Rumble Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The operating business is demonstrably growing — Rumble's video segment and Quake AI both post real, rising revenue. But the big jump in the consolidated balance sheet comes from an as-yet-unproven acquisition whose own pro forma numbers show a $545.0 million loss, from a capital structure that has never turned a profit and could add well over 150 million new shares, and from two open tax proceedings carrying no reserve. That's not a solvency crisis, but it is a material operating question the coming quarterly reports will have to answer. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
RUM Group rebranded overnight from a video platform into a self-described AI infrastructure company — with a revenue jump that was largely bought rather than earned: $1.61 billion in consideration, almost entirely in stock, for a deal that on an annualized pro forma basis would have added $545.0 million of pretax loss. Rumble's video business and Quake AI are both genuinely growing, but the share count is barely trackable, unresolved Swedish tax matters and the EPPO investigation sit with no reserve recorded, and seller Tether simultaneously sits as major shareholder, creditor and lender. Not investment advice.
Core business growth
Rumble's video segment posted a record $30.3 million in the second quarter of 2026 (+21 percent year over year), and Quake AI runs roughly 22,000 NVIDIA GPUs at about 85 percent utilization. On August 10, 2026 the company issued its first-ever formal guidance of $87 million to $93 million for the third quarter of 2026.
Pro forma loss from the deal
Had the Northern Data acquisition closed on January 1, 2026, it would have contributed roughly $168.2 million of revenue but a $545.0 million pretax loss for the year (10-Q Q2 2026, Note 3). The real contribution since June 17, 2026 was already negative: $11.97 million of loss on $10.09 million of revenue.
Share count and dilution
As of August 6, 2026, roughly 495.8 million shares across three classes were outstanding, plus 102.9 million economically equivalent pre-funded warrants; up to 45.9 million (Tether conversion), 105.0 million (earnout) and 8.0 million (legacy warrants) could still be added. The capital structure is barely trackable even for an experienced reader.
Balance sheet and liquidity
Total assets sextupled to $2.12 billion by June 30, 2026, cash dipped slightly to $203.3 million, and the Tether convertible note (carrying value $358.8 million) introduced meaningful debt for the first time. The accumulated deficit grew to $674.8 million.
Unresolved tax and legal risk
Two former Northern Data subsidiaries received final Swedish tax assessments totaling roughly $56 million in 2026 with no reserve recorded, while the European Public Prosecutor's Office separately investigates exposure of up to roughly €110 million. A separate lawsuit pending since January 2022 before the Ontario Superior Court of Justice claims $419.0 million against the company and founder Chris Pavlovski.
Worth Noting
This stock didn't make our research list through a quality hit on our in-house stock scanner — it lacks the profit and positive margin that requires — but through the 10-Q filed August 10, 2026 and the simultaneous renaming of Rumble Inc. to RUM Group Inc. on June 17, 2026.
Analyses are evergreen; daily prices are not a buy argument. The $8.24 close (August 17, 2026) and the $4.62–$10.54 52-week range serve only as a dated valuation anchor.
The price-to-sales ratio depends heavily on the time slice used: roughly 31 to 35 on trailing twelve-month revenue, roughly 10 to 12 annualizing the company's own Q3 guidance — both figures are correct at once and describe different bets.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at RUM since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 4.70 $ to 10.20 $ · Last price: 8.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Internet Content & Information
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Rumble Inc. RUM | 4.4 | – | -170.9 | 7.9 | – | 5.4 | 18.2 |
| Alphabet Inc Class A GOOGL | 4,238.0 | 26.1 | 12.3 | 60.9 | 36.1 | 15.1 | 39.6 |
| Alphabet Inc Class C GOOG | 4,226.7 | 25.7 | 12.3 | 60.9 | 36.1 | 15.1 | 37.9 |
| Meta Platforms Inc. META | 1,737.1 | 25.4 | 14.9 | 81.8 | 40.6 | 22.2 | -11.8 |
| Spotify Technology SA SPOT | 108.7 | 39.3 | 23.1 | 32.8 | 15.8 | 9.7 | -25.2 |
| Nebius Group N.V. NBIS | 48.1 | – | 50.6 | 74.3 | – | – | 131.7 |
| Reddit, Inc. RDDT | 31.1 | 44.2 | 35.5 | 91.4 | 27.6 | 69.4 | -42.7 |
| Baidu Inc BIDU | 30.5 | – | 51.2 | 40.9 | 10.0 | -3.0 | -28.5 |
| Tencent Music Entertainment Group TME | 12.8 | 9.3 | 6.9 | 44.3 | 30.4 | 15.9 | -68.5 |
| Median of companies shown | 48.1 | 25.9 | 14.9 | 60.9 | 30.4 | 15.1 | -11.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 3 | 0 | 0 | 0.00 | 1 | 1 | 2 |
| 2020 | 5 | -1 | -1 | -0.03 | 0 | 0 | 3 |
| 2021 | 9 | -11 | -13 | -0.08 | -5 | 30 | 56 |
| 2022 | 39 | -36 | -11 | -0.05 | -32 | 340 | 367 |
| 2023 | 81 | -136 | -116 | -0.58 | -93 | 252 | 296 |
| 2024 | 95 | -131 | -338 | -1.66 | -87 | -63 | 195 |
| 2025 | 101 | -77 | -82 | -0.32 | -70 | 275 | 337 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.16 | – | 30 | 48.20 | -111.90 | 75 | 82 |
| 2025: Q1 | -0.01 | – | 24 | 33.70 | -11.20 | -15 | -15 |
| 2025: Q2 | -0.12 | – | 25 | 11.60 | -120.50 | -16 | -17 |
| 2025: Q3 | -0.06 | – | 25 | -1.20 | -65.70 | -11 | -12 |
| 2025: Q4 | -0.13 | – | 27 | -10.50 | -120.80 | -29 | -32 |
| 2026: Q1 | -0.12 | – | 26 | 7.40 | -118.90 | -17 | -18 |
| 2026: Q2 | -0.28 | -133.30 | 40 | 61.00 | -195.80 | -50 | -92 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.59 | -0.69 – -0.49 | 244 | – | 2 |
| 12/31/2027 | -0.17 | -0.18 – -0.15 | 559 | – | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
RUM Group (bis 17.06.2026 Rumble Inc.) betreibt seit der Übernahme von rund 85 Prozent der Northern Data AG am 17. Juni 2026 mit „Quake AI“ ein eigenes Geschäft für KI- und Cloud-Infrastruktur, das im zweiten Quartal 2026 bereits 10,1 Mio. US-Dollar Umsatz beisteuerte — verkaufte KI-Rechenleistung ist damit belegte Erlösquelle, nicht nur internes Werkzeug.
View the full file — quotes, sources, reviewed filings
„With the completion of our acquisition of Northern Data AG on June 17, 2026, the Company has taken a major step toward becoming a significant participant in the AI infrastructure business, and now operates two distinct businesses: our video platform (“Rumble”) and our AI and cloud infrastructure business (“Quake AI”)."
Mit dem Abschluss unserer Übernahme der Northern Data AG am 17. Juni 2026 hat die Gesellschaft einen wesentlichen Schritt getan, um ein bedeutender Teilnehmer im Geschäft mit KI-Infrastruktur zu werden, und betreibt nun zwei getrennte Geschäfte: unsere Videoplattform („Rumble“) und unser Geschäft mit KI- und Cloud-Infrastruktur („Quake AI“).
10-Q · 2026-08-10 · View SEC filing
„The primary reason for the acquisition is to obtain large-scale AI compute infrastructure, GPU capacity, data center assets and power resources that accelerate the growth of our cloud business."
Der Hauptgrund für die Übernahme besteht darin, KI-Rechenkapazität in großem Maßstab, GPU-Kapazität, Rechenzentrums-Vermögenswerte und Energieressourcen zu erlangen, die das Wachstum unseres Cloud-Geschäfts beschleunigen.
10-Q · 2026-08-10 · View SEC filing
„On June 17, 2026, the Company acquired approximately 85 % of the outstanding common shares of NDAG, a leading provider of AI and high-performance computing infrastructure (“ND Business Combination”)."
Am 17. Juni 2026 erwarb die Gesellschaft rund 85 Prozent der ausstehenden Stammaktien der NDAG, eines führenden Anbieters von KI- und Hochleistungsrechen-Infrastruktur („ND-Unternehmenszusammenschluss“).
10-Q · 2026-08-10 · View SEC filing
„Our business increasingly relies on artificial intelligence (“AI”) technologies, including generative AI and emerging agentic systems, to support operational efficiency, product development, data analysis, and innovation."
Unser Geschäft stützt sich zunehmend auf Technologien der künstlichen Intelligenz („KI“), einschließlich generativer KI und aufkommender agentischer Systeme, um betriebliche Effizienz, Produktentwicklung, Datenanalyse und Innovation zu unterstützen.
10-K · 2026-03-05 · View SEC filing
Filings Reviewed: 10-Q 2026-08-10 · 8-K 2026-08-10 · 8-K 2026-06-18 · 10-K 2026-03-05
Rated on August 18, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 36.7%
- More than 10% revenue growth is expected for the coming year 83.9%
- Share count grows by less than 3% a year 1.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -68.7%
- Gross margin at 40% or higher and without meaningful erosion 14.2%
- Goodwill from acquisitions does not grow faster than revenue 3.2%
- Net debt below twice EBITDA 236 m net cash
- Operating cash flow covers the profits of the last three years 286 m
- Return on capital at 15% or higher, or up versus two years ago -26.5%
- Insiders hold at least 10% or are net buyers 51.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 76.2%
- Exp. sales growth 3Y > 5% 135.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 135.7%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -34.1%
- ROCE > 15% -26.5%
- Expected return > 10% 131.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
RUM Group Inc. bietet eine Video-Sharing- und Cloud-Service-Plattform in den USA, Kanada und international an.
- Employees
- 156
- Headquarters
- Longboat Key, FL
- Address
- 444 Gulf of Mexico Drive, 34228 Longboat Key, United States
- Phone
- 941 210 0196
- Website
- rumble.com
- IPO Date
- 04/14/2021
- ISIN
- US78137L1052
Management
| Name | Title | Birth Year |
|---|---|---|
| Christopher Pavlovski | Founder, Chairman & CEO | 1985 |
| Wojciech Hlibowicki | Chief Technology Officer | 1983 |
| Michael Masci | Chief Financial Officer | 1985 |
| Tyler Hughes | Chief Operating Officer | 1985 |
| Shannon Devine | Executive of Investor Relations | – |
| Maurice F. Edelson J.D. | General Counsel & Corporate Secretary | 1964 |
| Claudio Ramolo | Chief Content Officer | 1988 |
| Assaf Lev | President of Locals | – |
| Greg Sherrill | President of Sales of Rumble Advertising | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/10/2026 RUM Group Inc. (RUM): Other Events; Financial Statements and Exhibits SEC ↗
- 08/26/2026 RUM Group Inc. (RUM): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 08/24/2026 RUM Group Inc. (RUM): Entry into a Material Definitive Agreement; Unregistered Sales of Equity Securities; Other Events; Financial Statements and Exhibits SEC ↗
- 08/10/2026 RUM Group Inc. (RUM): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.