RUM Group reported record third-quarter 2026 revenue of $96.6 million, up 290% from a year earlier, and said it achieved its first positive adjusted EBITDA quarter as a public company. The company’s newly combined AI infrastructure business, Quake AI, generated more than 70% of revenue in its first full quarter as part of the group.

CEO Christopher Pavlovski said Quake AI operates about 22,000 GPUs, with utilization at 85%. Management expects tight supply and strong demand to support higher rates as contracts renew. Most of the company’s H100 contracts are due to roll off by the end of the first quarter of 2027. Executives said current market rates for H100s are above $2 per hour, while declining to provide specific pricing guidance.

The company recorded $4.4 million in adjusted EBITDA, compared with losses of $15.1 million in the third quarter of 2025 and $16.6 million in the second quarter of 2026. Quake AI contributed $68.2 million in revenue and $23.5 million in adjusted EBITDA, a margin of about 34%. Rumble Video generated $28.4 million in revenue, up 15% year over year, and reported an adjusted EBITDA loss of $12.1 million.

RUM Group’s net loss reached $91.7 million, including $85.8 million in depreciation and amortization. That amount included $39 million tied to the accounting fair-value increase of Northern Data assets. The company ended the quarter with $142.3 million in liquidity, including $134.4 million in cash and cash equivalents and 94.68 bitcoin valued at $7.9 million.

For the fourth quarter, management forecast revenue of $88 million to $94 million. Third-quarter revenue exceeded the company’s previous guidance range of $87 million to $93 million, but included more than $3 million from an accelerated customer barter arrangement that is not expected to recur. Excluding those items, the company said third-quarter revenue was roughly at the high end of its forecast.

Data center plans and financing

Management said recent difficulties in financing data center and AI infrastructure projects have prompted lenders and investors to scrutinize projects more closely, including their power access, permitting and operating teams. The company is discussing an alternative plan with a customer for its Maysville site, which executives said could be easier to finance while retaining attractive economics.

RUM Group is also working toward delivering a planned 250 megawatts of capacity. Management said some of that capacity may shift beyond 2027, though it still expects a portion to come online that year. The company did not provide project-specific timelines or capital spending guidance.

Executives said customer prepayments could fund a substantial share of the equity needed for future projects, with debt financing providing another potential source. They emphasized a disciplined approach to capital and said the company is prioritizing its existing GPU fleet and the 250-megawatt pipeline over its longer-term goal of reaching one gigawatt of capacity.

Changes to Rumble Video

Rumble began a cost-reduction effort in the third quarter, including workforce reductions and other cuts to recurring expenses. Management described the targeted operating expense reduction as more than 20% on a run-rate basis and said savings should begin to appear through 2027.

The company is also shifting its creator compensation model. Its new Partner Program offers eligible creators up to a 90% revenue share on video ads, including host-read sponsorships. Executives said automation through Rumble Studio and revised creator economics are intended to make the video business more efficient and support growth.

Management said Rumble Video was gross-margin positive in the quarter and expects that to continue, while aiming to improve profitability further. The platform also plans to develop a marketplace where creators could license real-world and video content as data for AI and robotics companies. RUM Group is targeting a launch in late 2027, with further updates potentially coming earlier that year.

Pavlovski said the company views its video platform as strategically important to Quake AI, providing a large library of creator content that could support future AI-related products and revenue opportunities.

The full earnings-call transcript is available online.