RUM Group Inc. (RUM) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Rumble Inc. first quarter 2026 earnings call. (Operator Instructions)

各位女士、各位先生，下午好，歡迎參加 Rumble Inc. 2026 年第一季財報電話會議。（接線員指示）

This call is being recorded today, May 14, 2026. I would now like to turn the conference over to Shannon Devine, Investor Relations for Rumble. Please go ahead.

本次電話會議將於今日（2026 年 5 月 14 日）錄音。現在我想將會議交給 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; Mike Masci, CFO, and Brandon Alexandroff, former CFO and current strategic advisor to the CEO. A press release detailing our first quarter 2026 results was released today and available on our Investor Relations website.

謝謝，接線員。我今天與 Rumble 創辦人、董事長兼執行長 Chris Pavlovski；財務長 Mike Masci，以及前財務長、現任執行長策略顧問 Brandon Alexandroff 一同出席。詳述我們 2026 年第一季業績的新聞稿已於今日發布，並可在我們的投資人關係網站上查閱。

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 may 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.

在我們開始正式簡報之前，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陳述的資訊。所有前瞻性陳述僅截至本次電話會議當日為準，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）提交文件中所列因素一併考量。

Future company updates will be available via press release on the company's identified social media channels. I will now turn the call over to Rumble's founder, Chairman, and CEO, Chris Pavlovski.

公司未來的更新將透過新聞稿於公司指定的社群媒體管道發布。現在我將電話會議交給 Rumble 的創辦人、董事長兼執行長 Chris Pavlovski。

Good afternoon, everyone, and thank you for joining us. This is a special moment in Rumble's history. This should be the last call before Rumble meaningfully enters into the cloud and agentic AI era. As the transaction with Northern Data is set to close in June, Rumple will undergo a major transformation. Cloud will become a pillar alongside video. And from early indications, cloud should be the largest generator of revenue.

各位下午好，感謝各位加入我們。這是 Rumble 歷史上的一個特別時刻。這應該是 Rumble 實質進入雲端與代理式 AI（agentic AI）時代之前的最後一次電話會議。由於與 Northern Data 的交易預計於 6 月完成交割，Rumble 將迎來重大轉型。雲端將與影音並列成為支柱。而從初步跡象來看，雲端應會成為最大的營收來源。

This vision dates back to when we announced to go public in 2021, and today, we are fully executing on that vision. The acquisition of Northern Data continues to be on track to close this quarter. Rumble has secured approximately 81% of Northern Data's outstanding shares, and we've received all required regulatory approvals for the business combination. That's an enormous milestone, and it clears one of the last meaningful hurdles to closing.

這個願景可追溯至我們在 2021 年宣布上市之時，而今天我們正全面落實該願景。收購 Northern Data 仍按計畫於本季完成交割。Rumble 已取得 Northern Data 約 81% 的流通在外股份，且我們已獲得此次業務合併所需的所有監管核准。這是一個重大的里程碑，也清除了完成交割前最後幾個重要障礙之一。

The strategic logic of this acquisition has only strengthened in the months since we announced it. Northern Data reported their Q1 results yesterday, which included record revenue of roughly EUR43 million, driven by increased utilization of its GPU estate from 62% in December 2025 to approximately 85% in March 2026.

自我們宣布此收購案以來的數月間，該收購的策略邏輯只變得更為強化。Northern Data 昨日公布其第一季業績，包含約 4,300 萬歐元的創紀錄營收，主要受惠於其 GPU 資產利用率提升，從 2025 年 12 月的 62% 提升至 2026 年 3 月約 85%。

In addition, Northern Data confirmed its full year 2026 revenue outlook of between EUR130 million and EUR150 million, supported by a current pipeline of opportunities and recently executed customer contracts. In addition to Northern Data's pipeline, the Rumble team has been working on its own pipeline. We are currently in negotiations with multiple customers for GPU as a service. Additionally, we also have several non-dilutive GPU financing offers in hand that we are currently evaluating.

此外，Northern Data 確認其 2026 全年營收展望維持在 1.3 億至 1.5 億歐元之間，並由目前的商機管線及近期簽署的客戶合約所支撐。除了 Northern Data 的管線之外，Rumble 團隊也一直在建立自身的商機管線。我們目前正與多位客戶就 GPU 即服務（GPU as a service）進行洽談。此外，我們手上也有數項非稀釋性的 GPU 融資提案，正在評估中。

In parallel to our quickly emerging GPU as a service business, we have been investing into our CPU as a service business, which we believe will continue to play an important role for the cloud business into the future as AI moves to the edge in an agentic era.

在我們快速成形的 GPU 即服務業務之外，我們也持續投資於 CPU 即服務（CPU as a service）業務。我們相信，隨著 AI 在代理式時代走向邊緣端（edge），CPU 即服務未來仍將在雲端業務中扮演重要角色。

As an example, we recently launched one-click OpenClaw deployment on Rumble Cloud, making it dramatically easier for developers and enterprises to spin up high-performance AI agents in minutes. We see this as an early but important step in positioning Rumble Cloud as the preferred platform for scalable, production-grade AI deployment.

例如，我們近期在 Rumble Cloud 上推出一鍵式 OpenClaw 部署，讓開發者與企業能在數分鐘內大幅更容易地啟動高效能 AI 代理。我們將此視為一個早期但重要的步驟，以將 Rumble Cloud 定位為可擴展、可用於生產環境的 AI 部署首選平台。

In addition to playing a role in agentic AI through the GPU infrastructure and application layer, Rumble Cloud is also in a unique position to play a significant role in crypto infrastructure and agentic payments given the low-latency, high-reliability infrastructure we built for video and our strong strategic partnership with Tether.

除了透過 GPU 基礎設施與應用層在代理式 AI 中扮演角色之外，憑藉我們為影音打造的低延遲、高可靠性基礎設施，以及與 Tether 的強大策略合作夥伴關係，Rumble Cloud 也具備在加密貨幣基礎設施與代理式支付（agentic payments）領域發揮重要作用的獨特優勢。

Throughout Q1 and into Q2, we have seen strong validation of this product market fit from leading players in the digital assets place. Including Anchorage Digital, which has selected Rumble Cloud as an infrastructure partner. This win highlights our ability to meet the performance, security, and reliability requirements of regulated institutional-grade platforms. It's a clear signal that Rumble Cloud is gaining traction with high-value, mission-critical workloads.

在第一季期間並延續至第二季，我們已從數位資產領域的領先業者看到對此產品市場契合度的強力驗證。其中包括 Anchorage Digital，其已選擇 Rumble Cloud 作為基礎設施合作夥伴。此項勝利凸顯我們有能力滿足受監管、機構級平台對效能、安全性與可靠性的要求。這清楚顯示 Rumble Cloud 正在高價值、關鍵任務型工作負載上獲得動能。

As for the video platform, we are starting to see some encouraging results. Our MAUs hit 56 million monthly active users, which was driven by our marketing efforts with international expansion and Rumble Shorts. This marks another quarter of sequential growth. Since we last spoke, Rumble Shorts has continued to grow and set records. In May, we set a new record of roughly 2 million unique video views in a single day.

至於影音平台方面，我們開始看到一些令人鼓舞的成果。我們的 MAU（月活躍用戶）達到 5,600 萬，主要由我們在國際擴張與 Rumble Shorts 的行銷投入所帶動。這也標誌著又一個季度的連續成長。自上次通話以來，Rumble Shorts 持續成長並創下紀錄。5 月份，我們創下單日約 200 萬次不重複影片觀看的新紀錄。

Rumble Shorts is now driving meaningful growth to our MAUs, and we see it complementing and eventually helping grow the long-form side of the platform. Additionally, since Shorts is not yet monetized, its growth had a negative impact on our ARPU. We are planning to roll out monetization of Shorts in the second-half of this year and hope to see it lift ARPU accordingly.

Rumble Shorts 現在正為我們的 MAU 帶來具實質意義的成長，我們也看到它能與平台的長影片內容相輔相成，並最終協助帶動長影片端的成長。此外，由於 Shorts 尚未變現，其成長對我們的 ARPU（每用戶平均收入）造成負面影響。我們計畫在今年下半年推出 Shorts 的變現，並希望相應帶動 ARPU 提升。

Second, we launched Rumble Wallet in partnership with Tether. The growth of this product will be heavily fueled by the $100 million advertising commitment from Tether, which has begun to slowly scale in our current quarter. We plan to materially scale in the second half of the year, bringing a new cohort of creators to the platform.

第二，我們與 Tether 合作推出了 Rumble Wallet。此產品的成長將在很大程度上由 Tether 承諾的 1 億美元廣告投放所驅動，而該投放已在本季開始逐步擴大。我們計畫在今年下半年大幅擴張，為平台帶來一批新的創作者族群。

Stepping back, we have had many exciting moments over nearly four years as a public company, but I can honestly say this feels different. We are working on cloud-based revenue deals, which are far larger than we've historically seen. We're on track to close Northern Data this quarter, and if we were a combined company, our top-line revenue would have been roughly $75 million in Q1.

回過頭來看，作為一家上市公司將近四年來，我們經歷了許多令人振奮的時刻，但我可以坦白說，這次感覺不同。我們正在推進以雲端為基礎的營收合作案，其規模遠大於我們過去所見。我們也按計畫在本季完成 Northern Data 的交割；若我們已是合併後的公司，第一季的營收（top-line revenue）約為 7,500 萬美元。

Before I turn over to our financials, I want to thank Brandon Alexandroff, who has been with us from the very beginning, taking us from single-digit million revenue to where we are today. Now, let me formally introduce and welcome our new Chief Financial Officer, Mike Masci. This is Mike's first earnings call with Rumble, and I could not be more excited to have him in the seat.

在我把時間交給財務報告之前，我想感謝 Brandon Alexandroff，他從一開始就與我們並肩同行，帶領我們從數百萬美元等級的營收成長到今天的規模。現在，讓我正式介紹並歡迎我們的新任財務長 Mike Masci。這是 Mike 在 Rumble 的首次財報電話會議，我非常期待他擔任此職務。

Mike was previously at Intel, coming with deep technology expertise across cloud and AI, having spent his career at the intersection of finance and some of the most important compute and infrastructure businesses in the world. That background, financial discipline, paired with the real operating understanding of cloud and AI economics is exactly the profile we wanted as Rumble steps into its next chapter as a cloud and AI infrastructure company, but bears to close the Northern Data transaction and operates at a meaningfully larger scale.

Mike 先前任職於英特爾（Intel），在雲端與 AI 領域具備深厚的技術專長，其職涯一直處於財務與全球最重要的運算與基礎設施業務交會之處。這樣的背景與財務紀律，再加上對雲端與 AI 經濟模型的實際營運理解，正是我們在 Rumble 邁入下一篇章、成為雲端與 AI 基礎設施公司之際所希望具備的特質；尤其是在我們即將完成 Northern Data 交易並以顯著更大的規模營運之時。

Mike has already hit the ground running, and I know investors, analysts, and our team are going to value the rigor, perspective, and partnership he brings. Mike, welcome to Rumble. I'll hand the call over to you to walk through the quarter.

Mike 已經迅速上手，我知道投資人、分析師以及我們的團隊都會重視他帶來的嚴謹、觀點與合作夥伴精神。Mike，歡迎加入 Rumble。接下來我把電話交給你，請你帶大家回顧本季表現。

Hey, thank you for the introduction, Chris, and good afternoon, everyone. It's an absolute privilege to join Rumble at such a pivotal moment for the company. After spending much of my career at Intel leading cloud and AI infrastructure, I'm psyched about the opportunity to join a company with Rumble's capabilities, which will combine an international data center portfolio with a leading video platform that delivers some of the lowest latencies in the live streaming industry.

嗨，謝謝你的介紹，Chris，各位下午好。能在公司如此關鍵的時刻加入 Rumble，我深感榮幸。我職涯大多時間在 Intel 領導雲端與 AI 基礎設施，對於能加入一家擁有 Rumble 這些能力的公司，我非常振奮；Rumble 將把國際資料中心資產組合與領先的影音平台結合，而該平台在直播產業中提供最低延遲水準之一。

Finally, the incoming AI data centers and fleet of GPUs from Northern Data will build a Rumble portfolio that's the foundation of what's needed for a significant cloud infrastructure business poised to lead in the agentic AI era. We will be a high-growth company, but with a disciplined capital and financial approach for our shareholders. I look forward to meeting and working with many of you over the coming quarters.

最後，來自 Northern Data 的即將導入之 AI 資料中心與 GPU 機隊，將打造一個 Rumble 的資產組合，成為建立具規模雲端基礎設施業務所需的基礎，並有望在代理式（agentic）AI 時代取得領先。我們將是一家高成長公司，但也會以對股東負責的方式，採取嚴謹的資本與財務策略。我期待在接下來幾個季度與各位見面並合作。

So with that, I'll take you through our first quarter 2026 financials at a high level before turning the call over to the operator for Q&A.

那麼接下來，在把電話交回給接線員進行問答之前，我會先以較高層次帶大家看一下我們 2026 年第一季的財務表現。

For the first quarter of 2026, we reported revenue of $25.5 million, an increase of approximately 7% compared to $23.7 million in the first quarter of 2025. The $1.8 million year-over-year increase was driven by a $2.6 million increase in audience monetization revenues, partially offset by an $800,000 decrease in other initiatives revenues. Cost of services in the first quarter was $27 million, a 10% decline year-over-year. The decrease was driven by a $2.3 million reduction in programming and content costs. And a $700,000 decrease in other cost of services.

2026 年第一季，我們的營收為 2,550 萬美元，較 2025 年第一季的 2,370 萬美元增加約 7%。年增 180 萬美元主要來自受眾變現（audience monetization）營收增加 260 萬美元，但部分被其他計畫（other initiatives）營收減少 80 萬美元所抵銷。第一季服務成本為 2,700 萬美元，年減 10%。下降主要由節目與內容成本減少 230 萬美元所帶動，以及其他服務成本減少 70 萬美元。

General and administrative expenses decreased by $6.2 million, or 37%, to $10.4 million in the first quarter of 2026. The reduction was primarily driven by a $6.7 million decrease in payroll and related expenses. And a $400,000 reduction in professional fees, partially offset by a $700,000 increase in other administrative expenses.

一般及行政費用在 2026 年第一季減少 620 萬美元（或 37%）至 1,040 萬美元。下降主要由薪資及相關費用減少 670 萬美元所致，以及專業費用減少 40 萬美元；但部分被其他行政費用增加 70 萬美元所抵銷。

Research and development expenses increased by $1 million, or 20%, to $5.7 million, reflecting a $600,000 increase in payroll and related expenses and a $400,000 increase in costs associated with computer software, hardware, and other expenditures used in research and development activities.

研發費用增加 100 萬美元（或 20%）至 570 萬美元，反映薪資及相關費用增加 60 萬美元，以及與電腦軟體、硬體及其他用於研發活動之支出相關的成本增加 40 萬美元。

Sales and marketing expenses increased by $4.9 million or 134% to $8.5 million. The increase reflected higher marketing and public relations spends of $3.8 million, increased payroll and related expenses of $800,000 and a higher consulting cost of $300,000. This step-up reflects the deliberate investment we are making beyond our brand, our products, and our sales operations as we move into a midterm election year and ramp the Rumble Cloud commercial motions.

銷售與行銷費用增加 490 萬美元（或 134%）至 850 萬美元。增加主要反映行銷與公關支出增加 380 萬美元、薪資及相關費用增加 80 萬美元，以及顧問費用增加 30 萬美元。這一波提升反映我們在品牌、產品與銷售營運之外所做的刻意投資，因應即將進入期中選舉年，並加速推進 Rumble Cloud 的商業推廣動能。

Adjusted EBITDA loss for the first quarter was $21 million, an improvement compared to a loss of $22.7 million in the first quarter of 2025. Net loss for the first quarter was $30.3 million, compared to a net loss of $2.7 million in the first quarter of 2025.

第一季調整後 EBITDA 虧損為 2,100 萬美元，較 2025 年第一季虧損 2,270 萬美元有所改善。第一季淨虧損為 3,030 萬美元，相較 2025 年第一季淨虧損 270 萬美元。

The year-over-year change in net loss was primarily driven by movements in non-cash items, including a $14.9 million lower benefit from change in fair value of warrant liability, a $9.7 million lower benefit from change in fair value of derivatives, $4.8 million in acquisition-related transaction costs from the pending Northern Data acquisition, and a $2.4 million higher charge in change in fair value of digital assets, partially offset by operating improvements.

淨虧損的年對年變動主要由非現金項目變動所驅動，包括：認股權證負債公允價值變動帶來的利益減少 1,490 萬美元、衍生性商品公允價值變動帶來的利益減少 970 萬美元、因待完成的 Northern Data 收購案而產生的 480 萬美元併購相關交易成本，以及數位資產公允價值變動費用增加 240 萬美元；部分被營運改善所抵銷。

We ended the quarter with total liquidity of $233.4 million, consisting of $219 million in cash and cash equivalents. And 210.82 Bitcoin valued at $14.4 million as of March 31. Our Bitcoin holdings are carried at fair value and remeasured each quarter. Net cash used in operating activities for the first quarter was $16.6 million.

本季末我們的總流動性為 2.334 億美元，其中包括 2.19 億美元的現金及約當現金，以及截至 3 月 31 日估值 1,440 萬美元的 210.82 枚比特幣。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。第一季營運活動使用的淨現金為 1,660 萬美元。

So in summary, we are seeing strong user growth on our video platform. Our Rumble Cloud continues to grow with strong customer momentum. With the addition of the Northern Data GPU and AI data center assets, our cloud business will expand meaningfully. I could not be more excited for where Rumble is headed.

總結來說，我們在影音平台上看到強勁的用戶成長。Rumble Cloud 也持續成長，客戶動能強勁。隨著納入 Northern Data 的 GPU 與 AI 資料中心資產，我們的雲端業務將顯著擴張。我對 Rumble 的未來走向感到無比振奮。

That concludes our prepared remarks. Operator, we are now ready to open the line for questions.

以上是我們事先準備的說明。接線員，我們現在準備開放提問。

(Operator Instructions)

（接線員指示）

Jason Helfstein, Oppenheimer.

Jason Helfstein，Oppenheimer。

Hey, everybody. So three questions. So first, so I think most of us have seen the kind of forecast, I guess, whatever we call them in the S-1. I guess, specifically, I'm just going to call out a few numbers and I don't know if there's like any commentary you can put around them, but I think there was something like a $204 million revenue target for stand-alone Rumble for next year and then $878 million for Northern Data.

各位好。我有三個問題。第一個，我想我們大多數人都看過 S-1 裡的那種預測（或不管我們怎麼稱呼它）。我想特別點出幾個數字，我不確定你們能否對此提供一些評論，但我記得好像有一個數字是：明年獨立的 Rumble 營收目標約 2.04 億美元，然後 Northern Data 是 8.78 億美元。

I guess, how should investors think about that? Like, it's technically not guidance, but it's a guide rail or just any kind of color how people should think about those numbers. Maybe I'll just do them one at a time, probably easier that way. So let's start with that.

投資人應該怎麼看待這些數字？它技術上不是財測（guidance），但算是一種參考軌道（guide rail）嗎？或是你們能提供任何補充說明，讓大家理解這些數字該怎麼解讀。也許我們可以一次談一個，可能比較容易。那就先從這個開始。

Yeah, sure. Hey, Jason, I'll take that one. So first, just to start out, no, those forecasts are not guidance. Specifically, those forecasts were internal in nature in connection with the transaction. And so, overall, those are not guidance.

好的，當然。嗨，Jason，這題我來回答。首先先說明，不，那些預測不是財測。具體來說，那些預測是在交易相關情境下、屬於內部性質的預測。因此整體而言，那些都不是財測。

That said, in the future, we are going to evaluate the transaction and the combined entity with Northern Data, and at that time, we may choose to provide guidance. So, the way to think about that was in the forecast, and it's not guidance.

不過，未來我們會評估這筆交易以及與 Northern Data 合併後的整體實體，屆時我們可能會選擇提供財測。所以，對那些數字的理解方式是：它們是預測，但不是財測。

Okay. So, second question. So, should we assume -- did Tether ad revenue commitments begin after the Northern data close? And then are there any thresholds that need to be triggered for or does the commitment kind of like come in ratably over the length of the commitment? Then I've got one more.

了解。第二個問題：我們是否應該假設——Tether 的廣告收入承諾是在 Northern Data 交易完成後才開始？另外，是否需要達成任何門檻才會觸發？還是說這個承諾會在承諾期間內按比例逐步認列？我還有最後一個問題。

Hi, Jason, this is Chris. So the Tether add commitment has already begun this quarter. We're scaling it slowly right now to make sure that everything is working properly with the Rumble Wallet, and we want to embed some good promotions with it that we are looking to launch in the coming weeks. So we anticipate this to scale more so in the second-half of the year, but it has begun slowly here in this quarter.

嗨，Jason，我是 Chris。Tether 的廣告承諾在本季就已經開始了。我們目前在慢慢擴大規模，以確保與 Rumble Wallet 的一切運作正常，同時我們也希望把一些我們計畫在未來幾週推出的促銷活動好好嵌入其中。因此我們預期在今年下半年會更明顯地放量，但本季已經以較慢的速度開始了。

There's no specific -- it doesn't have to happen after the transaction closes. It's not tied to that at all. It's just based on the product. And where we see the product and when we want to step on the gas with the product. And that's up to us here at Rumble.

沒有特定的——不一定要在交易完成後才發生。這完全不與此掛鉤。它只是取決於產品本身，以及我們如何看待該產品、以及我們何時想要對該產品加大力度。而這由我們在 Rumble 這邊決定。

Okay. And then lastly, our understanding that Northern Data has about 25 racks right now comprised of H100s and 200s. I mean, any commentary that's like close to accurate? And then how should we think about like, future contracts for more compute and power? Thanks.

好的。最後，我們的理解是 Northern Data 目前大約有 25 個機櫃（racks），由 H100 和 200 組成。我是說，有沒有任何評論能說接近準確？另外，未來更多算力與電力的合約，我們應該如何看待？謝謝。

So this is Chris again. Northern Data has 22. We've released that they've had, and obviously, they've spoken about it publicly, they have around 22,000 GPUs. With respect to the amount of racks, I don't have that information on me right now. And that's something that information we can provide once the transaction is closed.

我是 Chris 再次回答。Northern Data 有 22（應是指 22,000）。我們已經披露他們擁有的數量，而且很明顯他們也公開談過，他們大約有 22,000 顆 GPU。至於機櫃數量，我目前手邊沒有這個資訊。這部分資訊我們可以在交易完成後提供。

But as of right now, they have 22,000 GPUs. They have about nine in them -- about nine data centers. And they have also properties as well, like Maysville, that has energized capacity of up to 180 megawatts.

但截至目前，他們有 22,000 顆 GPU。他們大約有九個——大約九個資料中心。他們也有一些資產，例如 Maysville，其已通電（energized）的容量最高可達 180 兆瓦。

Okay, appreciate it. Thank you.

好的，感謝。謝謝你。

Just to add, fitting 22,000 GPUs and the number of racks that you mentioned would be extremely difficult.

補充一下，要把 22,000 顆 GPU 裝進你提到的那個機櫃數量會非常困難。

Okay, thank you.

好的，謝謝。

Thomas Forte, Maxim Group

Thomas Forte，Maxim Group

Great. So first off, Chris, Tyler, Steve, Brandon, it was a pleasure working with you, and I wish you all the best of luck in your new role. And then, Mike, welcome to the call. And then I apologize in advance if you touched on these in your prepared remarks. I'm juggling multiple calls right now.

很好。首先，Chris、Tyler、Steve、Brandon，能與各位合作很愉快，也祝各位在新職務上一切順利。然後，Mike，歡迎加入這通電話。也先致歉，如果你們在事先準備的發言中已經提到這些內容——我現在同時在處理多通電話。

So two questions for me. Beyond Tether, how are your new President of Sales for Rumble Advertising and Rumble Shorts video efforts advancing your near-term and long-term advertising sales efforts?

我有兩個問題。除了 Tether 之外，你們新任的 Rumble Advertising（廣告）銷售總裁，以及 Rumble Shorts 短影音的相關工作，對你們短期與長期的廣告銷售推進進展如何？

Hey, Tom, this is Chris. So in terms of the Rumble Advertising Center, we hired Greg Sherrill earlier in the year, and we're seeing a lot of progress on that. We're opening up programmatic channels, and we're seeing some success with that already. I don't anticipate us to start seeing meaningful numbers on the advertising side until about late 2026 and then into 2027.

嗨，Tom，我是 Chris。就 Rumble Advertising Center 而言，我們在今年稍早聘請了 Greg Sherrill，我們看到那方面有很大進展。我們正在開放程式化（programmatic）渠道，而且已經看到一些成效。我預期要到 2026 年底、並延續到 2027 年，我們才會開始在廣告端看到有意義的數字。

With that said, though, there has been some real meaningful partners like avenues that have opened up on the programmatic side as we opened up the walled garden.

不過話說回來，隨著我們打開這個封閉生態（walled garden），在程式化這一端確實出現了一些非常有意義的合作夥伴與新管道。

On the Rumble Short side, that has been a very pleasant surprise for us, it's actually contributing to MAU growth. And it is -- we just set a new record here in the month of May as well. We had a record when we -- in the last quarterly call, and we have another record here in the last couple of weeks as well for Rumble Shorts. That is not monetized yet, so it's not showing up in ARPU.

至於 Rumble Shorts 方面，對我們來說是個非常令人驚喜的成果，實際上正在帶動 MAU 成長。而且——我們在 5 月也剛創下新紀錄。我們在上一季的財報電話會議時創過一次紀錄，而在過去幾週 Rumble Shorts 又再創新高。這部分目前尚未變現，所以不會反映在 ARPU 上。

We intend to start monetizing that in the second half of 2026, and we hope to see that having meaningful lift to our ARPU. But from what we are seeing in early stages. The growth that we are seeing with Rumble Shorts and the stickiness of Rumble Shorts is something extremely promising, and it's something that we're going to continue to invest in. And we're very hopeful that we can monetize that here in this current year.

我們打算在 2026 年下半年開始將其變現，並希望能對 ARPU 帶來有意義的提升。但就我們在早期階段所看到的，Rumble Shorts 的成長以及其黏著度都非常有前景，這也是我們會持續投入的方向。我們也非常希望能在今年就開始把它變現。

I'll also add, we're in the process of building new functions into the Rumble Advertising Center, where we're going to allow our current creator base and our current users to start advertising within the platform, something that all platforms do and they do very well, like Facebook and X and Instagram, where you can start boosting internally.

我也補充一下，我們正在 Rumble Advertising Center 建置新功能，將允許我們現有的創作者群與現有用戶開始在平台內投放廣告——這是所有平台都在做、而且做得很好的事情，例如 Facebook、X 和 Instagram，你可以在平台內部進行推廣（boosting）。

We haven't had that function in the Rumble Advertising Center. We're looking to release that this summer, and we think that we're going to see some real traction there by giving all the creators and users on the platform the ability to advertise within the platform. So we're looking forward to that as well.

我們在 Rumble Advertising Center 以前沒有這個功能。我們預計今年夏天推出，並認為只要讓平台上的所有創作者與用戶都能在平台內投放廣告，我們就會看到相當不錯的動能。因此我們也很期待。

Great. Thanks, Chris. And then for my follow-up, as we get closer to the midterms, what are your current thoughts on how it may drive monetization later this year? And at a high level, how should we think about your ability to monetize on that engagement compared with the last midterms and also the last Presidential election?

很好，謝謝你，Chris。接著我的追問是：隨著期中選舉（midterms）逐漸接近，你們目前怎麼看它在今年稍晚對變現的帶動？以及從高層次來看，相較於上一次期中選舉與上一次總統大選，你們在這些互動量上的變現能力應該如何評估？

Yeah, I think we're in a much stronger position than we ever have been on the advertising front. And obviously, midterms is something because it's going to be very important to us. And hopefully, we'll see that drive ARPU considerably. We've seen that previously with midterms in the past. And obviously, the Presidential election, we see a lot of budgets start coming in that Q4.

是的，我認為我們在廣告面向的處境比以往任何時候都更強。很明顯，期中選舉對我們會非常重要。希望它能顯著推升 ARPU。我們過去在期中選舉時就曾看到這種情況。而且在總統大選時，我們會看到很多預算在第四季開始進來。

We anticipate something similar happening for this midterms as well and obviously the next Presidential election. So we're looking to capitalize on that. And I think actually one of the really cool features that we will have is that boosting capability that I think could really accelerate and help grow that even further than we've seen in the past. So we're looking to, like I said, we're looking to roll that out this summer and have that ready for the midterm. But -- like all other election seasons, that's a big moment for us and we're looking to capitalize on it.

我們預期這次期中選舉也會出現類似情況，當然下一次總統大選也是如此。所以我們希望把握這個機會。我認為其中一個很酷的功能是我們將具備的 boosting 能力，我覺得它可能會加速並進一步推動成長，超過我們過去所見。因此，如我所說，我們希望在今年夏天推出，並在期中選舉前準備就緒。不過——就像其他選舉季一樣，這對我們是個重要時刻，我們希望能把握並加以變現。

Great. Thank you, Chris.

很好。謝謝你，Chris。

Thanks, Tom.

謝謝你，Tom。

At this time, we no longer have any questions. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

目前我們已沒有任何提問。各位女士、先生，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。