Rumble Inc. (Nasdaq: RUM) ("Rumble" or the "company"), the video
sharing platform and cloud services provider, today announced
financial results for the fiscal quarter ended September 30, 2023.
Q3 2023 Highlights and Key
Items
- Driven by higher
advertising and licensing and other revenue, third quarter revenue
increased 64% to $18.0 million, compared to $11.0 million in the
third quarter of 2022, and $25.0 million in the second quarter of
2023.
- Average global
Monthly Active Users (“MAUs”) of 58 million in the third quarter of
2023. Of the 58 million MAUs, 40 million were based in the U.S. and
Canada.
- Average
estimated Minutes Watched Per Month (“MWPM”) increased by 19% to
10.7 billion in the third quarter of 2023, compared to 9.0 billion
in the third quarter of 2022 and 11.8 billion in the second quarter
of 2023.
- Strong growth in
hours of uploaded video per day, increasing by 78% to 15,700 in the
third quarter of 2023, compared to 8,796 in the third quarter of
2022 and 13,229 in the second quarter of 2023.
- As of September
30, 2023, Rumble’s balance of cash, cash equivalents and marketable
securities was approximately $267.0 million.
- Launched the
beta release of Rumble Cloud with a robust product set which
includes cloud compute, storage, and networking. Rumble Cloud is
well-positioned to provide a new revenue stream for Rumble by
capturing a share of the public cloud market by serving a growing
segment of businesses that are looking for alternatives to ‘big
tech.’
- Hosted exclusive
livestreams for the first two Republican presentation primary
debates, gaining over an estimated 700,000 concurrent viewers
across all Rumble platforms during the first debate on August 23,
2023.
- Expanded
exclusive-to-Rumble content to include RiceGum in a strategic
effort to continue the momentum with Gen Z viewership.
- Expanded
Rumble’s comedic library with the addition of widely followed
comedian JP Sears’ weekly show “Lies You Can Trust.”
- Increased
creator visibility through Rumble’s livestream format of Jimmy
Corsetti’s popular show “Bright Insight with Jimmy Corsetti.”
- Top streamer
Steven Crowder surpassed $7.5 million in subscription payments to
his ‘Mug Club’ subscriber community within five months of launch.
Because Rumble recognizes subscription revenue proportionally over
the respective subscription term and given that the majority of Mug
Club subscriptions is annual, the full $7.5 million is not
recognized as revenue in Rumble’s financial statements at the time
funds are collected.
- Strong progress
on the video platform: launched new app for Samsung Smart TVs,
implemented new video player on the web, improved categorization
features and navigation, and improved video sharing
capabilities.
- The third
quarter of 2023 marks the completion of Rumble’s first year as a
publicly traded company.
Subsequent to Quarter End
Highlights
- On November 7,
2023, announced the Beta launch of its new livestreaming tool,
Rumble Studio, simplifying the livestreaming experience for Rumble
creators, allowing them to easily stream video to multiple
platforms, invite guests, and engage with audiences.
- Served as the
exclusive livestream partner for the third Republican presidential
primary debate on November 8, 2023, and subsequently announced
Rumble as the exclusive livestream partner for the fourth
Republican presidential primary debate to be held on December 6,
2023.
- Accomplished
dual strategic initiatives by expanding Rumble’s selection of
exclusive movies through the company’s Locals subscription platform
with the release of “Police State” from leading creator Dinesh
D’Souza in collaboration with Dan Bongino.
- Announced
upcoming Christmas comedy from executive producers Logan Sekulow
and Sean Hannity to premiere exclusively on Rumble on November 23,
2023.
Management Commentary
Rumble’s Chairman and CEO Chris Pavlovski
commented, “Our third quarter topline revenue grew 64% year over
year as we continue to receive early positive indications of
tangible revenue dollars from the successful implementation of
Rumble Advertising Center, or RAC. Meanwhile, we continue to focus
on establishing Rumble as the platform that can position streamers
for optimal earnings. With average Monthly Active Users of 58
million, we have a strong user base that is ripe for monetization,
which in turn will allow us to curb our creator incentives. With
the proven functionality in place to transition creators onto the
Rumble Studio, in addition to the capabilities of RAC, we believe
we have the tools to take our earnings to the next level. Simply
put, our recent spend on creators, including sports leagues, has
successfully diversified our user base. This diverse user base has
already attracted numerous brand advertisers and created traction
with top-tier advertising agencies. We are seeing the fruits of our
labors, and our focus remains on monetization and a pathway to
profitability.”
Q3 Financial Summary (Unaudited)
For the three months ended September 30, 2023 |
|
2023 |
|
2022 |
|
Variance ($) |
Variance (%) |
|
|
|
|
|
|
|
|
Revenues |
$ |
17,982,150 |
$ |
10,983,182 |
$ |
6,998,968 |
64 |
% |
Expenses |
|
|
|
|
|
|
|
Cost of services (content, hosting and other) |
$ |
39,751,475 |
$ |
12,287,183 |
$ |
27,464,292 |
224 |
% |
General and administrative |
|
9,688,129 |
|
2,861,787 |
|
6,826,342 |
239 |
% |
Research and development |
|
5,111,748 |
|
1,724,347 |
|
3,387,401 |
196 |
% |
Sales and marketing |
|
3,182,903 |
|
1,460,177 |
|
1,722,726 |
118 |
% |
For the third quarter of 2023, revenue was $18.0
million, compared to $11.0 million in the third quarter of 2022, an
increase of 64%. The increase is due to a $2.3 million increase in
advertising revenue and a $4.7 million increase in licensing and
other revenue. The increase in advertising revenue was driven by an
increase in consumption, as well as the introduction of new
advertising solutions for creators, publishers and advertisers
through RAC. The increase in licensing and other revenue was driven
by subscriptions as well as licensing creator content, tipping,
cloud and platform hosting fees.
Cost of services was $39.8 million for the
quarter, compared to $12.3 million in the third quarter of 2022.
The increase was due to an increase in programming and content
costs of $26.1 million, hosting expenses of $0.7 million, and other
service costs of $0.7 million.
General and administrative expense was $9.7
million for the quarter, compared to $2.9 million in the third
quarter of 2022. The increase was due to a $2.9 million increase in
staffing-related costs, share-based compensation of $1.1 million
related to the recognition of rights to contingent consideration in
connection with the Callin acquisition, as well as other
administrative expenses of $2.8 million, most of which are public
company-related, including accounting, legal, investor relations,
insurance and other administrative services.
Research and development expense was $5.1
million for the quarter, compared to $1.7 million in the third
quarter of 2022. The increase was due to a $3.0 million increase in
staffing-related costs, as well as a $0.4 million increase in costs
related to computer software and hardware, and other administrative
expenses.
Sales and marketing expense was $3.2 million for
the quarter, compared to $1.5 million in the third quarter of 2022.
The increase was due to a $0.8 million increase in staffing-related
and consulting service costs, as well as a $0.9 million increase in
other marketing and public relations activities.
Liquidity
As of September 30, 2023, Rumble had cash, cash
equivalents and marketable securities of approximately $267.0
million.
Conference Call Webcast Information
Rumble will host a conference call at 5:00 p.m.
Eastern Time today, Monday, November 13, 2023, to discuss its
quarterly results. Access to the live webcast and replay of the
conference call will be available here and on Rumble's Investor
Relations website at investors.rumble.com under 'News &
Events’.
Chris Pavlovski, the Chairman and CEO of Rumble,
will also be interviewed by Matt Kohrs this evening at 7:00 p.m.
Eastern Time. The interview will be accessible here and streamed
live on the Matt Kohrs Rumble channel at rumble.com/MattKohrs.
Notes on KPIs
Monthly Active Users ("MAUs").
We use MAUs as a measure of audience engagement to help us
understand the volume of users engaged with our content on a
monthly basis. MAUs represent the total web, mobile app, and
connected TV users of Rumble for each month, which allows us to
measure our total user base calculated from data provided by
Google, a third-party analytics provider. Google defines “active
users” as the “[n]umber of distinct users who visited your website
or application.” We have used the Google analytics systems since we
first began publicly reporting MAU statistics, and the resulting
data have not been independently verified.
As of July 1, 2023, Universal Analytics (“UA”),
Google’s analytics platform on which we historically relied for
calculating MAUs using company-set parameters, was phased out by
Google and ceased processing data. At that time, Google Analytics 4
(“GA4”) succeeded UA as Google’s next-generation analytics
platform, which we used to determine MAUs for the third quarter of
2023 which we expect to continue to use to determine MAUs in future
periods. Although Google has disclosed certain information
regarding the transition to GA4, Google does not currently make
available sufficient information relating to its new GA4 algorithm
for us to determine the full effect of the switch from UA to GA4 on
our reported MAUs. Because Google has publicly stated that metrics
in UA “may be more or less similar” to metrics in GA4, and “[i]t is
not unusual for there to be apparent discrepancies” between the two
systems, we are unable to determine whether the transition from UA
to GA4 has a positive or negative effect, or the magnitude of such
effect, if any, on our reported MAUs. It is therefore possible that
MAUs that we reported based on the UA methodology for periods prior
to July 1, 2023 cannot be meaningfully compared to MAUs based on
the GA4 methodology in subsequent periods.
Estimated Minutes Watched Per Month
("MWPM"). We use estimated MWPM as a measure of audience
engagement to help us understand the volume of users engaged with
our content on a monthly basis and the intensity of users’
engagement with the platform. Estimated MWPM represents the monthly
average of minutes watched per user within a quarterly period,
which helps us measure user engagement. Estimated MWPM is
calculated by converting actual bandwidth consumption into minutes
watched, using our management’s best estimate of video resolution
quality mix and various encoding parameters. We continually seek to
improve our best estimates based on our observations of creator and
user behavior on the Rumble platform, which changes based on the
introduction of new product features, including livestreaming. We
are currently limited, however, in our ability to collect data from
certain aspects of our systems while we improve our measurement
capabilities. These limits may result in errors that are difficult
to quantify, especially as the proportion of livestreaming on the
Rumble platform increases over time, and as we improve the quality
of various video formats by increasing bit rates, until we are able
to measure MWPM directly. Bandwidth consumption includes video
traffic across the entire Rumble platform (website, apps, embedded
video, connected TV, etc.), as well as what our management believes
is a nominal amount of non-video traffic, a nominal amount of
traffic from customers hosted on Rumble’s infrastructure, and an
unknown amount of consumption of Rumble videos outside of the
Rumble video player. Starting in the second quarter of 2022 we
began transitioning a portion of Locals’ bandwidth consumption to
our infrastructure. While Locals’ bandwidth consumption currently
represents an immaterial amount of consumption, we expect this
figure to grow in the coming quarters.
Hours of Uploaded Video Per
Day. We use the amount of hours of uploaded video per day
as a measure of content creation to help us understand the volume
of content being created and uploaded to us on a daily basis. We
regularly review, have adjusted in the past, and may in the future
adjust our processes for calculating our key business metrics to
improve their accuracy, including through the application of new
data or technologies or product changes that may allow us to
identify previously undetected spam activity. As a result of such
adjustments, our key business metrics may not be comparable
period-over-period.
About Rumble
Rumble is a high-growth neutral video platform and cloud
services provider that is creating the rails and independent
infrastructure designed to be immune to cancel culture. Rumble's
mission is to restore the Internet to its roots by making it free
and open once again. For more information, visit
corp.rumble.com.
Forward-Looking Statements
Certain statements in this press release and the
associated conference call constitute “forward-looking statements”
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. Statements contained in this press release that are
not historical facts are forward-looking statements and include,
for example, results of operations, financial condition and cash
flows (including revenues, operating expenses, and net income
(loss)); our ability to meet working capital needs and cash
requirements over the next 12 months; and our expectations
regarding future results and certain key performance indicators.
Certain of these forward-looking statements can be identified by
using words such as “anticipates,” “believes,” “intends,”
“estimates,” “targets,” “expects,” “endeavors,” “forecasts,”
“could,” “a pathway to,” “will,” “may,” “future,” “likely,” “on
track to deliver,” “accelerate,” “forward trajectory,” “continues
to,” “looks forward to,” “begins to focus on,” “plans,” “projects,”
“assumes,” “should” or other similar expressions. Such
forward-looking statements involve known and unknown risks and
uncertainties, and our actual results could differ materially from
future results expressed or implied in these forward-looking
statements. The forward-looking statements included in this release
are based on our current beliefs and expectations of our management
as of the date of this release. These statements are not guarantees
or indicative of future performance. Important assumptions and
other important factors that could cause actual results to differ
materially from those forward- looking statements include, but are
not limited to, our ability to recognize the anticipated benefits
of becoming a publicly traded company , which may be affected by,
among other things, our ability to grow and manage growth
profitably, maintain relationships with customers, compete within
our industry and retain key employees; the possibility that we may
be adversely impacted by economic, business, and/or competitive
factors; our limited operating history making it difficult to
evaluate our business and prospects; our inability to effectively
manage future growth and achieve operational efficiencies; our
recent and rapid growth not being indicative of future performance;
our inability to achieve revenue growth consistent with or better
than our current annual revenue run rate, including due to our
failure to onboard sufficient new content creators and content
and/or fully launch RAC or, even if RAC is fully launched, our
inability to achieve the monetization of creators through RAC
and/or Rumble Studio consistent with our expectations; our
inability to grow or maintain our active user base; our inability
to successfully launch our Cloud business; our inability to achieve
or maintain profitability; the possibility that we may be unable to
monetize our expansion into live sports as currently anticipated,
including with respect to our relationships with Power Slap, SLS,
NRX and BKFC; the possibility that we may be unable to reach
definitive agreements with either or both Kai Cenat and IShowSpeed
(each of whom has signed a binding term sheet with us), or if
definitive agreements are entered into, the possibility that we may
be unable to monetize such relationships with our content creators
as currently anticipated; the possibility that we may be adversely
impacted by negative media campaigns; real or perceived
inaccuracies in our performance metrics; our failure to comply with
applicable privacy laws; occurrence of a cyber incident resulting
in information theft, data corruption, operational disruption
and/or financial loss; potential liability for hosting a variety of
tortious or unlawful materials uploaded by third parties; negative
publicity for removing, or declining to remove, certain content,
regardless of whether such content violated any law; impediment of
access to our content and services on the Internet; significant
market competition that we face; changes to our existing content
and services resulting in failure to attract traffic and
advertisers or to generate revenue; our dependence on third party
vendors; our inability to realize the expected benefits of
financial incentives that we offer to our content creators;
potential diversion of management's attention and consumption of
resources as a result of acquisitions of other companies and
success in integrating and otherwise achieving the benefits of
recent and potential acquisitions; failure to maintain adequate
operational and financial resources or raise additional capital or
generate sufficient cash flows; adverse effect on our business by
compliance obligations imposed by new privacy laws, laws regulating
social media platforms and online speech in the U.S. and Canada;
regulations regarding paid endorsements by content creators; and
those additional risks, uncertainties and factors described in more
detail under the caption “Risk Factors” in our Annual Report on
Form 10-K for the year ended December 31, 2022, Quarterly Report on
Form 10-Q for the quarter ended September 30, 2023, and in our
other filings with the Securities and Exchange Commission. We do
not intend, and, except as required by law, we undertake no
obligation, to update any of our forward-looking statements after
the issuance of this release to reflect any future events or
circumstances. Given these risks and uncertainties, readers are
cautioned not to place undue reliance on such forward-looking
statements.
Rumble on Social Media
Investors and others should note that we
announce material financial and operational information to our
investors using our investor relations website
(investors.rumble.com), press releases, SEC filings and public
conference calls and webcasts. We also intend to use certain social
media accounts as a means of disclosing information about us and
our services and for complying with our disclosure obligations
under Regulation FD: the @rumblevideo X (formerly Twitter) account
(twitter.com/rumblevideo), the @rumble TRUTH Social account
(truthsocial.com/@rumble), the @chrispavlovski X (formerly Twitter)
account (twitter.com/chrispavlovski), and the @chris TRUTH Social
account (truthsocial.com/@chris), which Chris Pavlovski, our
Chairman and Chief Executive Officer, also uses as a means for
personal communications and observations. The information we post
through these social media channels may be deemed material.
Accordingly, investors should monitor these social media channels
in addition to following our press releases, SEC filings and public
conference calls and webcasts. The social media channels that we
intend to use as a means of disclosing the information described
above may be updated from time to time as listed on our investor
relations website.
For investor inquiries, please contact:Shannon
DevineMZ Group, MZ North
America203-741-8811investors@rumble.com
Source: Rumble Inc.
|
Condensed Consolidated Interim Statements of Operations
(Unaudited) |
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
17,982,150 |
|
$ |
10,983,182 |
|
$ |
60,571,579 |
|
$ |
19,427,259 |
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
Cost of services (content, hosting, other) |
$ |
39,751,475 |
|
$ |
12,287,183 |
|
$ |
106,615,656 |
|
$ |
20,213,175 |
|
General and administrative |
|
9,688,129 |
|
|
2,861,787 |
|
|
27,482,408 |
|
|
6,164,406 |
|
Research and development |
|
5,111,748 |
|
|
1,724,347 |
|
|
12,078,168 |
|
|
3,721,156 |
|
Sales and marketing |
|
3,182,903 |
|
|
1,460,177 |
|
|
10,215,780 |
|
|
3,422,304 |
|
Acquisition-related transaction costs |
|
445,833 |
|
|
- |
|
|
1,150,035 |
|
|
1,341,056 |
|
Amortization and depreciation |
|
1,353,071 |
|
|
410,388 |
|
|
3,077,705 |
|
|
924,974 |
|
Changes in fair value of contingent consideration |
|
(1,335,177 |
) |
|
- |
|
|
(1,709,173 |
) |
|
- |
|
|
|
|
|
|
|
|
|
|
Total
expenses |
|
58,197,982 |
|
|
18,743,882 |
|
|
158,910,579 |
|
|
35,787,071 |
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(40,215,832 |
) |
|
(7,760,700 |
) |
|
(98,339,000 |
) |
|
(16,359,812 |
) |
Interest income |
|
3,620,882 |
|
|
211,728 |
|
|
10,499,232 |
|
|
234,534 |
|
Other income (expense) |
|
104,339 |
|
|
(24,980 |
) |
|
85,939 |
|
|
(49,548 |
) |
Changes in fair value of warrant liability |
|
7,485,695 |
|
|
5,715,500 |
|
|
643,195 |
|
|
5,715,500 |
|
|
|
|
|
|
|
|
|
|
Loss
before income taxes |
|
(29,004,916 |
) |
|
(1,848,452 |
) |
|
(87,110,634 |
) |
|
(10,459,326 |
) |
Income tax expense |
|
(16,126 |
) |
|
- |
|
|
(32,601 |
) |
|
- |
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(29,021,042 |
) |
$ |
(1,848,452 |
) |
$ |
(87,143,235 |
) |
$ |
(10,459,326 |
) |
|
|
|
|
|
|
|
|
|
Loss per share – basic and
diluted |
$ |
(0.14 |
) |
$ |
(0.01 |
) |
$ |
(0.43 |
) |
$ |
(0.06 |
) |
Weighted-average number of
common shares used in computing net loss per share
- basic and diluted |
|
201,810,477 |
|
|
177,663,321 |
|
|
201,287,948 |
|
|
174,915,525 |
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense included in expenses: |
|
|
|
|
|
|
|
|
Cost of services (content,
hosting, other) |
$ |
737,878 |
|
$ |
- |
|
$ |
1,936,685 |
|
$ |
- |
|
General and
administrative |
|
3,085,754 |
|
|
175,159 |
|
|
7,523,812 |
|
|
182,113 |
|
Research and development |
|
365,026 |
|
|
6,455 |
|
|
730,300 |
|
|
19,366 |
|
Sales and marketing |
|
132,493 |
|
|
7,053 |
|
|
300,240 |
|
|
21,160 |
|
|
|
|
|
|
|
|
|
|
Total share-based
compensation expense |
|
4,321,151 |
|
|
188,667 |
|
|
10,491,037 |
|
|
222,639 |
|
|
Condensed Consolidated Interim Balance Sheets
(Unaudited) |
|
|
September 30, |
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
Cash and cash equivalents |
$ |
265,883,872 |
|
$ |
337,169,279 |
|
Marketable securities |
|
1,135,200 |
|
|
1,100,000 |
|
Accounts receivable, net |
|
6,152,166 |
|
|
4,748,189 |
|
Income taxes receivable |
|
1,359 |
|
|
- |
|
Prepaid expenses and other |
|
13,185,162 |
|
|
9,342,691 |
|
|
|
286,357,759 |
|
|
352,360,159 |
|
|
|
|
|
|
Prepaid expenses and
other, long term |
|
1,858,711 |
|
|
547,589 |
|
Property and
equipment, net |
|
17,878,498 |
|
|
8,844,232 |
|
Right-of-use assets,
net |
|
1,844,385 |
|
|
1,356,454 |
|
Intangible assets,
net |
|
10,814,386 |
|
|
3,211,305 |
|
Goodwill |
|
12,648,045 |
|
|
662,899 |
|
|
$ |
331,401,784 |
|
$ |
366,982,638 |
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
Accounts payable and accrued liabilities |
$ |
33,513,993 |
|
$ |
14,324,696 |
|
Deferred revenue |
|
7,487,591 |
|
|
1,040,619 |
|
Lease liabilities |
|
670,789 |
|
|
583,186 |
|
Contingent consideration |
|
980,975 |
|
|
- |
|
Income taxes payable |
|
- |
|
|
934 |
|
Deferred tax liability |
|
1,629,180 |
|
|
- |
|
|
|
44,282,528 |
|
|
15,949,435 |
|
|
|
|
|
|
Lease liabilities,
long-term |
|
1,251,244 |
|
|
835,924 |
|
Contingent
consideration, net of current portion |
|
801,593 |
|
|
- |
|
Warrant
liability |
|
9,419,305 |
|
|
10,062,500 |
|
Other
liability |
|
500,000 |
|
|
500,000 |
|
|
|
56,254,670 |
|
|
27,347,859 |
|
|
|
|
|
|
Commitments and contingencies
(Note 15) |
|
|
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
Preferred shares |
|
- |
|
|
- |
|
Common shares |
|
768,522 |
|
|
768,357 |
|
Accumulated Deficit |
|
(115,925,936 |
) |
|
(28,782,701 |
) |
Additional paid-in capital |
|
390,304,528 |
|
|
367,649,123 |
|
|
|
275,147,114 |
|
|
339,634,779 |
|
|
$ |
331,401,784 |
|
$ |
366,982,638 |
|
|
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited) |
|
For the nine months ended September 30, |
|
2023 |
|
|
2022 |
|
|
|
|
|
|
Cash flows provided by
(used in) |
|
|
|
|
|
|
|
|
|
Operating
activities |
|
|
|
|
Net loss for the period |
$ |
(87,143,235 |
) |
$ |
(10,459,326 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Amortization and depreciation |
|
3,077,705 |
|
|
924,974 |
|
Share-based compensation |
|
10,491,037 |
|
|
222,639 |
|
Non-cash portion interest expense |
|
33,255 |
|
|
28,145 |
|
Non-cash portion of operating lease costs |
|
481,542 |
|
|
383,915 |
|
Change in fair value of warrants |
|
(643,195 |
) |
|
(5,715,500 |
) |
Change in fair value of contingent consideration |
|
(1,709,173 |
) |
|
- |
|
|
|
(75,412,064 |
) |
|
(14,615,153 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
(1,785,330 |
) |
|
(6,047,258 |
) |
Prepaid expenses and other |
|
(4,952,942 |
) |
|
(3,048,405 |
) |
Accounts payable and accrued liabilities |
|
16,375,555 |
|
|
6,059,222 |
|
Deferred revenue |
|
6,446,972 |
|
|
338,725 |
|
Income taxes payable (receivable) |
|
- |
|
|
256,095 |
|
Operating lease liabilities |
|
(502,923 |
) |
|
(342,870 |
) |
|
|
(59,830,732 |
) |
|
(17,399,644 |
) |
|
|
|
|
|
Investing
activities |
|
|
|
|
Purchase of property and equipment |
|
(11,008,811 |
) |
|
(5,830,881 |
) |
Purchase of intangible assets |
|
(910,399 |
) |
|
- |
|
Purchase of marketable securities |
|
(1,135,200 |
) |
|
- |
|
Sale and maturities of marketable securities |
|
1,100,000 |
|
|
- |
|
Cash acquired in connection with Callin acquisition |
|
1,000,989 |
|
|
- |
|
|
|
(10,953,421 |
) |
|
(5,830,881 |
) |
|
|
|
|
|
Financing
activities |
|
|
|
|
Taxes paid from net share settlement for share-based
compensation |
|
(462,658 |
) |
|
- |
|
Repayment of Sponsor loan in connection with Qualifying
Transaction |
|
- |
|
|
(2,173,353 |
) |
Repurchase of Class C Common Stock |
|
- |
|
|
(11,000,000 |
) |
Proceeds from Qualifying Transaction |
|
- |
|
|
399,807,596 |
|
Proceeds from other liabilities |
|
- |
|
|
250,000 |
|
Share issuance costs |
|
(40,478 |
) |
|
(53,866,750 |
) |
|
|
(503,136 |
) |
|
333,017,493 |
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents |
|
1,882 |
|
|
45,707 |
|
Decrease in cash and
cash equivalents during the period |
|
(71,285,407 |
) |
|
309,832,675 |
|
Cash and cash
equivalents, beginning of period |
|
337,169,279 |
|
|
46,847,375 |
|
Cash and cash equivalents, end of
period |
$ |
265,883,872 |
|
$ |
356,680,050 |
|
|
|
|
|
|
Supplemental cash flow
information |
|
|
|
|
Cash paid for income taxes |
$ |
32,601 |
|
$ |
4,831 |
|
Cash paid for interest |
|
4,212 |
|
|
54 |
|
Cash paid for lease liabilities |
|
466,550 |
|
|
314,674 |
|
|
|
|
|
|
Non-cash investing and
financing activities: |
|
|
|
|
Property and equipment in accounts payable and accrued
liabilities |
|
1,522,938 |
|
|
341,895 |
|
Settlement of loan receivable in exchange for Class A Common
Stock |
|
391,235 |
|
|
- |
|
Non-cash consideration related to the acquisition of Callin |
|
18,226,572 |
|
|
- |
|
Recognition of operating right-of-use assets in exchange for
operating lease liabilities
|
|
969,473 |
|
|
368,831 |
|
|
|
|
|
|
Rumble (NASDAQ:RUM)
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