RUM Group (RUM) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue of $96.6M, up 290% YoY; Quake AI contributed $68.2M in its first full quarter following the Northern Data acquisition.

• Adjusted EBITDA was positive for the first time at $4.4M; GAAP net loss was $89.9M.

Financial highlights

• Q3 revenue rose $71.8M YoY to $96.6M; nine-month revenue was $162.4M, up 121% YoY.

• Q3 operating loss was $84.6M and net loss was $89.9M, versus $28.1M and $16.3M, respectively, in Q3 2025; net loss attributable to RUM Group was $79.9M.

• Q3 Adjusted EBITDA was $4.4M versus a loss of $15.1M YoY; nine-month Adjusted EBITDA was a loss of $33.2M versus a loss of $58.3M.

• Cash and cash equivalents were $134.4M at September 30, 2026; nine-month operating cash use was $113.8M.

• Q3 expenses totaled $181.2M, including $85.2M of depreciation and amortization.

Outlook and guidance

• Q4 2026 revenue guidance is $88M–$94M; Q3 revenue included accelerated work under a customer barter agreement not expected to recur in Q4.

• Some of the previously targeted 250 MW of capacity for 2027 may be delayed beyond that year due to market conditions.

• Most H100 contracts are expected to roll off by end-Q1 2027; higher GPU rates are expected as contracts renew, with repricing beginning in H1 2027.

• The six-year Maysville GPU services agreement has an aggregate order value of ~$13.7B and requires substantial financing for facilities, GPUs and related infrastructure.

• Cost-reset savings are expected to emerge through 2027; substantial investment and further capital spending are expected to support growth.