Revenue surged 290% to a new all-time high, yet the stock fell 26% in a month—are investors getting less convinced the better the earnings get?
Rumble reported its Q3 results before the market opened this morning: revenue was $96.58 million, up 290% year over year and nearly $8 million above the $89 million expected by the market. But its GAAP loss per share was $0.19, $0.07 worse than expected.
The real story is in the breakdown: AI computing business Quake AI contributed $68.2 million in a single quarter, accounting for more than 70% of total revenue. This was the first full quarter since the acquisition of Northern Data. The company also reported its first-ever positive adjusted EBITDA. It has $142 million in liquidity, including 94.68 bitcoin.
There was some bad news, too: Q4 revenue guidance is $88 million to $94 million, below Q3’s $96.58 million. Some of the 250 MW of computing capacity originally slated to be monetized in 2027 may be delayed until after 2027. The earnings call starts tonight at 10 p.m. Eastern. $RUM closed yesterday at $5.11, down 26.58% over the past month, and its 52-week low of $4.49 was set just last week.
My take: Rumble is no longer telling a video-platform story—it’s telling a computing-capacity rental story, and Quake AI’s more than 70% share of revenue proves it. It’s no surprise the results were mixed. The key is how the company explains tonight the 250 MW delay and the sequential Q4 revenue decline. If management can explain them clearly, there may be a case for support around the lows near $5. If not, the positive earnings news could be completely washed away by the cautious guidance, and the previous low of $4.49 may not hold.
Data as of: 2026-11-11 13:15 UTC
For informational purposes only; not investment advice.
Rumble reported its Q3 results before the market opened this morning: revenue was $96.58 million, up 290% year over year and nearly $8 million above the $89 million expected by the market. But its GAAP loss per share was $0.19, $0.07 worse than expected.
The real story is in the breakdown: AI computing business Quake AI contributed $68.2 million in a single quarter, accounting for more than 70% of total revenue. This was the first full quarter since the acquisition of Northern Data. The company also reported its first-ever positive adjusted EBITDA. It has $142 million in liquidity, including 94.68 bitcoin.
There was some bad news, too: Q4 revenue guidance is $88 million to $94 million, below Q3’s $96.58 million. Some of the 250 MW of computing capacity originally slated to be monetized in 2027 may be delayed until after 2027. The earnings call starts tonight at 10 p.m. Eastern. $RUM closed yesterday at $5.11, down 26.58% over the past month, and its 52-week low of $4.49 was set just last week.
My take: Rumble is no longer telling a video-platform story—it’s telling a computing-capacity rental story, and Quake AI’s more than 70% share of revenue proves it. It’s no surprise the results were mixed. The key is how the company explains tonight the 250 MW delay and the sequential Q4 revenue decline. If management can explain them clearly, there may be a case for support around the lows near $5. If not, the positive earnings news could be completely washed away by the cautious guidance, and the previous low of $4.49 may not hold.
Data as of: 2026-11-11 13:15 UTC
For informational purposes only; not investment advice.
