Key Highlights

  • Revenue reached a record USD 96.6 million in the third quarter of 2026, up 290% from USD 24.8 million, with USD 68.2 million coming from the Quake AI GPU cloud business.
  • Adjusted EBITDA was positive USD 4.4 million, the company's first positive quarter as a public company, against a loss of USD 15.1 million a year ago and USD 16.6 million in the second quarter.
  • Net loss was USD 91.7 million, or USD 81.5 million attributable to RUM Group, as Depreciation and amortization rose to USD 85.8 million, including USD 39 million from asset step-ups.
  • Total Liquidity was USD 142.3 million, made up of USD 134.4 million of cash and 94.68 Bitcoin valued at USD 7.9 million, while fourth-quarter Revenue guidance is USD 88 million to USD 94 million.

Quake AI Becomes the Engine of Revenue

RUM Group (NASDAQ:RUM) held its third-quarter call on November 11, 2026. Revenue rose USD 71.8 million, of which USD 68.2 million came from Quake AI, the GPU cloud Business in its first full quarter as part of the company, and USD 3.7 million from Rumble Video. Management said Quake AI contributed more than 70% of revenue and runs about 22,000 GPUs at 85% utilization. Quake AI posted adjusted EBITDA of USD 23.5 million, a Margin of roughly 34%, while the Rumble Video segment lost USD 12.1 million on USD 28.4 million of revenue, up 15%.

Non-Cash Charges Drive the Bottom Line

Cost of services was USD 43.6 million against USD 25.2 million, and general and administrative expenses were USD 39.5 million against USD 10.5 million, of which Northern Data contributed USD 24.6 million. Management said the larger net loss is primarily non-cash, led by USD 85.8 million of amortization and depreciation. Research and Development and sales and Marketing each rose to USD 7.7 million. Corporate and other costs added an adjusted EBITDA loss of USD 6.9 million. Management also said revenue included just over USD 3 million from a barter arrangement that will drop off in the fourth quarter, so it does not regard USD 96.6 million as the modeling baseline.

Maysville Rethink, Financing Strain and Contract Repricing

The CEO said financing markets for Data Center projects have become difficult, and the company is in early talks with its customer on an alternative path for the Maysville site. The CFO said part of the planned 250 megawatts is likely to move beyond 2027. Most H100 contracts expire by the end of the first quarter of 2027, and management expects renewals at significantly higher rates and customer prepayments, which are expectations rather than commitments. The only Debt is a note from Tether. In Rumble Video, a cost reset aims for Operating Expense savings above 20% on a run-rate basis.

Where Things Stand

Management has not said, and the quarter flattered the run rate. RUM Group (NASDAQ:RUM) turned adjusted EBITDA positive, but management itself says third-quarter revenue included non-recurring items, and fourth-quarter revenue guidance of USD 88 million to USD 94 million is below USD 96.6 million. The net loss of USD 91.7 million shows how heavy acquisition-related depreciation is. Repricing of the H100 contracts, the Maysville plan and the video cost cuts are the swing factors. The next markers are the fourth-quarter report and contract renewals in early 2027.