Rumble (RUM) just posted its Q1 2026 scorecard, with revenue of about US$25.5 million and a basic EPS loss of US$0.12, while the trailing twelve months show revenue of roughly US$102.4 million against a basic EPS loss of US$0.42. Over recent quarters, the company has seen revenue fluctuate in a tight band between roughly US$23.7 million and US$30.2 million, while quarterly basic EPS losses moved from around US$0.01 to US$1.15, highlighting ongoing pressure on profitability. For investors, this set of results keeps the focus on how quickly margins can tighten and whether revenue can carry enough weight to ease those earnings headwinds at some point.

See our full analysis for Rumble.

With the latest numbers on the table, the next step is to assess how this earnings profile fits with the broader narratives around Rumble’s growth potential, risk profile, and path toward stronger margins.

Losses stay heavy at over US$100 million on a 12 month view

• On a trailing twelve month basis, Rumble generated about US$102.4 million of revenue but reported a net loss of roughly US$109.5 million, so the business is still spending more than it brings in even after crossing the US$100 million revenue mark.
• Consensus narrative talks up long term margin improvement. However, current losses, including Q1 2026 net loss of about US$30.3 million on US$25.5 million of revenue, show that any path toward the forecast 1.6% margin in a few years would need a very sharp swing from today’s much weaker profitability.

High P/S of 23.9x sets a demanding bar

• The stock trades on a P/S of roughly 23.9x versus about 1.1x for the wider US Interactive Media & Services industry and 2.4x for peers. This is a large premium given that trailing twelve month net losses stand at around US$109.5 million and the company is not profitable.
• Bulls point to forecast revenue growth of around 44.7% a year and partnerships as reasons this premium could be justified. Yet the current loss profile, along with analyst expectations that Rumble stays unprofitable over the next three years, means the bullish case relies on revenue scale eventually catching up with the high multiple.

Supporters who think revenue growth and partnerships can carry this premium may want to see how that bullish case is built out in more detail in the 🐂 Rumble Bull Case

Bear concerns align with rising losses and share volatility

• Bearish arguments lean on the fact that losses have grown at about 49.9% a year over the past five years, the business is still loss making on US$102.4 million of trailing revenue, and the share price around US$7.21 has been more volatile than the broader US market in the last three months.
• Skeptics focus on risks like rising costs and regulatory pressures. The existing numbers, including repeated quarterly net losses between roughly US$16.3 million and US$32.7 million across most of the past year plus the very high P/S multiple, give that cautious view some concrete backing until there is clearer evidence of cost control or margin progress.

If you are weighing those concerns against the growth story, it can help to see how skeptics frame the downside in the 🐻 Rumble Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Rumble on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With both risks and potential rewards on the table, are you comfortable with how the story balances out? Act while the details are fresh in mind and weigh the 1 key reward and 2 important warning signs.

See What Else Is Out There

Rumble is still reporting heavy losses of about US$109.5 million on US$102.4 million of revenue with a P/S multiple of 23.9 times.

If that combination of steep losses and a demanding valuation makes you cautious, compare it with companies trading on more modest valuations and stronger fundamentals through the 49 high quality undervalued stocks

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.