Rumble Inc. (Nasdaq: RUM) (“Rumble” or the “company”), the popular
video-sharing platform, today announced financial results for the
fiscal quarter ended June 30, 2023.
Q2 2023 Highlights and Key
Items
- Driven by a pool of exclusive
premium content and continued early maturation of advertising
tools, second quarter revenue increased 468% to $25.0 million,
compared to $4.4 million in the second quarter of 2022, and $17.6
million in the first quarter of 2023.
- Strong consumption with average
estimated Minutes Watched Per Month (“MWPM”) increasing by 46% to
11.8 billion in the second quarter of 2023, compared to 8.1 billion
in the second quarter of 2022, and 10.8 billion in the first
quarter of 2023.
- Consistent strong growth in hours
of uploaded video per day, increasing by 48% to 13,229 in the
second quarter of 2023, compared to 8,948 in the second quarter of
2022, and 11,181 in the first quarter of 2023.
- Average global Monthly Active Users
(“MAUs”) of 44 million in the second quarter of 2023 were
consistent with the second quarter of 2022, and a slight decline
compared to 48 million in the first quarter of 2023. The decrease
in MAUs from the third and fourth quarters of 2022 continues to be
the result of a slowdown of news and politics outside of the US
election cycle and increased competition. Of the 44 million MAUs,
28 million were based in the U.S. and Canada,
compared to 32 million in
the U.S. and Canada during the second quarter
of 2022.
- As of June 30, 2023, Rumble’s
balance of cash, cash equivalents and marketable securities was
$296.7 million.
- Strengthened the advertising
business with the alpha release of Rumble’s Creator Sponsorship
Marketplace on the Rumble Advertising Center (“RAC”). This is a
critical step forward in developing a differentiated value offering
for advertisers and initiating scale for creator sponsorship
revenue.
- Further enhanced the functionality
of tools available to creators with the strategic acquisition of
Callin, a podcasting and livestreaming platform, to greatly
accelerate Rumble’s product roadmap and enable a world-class
livestreaming experience.
- Announced an online streaming
partnership with the Republican National Committee (“RNC”) to be
the exclusive livestream provider for the first debate of the
Republican presidential primaries, scheduled for August 23, 2023.
Rumble plans to feature the debate on the platform’s home page and
make the stream available for viewers around the world on the RNC’s
Rumble channel.
- Strategically diversified Rumble’s
content library with the addition of an exclusive joint live stream
show by Kai Cenat, the #1 most-subscribed streamer in the
history of Twitch, and IShowSpeed, the #1 U.S.-based gaming
streamer on YouTube. The show debuted on Rumble with over 200,000
concurrent viewers and over 6,500,000 million total views in their
first livestream.
- Completed strategic investments to
grow the Gen Z audience and bolster Rumble’s exclusive
livestreaming roster of gaming, culture and lifestyle creators with
the additions of DJ Akademiks, a staple in the hip-hop community
with nearly 10 million social followers, JiDion, a top comedic
video creator with over 6.5 million YouTube followers, The
Quartering, a social commentary channel with 1.6 million YouTube
subscribers, and Mizkif, the popular gaming streamer, with over 3
million followers across Twitch and YouTube.
- Launched a new Rumble Sports brand
to strengthen portfolio positioning for advertisers and continued
the expansion into live sports with the announced live sports
distribution partnership with Bare Knuckle Fighting Championship
(“BKFC”).
- Diversified political content with
the addition of Robert F. Kennedy Jr., a Democratic presidential
candidate, to the Rumble platform.
- Rumble Cloud continued strong
progress toward beta launch by the end of 2023.
Subsequent to Quarter End
Highlights
- Signed gaming and hip-hop icons
RiceGum and FaZe Kaysan to new exclusive shows on Rumble,
continuing to add to a fast-growing lineup of entertainment
creators.
- Announced top streamer Steven
Crowder surpassed $7.5 million in subscription payments to his ‘Mug
Club’ community since launching his show in March 2023.
- Rumble creator and popular
comedian, JP Sears, launched his new show ‘Lies You Can Trust’ on
August 8, 2023.
- Announced that Rumble will be the
exclusive RNC livestream provider and the RNC’s exclusive online
home of the second Republican presidential primary debate at the
Ronald Reagan Presidential Library on September 27, 2023.
Management Commentary
“The success achieved in the second quarter is
evident in our top-line growth – we generated revenue of $25.0
million, which is a company record,” commented Rumble's Chairman
and CEO Chris Pavlovski. “This early monetization of our users is
proof that we not only have the audience, but most importantly, the
capabilities to monetize our user base. The top-line results are
supported by continued growth in estimated minutes watched per
month and resilience in MAUs in Q2. In order for us to accelerate
revenue growth, we have to strategically onboard new creators,
improve our product across all devices and automate creator
sponsorships through RAC. This is the most important aspect of our
growth trajectory and strategy. Many of our newly announced and
onboarded creators, such as RiceGum and FaZe Kaysan, resonate with
the younger demographic. Their audiences are the hardest to reach
for advertisers, making these creators and their fans a ripe target
for Rumble. The acquisition of these and other similar creators
brings us a significant opportunity to attract advertisers through
RAC.”
“The company is well-capitalized, with the funds
from the de-SPAC at our disposal to continue improving our RAC and
Cloud products, along with making opportune creator and content
acquisitions. Rumble remains an attractive platform that continues
to better itself for creators, and we are extremely diligent with
respect to creators and the ROI that they project to generate. We
are responsible for diversifying our audiences, increasing
consumption, and assessing the potential creators’ ability to
deliver returns to our shareholders. While I am very pleased with
the results of Q2 2023, I am more excited about our trajectory and
the mission that drives us forward,” Pavlovski added.
Q2 Financial Summary
(Unaudited)
For the three months ended June 30, 2023 |
2023 |
2022 |
Variance ($) |
Variance (%) |
|
|
|
|
|
|
|
|
Revenues |
$ |
24,974,054 |
$ |
4,399,312 |
$ |
20,574,742 |
468 |
% |
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Cost of services (content, hosting and other) |
$ |
40,849,816 |
$ |
4,183,424 |
$ |
36,666,392 |
876 |
% |
General and administrative |
|
6,455,676 |
|
1,755,298 |
|
4,700,378 |
268 |
% |
Research and development |
|
4,050,584 |
|
1,191,567 |
|
2,859,017 |
240 |
% |
Sales and marketing |
|
3,568,051 |
|
1,137,515 |
|
2,430,536 |
214 |
% |
|
|
|
|
|
|
|
|
|
For the second quarter of 2023, revenue was
$25.0 million, compared to $4.4 million in the second quarter of
2022, an increase of 468%. The increase is due to an $18.0 million
increase in advertising revenue and a $2.6 million increase in
licensing and other revenue. The increase in advertising revenue
was driven by an increase from advertising solutions for creators,
publishers and advertisers, including host read advertising and
RAC, our online advertising management exchange, both of which we
started to build and test in the second half of 2022. The increase
in licensing and other revenue was driven largely by subscription
as well as licensing creator contracts, tipping, cloud platform and
hosting fees.
Cost of services was $40.8 million for the
quarter, compared to $4.2 million in the second quarter of 2022.
The increase is due to an increase in programming and content costs
of $35.0 million, hosting expenses of $0.7 million, and other
service costs of $1.0 million.
General and administrative expense was $6.5
million for the quarter, compared to $1.8 million in the second
quarter of 2022. The increase was due to a $0.9 million increase in
staffing-related costs, as well as a $3.8 million increase in other
administrative expenses, most of which are public company-related
including accounting, legal, investor relations, insurance and
other administrative services.
Research and development expense was $4.1
million for the quarter, compared to $1.2 million in the second
quarter of 2022. The increase was due to a $2.1 million increase in
staffing-related costs, as well as a $0.8 million increase in costs
related to computer software and hardware, software development and
other administrative expenses.
Sales and marketing expense was $3.6 million for
the quarter, compared to $1.1 million in the second quarter of
2022. The increase was due to a $1.0 million increase in
staffing-related and consulting service costs, as well as a $1.4
million increase in other marketing and public relations
activities.
Liquidity
As of June 30, 2023, Rumble had cash, cash
equivalents and marketable securities of $296.7 million.
Appointment of Moss Adams LLP as
Rumble’s Independent Auditor
In light of Rumble recently becoming publicly
traded and the related anticipated additional audit requirements,
the company’s Audit Committee of the Board of Directors undertook a
process to consider a potential audit firm change. Earlier this
year, the committee invited several registered public accounting
firms, including Moss Adams LLP, to participate in this process.
Following completion of this process, on August 10, 2023, Rumble’s
Audit Committee appointed Moss Adams LLP, a large, U.S.-based audit
firm, as Rumble’s new auditor effective upon the completion by
Rumble’s current auditor, MNP LLP, of its quarterly review of the
interim consolidated financial statements and the filing of
Rumble’s Quarterly Report on Form 10-Q for the quarterly period
ended June 30, 2023.
Rumble would like to thank MNP LLP for its
support over the years through multiple stages of the company’s
growth and development.
Conference Call Webcast
Information
Rumble will host a conference call at 5:00 p.m.
Eastern Time today, Monday, August 14, 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 later 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 and app 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, using company-set parameters such as excluding users who
access content on Rumble through “embedded” videos on domains other
than rumble.com. We have used the Google analytics systems since we
first began publicly reporting MAU statistics, 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
Rumble’s 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 Locals Technology
Inc. (“Locals”), our subscription-based platform. We also do not
separately report the number of users who register for accounts in
any given period, which is different from MAUs. Like many other
major social media companies, we rely on significant paid
advertising in order to attract users to our platform; however, we
cannot be certain that all or substantially all activity that
results from such advertising is genuine. Spam activity, including
inauthentic and fraudulent user activity, 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. We continually seek to improve our
ability to estimate the total number of spam-generated users, and
we eliminate material activity that is substantially likely to be
spam from the calculation of our MAUs. We will not, however,
succeed in identifying and removing all spam.
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 and a nominal amount of
traffic from customers hosted on Rumble’s infrastructure. Starting
in the second quarter of 2022 we began transitioning a portion of
Locals’ bandwidth consumption to our infrastructure. While this
currently represents an immaterial amount of consumption, we expect
this 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
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,” “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 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
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 o creators through RAC consistent with our
expectations our inability to grow or maintain our active user
base; 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 as currently anticipated; 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 June 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 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 Devine MZ Group, MZ North America
203-741-8811 investors@rumble.com
Source: Rumble Inc.
|
Condensed Consolidated Interim Statements of Comprehensive
Loss (Unaudited) |
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
24,974,054 |
|
$ |
4,399,312 |
|
$ |
42,589,429 |
|
$ |
8,444,077 |
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
Cost of services (content, hosting, other) |
$ |
40,849,816 |
|
$ |
4,183,424 |
|
$ |
66,864,181 |
|
$ |
7,925,992 |
|
General and administrative |
|
6,455,676 |
|
|
1,755,298 |
|
|
13,356,221 |
|
|
3,295,665 |
|
Research and development |
|
4,050,584 |
|
|
1,191,567 |
|
|
6,601,145 |
|
|
1,983,899 |
|
Sales and marketing |
|
3,568,051 |
|
|
1,137,515 |
|
|
6,865,130 |
|
|
1,948,020 |
|
Finance costs |
|
704,202 |
|
|
530,239 |
|
|
704,202 |
|
|
1,341,056 |
|
Share-based compensation |
|
3,170,944 |
|
|
16,986 |
|
|
4,971,079 |
|
|
33,972 |
|
Foreign exchange loss (gain) |
|
5,838 |
|
|
(3,010) |
|
|
21,744 |
|
|
24,567 |
|
Amortization and depreciation |
|
1,043,560 |
|
|
288,957 |
|
|
1,724,634 |
|
|
514,586 |
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
59,848,671 |
|
|
9,100,976 |
|
|
101,108,336 |
|
|
17,067,757 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(34,874,617) |
|
|
(4,701,664) |
|
|
(58,518,907) |
|
|
(8,623,680) |
|
Interest income |
|
3,570,423 |
|
|
14,108 |
|
|
6,878,350 |
|
|
22,806 |
|
Other income |
|
3,343 |
|
|
- |
|
|
3,343 |
|
|
- |
|
Share of profit (loss) from joint venture |
|
- |
|
|
(1,124) |
|
|
- |
|
|
- |
|
Changes in fair value of contingent consideration |
|
373,996 |
|
|
- |
|
|
373,996 |
|
|
- |
|
Changes in fair value of warrant liability |
|
1,489,250 |
|
|
- |
|
|
(6,842,500) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
(29,437,605) |
|
|
(4,688,680) |
|
|
(58,105,718) |
|
|
(8,600,874) |
|
Income tax recovery (expense) |
|
(16,475) |
|
|
- |
|
|
(16,475) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net and comprehensive loss |
$ |
(29,454,080) |
|
$ |
(4,688,680) |
|
$ |
(58,122,193) |
|
$ |
(8,600,874) |
|
|
|
|
|
|
|
|
|
|
Loss per share basic |
$ |
(0.15) |
|
$ |
(0.03) |
|
$ |
(0.29) |
|
$ |
(0.05) |
|
Loss per share diluted |
$ |
(0.15) |
|
$ |
(0.03) |
|
$ |
(0.29) |
|
$ |
(0.05) |
|
Weighted average number of
common shares used in computing net loss per share basic |
|
201,257,144 |
|
|
173,518,855 |
|
|
201,006,921 |
|
|
173,518,855 |
|
Weighted average number of
common shares used in computing net loss per share
– diluted |
|
201,257,144 |
|
|
173,518,855 |
|
|
201,006,921 |
|
|
173,518,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Interim Balance Sheets
(Unaudited) |
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ |
295,563,303 |
|
$ |
337,169,279 |
|
Marketable securities |
|
1,100,000 |
|
|
1,100,000 |
|
Accounts receivable, net |
|
6,858,974 |
|
|
4,748,189 |
|
Prepaid expenses and other |
|
15,652,152 |
|
|
9,342,691 |
|
|
|
319,174,429 |
|
|
352,360,159 |
|
|
|
|
|
|
Prepaid expenses and other, long term |
|
1,120,624 |
|
|
547,589 |
|
Capital assets |
|
15,347,956 |
|
|
8,844,232 |
|
Rightofuse assets |
|
1,021,399 |
|
|
1,356,454 |
|
Intangible assets |
|
10,820,447 |
|
|
3,211,305 |
|
Goodwill |
|
12,504,329 |
|
|
662,899 |
|
|
$ |
359,989,184 |
|
$ |
366,982,638 |
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable and accrued liabilities |
$ |
26,513,401 |
|
$ |
14,324,696 |
|
Deferred revenue |
|
8,527,408 |
|
|
1,040,619 |
|
Lease liabilities |
|
410,620 |
|
|
583,186 |
|
Contingent consideration |
|
1,715,744 |
|
|
- |
|
Income taxes payable (receivable) |
|
(1,359) |
|
|
934 |
|
Deferred tax liability (asset) |
|
1,629,180 |
|
|
- |
|
|
|
38,794,994 |
|
|
15,949,435 |
|
|
|
|
|
|
Lease liabilities, longterm |
|
671,669 |
|
|
835,924 |
|
Contingent consideration, net of current
portion |
|
1,402,001 |
|
|
- |
|
Warrant liability |
|
16,905,000 |
|
|
10,062,500 |
|
Other liability |
|
500,000 |
|
|
500,000 |
|
|
|
57,273,664 |
|
|
27,347,859 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Common shares |
|
768,513 |
|
|
768,357 |
|
Deficit |
|
(86,904,894) |
|
|
(28,782,701) |
|
Additional paidin capital |
|
387,851,901 |
|
|
367,649,123 |
|
|
|
301,715,520 |
|
|
339,634,779 |
|
|
$ |
359,989,184 |
|
$ |
366,982,638 |
|
|
|
|
|
|
|
|
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited) |
|
For the six months ended June 30, |
|
2023 |
|
|
2022 |
|
|
|
|
|
|
Cash flows provided by (used in) |
|
|
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
Net and comprehensive loss for the period |
$ |
(58,122,193) |
|
$ |
(8,600,874) |
|
Adjustments to reconcile net loss to cash flows: |
|
|
|
|
used in operating activities: |
|
|
|
|
Amortization and depreciation |
|
1,724,634 |
|
|
522,547 |
|
Share-based compensation |
|
5,722,297 |
|
|
33,972 |
|
Interest expense |
|
13,487 |
|
|
18,608 |
|
Non-cash portion of operating lease costs |
|
290,863 |
|
|
232,327 |
|
Repayment of lease liabilities |
|
(306,116) |
|
|
(187,103) |
|
Loss on change in fair value of warrants |
|
6,842,500 |
|
|
- |
|
Gain on change in fair value of contingent consideration |
|
(373,996) |
|
|
- |
|
|
|
|
|
|
|
|
(44,208,524) |
|
|
(7,980,523) |
|
Changes in noncash working capital: |
|
|
|
|
Accounts receivable |
|
(2,102,138 ) |
|
|
(299,921) |
|
Prepaid expenses |
|
(6,681,846) |
|
|
(3,317,496) |
|
Accounts payable and accrued liabilities |
|
10,980,889 |
|
|
1,986,907 |
|
Deferred revenue |
|
7,486,791 |
|
|
312,151 |
|
Income taxes payable (receivable) |
|
- |
|
|
- |
|
|
|
(34,524,828) |
|
|
(9,298,882) |
|
|
|
|
|
|
Investing activities |
|
|
|
|
Purchase of capital assets |
|
(7,684,880) |
|
|
(4,018,919) |
|
Purchase of intangible assets |
|
(356,779) |
|
|
- |
|
Cash acquired in connection with Callin acquisition |
|
1,000,989 |
|
|
- |
|
|
|
(7,040,670) |
|
|
(4,018,919) |
|
|
|
|
|
|
Financing activities |
|
|
|
|
Share issuance costs |
|
(40,478) |
|
|
- |
|
|
|
(40,478) |
|
|
- |
|
Decrease in cash and cash equivalents during the
period |
|
(41,605,976) |
|
|
(13,317,801) |
|
|
|
|
|
|
Cash and cash equivalents, beginning of
period |
|
337,169,279 |
|
|
46,847,375 |
|
Cash and cash equivalents, end of
period |
$ |
295,563,303 |
|
$ |
33,529,574 |
|
|
|
|
|
|
Supplemental cash flow information |
|
|
|
|
Cash paid for income taxes |
$ |
16,475 |
|
$ |
- |
|
Cash paid for interest |
|
4,212 |
|
|
- |
|
Cash paid for lease liabilities |
|
392,141 |
|
|
270,525 |
|
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