in the next year or two.

[Sentiment Analysis]
Analysts were positive about the company's growth prospects, particularly in advertising and cloud business. Management's tone was optimistic, emphasizing aggressive growth and strategic partnerships.

[Quarterly Comparison]
| Metric | Q2 2025 | Q2 2024 | YoY Change |
|-----------------------|---------------|---------------|--------------|
| Revenue | $25.1 million | $22.4 million | +12% |
| ARPU | $0.42 | $0.34 | +24% |
| Adjusted EBITDA Loss | $20.5 million | $28.7 million | -$8.2 million|
| Cost of Services | $26.5 million | $35.8 million | -26% |
| Total Liquidity | $306.4 million| $289.0 million| +$17.4 million|

[Risks and Concerns]
The potential acquisition of Northern Data is preliminary and subject to negotiation and finalization of key terms. The company needs to complete additional work before making a final decision. There are risks, conditions, and uncertainties relating to the potential offer.

[Final Takeaway]
Rumble's Q2 2025 performance highlights strong revenue growth, improved adjusted EBITDA, and strategic partnerships driving future growth. The launch of Rumble Wallet and expansion in the cloud business are key initiatives. Management's focus on aggressive growth backed by Tether's support positions the company for significant advancements in the coming quarters.