Rumble Posts $96.6 Million Quarter as Quake AI Drives 290% Growth

Rumble booked record third-quarter revenue of $96.6 million, up 290% from $24.8 million a year earlier, and posted its first positive adjusted EBITDA as a public company: $4.4 million, against a $15.1 million loss in the prior-year quarter. The number doing most of the lifting came from Quake AI, the newly acquired infrastructure business that generated $68.2 million — more than 70% of total sales — in its first full quarter inside the company.

The milestone carried an asterisk. Rumble, which conducted the call as RUM Group, reported a net loss of $91.7 million, including $81.5 million attributable to RUM Group, compared with a $16.3 million loss a year earlier. CFO Mike Masci told analysts the widening was primarily non-cash. Depreciation and amortization climbed to $85.8 million, including $39 million tied to a fair-value adjustment of Northern Data assets in purchase accounting.

How much of the quarter can repeat?

Not all of it, management warned. Masci said the quarter included items that will not recur, chief among them a barter agreement with one customer that produced a little over $3 million in third-quarter revenue and should drop off more sharply than anticipated in the fourth quarter. Strip out the nonrecurring items, and third-quarter revenue would have landed roughly at the top of the guidance range.

That range was $87 million to $93 million; the quarter beat it. The fourth-quarter forecast came in at $88 million to $94 million — below the latest quarterly total. Masci said the vast majority of the company's H100 GPU contracts roll off by the end of the first quarter of 2027. He declined to give specific renewal prices but noted prevailing H100 rates were above $2, with similar market rates appearing in customer discussions.

What is Quake AI actually delivering?

Quake AI contributed $23.5 million in adjusted EBITDA at a margin of roughly 34%. Most of that revenue came from GPU cloud computing services, with a smaller contribution from hosting and colocation, Masci said. Founder, Chairman and CEO Chris Pavlovski said the company operates approximately 22,000 GPUs and ran at 85% utilization as of the third quarter. Management expects to push for higher prices and customer prepayments as contracts renew, balancing contract length, prepayments and pricing — including arrangements that provide a fixed baseline plus exposure to spot-price increases.

The build-out picture is less certain. Pavlovski said financing markets have grown tougher for data center and AI projects, with lenders and investors scrutinizing customers and operators more closely. RUM Group is discussing an alternative approach with a customer for its Maysville project, though those talks remain at an early stage. Masci said a portion of the planned 250 megawatts of capacity could move beyond 2027, while the company still targets some capacity for that year. He declined to give project-specific timing or capital expenditure guidance. Management believes customer prepayments could fund a substantial portion of project equity needs, though the mix of prepayments and debt will vary by deal. On a longer-term one-gigawatt target, Masci said the immediate focus is delivering and monetizing the 250 megawatts.

Where does the video business stand?

The Rumble Video segment generated $28.4 million in revenue, up 15% year over year, as higher advertising revenue outweighed declines in subscriptions and other revenue. Its adjusted EBITDA loss widened to $12.1 million from $10.9 million. Masci said the video business was gross-margin positive in the quarter and should remain so. The company began cutting video operating expenses during the quarter, including a reduction in force, with expected savings of more than 20% on a run-rate basis. He did not provide an exact figure.

Pavlovski also set a late-2027 launch target for a marketplace allowing creators to license video and real-world content to AI and robotics companies — a planned bridge between the video and Quake AI businesses.

The company ended the quarter with $142.3 million in total liquidity: $134.4 million in cash and cash equivalents plus 94.68 Bitcoin valued at $7.9 million. In plain terms, the AI infrastructure arm is now the engine of the business, and the video platform is being reset to cost less while it catches up.