LONGBOAT KEY, Fla., Nov. 12, 2024 — Rumble Inc. (Nasdaq: RUM) announced its financial results for the third quarter of fiscal 2024, reporting revenues of $25.1 million, a 39% increase compared to $18.0 million in Q3 2023. This marks a sequential rise of 12% from $22.5 million in the previous quarter.
The platform's average global Monthly Active Users (MAUs) reached 67 million, up from 53 million in Q2 2024, maintaining over 40 million MAUs for the eleventh consecutive quarter. The increase in users is attributed to heightened interest in political content, particularly leading up to the U.S. presidential election.
Despite revenue growth, the Average Revenue Per User (ARPU) declined to $0.33 from $0.37 in the prior quarter, reflecting early-stage monetization challenges. The net loss for the quarter was $31.5 million, compared to a loss of $29.0 million in Q3 2023.
Rumble's cash and cash equivalents stood at approximately $132.0 million as of September 30, 2024. The company reported a 25% reduction in cash usage compared to the prior quarter.
In addition to financial results, Rumble Cloud announced a partnership with the Miami Dolphins and Hard Rock Stadium, and the launch of the Rumble app on Xbox, expanding its distribution capabilities. The company is also involved in a lawsuit against X, alleging a conspiracy to withhold advertising revenue.
Chairman and CEO Chris Pavlovski expressed optimism about the company's trajectory, emphasizing the significance of free speech and the platform's growth.