Maxim Group Announcement of a Multi Billion Multi Year Cloud Infrastructure Deal Potentially Transformative – Reiterate Buy 22 PT

Equity Research Company Update

Consumer Internet RUM Group Inc. Buy RUM – NASDAQ August 25, 2026 Closing Price 8/24/26 $9.36 Announcement of a Multi-Billion, Multi-Year Cloud Rating: Buy Infrastructure Deal; Potentially Transformative – 12-Month Target Price: $22.00 Reiterate Buy, $22 PT 52-Week Range: $4.62 - $10.54 Market Cap (M): $4,640.7 Summary Shares O/S (M): 495.8 ● Yesterday pre-Market open, RUM Group announced a potentially transformative Float: 33.5% AI infrastructure agreement with a cloud customer that represents ~$13.7B and Avg. Daily Volume (000): 3,530.2 potentially $48.0B+ in revenue over its lifetime. Debt (M): $358.8 ● The deal includes the issuance of warrants to the customer for up to 50.8M shares, Dividend: $0.00 representing 9% of the company's outstanding shares. Dividend Yield: 0.0% Risk Profile: High ● RUM Group will need to expand its facility in northeastern Georgia to have sufficient capacity. According to prior press releases by Northern Data, which it Fiscal Year End: December acquired in June 2026, the facility was expected to be operational in 2026 and able to be expanded in 2027. Revenue ($M) 2025A 2026E 2027E ● No update to guidance was given. Recall that guidance was provided for the 1Q 23.7 25.5A — first time when the company reported 2Q26 results, representing 3Q26 revenue 2Q 25.1 40.4A — growth of 251%–276% y/y. 3Q 24.8 87.0 — 4Q 27.1 87.0 — ● RUM Group ended 2Q26 with $203.3M in cash and Bitcoin valued at $20.4M. CY The company took on $358.8M in convertible debt related to the acquisition of Northern Data; previously, it was debt-free. Given the capital intensity of the deal, management indicated that it expects to finance a substantial portion of the Adjusted EBITDA ($M) required expenditures through additional debt and/or equity financing. 2025A 2026E 2027E 1Q (22.7) (21.0)A — ● At this time, we are not changing estimates as no timeframe was provided for the 2Q (20.5) (16.6)A — deal's start date or the related completion date for its associated facility. 3Q (15.1) (10.0) — 4Q (16.0) (5.0) — ● We reiterate our Buy rating and 12-month price target of $22, which is based on CY ( our 10-year DCF analysis. Shares currently trade at 11.7x EV/revenue, compared with the peer average of 7.6x. Our price target implies a 25x multiple on our 2027 projection. RUM Price (USD) Source: Factset Volume (MM) Details 11 25

10 20 A potentially transformative cloud infrastructure deal. Yesterday (8/24) pre- 9 Market open, RUM Group announced, via an 8-K filing, a cloud infrastructure 8 15 agreement with an unaffiliated U.S.-based third party customer governing the 7 customer’s purchase of access to GPUs and GPU services for a total order value 10 (which we interpret as revenue) of ~$13.7B over a term of 6 years, with the potential 6 5 to exceed $48.0B. The deal includes RUM issuing the warrants to the customer for 5 up to 50.8M Class A shares. Based on our estimate for $240M in revenue in 2026, 4 0 the deal has the potential to be transformative. Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26 Price Volume A Mega Deal...similar to other ones. Based on our analysis of the deal, order value could exceed $48.0B over its lifetime, which we estimate could be as much as 11 years. To put that in context, in February 2026, OpenAI agreed to spend $138B with Amazon's AWS (AMZN - Buy) over an 8-year period, and in April 2026, Anthropic committed to spend $100B with AWS over a 10-year period. A Mega Deal...different from other ones. One important difference between those deals and this one, in our view, is that Amazon agreed to invest up to $50B in OpenAI and up to $33B in Anthropic, whereas, in this deal, the customer may be acquiring up to 50.8M shares in RUM representing a current value of ~$475M and a 9% stake in RUM, based on RUM having 495.8M shares outstanding (across three classes: A, C, and D), as of 8/6/26. A new chapter begins: Northern Data acquisition and associated reorganization and name change. Following 2Q26 results, we discussed how a new chapter had begun. On 6/17/26, RUM Group (formerly Rumble) announced Tom Forte, CFA the closing of the acquisition of Northern Data AG, a leading provider of AI and…