RUM Group Inc.

What they do

RUM Group operates two business units: Rumble, a video platform that monetizes through advertising, subscriptions, and licensing, and Quake AI, a cloud and AI-infrastructure business combining Rumble Cloud with Northern Data's GPU estate of roughly 22,000 NVIDIA H100/H200 GPUs. The company provides cloud computing and colocation services, and also holds Bitcoin as part of its treasury strategy.

Revenue drivers

• Audience Monetization — Includes advertising, subscriptions, and licensing/platform hosting fees; Q2 2026 revenue increased $5.6M year-over-year, driven by $5.9M higher advertising revenue.
• Other Initiatives — Includes cloud services and publisher network; Q2 2026 revenue increased $9.7M year-over-year, primarily due to $10.1M from Northern Data's cloud and colocation services.
• Rumble Video (standalone) — Record quarterly revenue of $30.3M in Q2 2026, up 19% QoQ and 21% YoY, representing about 75% of total revenue excluding Northern Data.
• Quake AI (cloud and AI infrastructure) — Contributed $10.1M in Q2 2026 from the acquisition date, with GPU estate utilization of approximately 85% for the quarter.

Recent performance

Q2 2026 revenue was $40.4 million, up 61% year-over-year and 58% quarter-over-quarter, a record. Northern Data contributed $10.1 million from the June 17 close; Rumble Video standalone revenue was $30.3 million. Full-year 2025 revenue was $100.6 million with a net loss of $81.8 million and negative operating cash flow of $70.4 million. Q1 2026 revenue was $25.5 million and Q2 2026 revenue was $40.4 million. As of June 30, 2026, the company had $203.3 million in cash and equivalents, total assets of $2.12 billion, and shareholder equity of $1.43 billion.

Strategy

The company closed the acquisition of Northern Data on June 17, 2026, securing approximately 85.2% of its shares, and realigned into two units: Rumble and Quake AI. Quake AI targets AI infrastructure demand, with approximately 250MW of unmonetized capacity targeted for 2027, representing a $3B+ annual run-rate opportunity. The company signed a multi-year agreement with Together AI to deploy NVIDIA HGX B300 GPU cloud capacity. Growth strategy includes investing in content, building an advertising marketplace, and expanding cloud infrastructure. The Tether investment in February 2025 provided capital and strategic support.

Risks

• Integration and debt risks from Northern Data acquisition — The company faces risks integrating Northern Data operations and substantial indebtedness from the deal, which could limit operational flexibility.
• GPU and data center construction risks — Building new data centers involves significant risks including regulatory changes, community opposition, and potential delays or cost overruns.
• User growth and monetization uncertainty — The video business may fail to grow or maintain its active user base, and the company may not achieve profitability.
• Bitcoin treasury and crypto wallet risks — The company's Bitcoin holdings and non-custodial crypto wallet expose it to market volatility, regulatory, operational, and security risks.

Outlook

Management initiated formal revenue guidance for Q3 2026 of $87 million to $93 million. The company believes Quake AI's 250MW of unmonetized 2027 capacity represents a $3B+ annual run-rate opportunity. Management expects continued growth in both Rumble Video and Quake AI, with the Together AI agreement and high GPU utilization supporting momentum.