Rumble hits record revenue with free cash flow of -$80 million

By Nathan Brooks

Rumble generated $96.6 million in third-quarter revenue, up 290% year over year and the highest quarterly revenue in the company’s history, according to TradingView author Cedric_Invests. Cedric_Invests said the result beat expectations, but he questioned whether the growth had translated into sustainable cash generation.

Cedric_Invests also cited an Anthropic agreement as a reason for long-term optimism in Quake AI. He said: “I remain bullish on the long-term potential of Quake AI, particularly given the Anthropic agreement and the scale of its existing infrastructure.”

Q3 scorecard

TradingView lists the company as RUM Group Inc. Class A, symbol BATS:RUM. The figures Cedric_Invests cited show a sharp divide between revenue and cash performance:

• Quake AI revenue: $68.2 million.
• Rumble Video revenue: $28.4 million.
• Adjusted EBITDA: positive $4.4 million, the company’s first positive quarter on that measure.
• EPS: negative $0.19.
• Free cash flow: negative $80 million.

The operating gain did not close the cash gap. Adjusted EBITDA of $4.4 million sat against an $80 million free-cash-flow deficit, a contrast Cedric_Invests said highlights how capital-intensive Rumble’s expansion remains.

Cash and equivalents stood at $134.4 million, according to Cedric_Invests. He said future financing and cash generation will be important to watch.

Quake AI now accounts for roughly 71% of total revenue. Cedric_Invests said that mix shows how much the Northern Data acquisition has transformed Rumble, and that a large portion of reported growth came from the acquisition rather than organic growth.

The dependence on acquired revenue changes how investors should judge the headline growth rate. The expansion is already substantial, but its cash cost remains the central test, according to Cedric_Invests.

The AI business has operating scale behind it: approximately 22,000 GPUs are operating at 85% utilization, according to Cedric_Invests. He viewed those rates as clear evidence of meaningful demand for Rumble’s existing computing infrastructure. High utilization supports the demand case, though it does not by itself answer the financing question raised by negative free cash flow.

Rumble Video continued to grow year over year, Cedric_Invests said. Its revenue fell sequentially from $30.3 million to $28.4 million, leaving the video segment with growth over the prior year but a lower quarterly contribution. Quake AI supplied nearly three-quarters of sales, so that segment’s larger base now matters more to consolidated revenue than Rumble Video’s sequential decline.

For the near term, Rumble guided fourth-quarter revenue to a range of $88 million to $94 million, according to Cedric_Invests. The range sits below Q3’s $96.6 million, leading him to conclude that growth may not accelerate immediately. That makes cash conversion and funding discipline more important than another surge in reported sales.

What does the cash-flow gap change for Rumble’s valuation?

It leaves the undervaluation case conditional, not broken. Cedric_Invests remains bullish on Quake AI and wants improving cash flow and a clearer path toward sustainable profitability before becoming more confident in Rumble’s valuation. He said: “I still believe there's considerable value in Rumble's AI infrastructure business, but execution will be everything from here.”

For investors, the test is practical: Rumble must show that its GPU capacity can produce cash rather than only larger revenue. In Cedric_Invests’ framework, the next checkpoints are free cash flow, financing needs and progress toward profitability.

If Quake AI converts its scale and 85% utilization into cash, the infrastructure thesis strengthens. If it does not, record revenue leaves the $80 million free-cash-flow deficit as the dominant risk.