Rumble Inc. Reports 18% Revenue Growth to $95.5 Million Despite Increased Net Loss

Rumble Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, achieving $95.5 million, up from $80.9 million in 2023, marking a growth of approximately 18%. The rise in revenue was primarily driven by a $10.3 million increase in Audience Monetization, which includes advertising and subscription fees, alongside a $4.2 million boost from Other Initiatives, such as cloud services. Despite this revenue growth, the company reported a net loss of $338.4 million, a substantial increase from the $116.4 million loss in the previous year, largely attributed to changes in the fair value of warrants and derivatives related to its strategic investments.

Rumble's user base has also expanded significantly, with monthly active users (MAUs) reaching 68 million in Q4 2024, a slight increase from 67 million in Q3 2024. The Average Revenue Per User (ARPU) rose to $0.39, reflecting an 18% increase from the previous quarter, driven by higher advertising and subscription revenues. The company has focused on enhancing its advertising capabilities and expanding its content library, which has contributed to user engagement and monetization efforts.

Strategically, Rumble completed a significant investment deal with Tether Investments in February 2025, raising $775 million through the sale of 103.3 million shares of Class A Common Stock at $7.50 per share. This capital infusion is intended to support growth initiatives, including the development of its cloud services and advertising marketplace. Additionally, Rumble executed a tender offer to repurchase 70 million shares of its Class A Common Stock for $525 million, further consolidating its capital structure.

Operationally, Rumble has made notable acquisitions, including Callin, a podcasting platform, and North River Project Inc., which contributed to the development of its advertising technology. The company has also increased its workforce, employing 135 full-time employees as of December 31, 2024, up from 120 the previous year. However, Rumble faces challenges, including a material weakness in its internal controls over financial reporting, which management is actively working to remediate.

Looking ahead, Rumble's management remains optimistic about future growth, emphasizing the importance of expanding its user base and enhancing monetization strategies. The company plans to continue investing in content and technology to compete effectively in the rapidly evolving digital media landscape, while also navigating the complexities of regulatory compliance and market competition.