Revenue growth remains volatile at 7.4% in 2026Q1, while structural inefficiencies are highlighted by a negative gross margin of -21.7% due to high content costs.
| Sales/Revenue | 102.38M | 100.62M | 95.49M | 80.96M | 39.38M | 9.47M | 4.56M | 3.36M |
| Revenue Growth % | 0.9% | 5.38% | 17.94% | 105.57% | 316.04% | 107.71% | 35.62% | - |
| Cost of Goods Sold | 87.32M | 86.38M | 138.47M | 146.16M | 43.75M | 7.81M | 2.71M | 1.79M |
| COGS % of Revenue | - | 85.84% | 145.02% | 180.52% | 111.07% | 82.45% | 59.54% | 53.34% |
| Gross Profit | 15.06M | 14.24M | -42.98M | -65.19M | -4.36M | 1.66M | 1.84M | 1.57M |
| Gross Margin % | 14.71% | 14.16% | -45.02% | -80.52% | -11.07% | 17.55% | 40.46% | 46.66% |
| Gross Profit Growth % | - | 133.14% | 34.07% | -1394.84% | -362.58% | -9.92% | 17.6% | - |
| Operating Expenses | 85.99M | 91.37M | 87.87M | 70.35M | 31.24M | 12.17M | 3.11M | 1.9M |
| OpEx % of Revenue | - | 90.81% | 92.02% | 86.9% | 79.32% | 128.6% | 68.16% | 56.56% |
| Selling, General & Admin | 71.29M | 72.63M | 53.98M | 50.55M | 22.22M | 7.46M | 2.42M | 1.28M |
| SG&A % of Revenue | - | 72.18% | 56.53% | 62.44% | 56.43% | 78.85% | 53.04% | 38% |
| Research & Development | 19.69M | 18.74M | 18.92M | 15.72M | 6.34M | 1.62M | 583.71K | 581.69K |
| R&D % of Revenue | - | 18.63% | 19.82% | 19.42% | 16.11% | 17.14% | 12.81% | 17.31% |
| Other Operating Expenses | 797.82K | 0 | 14.97M | 4.08M | 2.67M | 3.09M | 105.39K | 42.18K |
| Operating Income | -70.93M | -77.13M | -130.85M | -135.55M | -35.6M | -10.51M | -1.26M | -332.89K |
| Operating Margin % | -69.28% | -76.65% | -137.04% | -167.42% | -90.39% | -111.05% | -27.7% | -9.91% |
| Operating Income Growth % | - | 41.06% | 3.46% | -280.75% | -238.65% | -732.72% | -279.22% | - |
| EBITDA | -55.68M | -62.57M | -117.24M | -130.7M | -33.52M | -10.26M | -1.22M | -290.72K |
| EBITDA Margin % | -54.39% | -62.18% | -122.78% | -161.43% | -85.1% | -108.41% | -26.71% | -8.65% |
| EBITDA Growth % | 52.71% | 46.63% | 10.3% | -289.95% | -226.58% | -743.17% | -318.67% | - |
| D&A (Non-Cash Add-back) | 15.25M | 14.56M | 13.61M | 4.85M | 2.08M | 249.74K | 45.26K | 42.18K |
| EBIT | -72.63M | -77.13M | -340.37M | -136.32M | -34.48M | -10.62M | -1.2M | -332.89K |
| Net Interest Income | 10.12M | 10.42M | 8.08M | 15.52M | 1.9M | -2.91M | 0 | 19.67K |
| Interest Income | 10.12M | 10.42M | 8.08M | 15.52M | 3.02M | 16.44K | 0 | 19.67K |
| Interest Expense | 0 | 0 | 0 | 0 | 1.12M | 2.93M | 0 | 0 |
| Other Income/Expense | -38.46M | -4.63M | -209.52M | 15.83M | 23.98M | -3.03M | 4.12K | -62.19K |
| Pretax Income | -109.39M | -81.76M | -340.37M | -119.71M | -11.62M | -13.54M | -1.26M | -395.09K |
| Pretax Margin % | -106.85% | -81.26% | -356.45% | -147.86% | -29.5% | -143.05% | -27.61% | -11.76% |
| Income Tax | 58.91K | 67.23K | -2.01M | -3.29M | -215.43K | -127.88K | -1.6K | -33.17K |
| Effective Tax Rate % | -0.05% | -0.08% | 0.59% | 2.75% | 1.85% | 0.94% | 0.13% | 8.39% |
| Net Income | -109.45M | -81.83M | -338.36M | -116.42M | -11.4M | -13.41M | -1.26M | -361.92K |
| Net Margin % | -106.91% | -81.32% | -354.35% | -143.79% | -28.96% | -141.7% | -27.57% | -10.77% |
| Net Income Growth % | 63.24% | 75.82% | -190.64% | -920.87% | 14.98% | -967.37% | -247.23% | - |
| Net Income (Continuing) | -109.45M | -81.83M | -338.36M | -116.42M | -11.4M | -13.41M | -1.26M | -361.92K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.42 | -0.32 | -1.66 | -0.58 | -0.05 | -0.08 | -0.03 | -0.00 |
| EPS Growth % | 70% | 80.72% | -186.21% | -1060% | 35.32% | -165.64% | - | - |
| EPS (Basic) | - | -0.32 | -1.66 | -0.58 | -0.05 | -0.08 | -0.03 | -0.00 |
| Diluted Shares Outstanding | 261.06M | 254.74M | 204.1M | 201.44M | 242.44M | 173.52M | 43.13M | 280.23M |
| Basic Shares Outstanding | 261.06M | 254.74M | 204.1M | 201.44M | 242.44M | 173.52M | 43.13M | 280.23M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
High content acquisition costs
According to the provided quarterly income statements, Rumble's revenue growth has exhibited significant volatility, with the most recent 2026Q1 period showing a modest 7.4% year-over-year increase, suggesting that the platform's initial rapid expansion phase may be cooling as it struggles to maintain consistent top-line momentum.
The inconsistent revenue trajectory highlights a reliance on episodic traffic spikes rather than a predictable, compounding user base. Investors should monitor whether the company can transition from election-cycle-driven engagement to a more durable, secular growth model.
As reported in financial statements, Rumble's gross margins remain deeply challenged, frequently dipping into negative territory, such as the -21.7% margin observed in 2026Q1, which underscores the heavy burden of content acquisition costs and infrastructure expenses relative to the company's current ability to monetize its platform traffic.
The inability to consistently achieve positive gross margins suggests that the current business model is fundamentally subsidized by capital raises rather than operational efficiency. This indicates that the cost of securing high-profile creators is currently outpacing the incremental advertising revenue generated by their presence.
Based on the income statement data, Rumble continues to experience significant operating losses, with 2026Q1 operating income reaching -$30.2M, indicating that the company has yet to demonstrate the necessary operating leverage to scale its infrastructure and SG&A costs effectively against its current revenue base.
The persistent gap between revenue and operating expenses suggests that the company is still in a heavy investment phase, prioritizing market share over profitability. Without a clear path to scaling revenue faster than fixed overhead, the current operating structure appears unsustainable for long-term value creation.
Analysis of the cost structure reveals that Rumble's primary expense drivers, specifically content acquisition and infrastructure maintenance, consistently consume the majority of revenue, as evidenced by the 2026Q1 COGS of $31.0M exceeding the $25.5M in total revenue generated during the same period.
Management's commitment to building an independent infrastructure stack is a significant capital drain that limits the company's flexibility. Investors should investigate whether the long-term benefits of this vertical integration will eventually materialize in lower unit costs or if these expenses will remain a permanent anchor on margins.
Financial data suggests that Rumble's reliance on non-operating income and periodic capital injections to offset persistent net losses, such as the -$30.3M net income in 2026Q1, warrants skepticism regarding the company's ability to reach self-sustaining profitability without further dilutive financing or a radical shift in monetization.
Short-term observers may point to the high cash balance as a buffer, but the underlying burn rate suggests that the current trajectory is not viable indefinitely. The lack of a clear inflection point in the income statement implies that the company remains highly vulnerable to shifts in market sentiment or creator retention.
Quick answers to the most common questions about buying RUM stock.
For fiscal year 2025, Rumble Inc. (RUM) reported total revenue of $100.6M. This represents a 2894.3% increase compared to $3.4M in 2019.
Rumble Inc. (RUM) reported a net loss of $81.8M for the fiscal year ending 2025.
Rumble Inc. (RUM) reported an operating income of $-77.1M, resulting in an operating profit margin of -76.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Rumble Inc. (RUM) generated $14.2M in gross profit for the year, representing a gross profit margin of 14.2%. This demonstrates the company's core pricing power and production efficiency.