RUM Group Inc. (RUM) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Rumble Incorporated's Q4 2025 earnings call conference call. (Operator Instructions) This call is being recorded on March 5, 2026.

各位女士、先生，下午好，歡迎參加 Rumble Incorporated 2025 年第四季財報電話會議。(操作員指示) 本次通話將於 2026 年 3 月 5 日錄音。

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 投資人關係部的 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 fourth-quarter and full-year 2025 results was released today and available on our Investor Relations website.

謝謝，操作員。今天與我一同出席的有 Rumble 創辦人、董事長兼執行長 Chris Pavlovski，以及財務長 Brandon Alexandroff。我們已於今日發布新聞稿，詳述 2025 年第四季與全年業績，並已上架於我們的投資人關係網站。

Before we begin the formal presentation, I would like to 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 in 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.

在我們開始正式簡報之前，我想提醒各位，本次通話中的陳述可能包含預測、估計或其他可能被視為前瞻性之資訊。所有前瞻性陳述僅以本次通話日期為準，並應結合公司在財報新聞稿中的警示性陳述，以及我們向美國證券交易委員會（SEC）申報文件中所列因素一併考量。公司未來更新將透過新聞稿及公司指定的社群媒體管道發布。

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

現在我把電話交給 Rumble 創辦人、董事長兼執行長 Chris Pavlovski。

Good afternoon, everyone, and thank you for joining us. 2025 was a year where my team went heads down building and expanding the Rumble product, building out our sales operation and putting together assets that would transform Rumble into an impactful player in cloud. I'm happy to say we've successfully executed on these initiatives.

各位下午好，感謝各位加入我們。2025 年，我的團隊全力投入於打造與擴展 Rumble 產品、建立我們的銷售營運，並整合能讓 Rumble 在雲端領域成為具影響力玩家的資產。我很高興地表示，我們已成功執行這些計畫。

As we enter 2026, we have reached a critical inflection point, and Rumble is now primed for a new era of aggressive growth. I'm going to start with three Rumble video product initiatives that have been completed and a growth update.

進入 2026 年，我們已到達關鍵拐點，Rumble 現在已蓄勢待發，準備迎接一個積極成長的新時代。我將先從三項已完成的 Rumble 影音產品計畫與成長近況更新開始。

First, we addressed user feedback to make the platform more resilient. Our design, interface, stability, and features are now far more competitive with YouTube and even exceeding in specific areas.

第一，我們針對使用者回饋進行改善，使平台更具韌性。我們的設計、介面、穩定性與功能，如今與 YouTube 相比更具競爭力，甚至在特定領域更勝一籌。

Second, launching Rumble Wallet with Tether to become the first major platform to allow tipping in Bitcoin, USD Tether, and Tether Gold was another key initiative that we brought to the public in the first week of 2026. By leveraging Tether's stablecoin technology, we now have a solution for creators to bypass the friction and predatory fees of traditional payment rails.

第二，我們與 Tether 推出 Rumble Wallet，成為首個允許以比特幣、美元泰達幣（USD Tether）與泰達黃金（Tether Gold）打賞的主要平台；這也是我們在 2026 年第一週向大眾推出的另一項關鍵計畫。藉由運用 Tether 的穩定幣技術，我們現在為創作者提供一套解決方案，得以繞過傳統支付軌道的摩擦與掠奪性費用。

Third, Rumble Shorts. After carefully listening to our community, we introduced Rumble Shorts to deliver better user discovery of content. Rumble Shorts are short vertical videos that play in a continuous swipeable feed, which introduces a fast, engaging way to watch and interact. Users can easily consume shorts from their favorite content creators, discover new ones, and send tips through Rumble Wallet, which fuels platform growth and enables monetization.

第三，Rumble Shorts。在仔細聆聽社群意見後，我們推出 Rumble Shorts，以提升使用者對內容的探索與發現。Rumble Shorts 是短篇直式影片，會在可連續滑動的動態資訊流中播放，帶來快速且具吸引力的觀看與互動方式。使用者可以輕鬆觀看喜愛創作者的短片、發掘新創作者，並透過 Rumble Wallet 打賞，進而推動平台成長並實現變現。

After being in a non-election year and moving into a midterm election year, early signs are showing that growth is back. In Q4, MAUs are up quarter over quarter, driven primarily by international growth. And more recently, less than 10 days ago, Rumble hit a new all-time high of concurrent streamers on the platform. Dan Bongino is back as of February, and Asmongold, a top Twitch streamer, expressed that he is going to be joining Rumble.

在經歷非選舉年並邁入期中選舉年之際，早期跡象顯示成長已回歸。第四季 MAU（每月活躍用戶）較前一季成長，主要由國際市場成長所帶動。而更近期地說，就在不到 10 天前，Rumble 平台同時直播者數量創下歷史新高。Dan Bongino 自 2 月起回歸，而 Twitch 頂尖實況主 Asmongold 也表示他將加入 Rumble。

But it doesn't end there. After only a month since the launch of Rumble Shorts on the web and only a little more than a week or two on Android and iOS, the results are staggering. Rumble Shorts has been delivering records. And to quantify that, as of this past weekend, it broke the 1 million unique video views milestone in a single day, up from 669,000 only one week prior. It's still very early, but our teams are blown away with the success we've seen so far. We plan to market Rumble Shorts heavily given the stickiness and early response from our core audience.

但這還不止。Rumble Shorts 在網頁端上線僅一個月、在 Android 與 iOS 上線也僅一到兩週多，成果就令人震撼。Rumble Shorts 持續刷新紀錄。具體而言，截至上週末，單日獨立影片觀看數突破 100 萬次里程碑，較前一週的 66.9 萬次大幅提升。目前仍屬非常早期，但我們的團隊對迄今所見的成功感到驚喜。鑑於核心受眾的黏著度與早期回饋，我們計畫大力行銷 Rumble Shorts。

Now, on to sales. Regarding our sales organization, as we have mentioned many times, prior to the 2024 election, brand sales faced significant headwinds. Since the '24 election, some of those headwinds have shifted into distinct tailwinds as we captured several brands, including Netflix, Morgan and Morgan, Perplexity, Crypto.com, and most recently, we've added Paramount, Amazon Prime, and Fox Nation.

接下來談銷售。關於我們的銷售組織，如同我們多次提到的，在 2024 年選舉之前，品牌銷售面臨顯著逆風。自 2024 年選舉以來，其中部分逆風已轉為明確順風；我們成功拿下多個品牌，包括 Netflix、Morgan and Morgan、Perplexity、Crypto.com，而最近也新增了 Paramount、Amazon Prime 與 Fox Nation。

To capture this opportunity, we appointed Greg Sherrill as President of Sales, who has had senior leadership positions at Magnite, AT&T, and Comcast. Greg has already made strides in repositioning Rumble within the advertising ecosystem, improving our product as we seek to build meaningful integrations across demand-side platforms and supply side platforms and building a professionalized sales operation capable of converting our massive reach into high-value brand partnerships.

為把握此一機會，我們任命 Greg Sherrill 擔任銷售總裁；他曾在 Magnite、AT&T 與 Comcast 擔任資深領導職務。Greg 已在重新定位 Rumble 於廣告生態系中的角色方面取得進展，並在我們致力於跨需求方平台（DSP）與供給方平台（SSP）建立有意義的整合之際，持續改善產品，同時打造更專業化的銷售營運，以將我們龐大的觸及轉化為高價值的品牌合作夥伴關係。

While we work through the product development cycles, partnership, and sales pipelines, we expect to see the returns in the back half of '26 and primarily into 2027. In the meantime, our content teams have been working diligently to capitalize on our recently announced $50 million per year advertising deal with Tether over the next two years.

在我們推進產品開發週期、合作夥伴關係與銷售管線的同時，我們預期回報將在 2026 年下半年開始顯現，並主要延伸至 2027 年。同時，我們的內容團隊也正努力把握我們近期宣布、未來兩年每年 5,000 萬美元、合計 1 億美元的 Tether 廣告合作案。

The strategy is simple: use the $100 million commitment as the advertising anchor to bring in incremental major influencers and podcasters to the platform. It's an incredible opportunity for the company, and we have been laying the foundation in recent months to capture this revenue opportunity. We expect this to materially ramp in the second and third quarter.

策略很簡單：以這 1 億美元承諾作為廣告錨點，吸引更多大型影響者與播客加入平台。這對公司而言是難得的機會，我們近幾個月已在奠定基礎，以掌握這項營收機會。我們預期第二季與第三季將出現顯著的成長加速。

The excitement for Rumble as a video platform and the sales infrastructure being put into place is at the highest we've seen it. Growth is back and the platform has never been more ready to capture the moment as we move into the midterm election year.

我們對 Rumble 作為影音平台的期待，以及正在建置的銷售基礎設施，其熱度已達到我們所見的最高水準。成長已回歸，隨著我們邁入期中選舉年，平台從未像現在這樣準備好把握時機。

Now, let's talk about cloud, which is equally as exciting, but even more transformative. We continue to expect that our acquisition of Northern Data will close in the second quarter of this year, and we are as excited as ever about this transaction.

現在來談雲端，這同樣令人振奮，甚至更具轉型意義。我們仍預期對 Northern Data 的收購將於今年第二季完成交割，我們對這筆交易依然充滿期待。

Specifically, earlier today, Northern Data announced they are on pace for roughly 85% GPU utilization by the end of February 2026, which is an incredible accomplishment. This utilization represents the incredibly strong demand in the market.

具體而言，Northern Data 今日稍早宣布，預計到 2026 年 2 月底，其 GPU 使用率將達到約 85%，這是一項了不起的成就。此使用率反映出市場上極為強勁的需求。

Since finalizing the definitive agreement on November 10, 2025, we have met with several GPU-as-a-Service customers and presented the industrial logic for the acquisition. The reception has been quite positive, not only from a variety of such customers, but also key strategic suppliers in the GPU ecosystem. These market participants see significant value in Rumble's Northern Data acquisition and have expressed keen interest in Rumble delivering Blackwell generation GPUs.

自 2025 年 11 月 10 日簽署最終協議以來，我們已與多家 GPU 即服務（GPU-as-a-Service）客戶會面，並闡述此次收購的產業邏輯。市場反應相當正面，不僅來自多元的此類客戶，也包括 GPU 生態系中的關鍵策略供應商。這些市場參與者看見 Rumble 收購 Northern Data 的重大價值，並表達對由 Rumble 提供 Blackwell 世代 GPU 的高度興趣。

Furthermore, many of these customers and suppliers have expressed the desire to begin working together as soon as possible. The pace and size of this growing pipeline, including strong Blackwell demand has been extremely encouraging. The pipeline in Northern Data's improved utilization demonstrates the level of growing GPU-as-a-Service demand, and Rumble couldn't be better positioned to serve it.

此外，許多客戶與供應商也表達希望儘快開始合作。這條不斷成長的管線之速度與規模（包括強勁的 Blackwell 需求）令人極為振奮。Northern Data 使用率的提升所反映的管線狀況，顯示 GPU 即服務需求正在成長，而 Rumble 的布局再適合不過，足以提供服務。

As I said when we announced we're going public, Rumble's ambition was to compete with YouTube, Google Ads, and all the hyperscalers. With the addition of Rumble Shorts, we can now add TikTok to the list. Every day, our team continues to build is one day closer to realizing that vision.

正如我們宣布上市時所說，Rumble 的企圖心是與 YouTube、Google Ads 以及所有超大規模雲端服務商競爭。隨著 Rumble Shorts 的加入，我們現在也可以把 TikTok 納入名單。每天，我們團隊持續建置的每一步，都讓我們更接近實現那個願景。

As we move through 2026, I think it's important to contextualize the hand we have. Midterm elections are around the corner, and our video platform is in the best state it's ever been to capture the potential audience growth.

隨著我們邁入 2026 年，我認為有必要把我們目前手上的牌放在脈絡中來看。期中選舉即將到來，而我們的影音平台正處於史上最佳狀態，足以掌握潛在的受眾成長。

Second, our sales team is energized by a favorable ad market.

第二，我們的銷售團隊因有利的廣告市場而士氣高昂。

Third, we expect Tether's advertising commitment to materially start to ramp in the second and third quarter.

第三，我們預期 Tether 的廣告承諾將在第二季與第三季開始顯著加速放量。

Fourth, we expect our acquisition of Northern Data to close in the second quarter of 2026, which we strongly believe will be transformative and redefine our revenue profile.

第四，我們預期對 Northern Data 的收購將於 2026 年第二季完成交割；我們堅信這將帶來變革性影響，並重新定義我們的營收結構。

Fifth, as detailed in Northern Data's announcement earlier today, Northern Data is nearing 85% GPU utilization, evidencing extremely, extremely high GPU demand.

第五，如同 Northern Data 今日稍早的公告所述，Northern Data 的 GPU 使用率已接近 85%，顯示 GPU 需求極其、極其強勁。

Sixth, multiple customers and suppliers have expressed interest in working together on GPU-as-a-Service opportunities as soon as possible.

第六，多位客戶與供應商已表達希望儘快合作推動 GPU-as-a-Service（GPU 即服務）機會。

And seventh, Rumble Shorts is on absolute fire. I have to say it's never been more exciting to be at the helm of this company, and I cannot wait to see what this company looks like later in the year.

第七，Rumble Shorts 正在全面爆發。我必須說，帶領這家公司從未像現在這麼令人振奮，我迫不及待想看看今年稍晚這家公司會呈現什麼樣貌。

I will now take you through our fourth quarter and full year 2025 financials at a very high level before turning the call over to the operator for Q&A.

在把電話會議交給接線員進行問答之前，我將先以高層次帶各位快速回顧我們 2025 年第四季與全年財務表現。

For the full year 2025, we reported revenues of $100.6 million, an increase of 5% compared to $95.5 million in 2024. Our first time achieving this $100 million milestone. For the fourth quarter, we reported revenues of $27.1 million, a sequential increase of 9% from $24.8 million in the third quarter of 2025 and a year-over-year decrease of $3.2 million, of which $2.8 million was attributable to a decrease in audience monetization revenues and $0.4 million to lower other initiatives revenues.

2025 全年，我們營收為 1.006 億美元，較 2024 年的 9,550 萬美元成長 5%。這是我們首次達成 1 億美元的里程碑。第四季營收為 2,710 萬美元，較 2025 年第三季的 2,480 萬美元季增 9%，但年減 320 萬美元；其中 280 萬美元來自受眾變現營收下降，40 萬美元來自其他計畫營收較低。

The fourth-quarter year-over-year decrease in audience monetization revenues was driven by a $5.5 million reduction in advertising, tipping, and platform hosting fees, partially offset by a $2.7 million increase in subscription and licensing fees. The decrease in other initiatives revenues was due to a $0.5 million reduction in advertising inventory monetized by our publisher network, partially offset by a $0.1 million increase in cloud services.

第四季受眾變現營收的年減，主要是廣告、打賞與平台託管費合計減少 550 萬美元所致，部分被訂閱與授權費增加 270 萬美元所抵銷。其他計畫營收的下降，係因由我們出版商網路變現的廣告庫存減少 50 萬美元，部分被雲端服務增加 10 萬美元所抵銷。

ARPU increased to $0.46 for the fourth quarter, up 2% sequentially from the third quarter of 2025, a continued positive indicator of our monetization progress. Average global MAUs reached 52 million for the quarter, an 11% sequential increase from Q3, driven primarily by our initial investment in international expansion.

第四季 ARPU 提升至 0.46 美元，較 2025 年第三季季增 2%，持續顯示我們變現進展的正向指標。本季全球平均 MAU 達 5,200 萬，較 Q3 季增 11%，主要由我們對國際擴張的初期投資所帶動。

Cost of services in the fourth quarter decreased 26% year over year to $25.6 million, primarily from an $8.8 million reduction in programming and content expenses. For the full year, cost of services decreased by $31.1 million to $107.4 million, primarily from a $33.9 million reduction in programming and content expenses, offset by an increase in other cost of services of $2.8 million.

第四季服務成本年減 26% 至 2,560 萬美元，主要來自節目與內容費用減少 880 萬美元。全年服務成本減少 3,110 萬美元至 1.074 億美元，主要來自節目與內容費用減少 3,390 萬美元，但被其他服務成本增加 280 萬美元所抵銷。

Adjusted EBITDA loss for the fourth quarter was $16 million compared to a loss of $13.4 million in the fourth quarter of 2024. For the full year of 2025, adjusted EBITDA loss improved to $74.3 million compared to a loss of $92.1 million in '24, an improvement of $17.8 million, primarily driven by the reduction in programming and content expenses and revenue growth.

第四季調整後 EBITDA 虧損為 1,600 萬美元，對比 2024 年第四季虧損 1,340 萬美元。2025 全年調整後 EBITDA 虧損改善至 7,430 萬美元，相較於 2024 年的虧損 9,210 萬美元，改善 1,780 萬美元，主要由節目與內容費用下降及營收成長所帶動。

You will see in our financial statements a net loss for the fourth quarter of $32.7 million, which compares to a net loss of $236.8 million in the fourth quarter of 2024. I want to note that the prior year figure included $184.7 million in the change in fair value of derivative liability related to the Tether strategic investment.

你們會在我們的財務報表中看到第四季淨損為 3,270 萬美元，相較於 2024 年第四季淨損 2.368 億美元。我想特別說明，前一年數字包含與 Tether 策略投資相關之衍生負債公允價值變動 1.847 億美元。

We ended the quarter with total liquidity of $256.4 million, including $237.9 million in cash and cash equivalents and $18.5 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性為 2.564 億美元，其中包含 2.379 億美元的現金及約當現金，以及 1,850 萬美元的比特幣持有部位。我們的比特幣持有部位以公允價值入帳，並於每季重新衡量。

For the full year, net cash used in operating activities was $70.4 million, an improvement from $87 million in 2024. As Chris described, we entered 2026 with momentum across video, advertising and cloud. The Tether advertising commitment, the build-out of our sales operation under Greg Sherrill, and the pending Northern Data acquisition all represent meaningful catalysts for revenue growth. We have the liquidity, the strategy, and the team to capitalize on each of them.

全年而言，營運活動使用的淨現金為 7,040 萬美元，較 2024 年的 8,700 萬美元有所改善。如 Chris 所述，我們帶著影音、廣告與雲端三方面的動能進入 2026 年。Tether 的廣告承諾、在 Greg Sherrill 領導下擴建的銷售體系，以及尚待完成的 Northern Data 收購，皆是推動營收成長的重要催化劑。我們具備足夠的流動性、策略與團隊，能把握每一項機會。

That concludes my prepared remarks. Before I turn the call over to the operator, I invite you all to join Chris this afternoon at 6:30 PM Eastern Time in an exclusive post-earnings interview with Matt Kohrs to be streamed live on the Matt Kohrs Rumble channel.

以上是我事先準備的發言。在我把電話會議交給接線員之前，也邀請各位今天下午美東時間 6:30 與 Chris 一起參加由 Matt Kohrs 主持的財報後獨家專訪，並將在 Matt Kohrs 的 Rumble 頻道進行直播。

That concludes my prepared remarks. Operator, we're now ready to open the line for questions.

以上是我事先準備的發言。接線員，我們現在準備開放提問。

(Operator Instructions) Thomas Forte, Maxim Group.

(接線員指示) Thomas Forte，Maxim Group。

Great. So first off, Chris and Brandon, congrats on the broad-based momentum. I have three questions. I'll go one at a time. The first question I had is, how is the addition of Greg Sherrill as your first President of Sales for Rumble Advertising expected to change your go-to-market strategy?

很好。首先，Chris 和 Brandon，恭喜你們在多個面向都展現出動能。我有三個問題。我會一次問一個。第一個問題是，任命 Greg Sherrill 擔任 Rumble Advertising 的首任銷售總裁，預期將如何改變你們的市場進入（go-to-market）策略？

Hey, Tom, this is Chris. Thanks for the question. So traditionally, Rumble prior to the 2024 election was not pursuing brand dollars for various different reasons, mostly because we are boycotted and weren't able to work with a lot of the agencies prior to the 2024 election. That has completely changed post-2024 election. So the environment is much different.

嗨，Tom，我是 Chris。謝謝你的提問。傳統上，Rumble 在 2024 年選舉之前，基於各種原因並未積極爭取品牌廣告預算，主要是因為我們遭到抵制，且在 2024 年選舉前無法與許多代理商合作。在 2024 年選舉之後，這一切已完全改變。因此，環境已大不相同。

And as I stated earlier, a lot of brands have started to work with us that I previously mentioned. And the idea with Greg now is to finally go on the offense to those agencies and start bringing the ad dollars not by taking phone calls, but by going and being proactive and going to the top and the largest agencies in the world and getting those ad dollars into the Rumble advertising center, both for video, for our publishers, for eventually our new Rumble Shorts product, et cetera.

而且如我先前所說，許多品牌已開始與我們合作，我之前也提到過。現在有了 Greg 的構想，是終於要對這些代理商採取主動進攻，開始把廣告預算帶進來——不是被動接電話，而是主動出擊，直接拜訪全球頂尖、規模最大的代理商，把廣告預算導入 Rumble Advertising Center（RAC），涵蓋影音、我們的出版商，並最終延伸到我們新的 Rumble Shorts 產品等等。

So the strategy going forward is it's going to be very much on the offense, and it's going to be going and getting net new ad dollars from big brands.

因此，未來的策略將非常偏向主動進攻，並且要從大型品牌取得淨新增的廣告預算。

Excellent. And then you sort of teased my second question there. So how might a new content type such as Rumble Shorts serve as a catalyst for advertising revenue?

非常好。你剛才也算是鋪陳了我的第二個問題。那麼，像 Rumble Shorts 這樣的新內容型態，可能如何成為廣告營收的催化劑？

So in this stage right now, in this quarter and in the next quarter, we're going to keep advertising off Rumble Shorts and really kind of just press as hard as we can on the growth and see how far we can push that.

就目前這個階段，在本季以及下一季，我們會先讓 Rumble Shorts 保持不投放廣告，並且盡可能全力衝刺成長，看看能把成長推到多遠。

Obviously, we're seeing some pretty amazing internal results that I already went through. But coming later in the year in Q3 and Q4, my teams have already kind of developed what that is going to look like and how we're going to start inserting that. We're looking at taking a very similar approach to Instagram and TikTok in terms of integrating ads that will all come through RAC and maybe we might use some other partners to help us with that. But in the very short term, we're going to just kind of keep the ad load off until we get into the third quarter and kind of evaluate there.

顯然，我們已看到一些相當驚人的內部成果，我剛才也已經說明過。但在今年稍晚的 Q3 和 Q4，我的團隊其實已經大致規劃好會是什麼樣子，以及我們將如何開始導入。我們考慮採取與 Instagram 和 TikTok 類似的方式來整合廣告，並讓所有廣告都透過 RAC 進來；同時也可能會使用一些其他合作夥伴來協助。但就短期而言，我們會先維持較低的廣告負載，直到進入第三季再進行評估。

The last thing we want to do is kind of hinder this growth that we're seeing. So we're going to push that as high as we can and see where that takes us before integrating the ads. But the ad is definitely a component that is very important. We're going to need to monetize for the creators, and that is going to be something that we must do. I see us doing that by the end of the year.

我們最不希望做的事情，就是某種程度上阻礙我們目前看到的這股成長。所以在整合廣告之前，我們會盡可能把這個成長推到更高，看看能走到哪裡。但廣告絕對是一個非常重要的組成部分。我們需要為創作者實現變現，這是我們必須要做的事情。我認為我們會在年底前做到。

Excellent. And then last one for me, and thanks for taking my questions. So can you briefly explain how your current relationship with content creator and former Deputy Director, FBI, Dan Bongino, is similar to and different from your prior relationship before you left the platform to join the FBI?

很好。那我最後一個問題，也謝謝你回答我的問題。你能否簡要說明一下，你目前與內容創作者、以及前 FBI 副局長 Dan Bongino 的合作關係，與你離開平台加入 FBI 之前你們的既有關係有哪些相同與不同？

Yeah. So I can't get into the specifics of agreements, but I will say that prior to him going to the FBI, he brought his content onto the platform, and that was his choice. Post-FBI, we now have his content exclusively, the video podcast exclusively on the platform. That's as much as I could say without getting into the details, but it is -- the video podcast is exclusive to Rumble as it stands right now, and it was not contractually exclusive prior to that.

是的。我不能談協議的具體細節，但我可以說，在他去 FBI 之前，他把自己的內容帶到平台上，那是他自己的選擇。在 FBI 之後，我們現在擁有他的內容獨家權，影片播客也在平台上獨家。在不涉及細節的前提下，我只能說到這裡；但就目前而言，該影片播客對 Rumble 是獨家的，而在那之前並沒有合約上的獨家性。

Thank you, Chris.

謝謝你，Chris。

Thank you, Tom.

謝謝你，Tom。

Jason Helfstein, Oppenheimer.

Jason Helfstein，Oppenheimer。

Hey, everybody. Definitely always keeping it interesting, not boring. I'll ask three, and then I'll jump back in the queue and then follow up. So first, I think you made a point that engagement kind of benefited from international. And so if you would strip that out, like the ARPU would have actually increased more on a quarter-to-quarter basis. I don't know if there's more color you can give us there.

大家好。確實總是很有意思，不會無聊。我先問三個問題，然後我會回到隊列裡，之後再追問。首先，我想你提到互動度某種程度上受惠於國際市場。所以如果把那部分剔除，ARPU 其實在季對季的基礎上會增加更多。不知道你能不能再補充一些細節。

Hey, Jason, this is Chris. So yeah, we saw some -- we saw international growth. We've obviously been pushing the international in the last quarter by launching a bunch of new languages. Our monetization in the international markets is very negligible, very low in comparison to the US market. So if you were to look at it on a US basis, then yeah, I would say that would be correct.

嗨，Jason，我是 Chris。是的，我們看到一些——我們看到國際成長。我們在上一季透過推出多種新語言，明顯在推進國際市場。我們在國際市場的變現非常有限、非常低，與美國市場相比差很多。所以如果以美國市場為基礎來看，是的，我會說你的理解是正確的。

But at this point right now, we're kind of still testing the international markets. And whether or not we peel that out and kind of look at ARPU in different countries, it remains to be seen, but we just kind of want to see what really sticks internationally and what works internationally.

但就目前而言，我們仍在測試國際市場。至於我們是否會把它拆分出來、按不同國家來看 ARPU，還有待觀察；我們只是想看看在國際上到底什麼最能奏效、什麼在國際上行得通。

And then obviously, what markets are going to be easiest for us to monetize internationally and then kind of go from there before we peel out those ARPUs with different countries.

另外，也要看哪些市場在國際上對我們來說最容易變現，然後再從那裡往下推進，之後再去拆分不同國家的 ARPU。

Okay. And then on Northern Data, what still needs to happen for the close in the second quarter? Just take us through what's left in the process?

好的。那關於 Northern Data，為了在第二季完成交割，還需要做哪些事情？能否帶我們走一遍剩下的流程？

So at this point right now, we're on track to close in the second quarter. That's kind of been the schedule since the very start. So everything is running on schedule and on track to close for the second quarter. Obviously, there's -- we still got to go through the tendering process, et cetera. And that's all on schedule to close up by the end of the second quarter.

就目前而言，我們按計畫在第二季完成交割。這從一開始就是既定時程。所以一切都按進度、按計畫推進，目標是在第二季完成交割。當然，還有——我們仍需要走完要約收購（tendering）流程等等。而這些也都在時程內，預計在第二季末前完成。

Okay. So like literally like outside of some like, I don't know, procedural or document or something, like is there any way at which any Northern Data shareholders could block the transaction at this point by not tendering?

好的。所以字面上來說，除了某些例如程序、文件之類的事項之外，現階段是否存在任何情況，讓 Northern Data 的股東可以透過不交付（tender）股份來阻止這筆交易？

No, not that, no.

不，不是那樣，沒有。

Okay. And then I guess, congrats on the positive gross profit in the quarter. It looks like the minimum guarantees were down like another $1 million-ish sequentially. I mean, Brandon, do you see the pattern that pattern of like lower minimum guarantees continuing into '26? Or do you plan to reinvest the Tether ad commitments into like more content and kind of almost like start again with the minimum guarantees?

好的。另外，我想恭喜你們本季毛利轉正。看起來最低保證金（minimum guarantees）又環比下降了大約 100 萬美元左右。我是說，Brandon，你認為這種「最低保證金降低」的趨勢會延續到 2026 年嗎？還是你們計畫把 Tether 的廣告承諾再投入到更多內容上，某種程度上等於重新開始提高最低保證金？

Yeah. If you kind of take a step back to where we were a year ago, we talked about kind of reducing those minimum guarantees and moving materially towards breakeven. But with the Tether investment and the opportunity we have there with the Tether contracts, I think we said we're going to kind of hit the gas again and start investing again.

是的。如果你回頭看一年前我們的狀況，我們談到要降低那些最低保證金，並實質朝損益兩平邁進。但隨著 Tether 的投資，以及我們在 Tether 合約上所擁有的機會，我想我們也說過，我們會再次踩下油門、重新開始投資。

So I think you'll see some of those investments continue to grow over 2026. But at the same time, we've learned a lot from a lot of those contracts. And we would like to and we plan on moving more towards having profitable agreements. So you'll see continued increase in cost, but we expect the revenue to be increasing at the same time.

所以我認為你會看到其中一些投資在 2026 年持續增加。但同時，我們也從許多合約中學到了很多。我們希望、也計畫更朝向簽訂可獲利的協議。因此你會看到成本持續上升，但我們預期營收也會同步成長。

Okay, I'll get back in the queue.

好的，我回到隊列裡。

Rohit Kulkarni, Roth Capital Markets.

Rohit Kulkarni，Roth Capital Markets。

Hey, thanks for taking my questions. A couple of big picture ones. One on just the drivers behind kind of the advertising sales growth, maybe break down ARPU versus audience growth. What are the next two to three quarters given the order that you have and the new ad units and new ad surfaces? Maybe just break down how are you thinking about the algorithm behind ad sales growth? Would love to get your thoughts. And then I have a couple of follow-ups.

嗨，謝謝你回答我的問題。我有幾個偏宏觀的問題。第一個是關於廣告銷售成長背後的驅動因素，或許可以拆解一下 ARPU 與受眾成長各自的貢獻。考量你們手上的訂單，以及新的廣告單元與新的廣告版位，接下來兩到三季會如何？也請你拆解一下你們對廣告銷售成長「運作機制」的思考。很想聽聽你的看法。然後我還有幾個追問。

Thanks, Rohit, for the question. So when it comes to ad sales, we're anticipating that Greg and his team will start to ramp up later in 2026. Obviously, the ad sales cycle is -- can range from like six months to a year with the big brands. You got to get to the upfront, then you got to get your bookings, the RFPs, place the orders in and then get them out the door. So we see that as like a six-month to a year cycle with the big brands for any kind of meaningful spend.

謝謝你，Rohit，謝謝提問。在廣告銷售方面，我們預期 Greg 和他的團隊會在 2026 年稍晚開始加速推進。顯然，大型品牌的廣告銷售週期——可能從大約六個月到一年不等。你得先進入 upfront（預售）檔期，接著拿到預訂（bookings）、處理 RFP（提案邀請），下單，然後再把投放落地。所以我們認為，對大型品牌而言，任何有意義的投放金額通常都是六個月到一年的週期。

Obviously, with RAC, we have a significant amount of inventory to monetize. So we're very ready on the technology deployment side of the ad sales.

當然，透過 RAC，我們有大量可供變現的廣告庫存。因此在廣告銷售的技術部署面，我們已經非常就緒。

And on the sales front, Greg just recently started in the last -- I believe, in January. So he's only been on the ground for a couple of months. So it's been a lot of initial meetings. And then once those initial meetings conclude, he goes into basically getting the bookings and then we go from there.

在銷售端，Greg 是最近才加入的——我記得是在 1 月。所以他實際上線也才幾個月。目前主要是大量的初步會議。等這些初步會議結束後，他基本上就會進入拿預訂的階段，然後我們再從那裡往下推進。

But I see this all kind of materializing in late '26 and then primarily in 2027. But like you mentioned, we do have some other upcoming ad units like with Rumble Shorts later in the year, there is possibility that this can make an impact in the '26 here in Q3 and Q4 as well.

但我認為這些會在 2026 年下半年開始逐步顯現，並且主要在 2027 年發酵。不過如你所提，我們今年稍晚還會推出一些其他新的廣告單元，例如 Rumble Shorts；這也有可能在 2026 年第三季與第四季對業績產生影響。

Okay. And then I guess to the extent -- just on the AI cloud and Northern Data, to the extent you can provide any more color on, like how should we think about just the return on investment and kind of how much CapEx do you feel you would need to do over the next kind of 12 months, 24 months? And how do you keep up with a space that is increasingly fragmented and probably getting very competitive?

好的。接著我想就 AI 雲端與 Northern Data 這部分，在您方便的範圍內，能否再多補充一些細節：例如我們應該如何看待投資報酬率（ROI），以及未來大約 12 個月、24 個月內，您覺得需要投入多少資本支出（CapEx）？另外，在這個日益碎片化、且可能變得非常競爭的領域，你們要如何跟上？

Yeah, so this is actually a great question. What we've seen in the last couple of months is the demand is unbelievable in this space. The demand for GPUs, even for the H100s and definitely for the Blackwells, the GB300s, it's off the charts from our perspective.

是的，這其實是個很好的問題。我們在過去幾個月看到的是，這個領域的需求驚人。對 GPU 的需求——即便是 H100，尤其是 Blackwell、GB300——以我們的角度來看都高得離譜。

And as Northern Data continues to get their utilization up and as you saw, around 85% by the end of this quarter, we're really in a position where we're going to have to invest and really grow this business. And obviously, that is the intent here is to grow it and grow it rapidly. So we're meeting with a lot of customers.

隨著 Northern Data 持續提升其使用率，而且如你所見，到本季末大約達到 85%，我們確實處在一個必須投資並真正擴大這項業務的狀態。而且很明顯，我們的意圖就是要把它做大、而且要快速成長。所以我們正在與許多客戶會面。

The way in which we want to execute on that is we want to secure the contracts in hand from these customers and then go out and purchase the GPUs. So that way, everything is set up in a very good way for the company in a way that will provide us really good returns. So we're out there meeting these customers as we speak every day, and we're really kind of setting up the future here for when this transaction closes.

我們希望採取的執行方式是：先把這些客戶的合約拿到手，然後再出去採購 GPU。如此一來，公司的整體安排會非常到位，並能為我們帶來很好的報酬。所以我們現在每天都在外面與這些客戶會面，也是在為這筆交易完成後的未來做布局。

And also, even if it happens prior to the transaction, Rumble Cloud will -- is very open to doing deals prior to the transaction closing as well because we do have the capital on hand and these investments look to have really good returns. So we're very keen on moving as quickly as possible, potentially with some of the clients we've already met with.

另外，即使在交易完成之前，Rumble Cloud 也——對於在交易完成前先做一些合作案是非常開放的，因為我們手上確實有資金，而這些投資看起來會帶來非常好的報酬。因此我們非常希望能盡可能快地推進，可能就從我們已經見過的一些客戶開始。

Okay, great. And one specific one on the AI cloud, if you could. Is there a specific kind of amount of megawatts or number of GPUs that you feel you could scale up to by end of this year or in 12 months after the transaction closes, that's -- the metric that investors would love to track?

好的，很棒。另外針對 AI 雲端有一個更具體的問題。是否有一個特定的指標，例如到今年底、或交易完成後 12 個月內，你們覺得可以擴充到多少兆瓦（MW）或多少顆 GPU？這會是投資人很想追蹤的指標。

That's more of a Northern Data question. But what I can say is that there is capacity to scale immediately in some of their data centers with the GB300s, and that is something that we're very much looking into. There's an immediate scaling that we could do with the current data center set that they have.

這比較算是 Northern Data 的問題。但我能說的是，他們某些資料中心具備可立即用 GB300 擴充的容量，而這也是我們正在非常積極評估的方向。以他們目前既有的資料中心組合，我們可以做立即性的擴充。

And then obviously, they have other sites like Maysville that require development and have a lot of megawatts potential there. But yes, there is immediate capability to scale with some of their current sites.

然後很明顯，他們還有其他據點，例如 Maysville，需要進一步開發，而且那裡有很大的兆瓦潛力。不過是的，以他們目前的一些既有據點，確實具備立即擴充的能力。

Okay, great. Thank you very much.

好的，很棒。非常感謝。

Jason Helfstein, Oppenheimer.

Jason Helfstein，Oppenheimer。

Like two more. So on the $150 million that Tether has committed to spend for data center usage, how are you thinking about prioritizing them? So is it like if you have more demand than you can fulfill with the $150 million, do you -- does Tether get prioritized lower for outside clients or they get prioritized first or TBD? Just any color there.

再問兩個。關於 Tether 承諾用於資料中心使用的 1.5 億美元，你們打算如何安排優先順序？也就是說，如果需求超過你們用這 1.5 億美元所能滿足的量，你們會——Tether 相較於外部客戶的優先順序會比較低、還是會優先、或尚未決定（TBD）？想請你多給一些說明。

Thanks, Jason. So yeah, we're going to treat Tether like any other customer, any other paying customer with their demand and the commitment that they have, we're going to have to obviously expand and provide them and invest and provide what we are committed to providing them. And obviously, depending on their needs and the way they scale, we'll accommodate that as well.

謝謝你，Jason。是的，我們會把 Tether 視為和其他客戶一樣——任何其他付費客戶。以他們的需求以及他們所做的承諾，我們顯然必須擴充、投資，並提供我們承諾要提供給他們的資源。當然，也會依照他們的需求與擴張方式來配合。

But our -- my philosophy here is that, obviously, there's a lot of demand in this AI space. There's a lot of people that want to make commitments and pay for H100s or Blackwells and whatnot. We're here to just kind of step on the gas pedal and really grow this business. That's the intent. That's why we're acquiring Northern Data.

但我的——我的理念是，很明顯在 AI 這個領域需求非常大。有很多人想要做承諾並為 H100 或 Blackwell 等等付費。我們的角色就是踩下油門，真正把這項業務做大。這就是我們的意圖。這也是我們收購 Northern Data 的原因。

And we obviously have a lot of potential customers even outside of Tether, and we're looking at all of them, and we want to service as many as we possibly can. And obviously, Tether is one that we definitely want to service as well.

而且我們顯然也有很多潛在客戶不只來自 Tether，我們正在評估所有這些客戶，也希望能盡可能服務更多客戶。當然，Tether 也是我們一定想要服務的客戶之一。

And then just on your comments about like the Browns, the Dolphins, the Buccaneers, the NFL you've been signing up, I mean, we can kind of see what the other initiatives line in the model as far as revenue. I mean, it doesn't look like at least so far, any of these teams have been meaningful to revenue. I guess, like when they scale up, it's almost like, I guess, like placehold it like is it like, okay, each team -- are these like a few hundred thousand dollars, $0.5 million just kind of when I look at it, right, like other initiatives has revenues gone down by $400,000 from the beginning of the year to the end. Obviously, some clients have moved in, some moved out. But I guess, like how big, for example, could like this NFL business be just as an example?

另外關於你提到你們簽下 Browns、Dolphins、Buccaneers、以及 NFL 等等的評論——我的意思是，我們大概可以從模型裡「其他計畫（other initiatives）」那一行看到收入狀況。至少到目前為止，看起來這些球隊對收入並不顯著。我想問的是，當它們擴大規模時，大概會是什麼量級？例如每支球隊——是幾十萬美元、50 萬美元左右嗎？因為我看「其他計畫」的收入從年初到年末大概下降了 40 萬美元。顯然有些客戶進來、有些客戶離開。但我想問的是，以 NFL 這塊業務為例，未來可能做到多大？

Well, I can't speak to specific contracts and deals on our current cloud side. But the way we look at sports as a category is that they're very kind of new in the cloud space. They're really just starting to use video in terms of like keeping all that data and analyzing all that data for plays. And we see this as a pool that will grow quite significantly in the later years to come as they continue to keep more content in the cloud and scale with us and do more things. So that's just like one segment.

我無法就我們目前雲端業務端的具體合約與交易細節發言。但我們看待「運動」這個類別的方式是：在雲端領域它們其實還很新。他們才剛開始在影片方面使用雲端，例如保存所有資料並分析所有資料來研究戰術與戰術回合。我們認為，隨著他們持續把更多內容放到雲端、與我們一起擴大規模並做更多事情，這個客群在未來幾年會相當顯著地成長。所以這只是其中一個細分領域。

For us, it's -- we're looking at all different segments, not just NFL teams, but we're looking in various different other areas as well. But yeah, in terms of sports, we do see like long-term potential there to grow them.

對我們而言——我們看的不只是 NFL 球隊，而是各種不同的細分領域，我們也在其他不同領域布局。但就運動這塊而言，我們確實看到其長期成長的潛力。

Okay, thanks.

好的，謝謝。

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

各位女士先生，目前沒有進一步的提問，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。