Rumble Inc. (“Rumble”) (NASDAQ: RUM), the video-sharing platform,
announced today financial results for the third quarter of 2022.
Q3 2022 Key Highlights
- Average global
Monthly Active Users (“MAUs”) increased 97% to 71 million, a
company record, compared to 36 million in the third quarter 2021
- Of the 71
million, 57 million were based in the U.S. and Canada, compared to
25 million in the U.S. and Canada during the third quarter of
2021
- Average Minutes
Watched Per Month (“MWPM”) increased 14% in the third quarter of
2022 to 9.0 billion compared to 7.9 billion in the third quarter of
2021
- Hours of
uploaded video per day increased 220% to 8,796, compared to 2,746
in the third quarter of 2021
- Third quarter
revenue increased over 430% to $11.0 million, a company record,
compared to $2.1 million in the third quarter of 2021, and up 150%
when compared to $4.4 million in the second quarter of 2022
- As of September
30, 2022, Rumble’s balance of cash and cash equivalents was $356.7
million as a result of the business combination with CF Acquisition
Corp. VI (“CFVI”). The transaction provided Rumble with
approximately $400 million in gross proceeds
- Added new
creators who will provide exclusive content to the platform
including Glenn Greenwald, “SteveWillDoIt,” Viva Frei, and Russell
Brand, diversifying Rumble’s content library and audience by
attracting Gen Z viewers
- Launched the
Company’s in-house ad platform – Rumble Advertising Center (“RAC”)
for banner ads while onboarding RAC’s first publisher
- Launched free
livestreaming for Rumble creators who have more than one hundred
subscribers
- Launched article
publishing feature for subscription-based community platform,
Locals, enabling creators to customize their online publications
using a comprehensive toolbar
- Launched Rumble
Exclusives, an innovative livestreaming lineup featuring
independent creators and a two-way conversation with their
audiences
- Locals launched
its Content+ feature to all communities on the platform after a
successful beta program that included several films. Content+
allows creators to monetize movies, specials, and other on-demand
content
Management Commentary
“Our third quarter was a milestone for the
Company for numerous reasons,” commented Chris Pavlovski, Chairman
and Chief Executive Officer of Rumble. “First, the quarter
concluded with the completion of our business combination with
CFVI. As a result, Rumble became a publicly traded company on
Nasdaq under the symbol ‘RUM.’ Importantly, in the process of the
business combination, we retained nearly all of the cash in the
trust account – 99.9% of CFVI shareholders elected not to redeem
their shares. This provided us with maximum liquidity from the
transaction and demonstrated a true vote of confidence in our
mission and platform. Ultimately, the transaction provided the
funds needed to advance our business initiatives.”
Mr. Pavlovski continued, “I am most proud of our
ability to build and scale with a very lean operation, which is a
testament to the team that we’ve built and the culture that has
been embedded in our DNA since our founding in 2013. As evidence of
this, we raised our first outside capital, totaling $50 million, in
2021 and ended the second quarter of 2022, our last fiscal quarter
prior to the completion of the merger with CFVI, with $33.5 million
of cash on our balance sheet. The resolve and focus of our team is
exceptional and truly unprecedented in our industry. Throughout
last quarter, we continued to build out and test the groundwork to
monetize our existing user base and consumption, further defend our
cancel-proof foundation, and enhance our products.”
“Turning to our third quarter business
highlights, we made significant strides in building out our tools
for monetization by launching our ad platform ahead of schedule.
This launch allowed advertisers the ability to access to a portion
of Rumble’s website user traffic, enabling them to create banner
and pre-roll video campaigns and to view their analytics.
Demonstrated by our recent efforts, 2022 has been a foundational
year for Rumble. As we head into 2023, we continue to focus on
building our infrastructure for Rumble Cloud and building
market-leading consumer products with Rumble, Locals and Rumble
Ads. We will also begin to focus on monetization and growing
topline revenues. While we are extremely encouraged by our third
quarter financial results and key performance indicators, they are
just the beginning as we have a long, incredible journey ahead of
us. Rumble continues to attract users, creators, and advertisers to
its platform while continuing the development of its own
independent infrastructure. I look forward to executing on our
mission while delivering value to our shareholders,” concluded
Pavlovski.
Q3 Financial Summary
For the three
months ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
Variance ($) |
Variance (%) |
Revenues |
$ |
10,983,182 |
|
$ |
2,069,473 |
|
$ |
8,913,709 |
431% |
Loss from operations |
$ |
(7,788,088) |
|
$ |
(1,572,526) |
|
$ |
(6,215,562) |
395% |
|
|
|
|
|
Select
Operating Expenses |
|
|
|
General and administrative |
$ |
2,545,408 |
|
$ |
646,537 |
|
$ |
1,898,871 |
294% |
Research and development |
$ |
1,717,892 |
|
$ |
314,062 |
|
$ |
1,403,830 |
447% |
Sales and marketing |
$ |
6,547,045 |
|
$ |
713,155 |
|
$ |
5,833,890 |
818% |
|
|
|
|
|
|
|
|
|
|
For the third quarter of 2022, revenues
increased $8.9 million to $11.0 million compared to third quarter
of 2021, representing an increase of 431%. $7.6 million of this
increase is attributable to an increase in advertising revenue and
$1.3 million is attributable to higher 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, including host
read advertising, and Rumble’s online advertising management
exchange. The increase in licensing and other revenue was driven by
tipping features within the platform as well as certain cloud,
subscription, provision of one-time content, and professional
services.
Loss from operations for the quarter was $7.8
million compared to $1.6 million in the third quarter of 2021.
General and administrative expense was $2.5
million for the quarter compared to $0.6 million in the third
quarter of 2021. The increase represents a $0.9 million increase in
staffing-related costs, as well as a $1.0 million increase in other
administrative expenses, which include accounting, legal, investor
relations, and other administrative services.
Research and development expense was $1.7
million for the quarter, compared to $0.3 million for third quarter
of 2021. The increase represents a $0.8 million increase in
staffing-related costs, as well as a $0.6 million increase in costs
related to computer software, hardware and other administrative
expenses.
Sales and marketing expense was $6.5 million for
the quarter, compared to $0.7 million in for the third quarter of
2021. The increase includes a $4.9 million increase in costs
related to incentivizing top content creators to promote and join
our platform, a $0.5 million increase in staffing related costs, as
well as a $0.4 million increase in other marketing and public
relation activities.
Liquidity
As of September 30, 2022, Rumble had cash and
cash equivalents of $356.7 million, primarily as a result of
cash proceeds from the Business Combination referenced above.
Business Combination
On September 16, 2022, Rumble completed its
business combination with CFVI. Gross proceeds from the business
combination were approximately $400 million and year-to-date costs
associated with the transaction were $53.9 million.
The table below sets forth Rumble’s fully diluted capitalization
as of September 30, 2022.
|
Total |
|
Common stock (1) |
279,129,977 |
|
Options, warrants & RSUs
(2) (3) |
95,902,801 |
|
Total |
375,032,778 |
|
(1) |
Includes 88,703,127 shares of Class A Common Stock outstanding,
plus 20,800,886 shares of Class A Common Stock outstanding which
have been placed in escrow, plus 1,963,750 shares of Class A Common
Stock outstanding held by the Sponsor which are subject to
forfeiture, plus 112,050,496 shares of Class A Common Stock
issuable upon exchange of Exchangeco shares outstanding, plus
55,611,718 shares of Class A Common Stock issuable upon exchange of
Exchangeco shares outstanding which have been placed in escrow.
Excludes (i) 105,782,403 Class D multiple voting shares held by
Rumble’s founder that do not have economic benefit and (ii)
167,662,214 shares of Class C Common Stock which are issued in
“tandem” with Exchangeco shares and which entitle the holder
thereof to one vote per share but are otherwise non-economic. |
(2) |
Includes
58,165,405 shares of Class A Common Stock issuable under options,
plus 28,587,396 shares of Class A Common Stock issuable under
options that are subject to forfeiture (the “Tandem Option Earnout
Shares”), plus 8,050,000 shares of Class A Common Stock issuable
under warrants, plus 1,100,000 RSUs. Tandem Option Earnout Shares
are placed in escrow if the underlying option has been exercised
and the applicable triggering event under the Business Combination
Agreement has not been satisfied. |
(3) |
Presented
on an as-converted basis. |
|
|
Conference Call Webcast
Information
Rumble will host a conference call at 5:00 p.m.
Eastern Time today, Monday, November 14, 2022, 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.’
Definitions
Monthly Active Users (MAUs)
represent the total web and app users of Rumble for each month,
reflecting unique web and app users, based on data provided by
third-party analytics providers using company-set parameters. The
analytics systems and the resulting data have not been
independently verified. There is a potential for minor overlap in
the resulting data due to users who access our content from both
the web and the app in a given measurement period; however, given
that we believe this minor overlap to be immaterial, we do not
separately track or report “unique users” as distinct from MAUs.
MAUs do not include embedded video, certain connected TV users, or
users of the Locals platform. Like other major social media
platforms, fraud and unauthorized access, if undetected, may
contribute, from time to time, to some amount of overstatement of
our performance indicators, including reporting of MAUs by our
third-party analytics provider. Fraudulent activity is typically
designed to inflate payments to individual rights holders.
Minutes Watched Per Month
(MWPM) represents the monthly average of minutes watched
per user within a quarterly period. 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. 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. Starting in the second
quarter of 2022 we began transitioning a portion of Locals’
bandwidth consumption to our infrastructure.
Hours of Uploaded Video Per Day
is a measure of content creation to help it understand the volume
of content being created and uploaded to us on a daily basis.
About Rumble
Rumble is a high-growth neutral video platform
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 investors.rumble.com.
Forward-Looking Statements
Certain statements in this press release
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,” “will,” “may,” “future,”
“likely,” “on track to deliver,” “gaining momentum,” “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 the Business Combination, 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
grow or maintain our active user base; our inability to achieve or
maintain profitability; 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;
and those additional risks, uncertainties and factors described in
more detail under the caption “Risk Factors” in our Quarterly
Report on Form 10-Q for the quarter ended September 30, 2022, 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 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 Twitter account
(https://twitter.com/rumblevideo), the @rumble TRUTH Social account
(https://truthsocial.com/@rumble), the @chrispavlovski Twitter
account (https://twitter.com/chrispavlovski), and the @chris TRUTH
Social account (https://truthsocial.com/@chris), which Chris
Pavlovski, our founder 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 America 203-741-8811 investors@rumble.com
Source: Rumble Inc.
Condensed Consolidated Interim Statements
of Comprehensive Loss (Unaudited)
|
|
Three months endedSeptember
30, |
|
|
Nine months endedSeptember
30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
10,983,182 |
|
|
$ |
2,069,473 |
|
|
$ |
19,427,259 |
|
|
$ |
6,526,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
7,489,884 |
|
|
|
1,809,612 |
|
|
|
14,671,468 |
|
|
|
4,735,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
3,493,298 |
|
|
$ |
259,861 |
|
|
$ |
4,755,791 |
|
|
$ |
1,790,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
2,545,408 |
|
|
$ |
646,537 |
|
|
$ |
5,577,028 |
|
|
$ |
1,237,264 |
|
Research and development |
|
|
1,717,892 |
|
|
|
314,062 |
|
|
|
3,701,790 |
|
|
|
840,651 |
|
Sales and marketing |
|
|
6,547,045 |
|
|
|
713,155 |
|
|
|
9,626,375 |
|
|
|
1,408,477 |
|
Finance costs |
|
|
- |
|
|
|
- |
|
|
|
1,341,056 |
|
|
|
304,627 |
|
Share-based compensation |
|
|
188,667 |
|
|
|
43,834 |
|
|
|
222,639 |
|
|
|
43,834 |
|
Foreign exchange loss (gain) |
|
|
24,980 |
|
|
|
97,258 |
|
|
|
49,548 |
|
|
|
(109,964 |
) |
Amortization and depreciation |
|
|
257,394 |
|
|
|
17,541 |
|
|
|
625,369 |
|
|
|
45,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
11,281,386 |
|
|
|
1,832,387 |
|
|
|
21,143,805 |
|
|
|
3,770,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(7,788,088 |
) |
|
|
(1,572,526 |
) |
|
|
(16,388,014 |
) |
|
|
(1,979,265 |
) |
Interest income, net |
|
|
210,548 |
|
|
|
18,428 |
|
|
|
231,999 |
|
|
|
10,165 |
|
Other income, net |
|
|
- |
|
|
|
570 |
|
|
|
- |
|
|
|
175,570 |
|
Changes in fair value of warrant liability |
|
|
5,715,500 |
|
|
|
- |
|
|
|
5,715,500 |
|
|
|
- |
|
Changes in fair value of option liability |
|
|
- |
|
|
|
(1,071,429 |
) |
|
|
- |
|
|
|
(1,071,429 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(1,862,040 |
) |
|
|
(2,624,957 |
) |
|
|
(10,440,515 |
) |
|
|
(2,864,959 |
) |
Income tax (expense) recovery |
|
|
3,588 |
|
|
|
- |
|
|
|
(18,811 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net and comprehensive loss |
|
$ |
(1,858,452 |
) |
|
$ |
(2,624,957 |
|
|
$ |
(10,459,326 |
) |
|
$ |
(2,864,959 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.01 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.38 |
) |
Diluted |
|
$ |
(0.01 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.38 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute loss per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
177,962,153 |
|
|
|
7,541,000 |
|
|
|
174,377,485 |
|
|
|
7,541,000 |
|
Diluted |
|
|
177,962,153 |
|
|
|
7,541,000 |
|
|
|
174,377,485 |
|
|
|
7,541,000 |
|
Condensed Consolidated Interim Balance
Sheets (Unaudited)
|
|
September 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
356,680,050 |
|
|
$ |
46,847,375 |
|
Accounts receivable, net |
|
|
7,860,047 |
|
|
|
1,812,790 |
|
Prepaid expenses |
|
|
3,438,253 |
|
|
|
389,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
367,978,350 |
|
|
|
49,050,014 |
|
Capital
assets |
|
|
6,535,329 |
|
|
|
1,286,849 |
|
Right-of-use
assets |
|
|
1,500,757 |
|
|
|
1,515,841 |
|
Intangible
assets |
|
|
2,943,006 |
|
|
|
3,285,578 |
|
Goodwill |
|
|
662,899 |
|
|
|
662,899 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
379,620,341 |
|
|
$ |
55,801,181 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
12,478,936 |
|
|
$ |
6,853,403 |
|
Deferred revenue |
|
|
368,739 |
|
|
|
30,014 |
|
Lease liabilities |
|
|
579,345 |
|
|
|
315,159 |
|
Income taxes payable |
|
|
257,028 |
|
|
|
934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
13,684,048 |
|
|
|
7,199,510 |
|
Warrant
liability |
|
|
25,357,500 |
|
|
|
- |
|
Lease liabilities,
long-term |
|
|
985,110 |
|
|
|
1,195,139 |
|
Other
liability |
|
|
500,000 |
|
|
|
250,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
40,526,658 |
|
|
|
8,644,649 |
|
|
|
|
|
|
|
|
|
|
Temporary
equity |
|
|
|
|
|
|
|
|
Preference shares |
|
|
- |
|
|
|
16,789,203 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity |
|
|
|
|
|
|
|
|
Common shares |
|
|
768,357 |
|
|
|
43,353,370 |
|
Deficit |
|
|
(27,838,033 |
) |
|
|
(17,378,707 |
) |
Additional paid-in capital |
|
|
366,163,359 |
|
|
|
4,392,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
339,093,683 |
|
|
|
30,367,329 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
379,620,341 |
|
|
$ |
55,801,181 |
|
Condensed Consolidated Interim Statements
of Cash Flows (Unaudited)
For the nine months ended September 30, |
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
Cash flows provided by
(used in) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities |
|
|
|
|
|
|
Net and comprehensive loss for the period |
|
$ |
(10,459,326 |
) |
|
$ |
(2,864,959 |
) |
Adjustments to reconcile net loss to cash flows used in operating
activities: |
|
|
|
|
|
|
|
|
Amortization and depreciation |
|
|
1,308,889 |
|
|
|
66,274 |
|
Share-based compensation |
|
|
222,639 |
|
|
|
43,834 |
|
Interest expense |
|
|
28,145 |
|
|
|
2,210 |
|
Gain on change in fair value of warrants |
|
|
(5,715,500 |
) |
|
|
- |
|
Loss on change in fair value of option liability |
|
|
- |
|
|
|
1,071,429 |
|
Unrealized foreign exchange gain (loss) |
|
|
45,707 |
|
|
|
(3,998 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(14,569,446 |
) |
|
|
(1,685,210 |
) |
Changes in non-cash working capital: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(6,047,258 |
) |
|
|
301,969 |
|
Prepaid expenses |
|
|
(3,048,405 |
) |
|
|
(295,165 |
) |
Accounts payable and accrued liabilities |
|
|
6,059,222 |
|
|
|
1,463,488 |
|
Deferred revenue |
|
|
338,725 |
|
|
|
1,849 |
|
Income taxes payable |
|
|
256,095 |
|
|
|
9 |
|
|
|
|
(17,011,067 |
) |
|
|
(213,060 |
) |
|
|
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
|
|
|
Purchase of capital assets |
|
|
(5,830,881 |
) |
|
|
(520,064 |
) |
Purchase of intellectual property |
|
|
- |
|
|
|
(500,447 |
) |
|
|
|
(5,830,881 |
) |
|
|
(1,020,511 |
) |
Financing
activities |
|
|
|
|
|
|
|
|
Repayments of bank indebtedness |
|
|
- |
|
|
|
(337,535 |
) |
Lease payments |
|
|
(342,870 |
) |
|
|
(40,293 |
) |
Proceeds from other liabilities |
|
|
250,000 |
|
|
|
244,766 |
|
Proceeds from issuance of Legacy Rumble preferred shares and Class
A common shares |
|
|
- |
|
|
|
25,000,000 |
|
Proceeds from Qualifying Transaction |
|
|
399,807,596 |
|
|
|
- |
|
Repurchase of Class C Common Stock |
|
|
(11,000,000 |
) |
|
|
- |
|
Repayment of Sponsor loan in connection with Qualifying
Transaction |
|
|
(2,173,353 |
) |
|
|
- |
|
Share issuance costs |
|
|
(53,866,750 |
) |
|
|
(710,797 |
) |
|
|
|
332,674,623 |
|
|
|
24,156,141 |
|
|
|
|
|
|
|
|
|
|
Increase in cash and
cash equivalents during the period |
|
|
309,832,675 |
|
|
|
22,922,570 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period |
|
|
46,847,375 |
|
|
|
1,446,047 |
|
Cash and cash
equivalents, end of period |
|
$ |
356,680,050 |
|
|
$ |
24,368,617 |
|
|
|
|
|
|
|
|
|
|
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