Oppenheimer Northern Data Acquisition Closed Company Focused on Data Center Execution

EQUITY RESEARCH QUARTERLY UPDATE August 16, 2026 INTERNET

Stock Rating: PERFORM Rumble, Inc. 12-18 mo. Price Target NA Northern Data Acquisition Closed; Company Focused RUM - NASDAQ $7.46 on Data Center Execution 3-5 Yr. EPS Gr. Rate NA SUMMARY 52-Wk Range $10.54-$4.62 Maintaining Perform following Northern Data acquisition close, securing ~85% of Shares Outstanding 298.0M shares. 2Q revenue +61% y/y vs. 1Q +7%, including $10.1M of data center revenue. Float 145.0M Initiated formal guidance with 3Q revenue $90M or +263% y/y at midpoint vs. 2Q Market Capitalization $3,158.0M +61%, not comparable given 3Q represents first full quarter with Northern Data. We Avg. Daily Trading Volume 3,416,077 believe investors are now focused on the Data Center business: ~22K H100/H200 Dividend/Div Yield NA/NM GPUs running at >85% utilization, a multiyear Together AI agreement, and 250MW of unmonetized capacity targeted for 2027, including the 180MW Atlanta site. We want Book Value $1.16 to see further detail on MW adds, capex/D&A, and the related timeline before getting Fiscal Year Ends Dec more constructive. Currently trading 2x 2028 advertising revenue and 2x 2028 data 2026E ROE NA center revenue vs. 3x data center peers. LT Debt $0.0M Preferred $0.0M KEY POINTS Common Equity $302M ■ 2Q total revenue +61% y/y vs. 1Q +7%, 32% above Opco. MAU +12% y/y or +2% Convertible Available No q/q vs. 1Q +8%, 3% below Opco. ARPU (using Audience Monetization revenue ex Revenue Tether ad commits) +6% q/q vs. 1Q -20%, 3% below Opco. Audience Monetization Q1 Q2 Q3 Q4 Year Mult. ($/mil) revenue +20% q/q vs. 1Q -5%. Other Initiatives ex-DC revenues +9% q/q vs. 1Q 2024A x -11%. $10.1M of Northern Data revenue in 2Q. 2025A x 2026E 25.5A 40.4A x ■ 2Q GAAP gross profit of $9.8M was $12.1M above. Gross margin 24.2% vs. Prior (E) — x our -7.7% estimate vs. 1Q -6.0%. EBITDA loss of ($16.6M) was $10.1M better. Ad 2027E — — — — 739.3 4.5x GAAP opex +17% q/q vs. 1Q +11%, 18% above Opco. D&A $12.3M above, and Prior (E) — — — — 440.7 7.7x SBC $2.1M above Opco. Gross ■ Initiated 3Q revenue guidance +263% y/y or +123% q/q at midpoint, 1% above Profit ($/ Q1 Q2 Q3 Q4 Year Mult. Opco. Includes the first full quarter of Northern Data revenue. mil) 2024A ( ) NM ■ Business update. Closed Northern Data acquisition on June 17, securing ~85% 2025A ( ) NM of shares and establishing Rumble and Quake AI segments. Quake AI signed a 2026E (1.5)A 9.8A x multiyear Together AI agreement for NVIDIA HGX B300 GPU cloud capacity and Prior (E) — ( x reported ~85% utilization; 250MW of unmonetized 2027 capacity represents a $3B 2027E — — — — 413.0 8.0x + ARR opportunity. Ended 2Q with $203M cash. Prior (E) — — — — 196.5 17.3x ■ Estimate revisions. Decreasing FY26/FY27 Advertising revenue 13%/15% with Advertising gross profit $7M/$10M lower and Advertising EBIT $79M/$26M lower. Increasing FY26/27 data center revenue 26%/118% with data center gross profit 16%/118% higher and EBIT $86M/$11M lower. Total revenue 3%/68% higher, while EBIT is $166M/$36M lower. FY28 total revenue/EBIT 105%/$69M higher.

Jason Helfstein Jed Kelly, CFA Chad Larkin Julian Hurley, CFA Oppenheimer & Co. Inc. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Disseminated: August 16, 2026 21:26 EDT; Produced: August 16, 2026 21:26 EDT For analyst certification and important disclosures, see the Disclosure Appendix.

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Rumble, Inc. RUM (PERFORM) - NA

Stock Price Performance INVESTMENT THESIS

We believe Rumble Inc. (NASDAQ:RUM) will continue to take 1 Year Price History for RUM share of the digital advertising market through its website, 11 Rumble.com. While believing the company is well-positioned for 10 the future, we believe the current valuation adequately reflects 9 the company's potential upside. We encourage investors to wait 8 for a better entry point for the name, which came public via the 7 SPAC…