Revenue Performance
Rumble reported fourth quarter 2025 revenue of $27.1 million, representing a 9% sequential increase from $24.8 million in the third quarter of 2025. On a year-over-year basis, quarterly revenue declined from $30.2 million in the fourth quarter of 2024. The decrease was primarily attributable to lower Audience Monetization revenues, including a $5.5 million reduction in advertising, tipping, and platform hosting fees. This decline was partially offset by a $2.7 million increase in subscription and licensing revenues. Additional pressure came from a $0.4 million decrease in revenues from Other Initiatives, largely reflecting reduced monetization of advertising inventory by the company’s publisher network. For the full year ended December 31, 2025, total revenue reached $100.6 million, compared with $95.5 million in 2024, marking the first time the company surpassed $100 million in annual revenue.
Profitability and Cost Structure
The company recorded a net loss of $32.7 million for the fourth quarter of 2025, compared with a net loss of $236.8 million in the corresponding period of 2024. The improvement in year-over-year losses was principally linked to a significant derivative fair value adjustment recorded in the prior year. Adjusted EBITDA for the quarter was a loss of $16.0 million, compared with a loss of $13.4 million in the fourth quarter of 2024. Total expenses for the quarter included $25.6 million in cost of services, reflecting a reduction of $8.9 million from the prior year due mainly to lower programming and content costs. General and administrative expenses rose to $9.9 million, driven by higher professional fees, insurance, and administrative services, along with increased payroll costs. Sales and marketing expenses increased to $7.3 million as the company expanded marketing and public relations initiatives.
Operational Highlights and Financial Position
Operational metrics indicated continued user growth and platform engagement. Average global monthly active users reached 52 million in the fourth quarter, representing an 11% sequential increase. Average revenue per user was $0.46 during the quarter, reflecting a 2% sequential improvement. The company also launched Rumble Shorts, which surpassed one million daily unique video views shortly after release. As of December 31, 2025, total liquidity stood at $256.4 million, consisting of $237.9 million in cash and cash equivalents and 210.82 Bitcoin valued at $18.5 million. The company also secured a $100 million advertising commitment from Tether, structured over two years beginning in the first quarter of 2026.
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