Rumble Inc (RUM) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen and welcome to Rumble Incorporated second-quarter 2025 earnings call. (Operator Instructions) Please note this event is being recorded.

女士們、先生們，早安！歡迎參加Rumble Incorporated 2025年第二季財報電話會議。 （操作員指示）請注意，本次會議正在錄製中。

I would now like to turn the conference over to Shannon Devine, Investor Relations for Rumble. Please go ahead.

現在我想把會議交給Rumble投資者關係部的Shannon Devine。請開始。

Thank you, operator. I'm here today with Chris Pavlovski, Founder, Chairman and CEO of Rumble; and Brandon Alexandroff, CFO. A press release detailing our second quarter 2025 results was released yesterday and available on the Investor Relations section of our website.

謝謝接線生。今天我和Rumble創辦人、董事長兼執行長Chris Pavlovski以及財務長Brandon Alexandroff一起在場。我們昨天發布了一份新聞稿，詳細介紹了2025年第二季的業績，您可以在我們網站的「投資者關係」板塊查看。

Before we begin the formal presentation, I would like remind everyone that statements made on this call may include predictions, estimates or other information that might be considered forward-looking. All forward-looking statements are made only as of the date of this call and should be considered in conjunction with the company's cautionary statements and our earnings release and the factors included in our filings with the SEC. Future company updates will be available via press release and the company's identified social media channels.

在正式開始演講之前，我想提醒各位，本次電話會議中的陳述可能包含預測、估計或其他可能被視為前瞻性的資訊。所有前瞻性陳述僅截至本次電話會議召開之日，應結合本公司的警示性聲明、我們的財報以及我們向美國證券交易委員會 (SEC) 提交的文件中提及的因素進行考慮。公司未來的更新將透過新聞稿和公司指定的社交媒體管道發布。

I will now turn the call over to Rumble's Founder, Chairman and CEO, Chris Pavlovski.

現在我將電話轉給 Rumble 的創辦人、董事長兼執行長 Chris Pavlovski。

Thanks, Shannon. Let's get right to it. Many of you yesterday saw the press release regarding our intent to acquire AI company Northern Data. I'm not going to be able to discuss that potential transaction during this briefing or answer any questions in the Q&A session. I will be limiting my remarks to the following.

謝謝，Shannon。我們直接進入正題吧。昨天，你們中的許多人都看到了我們有意收購人工智慧公司Northern Data的新聞稿。我無法在本次簡報會上討論這項潛在交易，也無法在問答環節回答任何問題。我的發言將僅限於以下幾點。

As noted on our last earnings call, our management team is very seriously focused on M&A strategy and evaluating strategic opportunities as they come. The announcement this morning is consistent with our ongoing pursuit of these opportunities.

正如我們上次財報電話會議中所述，我們的管理團隊非常重視併購策略，並評估隨之而來的策略機會。今天上午的公告與我們持續尋求這些機會的理念一致。

As described in the press release, Northern Data is a leading provider of AI and high-performance computing solutions and operates primarily through Ardent, its data center business, and Taiga, its GPU as a service business.

如新聞稿所述，Northern Data 是人工智慧和高效能運算解決方案的領先供應商，主要透過其資料中心業務 Ardent 和其 GPU 即服務業務 Taiga 營運。

Rumble has informed Northern Data that it is interested in pursuing a potential exchange offer in which the shareholders of Northern Data would receive newly issued Class A shares of Rumble common stock in exchange for their Northern Data shares. Rumble has received positive feedback from Tether, the majority shareholder of Northern Data.

Rumble已告知Northern Data，其有意尋求一項潛在的換股要約，即Northern Data股東將獲得新發行的Rumble A類普通股，以換取其持有的Northern Data股份。 Rumble已收到Northern Data大股東Tether的正面回饋。

With respect to the potential offer on the preliminary terms described with respect to the preliminary terms described in the press release, it is important to note that Rumble has not made a final decision yet to launch the potential offer and still needs to complete additional work.

關於新聞稿中所述的初步條款的潛在報價，值得注意的是，Rumble 尚未就推出潛在報價做出最終決定，仍需完成額外工作。

The contemplated transaction, if pursued and completed, would be the latest step towards a shared vision between Tether and Rumble to democratize compute while providing unfettered access to infrastructure. This would be achieved by the delivery of GPU as a service and data center power, both of which would leverage Rumble's existing high growth cloud business.

此交易若得以推進並完成，將成為 Tether 和 Rumble 邁向共同願景的最新一步，即在提供不受約束的基礎設施訪問的同時，實現計算的民主化。這將透過提供 GPU 即服務和資料中心功能來實現，而這兩者都將充分利用 Rumble 現有的高成長雲端業務。

Before we move on, please note that this offer is preliminary and subject to additional work, negotiation and finalization of key terms. I encourage everyone to review our press release for further information, including certain risks, conditions and uncertainties relating to the potential offer.

在繼續討論之前，請注意，此要約尚屬初步，關鍵條款尚需進一步完善、協商和最終敲定。我建議各位讀者務必閱讀我們的新聞稿，了解更多信息，包括與潛在要約相關的某些風險、條件和不確定性。

As you can imagine, the excitement internally at Rumble is hard to hold back. Rumble is embarking on new frontiers backed by what I believe to be one of the most innovative and forward-thinking companies in the world, Tether. This is driving a completely new mandate for Rumble.

可以想像，Rumble 內部的興奮之情難以言表。 Rumble 正在開拓新的領域，而我認為 Tether 是世界上最具創新精神和前瞻性的公司之一。這將為 Rumble 帶來全新的使命。

The second quarter was a foundational quarter for Rumble. From a user perspective, we held strong at 51 million MAUs, our eighth consecutive quarter above the 50 million mark. And when compared to Google Universal Analytics Q2 2023 number, which was post mid-term elections, we are noticeably up.

第二季是 Rumble 奠定基礎的季度。從用戶角度來看，我們的月活躍用戶數保持強勁，達到 5,100 萬，這是我們連續第八個季度突破 5,000 萬大關。與 Google Universal Analytics 2023 年第二季（中期選舉後）的數據相比，我們的每月活躍用戶數量明顯上升。

Most importantly, this was our first full quarter without America's and Rumble's largest live streamer, Dan Bongino. Dan's transition to the administration speaks to his leadership, and while we're incredibly proud and supportive of his journey, the real story is this, Rumble didn't miss a beat. That speaks volumes about the depth of our crater base and the stickiness of our platform.

最重要的是，這是我們第一個沒有美國和Rumble最大的主播丹·邦吉諾（Dan Bongino）的完整季度。丹向政府的過渡證明了他的領導能力，雖然我們為他的旅程感到無比自豪和支持，但真正的故事是，Rumble絲毫沒有受到影響。這充分說明了我們平台的深厚基礎和用戶黏性。

From a monetization perspective, we delivered $25.1 million in revenue, up about 12% year over year and also up sequentially quarter over quarter, a result I'm incredibly proud of, especially as we lap the election year surge.

從貨幣化角度來看，我們的營收為 2,510 萬美元，年成長約 12%，並且比上一季有所成長，我對這一結果感到無比自豪，尤其是在我們迎來選舉年高峰之際。

On our previous calls, I discussed the vibe shift in corporate America as a potential tailwind for our business, fueling our growth. Although we are still early, this critical transition is manifesting itself in unique ways. I've previously mentioned some early progress with brands such as Chevron, which has committed to re-upping their campaign and America's largest injury firm Morgan and Morgan onboarded in Q2.

在先前的電話會議中，我討論了美國企業氛圍的轉變，認為這可能是我們業務的順風，能夠推動我們的成長。雖然我們仍處於起步階段，但這項關鍵轉型正以獨特的方式展現出來。我之前提到過一些早期進展，例如雪佛龍承諾重啟其宣傳活動，以及美國最大的傷害保險公司摩根大通 (Morgan and Morgan) 在第二季度加入。

This quarter we saw a major theme, partnerships, just like the uphill battle of brands and has been very challenging to build up partnerships with other companies, which forced us to find growth in isolation. Now in this new environment, we are creating an ecosystem and making meaningful progress in building out partnerships that will lay a strong foundation for growth.

本季度，我們看到一個重要主題—合作關係。就像品牌之間的艱苦奮鬥一樣，與其他公司建立合作關係一直非常具有挑戰性，這迫使我們只能孤立地尋求成長。現在，在新的環境下，我們正在建立一個生態系統，並在建立合作夥伴關係方面取得了有意義的進展，這將為成長奠定堅實的基礎。

For the first time, I can say it feels like we have increasing momentum in this aspect of our business. Let me highlight a few wins. First, Cumulus Media. We've inked a strategic partnerships spanning Cumulus radio stations, Westwood One and the Cumulus Podcast Network. This is a multi-pronged partnership allows our respective sales teams to work hand in hand unlocking new ad opportunities while bringing Cumulus premium content to Rumble.

我第一次感覺到我們在這方面的業務勢頭強勁。讓我來重點介紹幾個成功案例。首先是 Cumulus Media。我們已經與 Cumulus 廣播電台、Westwood One 和 Cumulus Podcast Network 簽署了策略合作夥伴關係。這項多管齊下的合作使我們各自的銷售團隊能夠攜手合作，開拓新的廣告機會，同時將 Cumulus 的優質內容引入 Rumble。

Second, we've signed a broad ranging agreement with a leading AI player from an advertising partnership to a tech integration. This is not related to last night's announcement but continues to demonstrate how bold, ambitious and committed we are on the AI front. We'll be providing more details later in the quarter, but this is the most we can say about that at this moment.

其次，我們與一家領先的人工智慧公司簽署了一項內容廣泛的協議，涵蓋廣告合作和技術整合等多個領域。這與昨晚的公告無關，但進一步彰顯了我們在人工智慧領域的大膽、雄心和決心。我們將在本季稍後公佈更多細節，但目前我們能透露的也就這些了。

Now Tether, no partnership has more overall impact right now. In the second quarter, Tether began advertising on Rumble and is helping accelerate our most exciting upcoming launch, the Rumble Wallet.

現在，沒有哪個合作夥伴能像 Tether 一樣，對整體影響如此之大。第二季度，Tether 開始在 Rumble 上投放廣告，並正在協助我們即將推出的令人興奮的 Rumble 錢包的加速發布。

Launching in Q3, Rumble Wallet will be a non-custodial wallet used initially for tipping craters on the Rumble video platform with Bitcoin, Tethers USDT and Tether Gold. For those unfamiliar with non-custodial wallets, they allow you to directly own your cryptocurrencies and are not reliant on a centralized authority for access.

Rumble Wallet 將於第三季上線，是一款非託管錢包，最初將用於在 Rumble 視訊平台上使用比特幣、Tether USDT 和 Tether Gold 進行交易。對於那些不熟悉非託管錢包的人來說，它們允許您直接擁有自己的加密貨幣，並且不依賴中心化機構的存取。

This shared decentralized philosophy is a cornerstone of the Rumble Tether partnership. As we launch Rumble Wallet, we plan to activate the full Rumble community and also get very aggressive with onboarding new creators. We will do this by leveraging Rumble Studio to enable promotional Rumble Wallet ad reads at scale. Think about how everyone wins here.

這種共享的去中心化理念是 Rumble Tether 合作夥伴關係的基石。隨著 Rumble Wallet 的上線，我們計劃啟動整個 Rumble 社區，並積極吸收新的創作者。我們將利用 Rumble Studio 來實現這一目標，從而實現 Rumble Wallet 推廣廣告的規模閱讀。想想看，這是多麼互利共贏的局面。

On one side, creators use Rumble Studio to multi-stream to all platforms, including Rumble. They then perform Rumble Wallet ad reads to generate revenue. On the flip side, Rumble side, more people are streaming to Rumble, more people are watching content on Rumble, and Rumble Wallet is being promoted and endorsed across the internet.

一方面，創作者使用 Rumble Studio 向包括 Rumble 在內的所有平台進行多播。然後，他們播放 Rumble Wallet 的廣告來獲取收益。另一方面，在 Rumble 方面，越來越多的人在 Rumble 上進行直播，越來越多的人在 Rumble 上觀看內容，Rumble Wallet 也在網路上得到推廣和認可。

As previously stated, Tether has already begun advertising in Q2 with Rumble. With Rumble Wallet, we anticipate that this will grow in future quarters. As you can imagine, we believe and anticipate Rumble Wallet will ignite growth for Rumble's video platform both domestically and internationally.

如前所述，Tether 已於第二季開始與 Rumble 合作進行廣告宣傳。隨著 Rumble 錢包的推出，我們預計未來幾季的廣告宣傳將進一步成長。正如您所想的，我們相信並預期 Rumble 錢包將協助 Rumble 視訊平台在國內外市場的成長。

As part of this launch, in keeping with our theme of partnerships, I wanted to discuss MoonPay. MoonPay will power all crypto on and off ramps within Rumble Wallet, enabling seamless buy, sell and swap functionality. MoonPay's creative agency OtherLife will also leverage Rumble Cloud for next-gen object storage and decentralized compute.

作為此次發表會的一部分，為了延續我們合作關係的主題，我想談談 MoonPay。 MoonPay 將為 Rumble 錢包內的所有加密貨幣交易提供動力，實現無縫的買賣和兌換功能。 MoonPay 的創意機構 OtherLife 也將利用 Rumble Cloud 實現下一代物件儲存和去中心化運算。

Bottom line, partnerships are no longer a someday goal. They're here, they're expanding, and they're creating a meaningful foundation for our next phase of growth. Finally, this leads me to Rumble Cloud and AI.

總而言之，合作夥伴關係不再是某一天的目標。它們就在這裡，正在擴張，並為我們下一階段的成長奠定了有意義的基礎。最後，這讓我想到了 Rumble Cloud 和 AI。

This has obviously been a huge focus of ours. It is clear that AI is going to change the world, and if anyone is not aggressively getting into this space, they'll become irrelevant very quickly. We have very ambitious plans around this space, particularly how it pertains to our cloud business, which I believe to be the most underappreciated part of our business today.

這顯然一直是我們關注的重點。人工智慧無疑將改變世界，如果有人不積極進入這個領域，很快就會被淘汰。我們在這個領域制定了雄心勃勃的計劃，尤其是它與雲端業務的關係，我認為這是我們目前業務中最被低估的部分。

To sum it up, our core business continues to demonstrate its stickiness despite coming off a monumental election year. We made significant strides with a diverse set of partnerships to set us up for future growth. We continue to expand our partnership with Tether, which is aligned with our long-term vision. And with Rumble Wallet launching soon, we're accelerating a new phase of growth.

總而言之，儘管經歷了意義重大的選舉年，我們的核心業務依然展現出其強大的黏性。我們與多元化的合作關係取得了顯著進展，為未來的成長奠定了基礎。我們將繼續拓展與Tether的合作關係，這符合我們的長期願景。隨著Rumble Wallet即將上線，我們正在加速邁入新的成長階段。

Since the transaction with Tether closed, our mandate has changed. YouTube has Google, CoreWeave has Microsoft, Anthropic has Amazon, and now Rumble has Tether. We've always been ambitious, but today we're in a new position. Our mandate is growth, and unlike big tech, it will be aggressive growth while also protecting a free and open internet.

自從與 Tether 的交易完成後，我們的使命發生了變化。 YouTube 有谷歌，CoreWeave 有微軟，Anthropic 有亞馬遜，現在 Rumble 有 Tether。我們一直雄心勃勃，但今天我們處於一個新的位置。我們的使命是成長，與大型科技公司不同，我們將在積極成長的同時，保護自由開放的網路。

With that, I'll turn it over to Brandon and walk through the financials.

說完這些，我會把麥克風交給布蘭登，並介紹一下財務狀況。

Thanks, Chris. I'll now take you through our second quarter 2025 financials at a very high level before turning the call over to the operator for Q&A. We reported revenues of $25.1 million, a 12% increase year-over-year. This growth was primarily driven by a $1.7 million increase in audience monetization revenues and a $0.9 million increase in other initiatives.

謝謝，克里斯。現在，我將為您簡要介紹我們2025年第二季的財務狀況，然後將電話交給接線員進行問答。我們報告的收入為2510萬美元，年增12%。這一成長主要得益於觀眾貨幣化收入增加170萬美元，以及其他項目增加90萬美元。

The increase in audience monetization revenue is due to an increase from Rumble premium and local subscriptions, licensing and shipping, offset by advertising revenue. Revenue from other initiatives grew $0.9 million, reflecting further traction in our Cloud business.

觀眾變現收入的成長得益於 Rumble 高級訂閱、本地訂閱、授權和配送業務的成長，但被廣告收入抵消。其他業務收入成長了 90 萬美元，反映出我們雲端業務的進一步成長。

ARPU increased to $0.42, up 24% sequentially, a positive indicator of our enhanced monetization strategy attributable to higher subscription and licensing revenue. Cost of services improved 26% year-over-year to $26.5 million, primarily from a $10.1 million reduction in programming and content expenses, partially offset by a $1 million increase in other costs, including publisher fees and payment processing.

每位用戶平均收入 (ARPU) 增至 0.42 美元，環比增長 24%，這體現了我們強化的貨幣化策略，這得益於訂閱和授權收入的成長。服務成本年增 26% 至 2,650 萬美元，主要原因是節目製作和內容支出減少了 1,010 萬美元，但其他成本（包括出版商費用和支付處理費用）增加了 100 萬美元，部分抵消了這一增長。

The decrease is primarily due to the expiration of various programming and content agreements. Adjusted EBITDA loss improved to $20.5 million compared to a loss of $28.7 million last year, an $8.2 million improvement primarily related to the previously mentioned increase in revenue and expiration of programming and content agreements.

下降主要由於多項節目及內容協議到期。調整後EBITDA虧損由去年的2,870萬美元降至2,050萬美元，年比去年的2,870萬美元淨虧損減少820萬美元，這主要與前文提到的營收成長以及節目及內容協議到期有關。

We ended the quarter with total liquidity of $306.4 million, including $283.8 million in cash and cash equivalents and $22.6 million in Bitcoin holdings. Our Bitcoin holdings are carried at fair value and remeasured each quarter.

本季末，我們的總流動資金為 3.064 億美元，其中包括 2.838 億美元的現金及現金等價物，以及 2,260 萬美元的比特幣持股。我們的比特幣持股以公允價值計量，每季重新計量。

Also, as it relates to cash, we used $17.5 million of cash and cash equivalents during the quarter. We have always been cautiously ambitious with capital deployment. As Chris mentioned, today, we're in a different position. With the incredible backing from Tether and significant resources at our disposal, we believe we have the opportunity to evaluate investing in aggressive growth.

此外，就現金而言，我們在本季使用了1750萬美元的現金和現金等價物。我們在資本配置方面一直保持謹慎和雄心勃勃的態度。正如克里斯所說，今天我們的情況有所不同。憑藉Tether的強大支持以及我們掌握的大量資源，我們相信我們有機會評估投資於積極成長型業務。

That concludes my prepared remarks. Before I turn the call over to the operator, I invite you all to join Chris this afternoon at 1:00 PM Eastern Time in an exclusive post-earnings interview with Matt Kohrs to be streamed live on the Matt Kohrs' Rumble channel.

我的準備好的發言到此結束。在將電話轉給接線員之前，我邀請大家今天下午東部時間1:00，參加Chris對Matt Kohrs的獨家財報發布後專訪，該專訪將在Matt Kohrs的Rumble頻道進行直播。

Operator, we're now ready to open the line for questions.

接線員，我們現在可以接受提問了。

(Operator Instructions) Jason Helfstein, Oppenheimer.

（操作員指示）Jason Helfstein，奧本海默。

Hey, everybody. I've got a few questions. So just maybe let me ask them one at a time. So you saw a nice advertising growth in the second quarter. Can you give us an update on RAC? When could we see an acceleration in advertising? And this is all one question, a long one.

大家好。我有幾個問題，我先一個一個問。您看到第二季的廣告業務成長不錯。能介紹一下RAC的最新狀況嗎？什麼時候我們能看到廣告業務加速成長？這是一個很長的問題。

And then, Chris, you didn't really talk that much about advertising in your prepared remarks. Should we assume or should investors assume that advertising is going to become a lower priority post the Northern data announcement in your comments about Tether. So that's question one, and then two more follow-ups.

然後，克里斯，你在準備好的發言中並沒有過多地談論廣告。我們是否應該假設，或者投資者是否應該假設，Northern數據發布後，廣告業務的優先順序會降低？這是第一個問題，之後還有兩個後續問題。

Hey, Jason. This is Chris. The answer to the latter part of your question is no. Advertising will still a very high priority here. And in fact, we're seeing signs, a lot of signs that CPMs should start moving up as we go into future quarters and in future years.

嘿，傑森。我是克里斯。你問題後半段的答案是否定的。廣告仍然是我們業務的重中之重。事實上，我們看到很多跡象表明，隨著未來幾季乃至未來幾年，每千次展示費用（CPM）應該會開始上升。

But specifically to answer your question about RAC, one of the things that RAC was lacking prior to, I would say, 2025 is that we didn't really have the ability to connect with the SSPs and be able to bring our advertising inventory outside of our network and be able to monetize that well on their publishing sites as well.

但具體回答你關於 RAC 的問題，我想說，2025 年之前 RAC 所缺乏的一件事是，我們實際上沒有能力與 SSP 建立聯繫，無法將我們的廣告庫存帶到我們的網絡之外，也無法在他們的發佈網站上很好地將其貨幣化。

What we're seeing now in Q2, most specifically in Q3 is that we're seeing a lot more publisher inventory come into RAC, and we're also thinking partnerships with SSPs like PubMatic, et cetera. So there's a lot of partnership activity happening right now in the background of RAC on both ends of the advertising and the inventory side.

我們在第二季度，尤其是第三季度看到，越來越多的出版商庫存進入了RAC，我們也在考慮與PubMatic等SSP建立合作夥伴關係。所以，目前在RAC的背景下，廣告和庫存兩端都有很多合作活動正在進行中。

So I actually see it as a very big potential growth opportunity in the coming quarters and years for us. And it's definitely something that is extremely high priority within the company.

所以我認為，這對我們來說是未來幾季乃至幾年的一個巨大潛在成長機會。這絕對是公司高度重視的事情。

Okay. And then just on your comment about creators, looking at onboard meaningfully more creators, I guess the question is are you looking to find creators who are like not monetizing on their existing platforms or that you plan to offer better monetization terms or both? I mean, it seems like -- I guess, it's like where are these content creators going to come from and how do you get them to join?

好的。然後，關於你關於創作者的評論，考慮到吸引更多創作者，我想問題是，你是想找到那些在現有平台上無法盈利的創作者，還是計劃提供更好的盈利條件，或者兩者兼而有之？我的意思是，這似乎……我想，問題是這些內容創作者從哪裡來？你如何讓他們加入？

Yeah. So there's multiple different mouse traps that we can use, particularly the main mouse trap will be Rumble Studio. So we won't be asking creators to come exclusively. We'll be asking them to use Rumble Studio where they can multistream across multiple different platforms.

是的。我們可以使用多種不同的“滑鼠陷阱”，其中最主要的“滑鼠陷阱”是 Rumble Studio。所以我們不會要求創作者只來。我們會要求他們使用 Rumble Studio，這樣他們就可以在多個不同的平台上進行多路串流播放。

And the major benefit here is that they will get paid to start promoting the Rumble Wallet, and that will give them a huge incentive to use Studio and obviously, they're generating revenue. So we see that as a real opportunity to kind of grow that creator portfolio in a very meaningful way.

這樣做最大的好處是，他們會因為推廣 Rumble Wallet 而獲得報酬，這將極大地激勵他們使用 Studio，而且顯然，他們正在創造收入。因此，我們認為這是一個真正的機會，可以以非常有意義的方式擴大創作者組合。

And obviously, this being backed by Tether, makes it much easier on our side to execute. So I see this as -- this is like a big plan internally for us. We're scoping that out as we speak right now. We're looking at which creators we want to target, which creators we want on board.

顯然，有了Tether的支持，我們執行起來就容易多了。所以我認為這對我們來說就像一個內部的宏大計劃。我們現在正在規劃這個計畫。我們正在研究我們想要瞄準哪些創作者，以及我們想要哪些創作者加入。

Obviously, all the Rumble creators are going to have this readily available to them. But what's really exciting is all the ones that are not on Rumble that we're going to target, and we're hearing interest that they're very interested in joining and becoming part of this. So the marketing initiative around this both by Rumble and Tether to deploy the Rumble Wallet is what's got everyone like super excited internally.

顯然，所有 Rumble 的創作者都能輕鬆使用這項功能。但真正令人興奮的是，所有尚未加入 Rumble 的用戶，我們目標用戶也非常感興趣，他們也非常有興趣加入並成為我們的一部分。因此，Rumble 和 Tether 圍繞著這項功能推出的行銷活動，以及部署 Rumble 錢包，讓每個人都感到非常興奮。

Okay. And last one, just, Brandon, on gross profit loss has improved meaningfully in the second quarter. Are we on track for positive gross profit in the second half? And can you talk about the path to positive EBITDA and free cash flow from here? Thanks.

好的。最後一個問題，布蘭登，關於毛利虧損，第二季已經有了顯著改善。我們下半年的毛利可望正成長嗎？您能談談接下來如何實現正EBITDA和自由現金流嗎？謝謝。

Yeah. Hey, Jason. So with the financial resources that we now have in place as well as our strong partnerships and resulting cash position, materially moving towards adjusted EBITDA breakeven is still important that we've spoken about before, but it's become a lesser relative priority as we evaluate investing into aggressive growth.

是的。嘿，傑森。因此，憑藉我們目前擁有的財務資源、強大的合作夥伴關係以及由此產生的現金狀況，實質地實現調整後EBITDA盈虧平衡仍然很重要，正如我們之前提到的，但在我們評估對積極增長的投資時，這已經變得相對不那麼重要了。

Okay. Any comments around gross profit margins like rest of the year or just gross profit?

好的。您對今年剩餘時間的毛利率或僅僅是毛利有什麼評論嗎？

Not planning on giving guidance around that specifically. But yes, you clearly saw an improvement this quarter as some of the larger creator agreements started to expire. And so, we are going to continue to evaluate our optionality going forward.

我不打算就此給予具體的指導。但是，隨著一些較大的創作者協議開始到期，本季的情況確實有所改善。因此，我們將繼續評估未來的選擇空間。

Francesco Marmo, Maxim Group.

Francesco Marmo，Maxim 集團。

Hi. Good morning, everybody. Thank you for taking my question and congrats on the quarter. One, two-fold question first on audience monetization and then one quick follow-up. So audience monetization, first part is MAU above being the way you were expecting to? I understand there's a lot of factors, political and non-political that impacted that and that cyclicality. But how is the evolution of MAU coming through compared to your internal expectation?

大家早安。感謝您回答我的問題，並祝賀本季取得佳績。首先我想問兩個問題，一個是關於使用者變現的，另一個是關於快速的後續問題。那麼關於用戶變現，首先我想問的是每月活躍用戶（MAU）是否高於您的預期？我知道有很多因素，包括政治和非政治因素，都會影響MAU的增幅，而且有週期性。但是，與你們的內在期望相比，MAU的演變情況如何？

And then the second part of that question is on ARPU. That 14% growth in ARPU is quite impressive. And I really appreciate the color around the growth in subscription. And I was wondering whether you guys could give us some color as of the initiatives that you guys are pursuing to get these results? Thank you.

問題的第二部分是關於ARPU（每用戶平均收入）。 ARPU成長14%非常令人印象深刻。我非常欣賞訂閱用戶成長的亮點。我想請問你們能否介紹一下你們為實現這些成果採取了哪些措施？謝謝。

Hi, Francesco. This is Chris. With respect to the MAUs, I would say we were very -- me personally, I was very impressed by the MAU number in Q2 only because when putting it against last year in an election year where politics and primaries were central focus, we don't really have that this year.

嗨，弗朗西斯科。我是克里斯。關於每月活躍用戶數，我想說我們非常——就我個人而言，我對第二季的月活躍用戶數非常印象深刻，因為與去年相比，今年的月活躍用戶數確實沒有那麼高。去年是選舉年，政治和初選是焦點，而今年的月活躍用戶數很低。

And more importantly, we lost our largest creator on the platform, Dan Bongino. So to be able to put growth year over -- to put $51 million, which is growth over the post midterm election Q2 number in 2023, I see that as a major win for us, especially not having Dan Bongino on the platform and being in a year that's absolutely as it doesn't have the same kind of election surge that you would see last year from primaries in the presidential election.

更重要的是，我們失去了平台上最大的創作者丹·邦吉諾。所以，能夠實現同比增長——比2023年中期選舉後第二季度增長5100萬美元，我認為這對我們來說是一個巨大的勝利，尤其是在沒有丹·邦吉諾在平台上的情況下，而且今年絕對沒有像去年總統大選那樣出現選舉熱潮。

So for me and the team, this was a very big number to accomplish for having a clean quarter without Dan. On the ARPU side, I would say one of the things that we've done really well since late last year is the execution of Rumble Premium and you're starting to see that take effect and hit on very well.

所以對我和團隊來說，在沒有Dan的情況下，我們這個季度能取得如此好的成績，已經非常不容易了。在ARPU方面，我想說，自去年年底以來，我們做得非常好的一件事就是Rumble Premium的實施，現在你開始看到它的效果，而且效果非常好。

So in order for Rumble Premium to have got to where it is today, what had to happen is we had to start bringing in mid-rolls and more audience monetization across the platform. And as we started bringing in more audience monetization across the platform through RAC, that's also propelled a Rumble Premium.

所以，為了讓 Rumble Premium 達到如今的規模，我們必須開始引入插播廣告，並在全平台上提升觀眾的變現能力。隨著我們透過 RAC 在整個平台上提升觀眾的變現能力，Rumble Premium 也得到了進一步的推動。

So we're seeing like a nice feedback loop there with respect to advertising and subscription, and it's really proving out to have a really good flywheel effect. So we're very, very confident that in the next couple of quarters. And as we get to the latter half of this year, as CPMs start moving up and advertiser demand starts increasing getting into the Q4 quarter, we'll see impact there.

因此，我們看到廣告和訂閱方面形成了良好的反饋循環，事實證明，它確實產生了非常好的飛輪效應。因此，我們非常有信心，未來幾季情況會有所改善。隨著今年下半年的到來，隨著每千次曝光費用 (CPM) 開始上升，廣告商需求在第四季度開始增長，我們將看到其影響。

Great. Thank you very much. That was extremely clear. And then one quick follow-up on the Rumble Wallet marketing initiatives. I assume that most of the initiatives clearly are going to take place on the Rumble platform. Did you mention that you're going to collaborate with your own creators? Is that going to be kind of the -- is that the main marketing approach you guys have planned?

太好了，非常感謝。你說得非常清楚。接下來我想快速跟進Rumble Wallet的行銷活動。我猜想大部分活動顯然都會在Rumble平台上進行。你有沒有提到你們會和自己的創作者合作？這會是你們計劃的主要行銷策略嗎？

So the marketing approach we have plan is definitely we're going to be using the creators on Rumble, and they'll be a big part of it. But we're definitely going to be looking off Rumble as well on the marketing approach and other platforms to use studio and be able to promote and endorse the Rumble Wallet and push the Rumble Wallet.

因此，我們計劃的營銷策略是，我們肯定會利用 Rumble 的創作者，他們會在其中發揮重要作用。但我們在行銷策略上也會參考 Rumble 以及其他平台，以便利用工作室來推廣、宣傳和推廣 Rumble 錢包。

So we're going to look very, very heavily off platform. And I would imagine that would help bring in more creators to Rumble, and we'll probably see more budget off platform just generally because it's so much larger as a TAM outside of Rumble, we'll be spending a lot outside of Rumble as well.

所以我們會非常非常重視平台外的資源。我想這將有助於吸引更多創作者加入 Rumble，而且我們可能會看到平台外的預算增加，因為 Rumble 之外的 TAM 規模更大，我們也會在 Rumble 之外投入大量資金。

But yes, the Rumble creators will be a big participant in this and a huge driver for us, but we're also looking forward to tapping into audiences that we don't currently have and bringing them on to Rumble.

但是的，Rumble 的創作者將會是這個領域的重要參與者，也是我們巨大的推動力，但我們也期待著挖掘我們目前還沒有的觀眾，並將他們帶到 Rumble。

It's really important to note that Rumble Wallet isn't just about growing Rumble Wallet per se, it's also a mechanism in which we think will drive growth towards rumble.com, the video platform because of the tipping because we'll be the first platform of this size to be doing BTC tips, USDT tips and because it will be a great advertising vehicle for creators on Rumble.

值得注意的是，Rumble Wallet 本身的意義不僅在於發展 Rumble Wallet，它也是一種機制，我們認為這種機制將推動 rumble.com 的成長，因為我們將成為第一個以這種規模提供 BTC 小費和 USDT 小費的平台，也因為它將成為 Rumble 上創作者的絕佳廣告載體。

Thank you so much. That's such a great answer. Like that's exactly the question I had in mind because ultimately, you're going to have that double effect for the Wallet itself, but then also a marketing opportunity for the platform itself. Is that the right way of thinking of it?

非常感謝。你的回答太棒了。這正是我想問的問題，因為最終，你會為錢包本身帶來雙重效果，同時也為平臺本身帶來行銷機會。這樣想對嗎？

Yeah. Absolutely, it really should drive Rumble itself. And one of the places where I think it will drive it more and where we have like so much market opportunity is international. We have no presence in international, but this will take us very international. And I anticipate to see a lot of growth internationally once we launch this.

是的。當然，它確實應該推動Rumble的發展。我認為它將進一步推動Rumble的發展，而我們擁有如此多的市場機會，其中之一就是國際市場。我們目前在國際市場還沒有業務，但這將使我們更加國際化。我預計，一旦我們推出這項服務，國際市場將大幅成長。

This is something that we've never really focused on before. But we have a really sizable audience here in the United States, but we plan to really have presence outside of the United States with the Rumble Wallet. And that backs into rumble.com more than anything.

這是我們以前從未真正關注過的事情。我們在美國擁有相當可觀的用戶，但我們計劃透過 Rumble Wallet 在美國以外地區真正擴展業務。這比任何事情都更有利於 rumble.com。

And that's what kind of gets us all really excited. We're hoping for MAU growth internationally. We're hoping for just a ton more usage of Rumble across international and domestic markets because the Rumble Wallet will be the catalyst for that.

這讓我們所有人都非常興奮。我們希望國際市場的每月活躍用戶數能夠成長。我們希望 Rumble 在國際和國內市場的使用量都能大幅成長，因為 Rumble 錢包將成為這一成長的催化劑。

Jason Helfstein, Oppenheimer.

奧本海默的傑森·赫爾夫斯坦。

I guess I figured I'd ask you a follow-up. Chris, just to your point that you think your current cloud business is underappreciated, underrecognized. Is there a way to size like how big -- again, not from a revenue standpoint, maybe from some kind of technical capacity standpoint, how big your cloud capacity is today versus that of Northern Data?

我想我應該問你一個後續問題。克里斯，剛才你說你認為你目前的雲端業務被低估了，沒有得到充分認可。有沒有辦法衡量一下──再說一次，不是從收入的角度，而是從某種技術能力的角度，看看你們目前的雲端容量與Northern Data相比有多大？

Yeah. I'm not going to get into too much with respect to Northern Data. But what I can say about the current Rumble Cloud is we're seeing like quite a lot of interest, and this is coming from not just governments and countries, we're also starting to see interest from large corporate entities. We've now entered into RFP processes with multiple governments and corporate entities.

是的。關於Northern Data，我不會談太多。但關於目前的Rumble Cloud，我可以說的是，我們看到了相當多的興趣，這不僅來自政府和國家，我們也開始看到一些大型企業實體的興趣。我們現在已經與多個政府和企業實體進入了RFP流程。

And what we're noticing is that we're in groups that include Amazon, Google, Microsoft, Rumble and it's just like the four of us and maybe another player. We're starting to see that we're in these peer groups, and we're starting to compete against them. And we're talking very, very large opportunities.

我們注意到，我們身處的這個群體包括亞馬遜、Google、微軟和Rumble，就像我們四家公司加上其他競爭對手一樣。我們開始意識到自己處於這些同行群體中，並開始與他們競爭。我們談論的是非常非常大的機會。

And just like we did with El Salvador, we're starting to work with them. We anticipate that this could snowball into becoming something much larger in the next year or two. And as you know, these RFP processes are long, especially when it comes to governments, it takes time.

就像我們與薩爾瓦多合作一樣，我們也開始與他們合作。我們預計，在未來一兩年內，這可能會像滾雪球一樣，發展成一個更大的項目。如你所知，這些項目徵求建議書（RFP）的流程很長，尤其是涉及政府計畫時，更需要時間。

But we're in the middle of a lot of these, and that's got us really, really excited. And I think it's something that the market doesn't quite see what's happening in the background, but we're in the middle of some pretty interesting RFPs.

但我們正處於其中的許多項目之中，這讓我們非常非常興奮。我認為市場可能不太了解幕後發生的事情，但我們正在進行一些相當有趣的招標書（RFP）。

There are no further questions at this time. Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.

目前沒有其他問題。女士們，先生們，今天的電話會議到此結束。非常感謝各位的參與。現在可以掛斷電話了。