1. Rumble's Q3 2025 revenue decreased to $24.8 million. 2. MAUs fell to 47 million, reduction is seasonal. 3. ARPU rose 7% to $0.45 despite lower MAUs. 4. Company's net loss significantly improved from last year. 5. Rumble holds $293.8 million in liquidity and assets.
While revenues decreased, improved loss metrics and liquidity suggest financial stability. Historical examples, such as recovery after past earnings, indicate potential for rebound.
The financial metrics reveal trends relevant to investors and market analysts for RUM.
The release of Q3 results will likely have immediate market reactions based on performance indicators.
~ ARPU of $0.45, Up 7% from Prior Quarter ~
~ Company Retains Robust Balance Sheet with More Than $290 Million of Liquidity ~
LONGBOAT KEY, Fla., Nov. 09, 2025 (GLOBE NEWSWIRE) -- Rumble Inc. (NASDAQ:RUM) ("Rumble" or the "Company"), the video-sharing platform and cloud services provider, today announced financial results for the fiscal quarter ended September 30, 2025.
Q3 2025 Key Highlights and Key Items
Subsequent Events
Q3 Financial Summary (Unaudited)
| For the three months ended September 30, | 2025 | 2024 | Variance ($) | Variance (%) | |||||
| Revenues | $ | 24,762,445 | $ | 25,056,904 | $ | (294,459 | ) | (1 | %) |
| Expenses | |||||||||
| Cost of services (content, hosting and other) | $ | 25,219,331 | $ | 36,428,951 | $ | (11,209,620 | ) | (31 | %) |
| General and administrative | 10,492,008 | 9,710,935 | 781,073 | 8 | % | ||||
| Research and development | 4,455,354 | 4,650,688 | (195,334 | ) | (4 | %) | |||
| Sales and marketing | 5,076,937 | 3,955,552 | 1,121,385 | 28 | % | ||||
Revenues decreased by $0.3 million to $24.8 million in the three months ended September 30, 2025 compared to the three months ended September 30, 2024, of which $0.5 million was attributable to a reduction in Audience Monetization revenues, offset by a $0.2 million increase in Other Initiatives revenues. The decrease in Audience Monetization revenues was due to a $4.9 million reduction in advertising revenue, offset by a $3.7 million increase in subscription fees, as well as $0.7 million from licensing, tipping fees, and platform hosting fees. We are continuing to see progress in the uptake of new brands, but we are still at the early stages of that process. The increase in Other Initiatives revenue was due to a $0.1 million increase in cloud services offered and a $0.1 million increase in advertising inventory being monetized by our publisher network.
Cost of services decreased by $11.2 million to $25.2 million in the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease was due to a reduction in programming and content costs of $11.9 million, offset by an increase in other costs of services of $0.7 million.
General and administrative expenses increased by $0.8 million to $10.5 million in the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was driven by a $1.2 million rise in administrative expenses, reflecting higher professional fees and other administrative services, offset by a decrease in payroll and related expenses of $0.4 million.
Research and development expenses decreased by $0.2 million to $4.5 million in the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease resulted from a $0.2 million decrease in costs associated with computer software, hardware, and other expenditures used in research and development-related activities.
Sales and marketing expenses increased by $1.1 million to $5.1 million in the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was due to a rise in marketing and public relations activities of $0.9 million and an increase in payroll and related expenses of $0.2 million.
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, mobile app, and connected TV 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. Google defines "active users" as the "[n]umber of distinct users who visited your website or application."1 We have used the Google analytics systems since we first began publicly reporting MAU statistics, and the resulting data have not been independently verified.
As of July 1, 2023, Universal Analytics ("UA"), Google's analytics platform on which we historically relied for calculating MAUs using company-set parameters, was phased out by Google and ceased processing data. At that time, Google Analytics 4 ("GA4") succeeded UA as Google's next-generation analytics platform, which has been used to determine MAUs since the third quarter of 2023 and which we expect to continue to use to determine MAUs in future periods. Although Google has disclosed certain information regarding the transition to GA4, Google does not currently make available sufficient information relating to its new GA4 algorithm for us to determine the full effect of the switch from UA to GA4 on our reported MAUs. Because Google has publicly stated that metrics in UA "may be more or less similar" to metrics in GA4, and that "[i]t is not unusual for there to be apparent discrepancies" between the two systems, we are unable to determine whether the transition from UA to GA4 has had a positive or negative effect, or the magnitude of such effect, if any, on our reported MAUs. It is therefore possible that MAUs that we reported based on the UA methodology ("MAUs (UA)") for periods prior to July 1, 2023, cannot be meaningfully compared to MAUs based on the GA4 methodology ("MAUs (GA4)") in subsequent periods.
Average Revenue Per User ("ARPU")
We use ARPU as a measure of our ability to monetize our user base. Quarterly ARPU is calculated as quarterly Audience Monetization revenue divided by MAUs for the relevant quarter (as reported by Google Analytics). ARPU does not include Other Initiatives revenue.
About Rumble
Rumble is a Freedom-First technology platform with a mission to protect a free and open internet. The platform spans cloud, AI, and digital media, including its namesake video service, and is built on a foundation of customer independence and free speech. For more information, visit: corp.rumble.com.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use the non-GAAP financial measure of Adjusted EBITDA, which is defined as net income (loss) excluding interest income (expense), net, other income (expense), net, provision for income taxes, depreciation and amortization, share-based compensation expense, acquisition-related transaction costs, change in fair value of warrants, change in fair value of digital assets, change in fair value of contingent consideration, and change in the fair value of derivative. The Company's management believes that it is important to consider Adjusted EBITDA, in addition to net income (loss), as it helps identify trends in our business that could otherwise be masked by the effect of the gains and losses that are included in net income (loss) but excluded from Adjusted EBITDA.
Adjusted EBITDA should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), the nearest GAAP equivalent. As a result of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including net income (loss) and our other financial results presented in accordance with GAAP.
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," "continues to," "looks forward to," "is primed to," "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 our ability to grow and manage future growth profitably over time, 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 makes it difficult to evaluate our business and prospects; our recent and rapid growth may not be indicative of future performance; we may not continue to grow or maintain our active user base, and may not be able to achieve or maintain profitability; risks relating to our ability to attract new advertisers, or the potential loss of existing advertisers or the reduction of or failure by existing advertisers to maintain or increase their advertising budgets; our cloud business may not achieve success, and, as a result, our business, financial condition and results of operations could be adversely affected; negative media campaigns may adversely impact our financial performance, results of operations, and relationships with our business partners, including content creators and advertisers; prolonged or escalating trade disputes could materially and adversely impact our business; 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; we collect, store, and process large amounts of user video content and personal information of our users and subscribers and, if our security measures are breached, our sites and applications may be perceived as not being secure, traffic and advertisers may curtail or stop viewing our content or using our services, our business and operating results could be harmed, and we could face governmental investigations and legal claims from users and subscribers; our Bitcoin treasury strategy exposes us to various risks associated with holding Bitcoin; the operation of our crypto wallet exposes us to significant regulatory, operational, security, and market risks that could adversely affect our business, financial condition, results of operations, and reputation; we may fail to comply with applicable privacy laws, subjecting us to liability and damages; we are exposed to significant regulatory, operational, compliance, privacy, and legal risks related to age verification and child online safety laws implemented in various U.S states and foreign jurisdictions; our cloud services business operates in a highly regulated environment, subject to a complex and rapidly evolving array of domestic and international laws, regulations, and industry standards governing data privacy, cybersecurity, data localization, and cross-border data transfers; we are subject to cybersecurity risks and interruptions or failures in our information technology systems and as we grow and gain recognition, we will likely need to expend additional resources to enhance our protection from such risks, although notwithstanding our efforts, a cyber incident could occur and result in information theft, data corruption, operational disruption and/or financial loss; we may be found to have infringed on the intellectual property of others, which could expose us to substantial losses or restrict our operations; we may face liability for hosting a variety of tortious or unlawful materials uploaded by third parties, notwithstanding the liability protections of Section 230 of the Communications Decency Act of 1996; we may face negative publicity for removing, or declining to remove, certain content, regardless of whether such content violated any law; paid endorsements by our content creators may expose us to regulatory risk, liability, and compliance costs, and, as a result, may adversely affect our business, financial condition and results of operations; our traffic growth, engagement, and monetization depend upon effective operation within and compatibility with operating systems, networks, devices, web browsers and standards, including mobile operating systems, networks, and standards that we do not control; our business depends on continued and unimpeded access to our content and services on the internet and, if we or those who engage with our content experience disruptions in internet service, or if internet service providers are able to block, degrade or charge for access to our content and services, we could incur additional expenses and the loss of traffic and advertisers; we face significant market competition, and if we are unable to compete effectively with our competitors for traffic and advertising spend, our business and operating results could be harmed; we rely on data from third parties to calculate certain of our performance metrics and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business; changes to our existing content and services could fail to attract traffic and advertisers or fail to generate revenue; we derive the majority of our revenue from advertising and the failure to attract new advertisers, the loss of existing advertisers, or the reduction of or failure by existing advertisers to maintain or increase their advertising budgets would adversely affect our business; we depend on third-party vendors, including internet service providers, advertising networks, and data centers, to provide core services; hosting and delivery costs may increase unexpectedly; we have offered and intend to continue to offer incentives, including economic incentives, to content creators to join our platform, and these arrangements may involve fixed payment obligations that are not contingent on actual revenue or performance metrics generated by the applicable content creator but rather are based on our modeled financial projections for that creator, which if not satisfied may adversely impact our financial performance, results of operations and liquidity; we may be unable to develop or maintain effective internal controls; we have identified a material weakness in our internal control over financial reporting as of December 31, 2024, and if we are unable to remediate this material weakness, we may not be able to accurately or timely report our financial condition or results of operations; 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; we may fail to maintain adequate operational and financial resources or raise additional capital or generate sufficient cash flows; changes in tax rates, changes in tax treatment of companies engaged in e-commerce, the adoption of new tax legislation, or exposure to additional tax liabilities may adversely impact our financial results; compliance obligations imposed by new privacy laws, laws regulating online video sharing platforms, other online platforms, and online speech in certain jurisdictions in which we operate, or industry practices may adversely affect our business; 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, 2024, 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 on 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 to comply with our disclosure obligations under Regulation FD: the @rumblevideo X (formerly Twitter) account (x.com/rumblevideo), the @rumble TRUTH Social account (truthsocial.com/@rumble), the @chrispavlovski X (formerly Twitter) account (x.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 Operations (Unaudited) | ||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenues | $ | 24,762,445 | $ | 25,056,904 | $ | 73,553,866 | $ | 65,259,903 | ||||
| Expenses | ||||||||||||
| Cost of services (content, hosting, and other) | $ | 25,219,331 | $ | 36,428,951 | $ | 81,797,812 | $ | 103,949,438 | ||||
| General and administrative | 10,492,008 | 9,710,935 | 38,792,062 | 29,448,330 | ||||||||
| Research and development | 4,455,354 | 4,650,688 | 14,070,349 | 14,497,709 | ||||||||
| Sales and marketing | 5,076,937 | 3,955,552 | 16,607,389 | 13,527,043 | ||||||||
| Acquisition-related transaction costs | 5,236,796 | - | 7,624,901 | - | ||||||||
| Amortization and depreciation | 3,880,492 | 3,128,242 | 10,775,361 | 9,118,603 | ||||||||
| Changes in fair value of digital assets | (1,456,388 | ) | - | (4,949,413 | ) | - | ||||||
| Changes in fair value of contingent consideration | - | - | - | 1,354,357 | ||||||||
| Total expenses | 52,904,530 | 57,874,368 | 164,718,461 | 171,895,480 | ||||||||
| Loss from operations | (28,142,085 | ) | (32,817,464 | ) | (91,164,595 | ) | (106,635,577 | ) | ||||
| Interest income | 2,896,649 | 1,949,898 | 7,979,880 | 6,646,015 | ||||||||
| Other income (expense) | 46,901 | (304 | ) | (476 | ) | (73,881 | ) | |||||
| Changes in fair value of derivative | - | - | 9,700,000 | - | ||||||||
| Changes in fair value of warrant liability | 8,936,773 | (756,700 | ) | 24,379,616 | (1,480,395 | ) | ||||||
| Lossbefore income taxes | (16,261,762 | ) | (31,624,570 | ) | (49,105,575 | ) | (101,543,838 | ) | ||||
| Income tax benefit (expense) | - | 85,157 | (31,310 | ) | (66,315 | ) | ||||||
| Net loss | $ | (16,261,762 | ) | $ | (31,539,413 | ) | $ | (49,136,885 | ) | $ | (101,610,153 | ) |
| Loss per share – basic and diluted | $ | (0.06 | ) | $ | (0.15 | ) | $ | (0.19 | ) | $ | (0.50 | ) |
| Weighted-average number of common shares used in computing net loss per share-basic and diluted | 260,529,688 | 204,972,162 | 252,722,453 | 203,660,885 | ||||||||
| Share-based compensation expense included in expenses: | ||||||||||||
| Cost of services (content, hosting, and other) | $ | 971,476 | $ | 2,405,375 | $ | 3,534,489 | $ | 5,332,489 | ||||
| General and administrative | 3,020,892 | 3,139,578 | 12,256,088 | 10,176,965 | ||||||||
| Research and development | 909,444 | 361,752 | 2,450,885 | 1,299,092 | ||||||||
| Sales and marketing | 481,879 | 251,060 | 1,206,326 | 669,495 | ||||||||
| Total share-based compensation expense | $ | 5,383,691 | $ | 6,157,765 | $ | 19,447,788 | $ | 17,478,041 | ||||
| Condensed Consolidated Interim Balance Sheets (Unaudited) | ||||||
| September 30, 2025 | December 31, 2024 | |||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 269,757,150 | $ | 114,018,900 | ||
| Accounts receivable, net | 12,576,138 | 9,778,941 | ||||
| Prepaid expenses and other | 4,748,926 | 12,329,789 | ||||
| 287,082,214 | 136,127,630 | |||||
| Other non-current assets | 1,289,830 | 402,475 | ||||
| Digital assets | 24,049,413 | - | ||||
| Property and equipment, net | 16,719,825 | 17,068,076 | ||||
| Right-of-use assets, net | 2,199,418 | 1,753,100 | ||||
| Intangible assets, net | 25,178,209 | 29,306,135 | ||||
| Goodwill | 10,655,391 | 10,655,391 | ||||
| $ | 367,174,300 | $ | 195,312,807 | |||
| Liabilities and Shareholders' Equity (Deficit) | ||||||
| Current liabilities | ||||||
| Accounts payable and accrued liabilities | $ | 30,545,284 | $ | 18,223,372 | ||
| Deferred revenue | 15,641,367 | 12,812,984 | ||||
| Lease liabilities | 1,325,202 | 1,000,643 | ||||
| Derivative liability | - | 184,699,998 | ||||
| 45,511,853 | 216,736,997 | |||||
| Lease liabilities, net of current portion | 920,130 | 799,910 | ||||
| Warrant liability | 16,011,686 | 40,391,302 | ||||
| Other liability | 500,000 | 500,000 | ||||
| 64,943,669 | 258,428,209 | |||||
| Commitments and contingencies (Note 14) | ||||||
| Shareholders' equity (deficit) | ||||||
| Preferred shares ($0.0001 par value per share, 20,000,000 shares authorized, no shares issued or outstanding) | - | - | ||||
| Common shares ($0.0001 par value per share, 700,000,000 Class A shares authorized, 215,380,893 and 118,808,857 shares issued and outstanding, as of September 30, 2025 and December 31, 2024, respectively; 170,000,000 Class C shares (and corresponding ExchangeCo Share) authorized, 123,690,470 and 165,153,621 shares issued and outstanding, as of September 30, 2025 and December 31, 2024, respectively; 110,000,000 Class D shares authorized, 95,791,120 and 105,782,403 shares issued and outstanding, as of September 30, 2025 and December 31, 2024, respectively) | 773,404 | 768,892 | ||||
| Accumulated deficit | (532,702,827 | ) | (483,565,942 | ) | ||
| Additional paid-in capital | 834,160,054 | 419,681,648 | ||||
| 302,230,631 | (63,115,402 | ) | ||||
| $ | 367,174,300 | $ | 195,312,807 | |||
| Condensed Consolidated Interim Statements of Cash Flows (Unaudited) | ||||||
| For the nine months ended September 30, | 2025 | 2024 | ||||
| Cash flows provided by (used in) | ||||||
| Operating activities | ||||||
| Net loss for the period | $ | (49,136,885 | ) | $ | (101,610,153 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
| Amortization and depreciation | 10,775,361 | 9,118,603 | ||||
| Share-based compensation | 19,447,788 | 14,666,835 | ||||
| Non-cash lease expense | 864,361 | 805,679 | ||||
| Net trade and barter revenue and expense | 1,310,795 | 1,327,605 | ||||
| Change in fair value of derivative | (9,700,000 | ) | - | |||
| Change in fair value of warrants | (24,379,616 | ) | 1,480,395 | |||
| Change in fair value of contingent consideration | - | 1,354,357 | ||||
| Change in fair value of digital assets | (4,949,413 | ) | - | |||
| Loss on disposal of property and equipment | 6,627 | - | ||||
| Loss on lease termination | 925 | - | ||||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable | (2,797,197 | ) | (5,864,270 | ) | ||
| Prepaid expenses and other | 6,642,470 | (1,384,211 | ) | |||
| Accounts payable and accrued liabilities | 10,208,952 | 976,194 | ||||
| Deferred revenue | 1,517,588 | 4,263,094 | ||||
| Deferred tax liability | - | 1,030,757 | ||||
| Operating lease liabilities | (815,788 | ) | (817,540 | ) | ||
| Net cash used in operating activities | (41,004,032 | ) | (74,652,655 | ) | ||
| Investing activities | ||||||
| Purchase of property and equipment | (1,774,932 | ) | (2,654,913 | ) | ||
| Purchase of intangible assets | (2,019,595 | ) | (4,700,559 | ) | ||
| Purchase of marketable securities | - | (1,202,290 | ) | |||
| Sale and maturities of marketable securities | - | 1,135,200 | ||||
| Purchase of digital assets | (19,100,000 | ) | - | |||
| Cash paid to non-accredited investors in connection with Callin acquisition | - | (204,846 | ) | |||
| Cash paid in connection with North River acquisition | - | (3,654,500 | ) | |||
| Net cash used in investing activities | (22,894,527 | ) | (11,281,908 | ) | ||
| Financing activities | ||||||
| Taxes paid from net share settlement for share-based compensation | (3,260,193 | ) | (1,915,138 | ) | ||
| Proceeds from the exercise of warrants and stock options | 2,197,419 | 295,726 | ||||
| Proceeds from issuance of Class A Common Stock under ESPP | 129,374 | - | ||||
| Proceeds from issuance of Class A Common Stock | 775,000,000 | - | ||||
| Repurchase of Class A Common Stock | (525,000,000 | ) | - | |||
| Share issuance costs | (29,429,791 | ) | - | |||
| Net cash provided by (used in) financing activities | 219,636,809 | (1,619,412 | ) | |||
| Increase/ (decrease) in cash and cash equivalents during the period | 155,738,250 | (87,553,975 | ) | |||
| Cash and cash equivalents, beginning of period | 114,018,900 | 218,338,658 | ||||
| Cashand cash equivalents, end of period | $ | 269,757,150 | $ | 130,784,683 | ||
| Supplemental cash flow information | ||||||
| Cash paid for income taxes | $ | 33,755 | $ | 71,864 | ||
| Cash paid for interest | - | 278 | ||||
| Cash paid for lease liabilities | 805,308 | 945,354 | ||||
| Non-cash investing and financing activities: | ||||||
| Class A Common Stock issued to settle contingent consideration liability | - | 1,404,753 | ||||
| Property and equipment in accounts payable and accrued liabilities | 2,112,958 | 49,343 | ||||
| Recognition of operating right-of-use assets in exchange of operating lease Liabilities, net of derecognition of terminated leases | 1,119,786 | 317,003 | ||||
| Share-based compensation capitalized related to intangible assets | 398,323 | 342,374 | ||||
| Reconciliation of GAAP to Non-GAAP Financial Measures | ||||||||||||
| Reconciliation of Adjusted EBITDA (Unaudited) | ||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Net loss | $ | (16,261,762 | ) | $ | (31,539,413 | ) | $ | (49,136,885 | ) | $ | (101,610,153 | ) |
| Adjustments: | ||||||||||||
| Amortization and depreciation | 3,880,492 | 3,128,242 | 10,775,361 | 9,118,603 | ||||||||
| Share-based compensation expense | 5,383,691 | 6,157,765 | 19,447,788 | 17,478,041 | ||||||||
| Interest income | (2,896,649 | ) | (1,949,898 | ) | (7,979,880 | ) | (6,646,015 | ) | ||||
| Other (income) expense | (46,901 | ) | 304 | 476 | 73,881 | |||||||
| Income tax (benefit) expense | - | (85,157 | ) | 31,310 | 66,315 | |||||||
| Change in fair value of warrants liability | (8,936,773 | ) | 756,700 | (24,379,616 | ) | 1,480,395 | ||||||
| Change in fair value of digital assets | (1,456,388 | ) | - | (4,949,413 | ) | - | ||||||
| Change in fair value of contingent consideration | - | - | - | 1,354,357 | ||||||||
| Change in fair value of derivative | - | - | (9,700,000 | ) | - | |||||||
| Acquisition-related transaction costs | 5,236,796 | - | 7,624,901 | - | ||||||||
| Adjusted EBITDA | $ | (15,097,494 | ) | $ | (23,531,457 | ) | $ | (58,265,958 | ) | $ | (78,684,576 | ) |
