Rumble Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company achieved revenues of $25.1 million for the three months ended September 30, 2024, a notable increase from $18.0 million in the same period of 2023. For the nine months ended September 30, 2024, revenues reached $65.3 million, up from $60.6 million year-over-year. The growth in revenue was primarily driven by a $5.9 million increase in Audience Monetization, attributed to higher advertising and subscription revenues, and a $1.2 million rise in Other Initiatives, which included expanded advertising inventory and cloud services.

Despite the revenue growth, Rumble reported a loss from operations of $(32.8 million) for the third quarter of 2024, an improvement from a loss of $(40.2 million) in the same quarter of 2023. However, the net loss for the quarter increased to $(31.5 million) from $(29.0 million) year-over-year. For the nine-month period, the net loss was $(101.6 million), compared to $(87.1 million) in the prior year. The loss per share for the third quarter was $(0.15), slightly worse than $(0.14) in the same period last year.

The company’s total share-based compensation expense rose significantly, totaling $6.2 million for the third quarter of 2024, compared to $4.3 million in 2023. This increase reflects higher compensation costs associated with key management and related parties.

Rumble's cash and cash equivalents decreased to $130.8 million as of September 30, 2024, down from $218.3 million at the end of 2023. Accounts receivable increased to $11.3 million, indicating a growing customer base. The accumulated deficit also widened to $(246.8 million) from $(145.2 million) at the end of 2023.

Strategically, Rumble completed the acquisition of Callin Corp., issuing 981,243 shares of Class A Common Stock and committing to future contingent payments based on performance milestones. Additionally, the company acquired North River Project Inc. for approximately $7.3 million, with potential future payments contingent on technology integration.

Rumble's operational expenses reflected a mixed trend, with cost of services decreasing to $36.4 million from $39.7 million, primarily due to reduced programming and content costs. General and administrative expenses slightly increased, while research and development expenses decreased. The company anticipates continued investment in growth, with non-cancelable contractual commitments totaling approximately $45 million as of September 30, 2024.