What changed in this filing

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Item 1A. Risk Factors

2025-03-25 compared with 2024-03-27 · 1170 added, 775 removed, 507 unchanged (79% of the section changed)

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negatively impact our reputation;

recently launched cloud business may not achieve success, and, as a result, our business,

financial condition and results of operations could be adversely affected;

cloud services business may not achieve success, and, as a result, our business, financial

condition and results of operations could be adversely affected;

media campaigns may adversely impact our financial performance, results of operations, and

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management team has limited experience managing a public company;

recently implemented Bitcoin treasury strategy exposes us to various risks associated with

holding Bitcoin;

planned expansion into accepting certain stablecoins as a medium of exchange will expose

us to additional financial, regulatory, operational, and market risks that could adversely

affect our business, financial condition, and results of operations;

development and use of artificial intelligence (“AI”) may result in reputational

harm, liability, or other adverse consequences to our business operations;

collect, store, and process large amounts of user video content and personal information

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we could face legal claims from users and subscribers;

may fail to comply with applicable privacy laws;

may fail to comply with applicable privacy laws, subjecting us to liability and damages;

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

● noncompliance

with anti-corruption, anti-bribery, anti-money laundering, and similar laws can subject us

to criminal or civil liability and harm our business, financial condition and results of

may be found to have infringed on the intellectual property of others, which could expose

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adversely impact our financial results;

obligations imposed by new privacy laws, laws regulating social media platforms and online

speech in certain jurisdictions in which we operate, or industry practices may adversely

affect our business and operating results;

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 operating results;

may become subject to newly enacted laws and regulations that restrict content on the internet;

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and results of operations;

substantial future sales of our Class A Common Stock by our current stockholders could cause the market price of our Class A Common Stock to decline.

● substantial

future sales of our Class A Common Stock by our current stockholders could cause the market

price of our Class A Common Stock to decline.

Relating to Our Business

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falling demand for a variety of goods and services, restricted credit, reduced liquidity, reduced corporate profitability, weak economic

growth, volatility in credit, equity and foreign exchange markets, bankruptcies, inflation and overall uncertainty with respect to the

Weak economic conditions or the perception thereof, or significant uncertainty regarding the stability of financial markets

related to stock market volatility, inflation, recession, changes in governmental fiscal, monetary and tax policies, among others, could

adversely impact our business and operating results.

growth, volatility in credit, equity and foreign exchange markets, bankruptcies, implemented or threatened tariffs, trade wars, inflation

and overall uncertainty with respect to the economy.

Weak economic conditions or the perception thereof, or significant uncertainty regarding

the stability of financial markets related to stock market volatility, inflation, recession, changes in governmental fiscal, monetary

and tax policies, among others, could adversely impact our business and operating results.

inflation rates in the U.S.

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ability to maintain and grow traffic, content uploads, and engagement;

made to social media and other platforms, or changes in the patterns of use of those channels

ability to attract and retain advertisers in a particular period;

made to other online video sharing platforms, short form video platforms, video streaming

services, or changes in the patterns of use of those channels by users;

ability to attract and retain advertisers and content creators in a particular period;

number of ads shown to our traffic;

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reliance on key vendor relationships, including our relationship with Cosmic Inc.

Development Skopje doo (“Cosmic”) to provide content moderation and software

development services, and dependence on a small number of customer relationships;

Development Skopje doo (“Cosmic”) to provide content moderation, cybersecurity

support, and software development services, and dependence on a small number of customer

relationships;

● legislation

in Canada, the European Union, or other jurisdictions that forces us to change our content

moderation policies and practices or make our platforms unavailable in those jurisdictions;

or judicial activity in Canada, the European Union, or other jurisdictions that forces us

to change our content moderation policies and practices, deactivate certain user accounts,

or make our platforms unavailable in those jurisdictions;

relative interest shown by the public with respect to news and politics, including fluctuations

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election cycle;

relative popularity with users of the sports leagues, media and political commentators, social

media influencers and other personalities with which or with whom we have exclusive contractual

relative popularity with users of the sports leagues, media and political commentators, online

influencers and other personalities with which or with whom we have exclusive contractual

arrangements or are otherwise prominently featured on our platform;

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failures or breaches of security or privacy.

may not continue to grow or maintain our active user base, may not be able to achieve or maintain profitability and may not be able to

scale our systems, technology, or infrastructure effectively or grow our business at the same or similar rate as other comparable companies.

may not continue to grow or maintain our active user base, may not be able to achieve or maintain profitability, and may not be able

to scale our systems, technology, or infrastructure effectively or grow our business at the same or similar rate as other comparable

growth of our user base, as measured by our current key performance metrics, including monthly active users (MAUs), may not be sustainable

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modeled financial projections for that creator, the unavailability of certain popular content creators for extended periods of time due

to personal or other reasons, as well as other risks described in these “ Risk Factors ,” and we may encounter unforeseen

expenses, difficulties, complications and delays and other unknown factors.

We expect to continue to make investments in the development

and expansion of our business, which may not result in increased or sufficient revenue or growth, including relative to other comparable

companies, as a result of which we may not be able to achieve or maintain profitability.

to personal or other reasons, as well as other risks described in these “Risk Factors,” and we may encounter unforeseen expenses,

difficulties, complications and delays and other unknown factors.

We expect to continue to make investments in the development and expansion

of our business, which may not result in increased or sufficient revenue or growth, including relative to other comparable companies,

as a result of which we may not be able to achieve or maintain profitability.

we fail to maintain adequate operational and financial resources, particularly if we continue to grow rapidly, we may be unable to execute

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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 it is not unusual for there to be apparent discrepancies between the two systems, we are unable to determine

Because Google has publicly stated that metrics in UA may be more or less similar

to metrics in GA4, and that it 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

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compared to MAUs based on the GA4 methodology in subsequent periods.

addition, we rely on third-party service providers to measure our bandwidth consumption, which currently forms the basis for our estimated

Starting in the second half of the third quarter of 2023, we began moving from third-party service providers’ content delivery

networks (“CDNs”) to our own proprietary CDN.

Based on preliminary testing, our own CDN indicates less bandwidth consumption

than one of our service providers’ CDNs for comparable user activity.

Because we calculate estimated MWPM by converting bandwidth

consumption into minutes watched, consumption measured through our own CDN yields a lower estimated MWPM than when measured through that

service provider’s CDN.

to these tools and methodologies could cause inconsistency between current data and previously reported data, which could raise questions

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inaccuracies in our metrics, our reputation may be damaged, resulting in material harm to our business, results of operations, and financial

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.

face significant 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.

for traffic and engagement with our content, products and services is intense.

We compete against many companies to attract and engage

traffic, including companies that have greater financial resources and larger user bases, and companies that offer a variety of internet

and mobile device-based content, products and services.

As a result, our competitors may acquire and engage traffic at the expense of

the growth or engagement of our traffic, which would negatively affect our business.

We believe that our ability to compete effectively

for traffic depends upon many factors both within and beyond our control, including:

We compete against companies that have greater financial

resources and larger user bases.

As a result, our competitors may acquire and engage traffic and users at the expense of the growth or

engagement of our traffic and users, which would negatively affect our business.

We believe that our ability to compete effectively for

traffic and users depends upon many factors both within and beyond our control, including:

popularity, usefulness and reliability of our content compared to that of our competitors;

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also face significant competition for advertiser spend.

We compete against online and mobile businesses and traditional media outlets,

such as television, radio and print, for advertising budgets.

In determining whether to buy advertising, our advertisers will consider

the demand for our content, demographics of our traffic, advertising rates, results observed by advertisers, and alternative advertising

In determining whether to buy advertising, our advertisers will consider the

demand for our content, demographics of our traffic, advertising rates, results observed by advertisers, and alternative advertising

The increasing number of digital media options available, through social networking tools and news aggregation websites, has

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In addition, some

of our larger competitors have substantially broader content, product or service offerings and leverage their relationships based on

other products or services to gain additional share of advertising budgets.

of the larger companies have substantially broader content, product or service offerings and leverage their relationships based on other

products or services to gain additional share of advertising budgets.

We will need to continue to innovate and improve the monetization

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Many of our competitors and potential competitors, particularly the larger competitors, have substantial competitive advantages

compared to us, including:

greater name recognition and longer operating histories;

compared to us, including greater name recognition and longer operating histories;

greater resources, including larger sales and marketing

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the years ended December 31, 2024 and 2023, advertising revenue represents 66% and 74% of total revenue.

In addition, a substantial

portion of our revenue is derived one advertiser accounting for approximately 46% and 45% of our revenue for the years ended December 31,

In addition, a substantial portion

of our revenue is derived from one advertiser accounting for approximately 16% and 46% of our revenue for the years ended December 31,

2024 and 2023, respectively.

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a competitive return relative to alternatives, including online, mobile, and traditional advertising platforms.

Any of the foregoing

developments may adversely affect our business and operating results.

Advertisers may refuse

to advertise on our platform due to a perceived risk to their brand safety standards, especially given the concentration of news and

political content on our platform.

We believe that our access to certain advertisers has been, and may continue to be, inhibited by the

apparent political bias of these companies, some of which we believe may exercise near monopolistic control over the advertising industry.

In response, we filed an antitrust lawsuit alleging a conspiracy to withhold advertising revenue from Rumble and other digital media

Our actions to counter these efforts, whether through litigation or publicity campaigns, may not be successful.

foregoing developments may adversely affect our business and operating results.

may not be able to maintain relationships with existing publishers through RAC and may fail to attract new publishers to our network.

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integrate new publishers, which could negatively impact our revenues and profitability.

We depend on third-party

vendors, including internet service providers and data centers, to provide core services.

depend on third-party vendors, including internet service providers and data centers, to provide core services.

we are building our own technical infrastructure, we depend on third-party vendors, including internet service providers and data centers

to, among other things, provide customer support, develop software, host videos uploaded by our users, transcode videos (compressing a

video file and converting it into a standard format optimized for streaming), stream videos to viewers, support our cloud services offerings,

and process payments.

These vendors provide certain critical services to our technical infrastructure that are time-consuming and costly

for us to develop independently.

Outages in those services would materially affect our video services and our ability to provide cloud

to, among other things, provide customer support, develop software, host videos uploaded by our users, transcode videos (compressing

a video file and converting it into a standard format optimized for streaming), stream videos to viewers, support our cloud services

offerings, and process payments.

These vendors provide certain critical services to our technical infrastructure that are time-consuming

and costly for us to develop independently.

Outages in those services would materially affect our video services and our ability to provide

cloud services.

Outages may expose us to having to offer credits to subscribers, loss of subscribers, and reputational damage.

We are unlikely

to be able to fully offset these losses with any credits we might receive from our vendors.

Technologies that

enable blocking of certain online advertisements, or that otherwise impair our ability to deliver advertising, could harm our operating

unlikely to be able to fully offset these losses with any credits we might receive from our vendors.

that enable blocking of certain online advertisements, or that otherwise impair our ability to deliver advertising, could harm our operating

developed technologies could block or obscure the display of or targeting of our content.

For example, in June 2020, Apple announced plans

to require applications using its mobile operating systems to obtain an end-user’s permission to track them or access their device’s

advertising identifier for advertising and advertising measurement purposes, as well as other restrictions that could adversely affect

our ability to deliver advertising, which could harm our operating results.

Additionally, some providers of consumer mobile devices and

web browsers have implemented, or announced plans to implement, means to make it easier for internet users to prevent the placement of

cookies or to block other tracking technologies, which could, if widely adopted, result in the use of third-party cookies and other methods

of online tracking becoming significantly less effective and have a significant impact on our ability to monetize our user base.

Our ability to

generate revenue depends on the development and availability of tools to accurately measure the effectiveness of advertisements on our

advertisers rely on tools that measure the effectiveness of their ad campaigns or that verify viewability of their ads on a platform in

order to allocate their advertising spend among various formats and platforms.

For example, in June 2020, Apple announced

plans to require applications using its mobile operating systems to obtain an end user’s permission to track them or access their

device’s advertising identifier for advertising and advertising measurement purposes, as well as other restrictions that could

adversely affect our ability to deliver advertising, which could harm our operating results.

Additionally, some providers of consumer

mobile devices and web browsers have implemented, or announced plans to implement, means to make it easier for internet users to prevent

the placement of cookies or to block other tracking technologies, which could, if widely adopted, result in the use of third-party cookies

and other methods of online tracking becoming significantly less effective and have a significant impact on our ability to monetize our

ability to generate revenue depends on the development and availability of tools to accurately measure the effectiveness of advertisements

on our platform.

advertisers rely on tools that measure the effectiveness of their ad campaigns or that verify viewability of their ads on a platform

in order to allocate their advertising spend among various formats and platforms.

If we are unable to measure the effectiveness of advertising

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goals, our advertising revenue could be negatively impacted, which in turn could adversely affect our business and operating results.

Our cloud services

business relies on a small number of key third-party service providers and a small number of customer relationships, the disruption of

which could harm our operating results.

we continue to build our recently launched cloud services offerings, we have entered into agreements with certain third-party service

The success of our future business activities in the cloud services space may depend upon such existing third-party providers,

some of whom may compete with us in other lines of business.

If our existing third-party service agreements terminate for any reason,

or if the commercial terms of such agreements are changed or do not continue to be renewed on favorable terms, we would need to enter

into new third-party service agreements, which could negatively impact our revenues, ability to attract future cloud services customers,

public reputation, and profitability.

cloud services business relies on a small number of key third-party service providers and a small number of customer relationships, the

disruption of which could harm our operating results.

we continue to expand our cloud services offerings, we have entered into agreements with certain third-party service providers.

of our future business activities in the cloud services space may depend upon such existing third-party providers, some of which may

compete with us in other lines of business.

If our existing third-party service agreements terminate for any reason, or if the commercial

terms of such agreements are changed or do not continue to be renewed on favorable terms, we would need to enter into new third-party

service agreements, which could negatively impact our revenues, ability to attract future cloud services customers, public reputation,

and profitability.

addition, our initial cloud service offerings revolve around a small number of customer relationships.

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and profitability.

The loss of key

personnel, or failure to attract and retain other highly qualified personnel in the future, could harm our business.

loss of key personnel, or failure to attract and retain other highly qualified personnel in the future, could harm our business.

success depends upon our ability to attract and retain our senior officers and to attract and retain additional qualified personnel in

The loss of services of members of our senior management team and the uncertain transition of new members of our senior management

team may strain our ability to execute our strategic initiatives, or make it more difficult to retain customers, attract or maintain our

capital support, or meet other needs of our business.

We may incur significant costs to attract and retain qualified personnel, and we

may lose new employees to our competitors before we realize the benefit of our investment in recruiting them.

If we fail to attract new

personnel or if we suffer increases in costs or business operations interruptions as a result of a labor dispute, or fail to retain and

motivate our current personnel, we might not be able to operate our business effectively or efficiently, serve our customers properly

team may strain our ability to execute our strategic initiatives, or make it more difficult to retain customers, attract or maintain

our capital support, or meet other needs of our business.

We may incur significant costs to attract and retain qualified personnel, and

we may lose new employees to our competitors before we realize the benefit of our investment in recruiting them.

If we fail to attract

new personnel or if we suffer increases in costs or business operations interruptions as a result of a labor dispute, or fail to retain

and motivate our current personnel, we might not be able to operate our business effectively or efficiently, serve our customers properly

or maintain the quality of our content and services.

We do not maintain key person life insurance policies with respect to our employees.

If our users do

not continue to contribute content or their contributions are not perceived as valuable to other users, we may experience a decline in

user growth, retention, and engagement on Rumble, Locals or RAC, which could result in the loss of advertisers and revenue.

success depends on our ability to provide Rumble users with engaging content, which in part depends on the content contributed by our

If users, including influential users, do not continue to contribute engaging content to Rumble, our user growth, retention, and

engagement may decline.

That, in turn, may impair our ability to maintain good relationships with our advertisers or to attract new advertisers,

which may seriously harm our business and operating results.

The loss of a material

portion of our existing content creators, or our failure to recruit new content creators, may materially harm our business and results

of operations.

our users do not continue to contribute content or their contributions are not perceived as valuable to other users, we may experience

a decline in user growth, retention, and engagement on Rumble, Locals or RAC, which could result in the loss of advertisers and revenue.

important aspect of our success is our ability to provide Rumble users with engaging content, which in part depends on the content contributed

by our users.

If users, including influential users, do not continue to contribute engaging content to Rumble, our user growth, retention,

and engagement may decline.

That, in turn, may impair our ability to maintain good relationships with our advertisers or to attract new

advertisers, which may seriously harm our business and operating results.

loss of a material portion of our existing content creators, or our failure to recruit new content creators, may materially harm our

business and results of operations.

rely on our existing content creators, and on the recruiting of new content creators.

The loss of a material portion of our existing content

creators could result in material harm to our business and results of operations.

In the recent past, our ability to recruit and maintain

content creators may have been in part due to trends in American politics, where certain commentators have sought a neutral internet platform.

A change in such trends, including possible changes to competing platforms’ moderation policies that make those platforms more hospitable

to a diverse range of viewpoints, could result in the loss of existing content creators or a failure to recruit new content creators,

which may materially harm our business and results of operations.

Additionally, as we expand into international markets, we may fail to

recruit new content creators in those markets, limiting our appeal to international audiences.

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.

The loss of a material portion of our existing

content creators could result in material harm to our business and results of operations.

In the recent past, our ability to recruit

and maintain content creators may have been in part due to trends in American politics, where certain commentators have sought a neutral

internet platform.

A change in such trends, including possible changes to competing platforms’ moderation policies that make those

platforms more hospitable to a diverse range of viewpoints, could result in the loss of existing content creators or a failure to recruit

new content creators, which may materially harm our business and results of operations.

Recently, one of our popular content creators,

Dan Bongino, accepted a position in the Trump Administration as Deputy Director of the Federal Bureau of Investigation and it is possible

that additional prominent content creators may pursue other career opportunities, in government, politics or otherwise that may interrupt

their activities on Rumble.

Additionally, as we expand into international markets, we may fail to recruit new content creators in those

markets, limiting our appeal to international audiences.

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.

user base and user engagement growth are directly driven by the content available on our platform.

We have and continue to expect to acquire

content by providing economic incentives, including minimum guaranteed earnings, to a limited number of content creators, including sports

We have acquired and expect to continue

to acquire content by providing economic incentives, including minimum guaranteed earnings, to a limited number of content creators,

including sports leagues.

These incentives have included and may continue to include equity grants and cash payments.

This content acquisition strategy

is intended to allow us to enter key content verticals and secure top content creators in those verticals before we have full monetization

capabilities in place.

Our present focus is to grow users and usage consumption and experiment with monetization levers, which may not

maximize profitability in the immediate term, but which we believe positions our business for the long term.

This content acquisition

strategy is intended to allow us to enter key content verticals and secure top content creators in those verticals before we have full

monetization capabilities in place.

Our present focus is to grow users and usage consumption and experiment with monetization levers,

which may not maximize profitability in the immediate term, but which we believe positions our business for the long term.

As of December

31, 2024, we had entered into programming and content agreements with a minimum contractual cash commitment of $30 million.

In addition to the

minimum contractual cash commitments, we have programming and content agreements that have variable cost arrangements.

These future costs

are dependent upon many factors and are difficult to anticipate, however, these costs may be substantial.

To the extent our revenue and/or

user growth assumptions associated with any such creator do not meet our expectations, our financial performance, results of operations

and liquidity may be negative impacted, since a failure to achieve these expectations is not expected to reduce our fixed payment obligations

to any such creator.

to the minimum contractual cash commitments, we have programming and content agreements that have variable cost arrangements.

costs are dependent upon many factors and are difficult to anticipate, however, these costs may be substantial.

To the extent our revenue

and/or user growth assumptions associated with any particular creator do not meet our expectations, our financial performance, results

of operations and liquidity may be negatively impacted, since a failure to achieve these expectations is not expected to reduce our fixed

payment obligations to any such creator.

addition, when these programming and content agreements expire, content creators may choose to leave the Rumble video platform in favor

of competing platforms, especially if competing platforms offer superior monetization opportunities.

The loss of a material portion of

our existing content creators could result in reductions to our user base and material harm to our business and results of operations.

We have made, and

may in the future make, acquisitions, and such acquisitions could disrupt our operations, and may have an adverse effect on our operating

Creators may choose to leave our

platform for other monetization-related reasons.

For example, we currently do not apportion revenues related to Rumble Premium, our subscription

service that provides users ad-free access to our content, among content creators.

The loss of a material portion of our existing content

creators could result in reductions to our user base and material harm to our business and results of operations.

have made, and may in the future make, acquisitions, and such acquisitions could disrupt our operations, and may have an adverse effect

on our operating results.

order to expand our business, we have made acquisitions and may continue making similar acquisitions and possibly larger acquisitions

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are inherently risky, and any acquisitions we complete may not be successful.

Our past acquisitions and any mergers and acquisitions that

we may undertake in the future involve numerous risks, including, but not limited to, the following:

Our past acquisitions and any mergers and acquisitions

that we may undertake in the future involve numerous risks, including, but not limited to, the following:

● difficulties

in integrating and managing the operations, personnel, systems, technologies, and products of the companies we acquire;

in integrating and managing the operations, personnel, systems, technologies, and products

of the companies we acquire;

of our management’s attention from normal daily operations of our business;

inability to maintain the key business relationships and the reputations of the acquired businesses;

inability to maintain the key business relationships and the reputations of the acquired

● uncertainty

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generally accepted accounting principles (“U.S.

GAAP”), including arrangements

that we assume from an acquisition;

GAAP”), including arrangements that we assume from an acquisition;

negative perceptions of our acquisitions by customers, financial markets or investors;

to obtain required approvals from governmental authorities under antitrust laws on a timely basis, if at all, which could, among other

things, delay or prevent us from completing a transaction, or otherwise restrict our ability to realize the expected goals of an acquisition;

to obtain required approvals from governmental authorities under antitrust laws on a timely

basis, if at all, which could, among other things, delay or prevent us from completing a

transaction, or otherwise restrict our ability to realize the expected goals of an acquisition;

loss of key employees of the companies we acquire;

security vulnerabilities in acquired products that expose us to additional security risks or delay our ability to integrate the product

into our service offerings;

security vulnerabilities in acquired products that expose us to additional security risks

or delay our ability to integrate the product into our service offerings;

● difficulties

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a larger acquisition or substantially concurrent acquisitions.

We are subject

to cybersecurity risks and interruptions or failures in our information technology systems.

Notwithstanding our efforts, a cyber incident

could occur and result in information theft, data corruption, operational disruption and/or financial loss.

are subject to cybersecurity risks and interruptions or failures in our information technology systems.

Notwithstanding our efforts,

a cyber incident could occur and result in information theft, data corruption, operational disruption and/or financial loss.

rely on sophisticated information technology systems and infrastructure to support our business.

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Our systems for protecting against cybersecurity risks may not be sufficient.

Like most major social media platforms, Rumble is routinely

targeted by cyberattacks that can result in interruptions to our services.

We have observed an increase in such attacks as our reach expands

and we expect these attacks to continue in the future.

Like most major online platforms, Rumble is routinely targeted

by cyberattacks that can result in interruptions to our services.

We have observed an increase in such attacks as our reach expands and

we expect these attacks to continue in the future.

As the sophistication of cyber incidents continues to evolve, we are and will likely

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and customers of our cloud services.

Spam activity,

including inauthentic and fraudulent user activity, if undetected, may contribute, from time to time, to some amount of overstatement

activity, including inauthentic and fraudulent user activity, if undetected, may contribute, from time to time, to some amount of overstatement

of our performance indicators and may negatively impact our reputation.

other major social media platforms, 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, including reporting of MAUs by Google Analytics, our

third-party analytics provider.

other major online platforms, 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, including reporting of MAUs by Google Analytics, our third-party

analytics provider.

We also use paid advertising in order to attract users to our platform;

however, we cannot be certain

that all or substantially all activity that results from such advertising is genuine.

Real or perceived inaccuracies in such metrics may

harm our reputation and negatively affect our business.

however, we cannot be certain that all or

substantially all activity that results from such advertising is genuine.

Real or perceived inaccuracies in such metrics may harm our

reputation and negatively affect our business.

We continually seek to improve our ability to estimate the total number of spam-generated

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however, we will not succeed in identifying and removing all spam.

Our recently launched

cloud services business may not achieve success, and, as a result, our business, financial condition and results of operations could be

adversely affected.

recent expansion into the cloud service business may not be successful and involves various risks relating to this business that may negatively

affect our operating results, including:

ability to derive an optimal pricing model that enables us to derive sufficient value from our customers while attracting new customers

and retaining existing customers;

reliance on third-party providers for data center space and colocation services and on public cloud providers to prevent service disruptions;

intense competition that we face, including from companies with longer operating histories, greater name recognition, larger customer

bases and significantly greater financial, technical, sales, marketing and other resources than we have;

ability to attract and retain highly qualified personnel, particularly software and cloud engineers and sales and customer experience

possibility that we may be unable to maintain and improve our platform performance, especially during peak usage times;

possibility that we may underestimate or overestimate our data center capacity requirements and our capital expenditures on data centers,

servers and equipment;

exposure to possible liability and harm to our reputation if the security of our cloud is breached, resulting in the exposure of our

customers’ data, including personal information, to cyber criminals and other nefarious actors;

possibility that we may be unable to maintain the compatibility of our platform with third-party applications that our customers use

in their businesses;

cloud services business may not achieve success, and, as a result, our business, financial condition and results of operations could

be adversely affected.

ongoing expansion into the cloud service business may not be successful and involves various risks relating to this business that may

negatively affect our operating results.

In addition to other risks related to our cloud services business described in these “Risk

Factors,” such risks include risks related to:

ability to derive an optimal pricing model that enables us to derive sufficient value from

our customers while attracting new customers and retaining existing customers;

ability to attract and retain highly qualified personnel, particularly software and cloud

engineers and sales and customer experience personnel;

possibility that we may be unable to maintain and improve our platform performance, especially

during peak usage times;

possibility that service outages or disruptions negatively impact customer relationships,

leading to financial losses and reputational harm;

possibility that we may underestimate or overestimate our data center capacity requirements

and our capital expenditures on data centers, servers and equipment;

ability to obtain or retain standard industry security certifications for our platform and

exposure to possible liability, regulatory actions, and harm to our reputation if the security

of our cloud is breached, resulting in the exposure of our customers’ data, including

personal information, to cyber criminals and other nefarious actors;

by our cloud customers of illegal content, such as pirated media, could result in negative

regulatory actions, including pursuant to the DMCA and the EU E-Commerce Directive, resulting

in monetary penalties and forced operational halts;

possibility that we may be unable to maintain the compatibility of our platform with third-party

applications that our customers use in their businesses;

ability to respond to rapid technological changes with new solutions and services offerings.

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and financial condition.

Negative media

campaigns may adversely impact our financial performance, results of operations, and relationships with our business partners, including

content creators and advertisers.

commitment to diversity of opinion and refusal to censor content on our platforms has in the past resulted and is likely to continue to

result in malicious media campaigns directed against us.

For example, our refusal to the request made by a member of the U.K.

in 2023 to demonetize the channel of a specific content creator has led us to be subjected to negative publicity by certain news organizations

that are considered to be reputable by some segments of the population.

Media campaigns against us may be intended to interfere with our

relationships with streaming partners and advertisers.

expect that the proliferation of alternative media, including on our platform, will continue to be viewed as a growing competitive threat

by established news organizations, and may result in an escalation, both in frequency and intensity, of negative publicity campaigns against

us and our creators.

Such campaigns, even if groundless in nature, may result in negative public perception and damage to relationships

with our business partners, including content creators and advertisers, which may negatively impact our operating results.

Our management

team has limited experience managing a public company, which exposes us to additional risks, including the risk that we cannot enhance,

maintain, and adhere to our internal controls and procedures.

members of our management team have limited experience managing a publicly traded company, interacting with public company investors,

and complying with the increasingly complex laws pertaining to public companies.

Our management team may not successfully or efficiently

manage our transition to being a public company that is subject to significant regulatory oversight and reporting obligations under the

federal securities laws and the continuous scrutiny of securities analysts and investors.

These new obligations and constituents will

require significant attention from our senior management and could divert their attention away from the day-to-day management of

our business, which could harm our business, results of operations, and financial condition.

Additionally,

as a public company, we are subject to significant requirements for enhanced financial reporting and internal controls.

The process of

designing and implementing effective internal controls is a continuous effort that requires us to anticipate and react to changes in our

business and the economic and regulatory environments and to expend significant resources to maintain a system of internal controls that

is adequate to satisfy our reporting obligations as a public company, and we are still in the process of generating a mature system of

internal controls and integration across business systems.

Inability to establish or maintain appropriate internal financial reporting

controls and procedures may result in material misstatements in our consolidated financial statements and failure to meet our reporting

obligations on a timely basis, causing harm to our operating results.

impacting our internal controls may cause us to be unable to report our financial information on a timely basis and thereby subject us

to adverse regulatory consequences, including sanctions by the SEC or violations of applicable stock exchange listing rules, which may

result in a breach of the covenants under existing or future financing arrangements.

There also could be a negative reaction in the financial

markets due to a loss of investor confidence in us and the reliability of our financial statements.

Confidence in the reliability of our

financial statements also could suffer if we or our independent registered public accounting firm continue to report a material weakness

in our internal controls over financial reporting.

This could materially adversely affect us and lead to a decline in the market price

of our securities.

Risks Related to the

Legal and Regulatory Environment in Which We Operate

We collect, store,

and process large amounts of user video content and personal information of our users and subscribers.

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 legal claims from users and subscribers.

collect, store, and process large amounts of video content (including videos that are not intended for public consumption) and personal

information of our users and subscribers.

We also share such information, where appropriate, with third parties that help us operate our

related to our e-commerce business may result in our broader business, financial condition and results of operations being adversely

partnerships through which we sell Rumble-branded products through our online store involve various risks that may negatively affect

our operating results, including:

into new brands, products, services, and technologies will subject us to additional reputational,

business, legal, regulatory and financial risks;

to build and maintain strong brands, including due to unfavorable customer feedback and negative

● notwithstanding

agreements by our partners to assume liability for the Rumble-branded products they place

in our online store, we may be subject to product liability and similar claims and regulatory

actions if products sold through our store result in harm, personal injury, death, or environmental

or property damage;

related to additional tax liabilities and collection obligations;

competition could adversely affect prices and demand for the Rumble-branded products we distribute;

● disruptions

in our supply chain and other factors affecting the availability and distribution of our

products could adversely impact our business;

related to online transactions and payment methods.

occurrence of any of these factors, or our inability to successfully mitigate the results of the associated impact, could also damage

our reputation, negatively impact our relationships with our customers, and otherwise materially harm our business, results of operations,

and financial condition.

Negative media campaigns may adversely impact

our financial performance, results of operations, and relationships with our business partners, including content creators and advertisers.

Our commitment to diversity

of opinion and refusal to censor otherwise allowable content on our platforms that does not violate our moderation policy has in the past

resulted and is likely to continue to result in malicious media campaigns and advertiser boycotts directed against us.

For example, in

August 2024, we filed a lawsuit against the World Federation of Advertisers, as well as the advertising agency WPP and its subsidiary

Our lawsuit alleges that an initiative called the Global Alliance for Responsible Media (GARM), created by the WFA, established

arbitrary and biased standards for the content on digital platforms where its members may want to advertise.

GARM used those one-size-fits-all

biased standards to perpetrate an advertiser boycott against Rumble and other platforms that did not censor content that GARM disliked.

The suit also notes that GARM has vast reach since it counts the six largest ad agency holding companies among its members, including

defendant WPP.

We subsequently amended our complaint to add Diageo plc as a defendant.

Media campaigns and advertising

boycotts against us may be intended to interfere with our relationships with streaming partners and advertisers, and these campaigns and

boycotts may intensify if political polarization increases in the United States and Canada.

We expect that the proliferation

of alternative media, including on our platform, will continue to be viewed as a growing competitive threat by established news organizations,

and may result in an escalation, both in frequency and intensity, of negative publicity campaigns against us and our creators.

Such campaigns,

even if groundless in nature, may result in negative public perception and damage to relationships with our business partners, including

additional or more intense advertiser boycotts, which may negatively impact our operating results and future growth potential.

Our management team has limited experience

managing a public company, which exposes us to additional risks, including the risk that we cannot enhance, maintain, and adhere to our

internal controls and procedures.

Some members of our management

team have limited experience managing a publicly traded company, interacting with public company investors, and complying with the increasingly

complex laws pertaining to public companies.

Our management team may not successfully or efficiently manage our transition to being a

public company that is subject to significant regulatory oversight and reporting obligations under the federal securities laws and the

continuous scrutiny of securities analysts and investors.

These new obligations and constituents will require significant attention from

our senior management and could divert their attention away from the day-to-day management of our business, which could harm our business,

results of operations, and financial condition.

Additionally, as a public

company, we are subject to significant requirements for enhanced financial reporting and internal controls.

The process of designing and

implementing effective internal controls is a continuous effort that requires us to anticipate and react to changes in our business and

the economic and regulatory environments and to expend significant resources to maintain a system of internal controls that is adequate

to satisfy our reporting obligations as a public company, and we are still in the process of generating a mature system of internal controls

and integration across business systems.

Inability to establish or maintain appropriate internal financial reporting controls and procedures

may result in material misstatements in our consolidated financial statements and failure to meet our reporting obligations on a timely

basis, causing harm to our operating results.

Matters impacting our internal controls may cause us to be unable to

report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the

SEC or violations of applicable stock exchange listing rules, which may result in a breach of the covenants under existing or future financing

arrangements.

There also could be a negative reaction in the financial markets due to a loss of investor confidence in us and the reliability

of our financial statements.

Confidence in the reliability of our financial statements also could suffer if we continue to report a material

weakness in our internal controls over financial reporting.

This could materially adversely affect us and lead to a decline in the market

price of our securities.

We have identified material weaknesses in

our internal control over financial reporting as of December 31, 2024.

If we are unable to remediate these material weaknesses, we may

not be able to accurately or timely report our financial condition or results of operations.

Effective internal control

over financial reporting is necessary for us to provide reasonable assurance regarding the preparation and fair presentation of published

consolidated financial statements in accordance with U.S.

As described under Item 9A “Controls and Procedures” of this

Annual Report on Form 10-K, in connection with the preparation of our consolidated financial statements as of December 31, 2024 and for

the year then ended, we identified material weaknesses in our internal control over financial reporting.

A material weakness is a deficiency,

or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material

misstatement of a company’s annual or interim financial statements will not be prevented or detected on a timely basis.

We identified

material weaknesses in our internal control over our financial statement close process specifically related to an insufficient complement

of accounting and finance personnel with the necessary U.S.

GAAP technical expertise to timely identify and account for complex or non-routine

transactions.

As of December 31, 2024, the

Company identified material weaknesses corresponding to the control activities component of internal control under the COSO Framework.

Specifically, we did not adequately design certain key controls at a sufficient level of precision, including account reconciliation,

to address relevant financial reporting risks including inadequate design of procedures to ensure completeness and accuracy of the accounting

for content creator agreements, and associated assets, liabilities and expenses.

Deficiencies in control activities contributed to the

potential for there to have been material accounting errors in financial statement account balances and disclosures.

While the above material

weaknesses did not result in a material misstatement of our previously issued financial statements, it could result in a misstatement

of our account balances or disclosures that would not be prevented or detected and would therefore result in a material misstatement of

our annual or interim financial statements.

We are working to remediate

the material weaknesses and are taking steps to strengthen our internal control over financial reporting through the continued hiring

of additional appropriately skilled finance and accounting personnel with the requisite technical knowledge and skills.

With the additional

skilled personnel, we are taking appropriate and reasonable steps to remediate these material weaknesses through formalization of accounting

policies and controls around content creator agreements, and retention of external accounting advisors for complex accounting transactions.

We will not be able to fully remediate these control deficiencies until these steps have been completed and have been operating effectively

for a sufficient period of time.

The hiring of additional finance and accounting personnel and the implementation of improvements to our

accounting and proprietary systems and controls may be costly and time consuming.

We cannot assure you that

the measures we have taken to date and those we expect to take in the future will be sufficient to remediate the material weaknesses we

identified or avoid the identification of additional material weaknesses in the future.

If the steps we take do not remediate the material

weaknesses in a timely manner, there could continue to be a reasonable possibility that these material weaknesses or other control deficiencies

could result in a material misstatement of our annual or interim financial statements that would not be prevented or detected on a timely

basis, which could in turn cause our stock price to decline significantly and make raising capital more difficult.

If we fail to remediate

our material weaknesses, identify future material weaknesses in our internal control over financial reporting or fail to meet the demands

that will be placed upon us as a public company, including the requirements of Sarbanes-Oxley, we may be unable to accurately report our

financial results or report them within the timeframes required by law or stock exchange regulations.

Failure to comply with Section 404

of Sarbanes-Oxley could also potentially subject us to sanctions or investigations by the SEC or other regulatory authorities.

If additional

material weaknesses exist or are discovered in the future, and we are unable to remediate any such material weakness, our reputation,

results of operations and financial condition could suffer.

Our recently implemented Bitcoin treasury

strategy exposes us to various risks associated with holding Bitcoin.

We have invested and plan

to continue to invest a portion of our corporate treasury in Bitcoin as a reserve asset, exposing us to significant financial, operational,

and regulatory risks due to its characteristics that are specific to cryptocurrencies.

The value of Bitcoin is highly volatile and subject

to rapid, material, and unpredictable fluctuations driven by market speculation, macroeconomic conditions, investor sentiment, and global

For example, historical price swings have seen Bitcoin decline by more than 50% in a matter of months, and there can be no assurance

that similar or greater declines will not occur in the future.

Such volatility could result in material reductions in the value of our

Bitcoin holdings, adversely impacting our financial condition, liquidity, and reported earnings, particularly if we are required to recognize

impairment losses under applicable accounting standards.

The regulatory environment

surrounding Bitcoin remains uncertain and varies widely across jurisdictions.

In the United States, federal and state authorities have

issued evolving guidance on the classification, taxation, and permissible uses of cryptocurrencies, but comprehensive legislation and

regulation is still pending.

Potential future legislative and regulatory changes or actions at the state, federal, or international level,

such as new trading compliance obligations, custody requirements, restrictions on ownership, trading, transfer, exchange, or use of Bitcoin

as a corporate asset, or the imposition of new taxes or reporting requirements, could limit our ability to hold, sell, or utilize our

Bitcoin effectively, and may adversely affect the value of Bitcoin.

Unregulated trading platforms and intermediaries may not provide certain

important investor protections.

Our Bitcoin holdings are stored

in digital wallets on third-party exchanges, which are vulnerable to cybersecurity threats such as hacking, phishing, or loss of private

Transactions in Bitcoin may be irreversible, and accordingly, losses due to fraudulent or accidental transactions may not be recoverable.

A security breach or operational failure, whether due to internal errors, errors of third-party custodians, or external attacks, could

result in the permanent loss or theft of our Bitcoin, for which there is no recourse or insurance comparable to traditional financial

For example, high-profile cryptocurrency exchange hacks have resulted in losses of hundreds of millions of dollars, and we cannot

guarantee that the safeguards that are available to us will prevent similar incidents.

Bitcoin is not protected by either FDIC or SIPC

Additionally, reliance on third-party custodians introduces counterparty risk, as their insolvency or mismanagement could jeopardize

our access to these assets.

Market perception of our Bitcoin

strategy poses further risks.

Investors, analysts, or customers may view our investment as speculative or misaligned with our core business,

potentially leading to stock price volatility or loss of confidence in our management’s financial strategy.

Conversely, if Bitcoin’s

value declines significantly, we may face pressure to divest at a loss, incurring transaction costs and tax implications.

The accounting

treatment of Bitcoin as an indefinite-lived intangible asset under U.S.

GAAP requires us to assess for impairment periodically, which

could lead to earnings volatility and negatively affect our financial statements, even if we do not intend to sell.

Broader market or technological

developments, such as shifts in blockchain adoption, competition from other cryptocurrencies, or disruptions to the Bitcoin network, such

as forks, mining centralization, or energy regulation, could also diminish the value or utility of our holdings.

Moreover, macroeconomic

factors, such as rising interest rates, inflation, or shifts in monetary policy, may reduce institutional interest in Bitcoin, further

depressing its value.

These risks are heightened by ongoing debates over cryptocurrency regulation in the U.S.

and globally, which remain

unresolved and could materially impact our investment.

Our decision to hold Bitcoin

involves speculative risks that differ significantly from traditional treasury assets like cash or government securities.

no assurance that this strategy will achieve our objectives, including the objectives of preserving capital or enhancing returns, and

any adverse developments could have a material adverse effect on our financial position, results of operations, and stock price.

Risks related to accepting stablecoin as

a payment method.

Our planned expansion into

accepting certain stablecoins as a medium of exchange will expose us to additional financial, regulatory, operational, and market risks

that could adversely affect our business, financial condition, and results of operations.

Although stablecoins are designed

to maintain a stable value while being pegged to fiat currencies like the U.S.

dollar, the stability and reliability of stablecoins are

not guaranteed and depend on various factors beyond our control, including the financial health of the issuing entity, the adequacy and

liquidity of reserve assets, and the effectiveness of the underlying stabilization mechanisms.

If a stablecoin that we accept experiences

a significant devaluation or “de-pegging” event, where its value deviates materially from its intended peg, we may incur losses

on payments already received, face disruptions in transaction processing, or lose customer confidence, all of which could negatively impact

our financial condition and reputation.

Stablecoins are not subject to any deposit insurance protection scheme, and the presence of fiat

currency reserves is not a guarantee for redemption.

There is a possibility that the assets held in reserves are not sufficient or may

not be available for redemption at times of extremely high demand.

Volatility spikes in the cryptocurrency markets also might lead to

occasions where the price of a stablecoin deviates from the underlying fiat currency.

Additionally, the regulatory

environment surrounding stablecoins remains uncertain and rapidly evolving.

Legislatures and regulatory bodies, including foreign authorities,

continue to evaluate whether stablecoins constitute securities, commodities, or other regulated financial instruments.

New laws, regulations,

or enforcement actions could impose significant compliance obligations on us, such as anti-money laundering (AML) and know-your-customer

(KYC) requirements, restrict our ability to accept certain stablecoins altogether, result in unfavorable changes in use, transfer, and

redemption of stablecoins, or impose tax liabilities upon stablecoin holders.

Noncompliance with such regulations, even unintentional,

could result in fines, penalties, legal proceedings, and reputational harm.

Furthermore, if a stablecoin issuer on which we rely is deemed

non-compliant with applicable laws, it could disrupt our payment operations or expose us to liability as a downstream user.

Accepting stablecoins also

introduces operational and cybersecurity risks.

The blockchain networks and digital wallets we use to process and store stablecoin transactions

may be vulnerable to hacking, phishing attacks, software bugs, and network failures.

A security breach or technical failure could result

in the loss or theft of stablecoin funds, for which we may have limited recourse due to the decentralized and irreversible nature of blockchain

transactions.

Moreover, reliance on third-party service providers, such as cryptocurrency exchanges or custodians, to facilitate stablecoin

transactions introduces counterparty risk.

If these providers, or any stablecoin issuers, experience insolvency, operational disruptions,

or fraudulent activity, our ability to process payments or convert stablecoins to fiat currency could be impaired, potentially leading

to financial losses or liquidity constraints.

Additional risks relate to

the market acceptance of stablecoins.

If customers or vendors lose confidence in stablecoins due to volatility, scandals, or legislative

or regulatory actions, demand for our stablecoin payment option could decline, forcing us to incur costs to adapt our payment infrastructure

or revert to traditional payment methods.

Conversely, if we cease accepting stablecoins in response to these risks, we may alienate a

segment of our customer base that prefers cryptocurrency payments, potentially reducing our market competitiveness.

Fluctuations in the broader

cryptocurrency market could indirectly impact our stablecoin operations.

A significant downturn in cryptocurrency prices or public sentiment

could trigger redemption pressures on stablecoin issuers, straining their reserves and increasing the likelihood of instability.

events could disrupt our payment processing capabilities and harm our financial position.

The development and use of AI may result

in reputational harm, liability, or other adverse consequences to our business operations.

We are evaluating AI technologies

for use in the operation of our business.

There are significant risks involved in deploying AI and there can be no assurance that any

usage of AI will enhance our products or services or be beneficial to our business, including our profitability.

AI technologies are complex

and rapidly evolving, and we face significant potential disruption from other companies as well as an evolving regulatory landscape.

integration of any AI technologies into our products or services may result in new or enhanced governmental or regulatory scrutiny, intellectual

property claims, litigation, confidentiality or security risks, ethical concerns, negative user perceptions as to automation and AI, or

other complications that could adversely affect our business, reputation, or financial results.

As a result of the complexity and rapid

development of AI, it is also the subject of evolving review by various U.S.

governmental and regulatory agencies, and other foreign jurisdictions

are applying, or are considering applying, their platform moderation, intellectual property, cybersecurity, and data protection laws to

AI and/or are considering general legal frameworks on AI.

We may not always be able to anticipate the appropriate response to these rapidly

evolving frameworks.

We may also have to expend resources to adjust our product or service offerings in certain jurisdictions if the legal

frameworks governing the use of AI are not consistent across jurisdictions.

If we fail to adopt AI technologies effectively or experience

delays in integrating these technologies into our operations, we may face significant risks to our competitive position, financial performance,

and long-term growth prospects.

Competitors who successfully leverage AI may gain advantages in operational efficiency, innovation, data

analysis, and customer personalization, potentially eroding our market share and reputation.

Uncertainty around new and

emerging AI technologies, such as generative AI, may require additional investment in the development of appropriate protections and safeguards

for handling the use of data with AI technologies, which may be costly and could impact our expenses.

AI technologies, including generative

AI, may create content that is factually inaccurate or flawed, or otherwise unlawful, harmful or policy-violating.

Such content may expose

us to brand or reputational harm and/or legal liability.

It is also uncertain how various laws related to online services, intermediary

liability, copyright and other issues will apply to content generated by AI.

The use of certain AI technologies presents emerging ethical

and social issues, and if we offer solutions that draw scrutiny or controversy due to their perceived or actual impact on users or on

society as a whole, we may experience brand or reputational harm, competitive harm, and/or legal liability.

As such, it is not possible

to predict all of the risks related to the use of AI, and developments in regulatory frameworks governing the use of AI and in related

stakeholder expectations may adversely affect our ability to develop and use AI or subject us to liability.

Risks Related to the Legal and Regulatory Environment in Which We

We collect, store, and process large amounts

of user video content and personal information of our users and subscribers.

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 legal claims from users and subscribers.

We collect, store, and process

large amounts of video content (including videos that are not intended for public consumption) and personal information of our users,

cloud customers, and subscribers.

We also share such information, where appropriate, with third parties that help us operate our business.

Despite our efforts, we may fail to properly secure our systems and our user and subscriber data.

This could be caused by technical

issues (bugs), obsolete technology, human error or internal or external malfeasance, undiscovered vulnerabilities, and could lead to unauthorized

This could be caused by technical issues

(bugs), obsolete technology, human error or internal or external malfeasance, undiscovered vulnerabilities, and could lead to unauthorized

disclosure of data, unauthorized changes or data losses.

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if undetected or detected but not remediated, could result in unauthorized access to our systems or the data of our users.

data breach could expose us to regulatory actions and litigation.

Depending on the circumstances, we may be required to disclose a suspected

breach to regulators, affected individuals, and the public.

This could lead to regulatory actions, including the possibility of fines,

class action or traditional litigation by affected individuals, reputational harm, costly investigation and remedial efforts, the triggering

of indemnification obligations under data-protection agreements with subscribers, vendors, and partners, higher premiums for cybersecurity

insurance and other insurance policies, and the inability to obtain cybersecurity insurance or other forms of insurance.

We do not presently

have cybersecurity insurance to compensate for any losses that may result from any breach of security, and given industry trends generally,

we expect that any such cybersecurity insurance coverage will be difficult to obtain in the future on acceptable terms.

As a result, our

results of operations or financial condition may be materially adversely affected if we experience a cybersecurity-related loss.

We may fail to comply with applicable

privacy laws.

are subject to data privacy and security laws and regulations that apply to the collection, transmission, storage, use, processing, destruction,

retention and security of personal information, including additional laws or regulations relating to health information.

Our current privacy

policies and practices, which are publicly available at rumble.com/s/privacy , are designed to comply with privacy and

data protection laws in the United States and Canada.

These policies and practices inform users how we handle personal information and,

as permitted by law, allow users to change or delete the personal information in their user accounts.

The legislative and regulatory landscape

for privacy and data protection continues to evolve in jurisdictions worldwide, and these laws may at times be conflicting.

It is possible

that these laws may be interpreted and applied in a manner that is inconsistent with our practices, and our efforts to comply with the

evolving data protection rules may be unsuccessful.

We must devote significant resources to understanding and complying with this changing

Failure to comply with federal, state, provincial and international laws regarding privacy and security of personal information

could expose us to penalties under such laws, orders requiring that we change our practices, claims for damages or other liabilities,

regulatory investigations and enforcement action (including fines and criminal prosecution of employees), litigation, significant costs

for remediation, and damage to our reputation and loss of goodwill, any of which could have a material adverse effect on our business,

financial condition, results of operations and prospects.

Even if we have not violated these laws, government investigations and private

lawsuits into these issues typically require the expenditure of significant resources and generate negative publicity, which could have

a material adverse effect on our business, financial condition, results of operations and prospects.

Additionally, if we are unable to

properly protect the privacy and security of personal information, including protected health information, we could be found to have breached

our contracts with certain third parties.

are numerous U.S.

and Canadian federal, state, and provincial laws and regulations related to the privacy and security of personal information.

Determining whether protected information has been handled in compliance with applicable privacy standards and our contractual obligations

can be complex and may be subject to changing interpretation.

If we fail to comply with applicable privacy laws, we could face civil and

criminal penalties.

Failing to take appropriate steps to keep consumers’ personal information secure can also constitute unfair

acts or practices in or affecting commerce and be construed as a violation of Section 5(a) of the Federal Trade Commission Act (the “FTCA”),

A data breach could expose

us to regulatory actions and litigation.

Depending on the circumstances, we may be required to disclose a suspected breach to regulators,

affected individuals, and the public.

This could lead to regulatory actions, including the possibility of fines, class action or traditional

litigation by affected individuals, reputational harm, costly investigation and remedial efforts, the triggering of indemnification obligations

under data-protection agreements with subscribers, vendors, and partners, higher premiums for cybersecurity insurance and other insurance

policies, and the inability to obtain cybersecurity insurance or other forms of insurance.

We do not presently have cybersecurity insurance

to compensate for any losses that may result from any breach of security, and given industry trends generally, we expect that any such

cybersecurity insurance coverage will be difficult to obtain in the future on acceptable terms.

As a result, our results of operations

or financial condition may be materially adversely affected if we experience a cybersecurity-related loss.

We may fail to comply with applicable privacy

We are subject to data privacy

and security laws and regulations that apply to the collection, transmission, storage, use, processing, destruction, retention and security

of personal information, including additional laws or regulations relating to health information.

Our current privacy policies and practices,

which are publicly available at rumble.com/s/privacy, are designed to comply with privacy and data protection laws in the United States

These policies and practices inform users how we handle personal information and, as permitted by law, allow users to change

or delete the personal information in their user accounts.

The legislative and regulatory landscape for privacy and data protection continues

to evolve in jurisdictions worldwide, and these laws may at times be conflicting.

It is possible that these laws may be interpreted and

applied in a manner that is inconsistent with our practices, and our efforts to comply with the evolving data protection rules may be

unsuccessful.

We must devote significant resources to understanding and complying with this changing landscape.

Failure to comply with

federal, state, provincial and international laws regarding privacy and security of personal information could expose us to penalties

under such laws, orders requiring that we change our practices, claims for damages or other liabilities, regulatory investigations and

enforcement action (including fines and criminal prosecution of employees), litigation, significant costs for remediation, and damage

to our reputation and loss of goodwill, any of which could have a material adverse effect on our business, financial condition, results

of operations and prospects.

Even if we have not violated these laws, government investigations and private lawsuits into these issues

typically require the expenditure of significant resources and generate negative publicity, which could have a material adverse effect

on our business, financial condition, results of operations and prospects.

Additionally, if we are unable to properly protect the privacy

and security of personal information, including protected health information, we could be found to have breached our contracts with certain

third parties.

There are numerous U.S.

Canadian federal, state, and provincial laws and regulations related to the privacy and security of personal information.

whether protected information has been handled in compliance with applicable privacy standards and our contractual obligations can be

complex and may be subject to changing interpretation.

If we fail to comply with applicable privacy laws, we could face civil and criminal

Failing to take appropriate steps to keep consumers’ personal information secure can also constitute unfair acts or practices

in or affecting commerce and be construed as a violation of Section 5(a) of the Federal Trade Commission Act (the “FTCA”),

The Federal Trade Commission (the “FTC”) expects a company’s data security measures to be reasonable

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state level may be costly and require ongoing modifications to our policies, procedures and systems.

Internationally,

laws, regulations and standards in many jurisdictions apply broadly to the collection, transmission, storage, use, processing, destruction,

retention and security of personal information.

For example, in the European Union, the collection, transmission, storage, use, processing,

destruction, retention and security of personal data is governed by the provisions of the General Data Protection Regulation (“GDPR”)

in addition to other applicable laws and regulations.

The GDPR, together with national legislation, regulations and guidelines of the

European Union Member States governing the collection, transmission, storage, use, processing, destruction, retention and security of

personal data, impose strict obligations with respect to, and restrictions on, the collection, use, retention, protection, disclosure,

transfer and processing of personal data.

The GDPR also imposes strict rules on the transfer of personal data to countries outside the

European Union that are not deemed to have protections for personal information, including the United States.

The GDPR authorizes fines

for certain violations of up to 4% of the total global annual turnover of the preceding financial year or €20 million, whichever

Internationally, laws, regulations

and standards in many jurisdictions apply broadly to the collection, transmission, storage, use, processing, destruction, retention and

security of personal information.

For example, in the European Union, the collection, transmission, storage, use, processing, destruction,

retention and security of personal data is governed by the provisions of the General Data Protection Regulation (“GDPR”) in

addition to other applicable laws and regulations.

The GDPR, together with national legislation, regulations and guidelines of the European

Union Member States governing the collection, transmission, storage, use, processing, destruction, retention and security of personal

data, impose strict obligations with respect to, and restrictions on, the collection, use, retention, protection, disclosure, transfer

and processing of personal data.

The GDPR also imposes strict rules on the transfer of personal data to countries outside the European

Union that are not deemed to have protections for personal information, including the United States.

The GDPR authorizes fines for certain

violations of up to 4% of the total global annual turnover of the preceding financial year or €20 million, whichever is greater.

Such fines are in addition to any civil litigation claims by data subjects.

Separately, Brexit has led and could also lead

to legislative and regulatory changes and may increase our compliance costs and expose us to two parallel regulatory regimes, each of

which authorizes similar fines and other potentially divergent enforcement actions for certain violations.

Other jurisdictions outside

the European Union are similarly introducing or enhancing privacy and data security laws, rules and regulations, which could increase

our compliance costs and the risks associated with noncompliance.

We cannot guarantee that we are, or will be, in compliance with all

applicable U.S., Canadian, or other international regulations as they are enforced now or as they evolve.

We operate across

many domestic and international markets which may subject us to cybersecurity, privacy, data security, data protection, and online content

laws with uncertain interpretations.

International

laws and regulations relating to cybersecurity, privacy, data security, data protection, and online content often are more restrictive

than those in the United States.

Separately, Brexit has led and could also lead to legislative

and regulatory changes and may increase our compliance costs and expose us to two parallel regulatory regimes, each of which authorizes

similar fines and other potentially divergent enforcement actions for certain violations.

Other jurisdictions outside the European Union

are similarly introducing or enhancing privacy and data security laws, rules and regulations, which could increase our compliance costs

and the risks associated with noncompliance.

We cannot guarantee that we are, or will be, in compliance with all applicable U.S., Canadian,

or other international regulations as they are enforced now or as they evolve.

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.

Compliance with regulatory

requirements of a rapidly evolving array of domestic and international laws that apply to our cloud services business poses significant

operational, financial, and reputational risks.

For example, we are subject to the GDPR, the California Consumer Privacy Act (CCPA) and

its successor, the California Privacy Rights Act (CPRA).

As we further expand internationally, we may become subject to similar laws in

foreign jurisdictions.

These regulations impose strict obligations on the collection, storage, processing, and transfer of personal data,

with potential penalties for noncompliance, in addition to litigation costs and reputational harm.

Furthermore, certain countries,

enforce data localization laws requiring that data generated within their borders be stored on local servers, which may conflict with

our global operational model and necessitate costly infrastructure investments or limit our ability to serve customers efficiently.

trade policies, such as the tariffs imposed on goods from China, Canada, and Mexico, could exacerbate these challenges by increasing

tensions over cross-border data flows or prompting retaliatory measures that further restrict data transfers.

The invalidation of frameworks

like the EU-U.S.

Privacy Shield and ongoing uncertainty surrounding alternative mechanisms, such as standard contractual clauses, heighten

the risk that we may be unable to lawfully transfer data across jurisdictions, potentially disrupting service delivery or subjecting us

to regulatory enforcement actions.

Our cloud services business

may also cater to customers in regulated industries, such as healthcare (subject to HIPAA), financial services (subject to PCI DSS and

SEC regulations), and government (subject to FedRAMP), each imposing additional compliance obligations.

Failure to obtain or maintain

certifications, implement required security controls, or adequately audit our systems could result in loss of customer contracts, exclusion

from certain markets, or substantial penalties.

Moreover, emerging regulations, such as the EU’s Artificial Intelligence Act and

potential U.S.

federal cybersecurity mandates, introduce further uncertainty, as their scope and enforcement remain unclear but could

require significant changes to our technology and operations.

Noncompliance, whether due

to inadvertent violations, evolving interpretations of existing laws, or breaches by third-party vendors we rely on, could lead to investigations,

fines, injunctions, or restrictions on our ability to operate in key markets.

Even the perception of noncompliance could damage customer

trust and investor confidence, adversely affecting our stock price.

The costs of compliance, including legal fees, system upgrades, and

ongoing audits, may increase over time and strain our financial resources, particularly if regulators impose conflicting requirements

across jurisdictions.

There can be no assurance that our efforts to monitor and adapt to this dynamic regulatory landscape will be sufficient

to mitigate these risks, and any failure to do so could have a material adverse effect on our business, financial condition, and results

of operations.

We operate across many domestic and international

jurisdictions which may subject us to cybersecurity, privacy, data security, data protection, and online content laws with uncertain interpretations.

International laws and regulations

relating to cybersecurity, privacy, data security, data protection, and online content often are more restrictive than those in the United

There is no harmonized approach to these laws and regulations globally.

Consequently, as we expand internationally

from Canada and the United States, we increase our risk of non-compliance with applicable foreign data protection and online content laws,

including laws that expose us to civil or criminal penalties in certain jurisdictions for our content moderation decisions.

to change and limit the way we use personal information in operating our business and may have difficulty maintaining a single operating

model that is compliant.

In addition, various federal, state, provincial, and foreign legislative and regulatory bodies, or self-regulatory

organizations may expand current laws or regulations, enact new laws or regulations or issue revised rules or guidance regarding cybersecurity,

privacy, data security, data protection and online content.

Aspects of such laws can be unclear, resulting in further uncertainty and

potentially requiring us to modify our data practices and policies and to incur substantial additional costs and expenses in an effort

Consequently, as we expand internationally from Canada

and the United States, we increase our risk of noncompliance with applicable foreign data protection and online content laws, including

laws that expose us to civil or criminal penalties in certain jurisdictions for our content moderation decisions.

We may need to change

and limit the way we use personal information in operating our business and may have difficulty maintaining a single operating model that

is compliant.

In addition, various federal, state, provincial, and foreign legislative and regulatory bodies, or self-regulatory organizations

may expand current laws or regulations, enact new laws or regulations or issue revised rules or guidance regarding cybersecurity, privacy,

data security, data protection and online content.

Aspects of such laws can be unclear, resulting in further uncertainty and potentially

requiring us to modify our data practices and policies and to incur substantial additional costs and expenses in an effort to comply.

In addition, such laws may have potentially conflicting requirements that would make compliance challenging.

Inadequate technical

and legal intellectual property protections could prevent us from defending or securing our proprietary technology and intellectual property.

success is dependent, in part, upon protecting our proprietary information and technology.

We may be unsuccessful in adequately protecting

our intellectual property.

No assurance can be given that confidentiality, non-disclosure, or invention assignment agreements with employees,

consultants, or other parties will not be breached and will otherwise be effective in controlling access to and distribution of our platform

or solutions, or certain aspects of our platform or solutions, and proprietary information.

Further, these agreements do not prevent our

competitors from independently developing technologies that are substantially equivalent or superior to our platform or solutions.

Additionally,

certain unauthorized use of our intellectual property may go undetected, or we may face legal or practical barriers to enforcing our legal

rights even where unauthorized use is detected.

law may not provide for adequate protection of our platform or data.

In addition, legal standards relating to the validity, enforceability,

and scope of protection of proprietary rights in internet-related businesses are uncertain and evolving, and changes in these standards

may adversely impact the viability or value of our proprietary rights.

Some license provisions protecting against unauthorized use, copying,

transfer, and disclosure of our platform, or certain aspects of our platform, or our data may be unenforceable under the laws of certain

jurisdictions.

Further, the laws of some countries do not protect proprietary rights to the same extent as the laws of the United States,

and mechanisms for enforcement of intellectual property rights in some foreign countries may be inadequate.

To the extent we expand our

international activities, our exposure to unauthorized copying and use of our data or certain aspects of our platform, or our data may

Competitors, foreign governments, foreign government-backed actors, criminals, or other third parties may gain unauthorized

access to our proprietary information and technology.

Accordingly, despite our efforts, we may be unable to prevent third parties from

infringing upon or misappropriating our technology and intellectual property.

protect our intellectual property rights, we will be required to spend significant resources to monitor and protect these rights, and

we may or may not be able to detect infringement by our customers or third parties.

Litigation has been and may be necessary in the future

to enforce our intellectual property rights and to protect our trade secrets.

Such litigation could be costly, time consuming, and distracting

to management and could result in the impairment or loss of portions of our intellectual property.

Furthermore, our efforts to enforce

our intellectual property rights may be met with defenses, counterclaims, and countersuits attacking the validity and enforceability of

our intellectual property rights.

Our inability to protect our proprietary technology against unauthorized copying or use, as well as

any costly litigation or diversion of our management’s attention and resources, could delay further sales or the implementation

of our platform or solutions, impair the functionality of our platform or solutions, delay introductions of new features, integrations,

and capabilities, result in our substituting inferior or more costly technologies into our platform or solutions, or injure our reputation.

In addition, we may be required to license additional technology from third parties to develop and market new features, integrations,

and capabilities, and we cannot be certain that we could license that technology on commercially reasonable terms or at all, and our inability

to license this technology could harm our ability to compete.

We may be found

to have infringed on the intellectual property of others, which could expose us to substantial losses or restrict our operations.

expect to be subject to legal claims that we have infringed the intellectual property rights of others.

To date, we have not fully evaluated

the extent to which other parties may bring claims that our technology, including our use of open source software, infringes on the intellectual

property rights of others.

The availability of damages and royalties and the potential for injunctive relief have increased the costs

associated with litigating and settling patent infringement claims.

Any claims, whether or not meritorious, could require us to spend

significant time, money, and other resources in litigation, pay damages and royalties, develop new intellectual property, modify, design

around, or discontinue existing products, services, or features, or acquire licenses to the intellectual property that is the subject

of the infringement claims.

These licenses, if required, may not be available on acceptable terms or at all.

As a result, intellectual

property claims against us could have a material adverse effect on our business, prospects, financial condition, operating results and

We may face liability

for hosting content that allegedly infringes on third-party copyright laws.

content providers do not have sufficient rights to the video content or other material that they upload or make available to Rumble, or

if such video content or other material infringes or is alleged to infringe the intellectual property rights of third parties, we could

be subject to claims from those third parties, which could adversely affect our business, results of operations and financial condition.

Although our content policies prohibit users from submitting infringing content to Rumble, and require users to indemnify Rumble for claims

related to the violations of the rights of third parties arising from the submission of content to Rumble (including with respect to infringements

of intellectual property rights), we do not verify that content providers own or have rights to all of the video content or other material

that they upload or make available.

As a result, we may face potential liability for copyright or other intellectual property infringement,

or other claims.

Litigation to defend these claims could be costly and have an adverse effect on our business, results of operations and

financial condition.

We can provide no assurance that we are adequately insured to cover claims related to user content or that our indemnification

provisions will be adequate to mitigate all liability that may be imposed on us as a result of claims related to user content.

We may face liability

for hosting a variety of tortious or unlawful materials uploaded by third parties, notwithstanding the liability protections of Section

In certain circumstances, we may also voluntarily suspend access to our services indefinitely in certain jurisdictions in order to

uphold our commitment to diversity of opinion.

the United States, Section 230 generally limits our liability for hosting tortious and otherwise illegal content.

The immunities conferred

by Section 230 could be narrowed or eliminated through amendment, regulatory action or judicial interpretation.

In 2018, Congress amended

Section 230 to remove immunities for content that promotes or facilitates sex trafficking and prostitution.

In 2020, various members of

Congress introduced bills to further limit Section 230, and a petition was filed by a Department of Commerce entity with the Federal Communications

Commission to commence a rulemaking to further limit Section 230.

Noncompliance with anti-corruption, anti-bribery,

anti-money laundering, and similar laws can subject us to criminal or civil liability and harm our business, financial condition and results

of operations.

We are subject to the U.S.

Foreign Corrupt Practices Act (FCPA), U.S.

domestic bribery laws, and other anti-corruption and anti-money laundering laws in the countries

in which we operate.

Anti-corruption and anti-bribery laws have been interpreted broadly to generally prohibit companies, their employees

and their third-party intermediaries from authorizing, offering or providing, directly or indirectly, improper payments or benefits to

recipients in the public or private sector.

As we increase our international presence, we may engage with business partners and third-party

intermediaries to market our products and to obtain necessary permits, licenses, and other regulatory approvals, and may have direct or

indirect interactions with officials and employees of government agencies or state-owned or affiliated entities.

We can be held liable

for the corrupt or other illegal activities of these third-party intermediaries, our employees, representatives, contractors, partners

and agents, even if we do not explicitly authorize such activities.

Detecting, investigating,

and resolving actual or alleged violations of anti-corruption laws, and responding to any action, can require a significant diversion

of time, resources, and attention from senior management and significant defense costs and other professional fees.

In addition, noncompliance

with anti-corruption, anti-bribery, or anti-money laundering laws could subject us to whistleblower complaints, investigations, various

penalties or debarment from contracting with certain persons, and other collateral consequences.

If any subpoenas or investigations are

launched, or sanctions are imposed, or if we do not prevail in any possible proceeding, our business, financial condition and results

of operations could be harmed.

In addition, responding to any action will likely result in a significant diversion of management’s

attention and resources.

Inadequate technical and legal intellectual

property protections could prevent us from defending or securing our proprietary technology and intellectual property.

Our success is dependent,

in part, upon protecting our proprietary information and technology.

We may be unsuccessful in adequately protecting our intellectual

No assurance can be given that confidentiality, non-disclosure, or invention assignment agreements with employees, consultants,

or other parties will not be breached and will otherwise be effective in controlling access to and distribution of our platform or solutions,

or certain aspects of our platform or solutions, and proprietary information.

Further, these agreements do not prevent our competitors

from independently developing technologies that are substantially equivalent or superior to our platform or solutions.

Additionally, certain

unauthorized use of our intellectual property may go undetected, or we may face legal or practical barriers to enforcing our legal rights

even where unauthorized use is detected.

Current law may not provide

for adequate protection of our platform or data.

In addition, legal standards relating to the validity, enforceability, and scope of protection

of proprietary rights in internet-related businesses are uncertain and evolving, and changes in these standards may adversely impact the

viability or value of our proprietary rights.

Some license provisions protecting against unauthorized use, copying, transfer, and disclosure

of our platform, or certain aspects of our platform, or our data may be unenforceable under the laws of certain jurisdictions.

the laws of some countries do not protect proprietary rights to the same extent as the laws of the United States, and mechanisms for enforcement

of intellectual property rights in some foreign countries may be inadequate.

To the extent we expand our international activities, our

exposure to unauthorized copying and use of our data or certain aspects of our platform, or our data may increase.

Competitors, foreign

governments, foreign government-backed actors, criminals, or other third parties may gain unauthorized access to our proprietary information

and technology.

Accordingly, despite our efforts, we may be unable to prevent third parties from infringing upon or misappropriating our

technology and intellectual property.

To protect our intellectual

property rights, we will be required to spend significant resources to monitor and protect these rights, and we may or may not be able

to detect infringement by our customers or third parties.

Litigation has been and may be necessary in the future to enforce our intellectual

property rights and to protect our trade secrets.

Such litigation could be costly, time consuming, and distracting to management and could

result in the impairment or loss of portions of our intellectual property.

Furthermore, our efforts to enforce our intellectual property

rights may be met with defenses, counterclaims, and countersuits attacking the validity and enforceability of our intellectual property

Our inability to protect our proprietary technology against unauthorized copying or use, as well as any costly litigation or diversion

of our management’s attention and resources, could delay further sales or the implementation of our platform or solutions, impair

the functionality of our platform or solutions, delay introductions of new features, integrations, and capabilities, result in our substituting

inferior or more costly technologies into our platform or solutions, or injure our reputation.

In addition, we may be required to license

additional technology from third parties to develop and market new features, integrations, and capabilities, and we cannot be certain

that we could license that technology on commercially reasonable terms or at all, and our inability to license this technology could harm

our ability to compete.

We may be found to have infringed on the

intellectual property of others, which could expose us to substantial losses or restrict our operations.

Given the nature of our business

and as a publicly traded company, we have been, and expect to be, subject to legal claims that we have infringed the intellectual property

rights of others.

To date, we have not fully evaluated the extent to which other parties may bring claims that our technology, including

our use of open source software, infringes on the intellectual property rights of others.

The availability of damages and royalties and

the potential for injunctive relief have increased the costs associated with litigating and settling patent infringement claims.

whether or not meritorious, could require us to spend significant time, money, and other resources in litigation, pay damages and royalties,

develop new intellectual property, modify, design around, or discontinue existing products, services, or features, or acquire licenses

to the intellectual property that is the subject of the infringement claims.

These licenses, if required, may not be available on acceptable

terms or at all.

As a result, intellectual property claims against us could have a material adverse effect on our business, prospects,

financial condition, operating results and cash flows.

We may face liability for hosting content

that allegedly infringes on third-party copyright and trademark rights.

If content providers do not

have sufficient rights to the video content or other material that they upload or make available to Rumble, or if such video content or

other material infringes or is alleged to infringe the intellectual property rights of third parties, we could be subject to claims from

those third parties, which could adversely affect our business, results of operations and financial condition.

Although our content policies

prohibit users from submitting infringing content to Rumble, and require users to indemnify Rumble for claims related to the violations

of the rights of third parties arising from the submission of content to Rumble (including with respect to infringements of intellectual

property rights), we do not verify that content providers own or have rights to all of the video content or other material that they upload

or make available.

As a result, we may face potential liability for copyright or other intellectual property infringement, or other claims.

Litigation to defend these claims could be costly and have an adverse effect on our business, results of operations and financial condition.

We can provide no assurance that we are adequately insured to cover claims related to user content or that our indemnification provisions

will be adequate to mitigate all liability that may be imposed on us as a result of claims related to user content.

We may face liability for hosting a variety

of tortious or unlawful materials uploaded by third parties, notwithstanding the liability protections of Section 230.

In certain circumstances,

we may also voluntarily suspend access to our services indefinitely in certain jurisdictions in order to uphold our commitment to free

speech and diversity of opinion.

In the United States, Section

230 generally limits our liability for hosting tortious and otherwise illegal content.

The immunities conferred by Section 230 could be

narrowed or eliminated through amendment, regulatory action or judicial interpretation.

In 2018, Congress amended Section 230 to remove

immunities for content that promotes or facilitates sex trafficking and prostitution.

In 2020, various members of Congress introduced

bills to further limit Section 230, and a petition was filed by a Department of Commerce entity with the Federal Communications Commission

to commence a rulemaking to further limit Section 230.

Additionally, judicial decisions, including by the U.S.

Supreme Court

as well as lower courts, may limit or alter the protections offered by Section 230.

like Section 230 generally do not exist outside of the United States, and some countries have enacted laws that require online content

providers to remove certain pieces of content within short time frames.

If we fail to comply with such laws, we could be subject to prosecution

or regulatory proceedings, or we may choose voluntarily to suspend access to our services indefinitely in the applicable jurisdiction

in order to uphold our commitment to diversity of opinion, as we did in France beginning in November 2022 and in Brazil beginning in December

These and any similar future suspensions may limit our user and revenue growth, which in turn may adversely affect our business

and operating results.

Supreme Court as well as

lower courts, may limit or alter the protections offered by Section 230.

Laws like Section 230 generally

do not exist outside of the United States, and some countries have enacted laws that require online content providers to remove certain

pieces of content within short time frames.

If we fail to comply with such laws, we could be subject to prosecution or regulatory proceedings,

or we may choose voluntarily to suspend access to our services indefinitely in the applicable jurisdiction in order to uphold our commitment

to free speech and diversity of opinion, as we did in France beginning in November 2022 and in Brazil beginning in December 2023.

and any similar future suspensions may limit our user and revenue growth, which in turn may adversely affect our business and operating

In addition, some countries may decide to ban our service based upon a single piece of content.

may also face liability when we remove content and accounts that we believe are violating our terms of service.

While Rumble believes

that Section 230 allows us to restrict or remove certain categories of content, our protections may not always end a lawsuit at an early

stage, potentially resulting in costly and time-consuming litigation.

We may also face liability

when we remove content and accounts that we believe are violating our terms of service.

While Rumble believes that Section 230 allows

us to restrict or remove certain categories of content, our protections may not always end a lawsuit at an early stage, potentially resulting

in costly and time-consuming litigation.

The incentives that we offer to certain

content creators may lead to liability based on the actions of those creators.

goal is to attract even more top creators to our platform, further accelerating our platform’s growth, and we have offered and intend

to continue to offer incentives, including economic incentives, to content creators to join our platform, even while the content creators

maintain sole editorial control over the content they produce.

These incentives have included and may continue to include equity grants

or cash payments, including arrangements under which we may agree to pay fixed compensation to a content creator (in certain cases, for

multiple years) irrespective of whether the actual revenue or user growth generated by the applicable content creator on our platform

meets our original modeled financial projections for that creator.

we believe that the incentives we offer to certain content creators do not alter our liability protections under Section 230, it is possible

that future judicial interpretations of the statute will lead to liability for tortious or unlawful materials uploaded to Rumble by those

content creators.

addition, as part of the incentives we offer to certain content creators, Rumble has the right to sell host-read advertisements.

of these advertisements, the content creator offers a paid endorsement of various products or services.

Although we follow FTC guidelines

regarding endorsements and require our creators to do the same, we could face liability if creators fail to follow those guidelines or

otherwise engage in misleading or deceptive advertising.

User-generated

content could affect the quality of our services and deter current or potential users from using our platforms, and we may face negative

publicity for removing, or declining to remove, certain content, regardless of whether such content violated any law.

and groups may upload controversial content to our platform.

Removing or failing to remove such content may result in negative publicity,

which could harm our efforts to attract and retain users and subscribers.

We have also faced criticism from users and subscribers for

removing content and terminating accounts in compliance with the DMCA.

Further, we must continually manage and monitor our content and

detect content that violates our terms of service.

This content moderation service is provided by Cosmic, a key vendor, and we would experience

a significant disruption if Cosmic were no longer able or willing to offer us that service.

If a significant amount of content that violates

our terms of service were not detected and removed by us in a timely manner, or if a significant amount of information was perceived by

users or the media to violate our terms of service, whether or not such perceptions were accurate, our brand, business and reputation

could be harmed.

This risk increases as the volume of content uploaded by users to Rumble continues to grow.

the event our content creators, other users, advertisers, or other key business partners do not agree with our content moderation policies

and procedures or their implementation, such creators, other users, advertisers, and other key business partners could decrease their

usage of Rumble (or cease using Rumble entirely), which could have a material adverse effect on our business or our results of operations.

Additionally, there is a risk that users will upload content that predominantly represents certain political viewpoints, leading to public

perceptions that Rumble endorses those viewpoints, regardless of whether such perceptions are accurate.

There can be no guarantee that

current or future negative publicity, complaints, allegations, political controversies, investigations or legal proceedings with respect

to our content, even if baseless, will not generate adverse publicity that could damage our reputation.

Any damage to our reputation could

harm our ability to attract and retain users and subscribers.

Changes in tax

rates, changes in tax treatment of companies engaged in e-commerce, the adoption of new U.S.

or international tax legislation, or exposure

to additional tax liabilities may adversely impact our financial results.

are subject to taxes in multiple jurisdictions.

Our provision for income taxes is based on a jurisdictional mix of earnings, statutory

tax rates and enacted tax rules, including transfer pricing.

Our goal is to attract even

more top creators to our platform, further accelerating our platform’s growth, and we have offered and intend to continue to offer

incentives, including economic incentives, to content creators to join our platform, even while the content creators maintain sole editorial

control over the content they produce.

These incentives have included and may continue to include equity grants or cash payments, including

arrangements under which we may agree to pay fixed compensation to a content creator (in certain cases, for multiple years) irrespective

of whether the actual revenue or user growth generated by the applicable content creator on our platform meets our original modeled financial

projections for that creator.

While we believe that the

incentives we offer to certain content creators do not alter our liability protections under Section 230, it is possible that future judicial

interpretations of the statute will lead to liability for tortious or unlawful materials uploaded to Rumble by those content creators.

In addition, as part of the

incentives we offer to certain content creators, Rumble has the right to sell host-read advertisements.

As part of these advertisements,

the content creator offers a paid endorsement of various products or services.

Although we follow FTC guidelines regarding endorsements

and require our creators to do the same, we could face liability if creators fail to follow those guidelines or otherwise engage in misleading

or deceptive advertising.

User-generated content could affect the

quality of our services and deter current or potential users from using our platforms, and we may face negative publicity for removing,

or declining to remove, certain content, regardless of whether such content violated any law.

Individuals and groups may

upload controversial content to our platform that does not violate our terms of service.

Removing or failing to remove such content may

result in negative publicity, which could harm our efforts to attract and retain users and subscribers.

We have also faced criticism from

users and subscribers for removing content and terminating accounts in compliance with the DMCA.

Further, we must continually manage and

monitor our content and detect content that violates our terms of service.

This content moderation service is provided by Cosmic, a key

vendor, and we would experience a significant disruption if Cosmic were no longer able or willing to offer us that service.

If a significant

amount of content that violates our terms of service were not detected and removed by us in a timely manner, or if a significant amount

of information was perceived by users or the media to violate our terms of service, whether or not such perceptions were accurate, our

brand, business and reputation could be harmed.

This risk increases as the volume of content uploaded by users to Rumble continues to

In the event our content creators,

other users, advertisers, or other key business partners do not agree with our content moderation policies and procedures or their implementation,

such creators, other users, advertisers, and other key business partners could decrease their usage of Rumble (or cease using Rumble entirely),

which could have a material adverse effect on our business or our results of operations.

Additionally, there is a risk that users will

upload content that predominantly represents certain political viewpoints, leading to public perceptions that Rumble endorses those viewpoints,

regardless of whether such perceptions are accurate.

There can be no guarantee that current or future negative publicity, complaints,

allegations, political controversies, investigations or legal proceedings with respect to our content, even if baseless, will not generate

adverse publicity that could damage our reputation.

Any damage to our reputation could harm our ability to attract and retain users and

Changes in tax rates, changes in tax treatment

of companies engaged in e-commerce, the adoption of new U.S.

or international tax legislation, or exposure to additional tax liabilities

may adversely impact our financial results.

We are subject to taxes in

multiple jurisdictions.

Our provision for income taxes is based on a jurisdictional mix of earnings, statutory tax rates and enacted tax

rules, including transfer pricing.

There may also be tax costs associated with distributions between our subsidiaries.

Due to economic and political conditions, tax rates in various jurisdictions may be subject to significant change.

As a result, our future

effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the

valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretation.

These changes may adversely impact our

effective tax rate and harm our financial position and results of operations.

regularly assess the likelihood of adverse outcomes resulting from examinations by the Internal Revenue Service and other domestic and

foreign tax authorities to determine the adequacy of our income tax and other tax reserves.

If our reserves are not sufficient to cover

these contingencies, such inadequacy could materially adversely affect our business, prospects, financial condition, operating results,

and cash flows.

In addition, due to the global nature of the internet, various states or foreign countries may attempt to impose additional

or new regulation on our business or levy additional or new taxes relating to our activities.

Tax authorities at the international, federal,

state and local levels are currently reviewing the appropriate treatment of companies engaged in e-commerce.

New or revised tax regulations

or court decisions may subject us or our customers to additional sales, income and other taxes.

Any of these events could have a material

adverse effect on our business, financial condition, and operating results.

are currently under or subject to examination for indirect taxes in various states, municipalities and foreign jurisdictions.

currently believes we have adequate reserves established for these matters.

If a material indirect tax liability associated with prior

periods were to be recorded, for which there is not a reserve, it could materially affect our financial results for the period in which

it is recorded.

Compliance obligations

imposed by new privacy laws, laws regulating social media platforms and online speech in certain jurisdictions in which we operate, or

industry practices may adversely affect our business and operating results.

laws could restrict our ability to conduct marketing by, for example, restricting the emailing or targeting users or use certain technologies

like artificial intelligence.

Similarly, private-market participants may deploy technologies or require certain practices that limit our

ability to obtain or use certain information about our users and subscribers.

For example, Google has indicated that it will ultimately

phase out the use of cookies to track users of its search services in future versions of its Chrome web browser, and Apple has updated

its iOS mobile operating system to require app developers to obtain opt-in consent before tracking users of its various services.

types of changes are implemented, our ability to determine how our users and subscribers use our video services and ability to use targeted

advertising in a cost-effective manner may be limited.

New laws in Canada, along with laws under consideration in the European Union and

other jurisdictions in which we operate, may also require us to change our content moderation practices or privacy policies in ways that

harm our business or create the risk of fines or other penalties for non-compliance.

We may become subject

to newly enacted laws and regulations that restrict content on the internet.

expansion of regulatory and censorship regimes by governments around the world is likely to limit the freedom of speech and artistic expression

on the internet, which in turn may inhibit the growth of alternative and nontraditional platforms like Rumble relative to traditional

media publishers and established technology platforms that feature stricter content moderation.

For example, Canada’s Bill C-11,

also known as the Online Streaming Act, grants Canadian regulatory authorities significantly increased regulatory powers over audiovisual

content on the internet.

While we do not currently meet the regulatory criteria to comply with C-11, our commitment to a free and open

internet may result in governmental actions against our platform, costly and prolonged legal challenges, and the prohibition or suppression

of our platform in certain jurisdictions or our voluntary withdrawal from such jurisdictions.

Due to economic

and political conditions, tax rates in various jurisdictions may be subject to significant change.

As a result, our future effective tax

rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of

deferred tax assets and liabilities, or changes in tax laws or their interpretation.

These changes may adversely impact our effective

tax rate and harm our financial position and results of operations.

We regularly assess the likelihood

of adverse outcomes resulting from examinations by the Internal Revenue Service and other domestic and foreign tax authorities to determine

the adequacy of our income tax and other tax reserves.

If our reserves are not sufficient to cover these contingencies, such inadequacy

could materially adversely affect our business, prospects, financial condition, operating results, and cash flows.

In addition, due to

the global nature of the internet, various states or foreign countries may attempt to impose additional or new regulation on our business

or levy additional or new taxes relating to our activities.

Tax authorities at the international, federal, state and local levels are

currently reviewing the appropriate treatment of companies engaged in e-commerce.

New or revised tax regulations or court decisions may

subject us or our customers to additional sales, income and other taxes.

Any of these events could have a material adverse effect on our

business, financial condition, and operating results.

We are currently under or

subject to examination for indirect taxes in various states, municipalities and foreign jurisdictions.

Management currently believes we

have adequate reserves established for these matters.

If a material indirect tax liability associated with prior periods were to be recorded,

for which there is not a reserve, it could materially affect our financial results for the period in which it is recorded.

Compliance obligations imposed by new privacy

laws, laws regulating online video-sharing and other platforms and online speech in certain jurisdictions in which we operate, or industry

practices may adversely affect our business and operating results.

New laws could restrict our

ability to conduct marketing by, for example, restricting the emailing or targeting users or use certain technologies like artificial

intelligence.

Similarly, private-market participants may deploy technologies or require certain practices that limit our ability to obtain

or use certain information about our users and subscribers.

For example, Google has indicated that it will ultimately phase out the use

of cookies to track users of its search services in future versions of its Chrome web browser, and Apple has updated its iOS mobile operating

system to require app developers to obtain opt-in consent before tracking users of its various services.

If these types of changes are

implemented, our ability to determine how our users and subscribers use our video services and ability to use targeted advertising in

a cost-effective manner may be limited.

New laws in Canada, along with laws under consideration in the European Union and other jurisdictions

in which we operate, may also require us to change our content moderation practices or privacy policies in ways that harm our business

or create the risk of fines or other penalties for noncompliance.

We may become subject to newly enacted laws

and regulations that restrict content on the internet.

The expansion of regulatory

and censorship regimes by governments around the world is likely to limit the freedom of speech and artistic expression on the internet,

which in turn may inhibit the growth of alternative and nontraditional platforms like Rumble relative to traditional media publishers

and established technology platforms that feature stricter content moderation.

For example, Canada’s Bill C-11, also known as the

Online Streaming Act, grants Canadian regulatory authorities significantly increased regulatory powers over audiovisual content on the

While we do not currently meet the regulatory criteria to comply with C-11, our commitment to a free and open internet may result

in governmental actions against our platform, costly and prolonged legal challenges, and the prohibition or suppression of our platform

in certain jurisdictions or our voluntary withdrawal from such jurisdictions.

The European Union (EU) has

recently intensified its efforts to regulate online speech, primarily through the Digital Services Act (DSA), which came into effect in

The DSA imposes strict requirements on digital services providers to combat “illegal” content, including “hate

speech” and “disinformation,” with significant fines for noncompliance.

EU politicians have issued warnings to online

platforms over content accessible to EU users, such as Elon Musk’s interview with Donald Trump in August 2024.

The DSA also requires

rapid content removal and potential platform bans.

Lawmakers in the United States

and in other countries may introduce new regulatory regimes that increase potential liability for content available on our platform.

are a number of new laws and legislative proposals in the United States and globally aimed at limiting the scope of protections available

to online services and/or that further impose new obligations affecting our business, such as liability for copyright infringement, illegal

or harmful content, distributing targeted and other advertisements to teens, and other forms of unlawful content and/or online harm.

legislative and/or regulatory requirements may increase our costs of operations, our liability for content posted by users on our platform,

our litigation costs, and/or may expose us to regulatory sanctions such as fines or penalties.

If these or other additional statutory

or regulatory changes reduce liability protections for content published on our platform, we may be required to make significant changes

to our business model, including increasing our content moderation operations and building in additional product features or tools that

may not be favorable to our business.

Any such changes to our business model may lead to new or heightened payment obligations or compliance

states have also enacted legislation that regulates online content.

Our business, financial performance and results of operations

could be negatively affected by the impact of these laws and the costs of complying with these laws, which are currently the subject of

various legal challenges.

addition, there are pending cases before the judiciary that may result in changes to the protections afforded to internet platforms that,

depending on the outcomes, could greatly limit the scope of the current protections.

If these proposed or similar laws are passed or upheld,

if similar future legislation or governmental action is proposed or taken, and if existing protections are limited or removed, changes

will be required that could impose additional costs of operation, subject us to additional liability or cause users to abandon our service,

any of which could adversely affect our business, results of operations, financial condition and prospects.

could also face fines, orders restricting or blocking our services in particular geographies, or other government-imposed sanctions as

a result of content hosted on our services.

For example, laws and regulations in Germany and India provide for the imposition of fines

for failure to comply with certain content removal, law enforcement cooperation, and disclosure obligations.

Numerous countries in Europe,

the Middle East, Asia-Pacific, and Latin America are considering, or have implemented, legislation imposing penalties, including fines,

service throttling, access blocking, or advertising bans, for failure to remove certain types of content or to follow certain processes.

Such content-related legislation also has required us in the past, and may require us in the future, to change our products or business

Our responses to content-related legislation may increase our costs or may otherwise adversely impact our operations or our

ability to provide services in certain jurisdictions.

Regulatory or legislative actions affecting the manner in which we display content

to our users or obtain consent for various practices could require product changes in the user interface that could adversely affect user

growth and engagement.

We are involved

in litigation that is unpredictable and may have an adverse impact on our financial condition, results of operations and cash flows.

are, and from time to time may become, involved in various legal proceedings arising in the normal course of our business activities,

such as copyright infringement and tort claims arising from user-uploaded content, patent infringement claims, breach of contract claims,

putative class actions based upon consumer protection or privacy laws and other matters.

We cannot predict the outcome of any lawsuit,

claim, investigation or proceeding with certainty, or whether any such matter will have a material adverse effect on our consolidated

financial position, liquidity, or results of operations.

Our business, financial performance and results

of operations could be negatively affected by the impact of these laws and the costs of complying with these laws, which are currently

the subject of various legal challenges.

In addition, there are pending

cases before the judiciary that may result in changes to the protections afforded to internet platforms that, depending on the outcomes,

could greatly limit the scope of the current protections.

If these proposed or similar laws are passed or upheld, if similar future legislation

or governmental action is proposed or taken, and if existing protections are limited or removed, changes will be required that could impose

additional costs of operation, subject us to additional liability or cause users to abandon our service, any of which could adversely

affect our business, results of operations, financial condition and prospects.

We could also face fines,

orders restricting or blocking our services in particular geographies, or other government-imposed sanctions as a result of content hosted

on our services.

For example, laws and regulations in Germany and India provide for the imposition of fines for failure to comply with

certain content removal, law enforcement cooperation, and disclosure obligations.

Numerous countries in Europe, the Middle East, Asia-Pacific,

and Latin America are considering, or have implemented, legislation imposing penalties, including fines, service throttling, access blocking,

or advertising bans, for failure to remove certain types of content or to follow certain processes.

Such content-related legislation also

has required us in the past, and may require us in the future, to change our products or business practices.

Our responses to content-related

legislation may increase our costs or may otherwise adversely impact our operations or our ability to provide services in certain jurisdictions.

Regulatory or legislative actions affecting the manner in which we display content to our users or obtain consent for various practices

could require product changes in the user interface that could adversely affect user growth and engagement.

We are involved in litigation that is unpredictable

and may have an adverse impact on our financial condition, results of operations and cash flows.

We are, and from time to time

may become, involved in various legal proceedings arising in the normal course of our business activities, such as copyright infringement

and tort claims arising from user-uploaded content, patent and trademark infringement claims, breach of contract claims, putative class

actions based upon consumer protection or privacy laws and other matters.

We cannot predict the outcome of any lawsuit, claim, investigation

or proceeding with certainty, or whether any such matter will have a material adverse effect on our consolidated financial position, liquidity,

or results of operations.

We refer to the disclosure in “Item 3.

Legal Proceedings” for a description

of recent and ongoing litigation, which disclosure is incorporated herein by reference.

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.

content creators may engage in paid promotions of products and services in regulated industries, such as alcoholic beverages, tobacco

products, cannabidiols (CBD), and online gambling, including sports wagering and online casino games.

In some cases, we may receive a

percentage of the revenue generated by such paid promotions.

While these promotions are not endorsements by Rumble of the underlying products

or services by Rumble and we require content creators to comply with all applicable laws and regulations, we may be found liable pursuant

to existing or newly created rules and regulations by international, federal, and state regulatory authorities, such as the FTC.

also expend significant resources on compliance with such regulations.

Our business, financial condition and results of operations could

be negatively affected by the impact of these regulations.

In addition, such paid promotions may alienate segments of our audience, which

could cause our traffic and user engagement to fall and reduce our attractiveness to other advertisers.

Risks Related to Ownership

of Our Securities

Legal Proceedings” for a description of recent and ongoing

litigation, which disclosure is incorporated herein by reference.

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 content creators may engage

in paid promotions of products and services in regulated industries, such as alcoholic beverages, tobacco products, cannabidiols (CBD),

and online gambling, including sports wagering and online casino games.

In some cases, we may receive a percentage of the revenue generated

by such paid promotions.

While these promotions are not endorsements by Rumble of the underlying products or services by Rumble and we

require content creators to comply with all applicable laws and regulations, we may be found liable pursuant to existing or newly created

rules and regulations by international, federal, and state regulatory authorities, such as the FTC.

We may also expend significant resources

on compliance with such regulations.

Our business, financial condition and results of operations could be negatively affected by the impact

of these regulations.

In addition, such paid promotions may alienate segments of our audience, which could cause our traffic and user

engagement to fall and reduce our attractiveness to other advertisers.

Some of our shareholders, including content

creators to whom we have issued equity, may face legal scrutiny and reputational harm.

To the extent these shareholders experience

such negative effects and are perceived as being closely associated with Rumble, our business, reputation, financial conditions, results

of operations and stock price could be materially adversely affected.

Our shareholders include prominent

voices and businesses in alternative media, politics, banking, capital markets, cryptocurrencies and digital assets, as well as sports

leagues, online influencers and other personalities.

Some of these shareholders, including content creators to whom we have issued equity,

may be viewed as controversial by certain media outlets or governments in certain jurisdictions, which may lead to new or enhanced legal

or regulatory scrutiny of such individuals and their businesses by federal, state or foreign governments.

For example, as we further expand

internationally, it is possible that foreign governments may use investigations or the threat of legal action against certain of our shareholders

in an effort to undermine our business, our ability to secure advertisers and cloud revenue, and the overall attractiveness of our platform

to content creators and audiences.

Some of our shareholders may also face negative publicity, reputational harm, legal or regulatory scrutiny

or other adverse consequences due to alleged improper conduct that is unrelated to the Rumble platform or the content that we host.

the extent prominent Rumble shareholders experience such reputational harm or other negative effects, Rumble could be perceived as closely

associated with such shareholders, and/or such shareholders could seek to divest their equity in Rumble for reasons unrelated to Rumble’s

business, and in turn our business, reputation, financial condition, results of operations and stock price could be materially adversely

Risks Related to Ownership of Our Securities

We are an “emerging growth company”

within the meaning of the Securities Act of 1933 (the “Securities Act”) and as such we have relied on, and we expect to continue

to rely on, certain exemptions from disclosure requirements available to emerging growth companies.

Our reliance on these exemptions could

make our securities less attractive to investors and may make it more difficult to compare our performance with that of other public companies.

We are an “emerging

growth company” within the meaning of the Securities Act of 1933 (the “Securities Act”) and as such we have relied on,

and we expect to continue to rely on, certain exemptions from disclosure requirements available to emerging growth companies.

on these exemptions could make our securities less attractive to investors and may make it more difficult to compare our performance with

that of other public companies.

are an “emerging growth company” within the meaning of the Securities Act, as modified by the Jumpstart Our Business Startups

Act (the “JOBS Act”), and as such we have relied on, and we expect to continue to rely on, certain exemptions from various

reporting requirements that are applicable to other public companies including, but not limited to, not being required to comply with

the auditor internal controls attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley

Further, the JOBS Act exempts emerging growth companies from the requirement to comply with new or revised financial accounting

standards until private companies are required to comply with the same standards.

The JOBS Act provides that a company may elect to opt

out of the extended transition period and comply with the requirements that apply to non-emerging growth companies.

We have elected not

to opt out of such extended transition period, which may make comparison of our financial statements with those of other public companies

difficult or impossible because of the potential differences in accounting standards.

a result of our emerging growth company status and our reliance on certain reporting exemptions, our stockholders may not have access

to certain information they may deem important, and investors may find our securities less attractive.

This could result in a less active

trading market for our common stock, and the price of our common stock may be more volatile.

Our Charter authorizes

our Board of Directors (the “Board”) to issue preferred stock, which may delay, defer or prevent a tender offer or a takeover

provision of our Amended and Restated Certificate of Incorporation (the “Charter”) that authorizes our Board to issue preferred

stock from time to time based on terms approved by the Board may delay, defer or prevent a tender offer or takeover attempt that stockholders

might consider to be in their best interest.

Our Charter contains

forum limitations for certain disputes between us and our stockholders that could limit the ability of stockholders to bring claims against

us or our directors, officers and employees.

Charter provides that, unless we consent in writing to the selection of an alternative forum, the Delaware Court of Chancery (the “Court

of Chancery”) is the sole and exclusive forum for (i) any derivative lawsuit brought on our behalf, (ii) any lawsuit against our

current or former directors, officers, employees or stockholders asserting a breach of a fiduciary duty owed by any such person to us

or our stockholders, (iii) any lawsuit asserting a claim arising under any provision of the Delaware General Corporation Law, our Charter

or bylaws (each, as in effect from time to time), or (iv) any lawsuit governed by the internal affairs doctrine of the State of Delaware.

These provisions do not apply to claims arising under the Securities Act, the Exchange Act or other federal securities laws for which

there is exclusive federal or concurrent federal and state jurisdiction.

Our Charter also provides that, unless we consent in writing

to the selection of an alternative forum, the federal district courts of the United States are the sole and exclusive forum for the resolution

of any complaint asserting a cause of action arising under the Securities Act.

we believe these exclusive forum provisions benefit our company by providing increased consistency in the application of Delaware law

and federal securities laws in the types of lawsuits to which each applies, the exclusive forum provisions may limit a stockholder’s

ability to bring a claim in a judicial forum that the stockholder finds favorable for disputes with us or any of our directors, officers

or stockholders, which may discourage lawsuits with respect to such claims.

Further, in the event a court finds either exclusive forum

provision contained in our Charter to be unenforceable or inapplicable in an action, we may incur additional costs associated with resolving

such action in other jurisdictions, which could harm our business, operating results and financial condition.

Our CEO has control

over key decision making as a result of his control of a majority of the voting power of our outstanding capital stock.

the beneficial owner of all of the Class D Common Stock, par value $0.0001 per share, of Rumble (the “Class D Common Stock”),

our CEO Chris Pavlovski is able to exercise voting rights with respect to approximately 85% of the voting power of Rumble’s outstanding

capital stock.

For so long as Mr.

Pavlovski continues to beneficially own at least approximately 8.47 million of the issued and outstanding

shares of Class D Common Stock (assuming, for this purpose, that the number of outstanding shares of all classes of our capital stock

continues to equal the same number of shares outstanding as of the closing of the Business Combination), Mr.

Pavlovski will continue to

control the outcome of matters submitted to our stockholders for approval.

Such number represents approximately 8.0% of the shares of

Class D Common Stock that Mr.

Pavlovski owns.

This concentrated control will limit or preclude our public stockholders’ ability

to influence corporate matters for the foreseeable future.

Further, our Charter does not include a sunset provision for the high vote

feature of the Class D Common Stock, meaning this feature will persist indefinitely (unless amended or until all of the shares of Class

D Common Stock have been redeemed by Rumble in connection with future transfers (other than “permitted transfers”) of shares

of Class A Common Stock or ExchangeCo Shares by Mr.

growth company” within the meaning of the Securities Act, as modified by the Jumpstart Our Business Startups Act (the “JOBS

Act”), and as such we have relied on, and we expect to continue to rely on, certain exemptions from various reporting requirements

that are applicable to other public companies including, but not limited to, not being required to comply with the auditor internal controls

attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”).

Further, the JOBS

Act exempts emerging growth companies from the requirement to comply with new or revised financial accounting standards until private

companies are required to comply with the same standards.

The JOBS Act provides that a company may elect to opt out of the extended transition

period and comply with the requirements that apply to non-emerging growth companies.

We have elected not to opt out of such extended transition

period, which may make the comparison of our financial statements with those of other public companies difficult or impossible because

of the potential differences in accounting standards.

As a result of our emerging

growth company status and our reliance on certain reporting exemptions, our stockholders may not have access to certain information they

may deem important, and investors may find our securities less attractive.

This could result in a less active trading market for our common

stock, and the price of our common stock may be more volatile.

Our Charter authorizes our Board to issue

preferred stock, which may delay, defer or prevent a tender offer or a takeover attempt.

The provision of our Amended

and Restated Certificate of Incorporation (the “Charter”) that authorizes our Board to issue preferred stock from time to

time based on terms approved by the Board may delay, defer or prevent a tender offer or takeover attempt that stockholders might consider

to be in their best interest.

Our Charter contains forum limitations for

certain disputes between us and our stockholders that could limit the ability of stockholders to bring claims against us or our directors,

officers and employees.

Our Charter provides that,

unless we consent in writing to the selection of an alternative forum, the Delaware Court of Chancery (the “Court of Chancery”)

is the sole and exclusive forum for (i) any derivative lawsuit brought on our behalf, (ii) any lawsuit against our current or former directors,

officers, employees or stockholders asserting a breach of a fiduciary duty owed by any such person to us or our stockholders, (iii) any

lawsuit asserting a claim arising under any provision of the Delaware General Corporation Law, our Charter or bylaws (each, as in effect

from time to time), or (iv) any lawsuit governed by the internal affairs doctrine of the State of Delaware.

These provisions do not apply

to claims arising under the Securities Act, the Exchange Act or other federal securities laws for which there is exclusive federal or

concurrent federal and state jurisdiction.

Our Charter also provides that, unless we consent in writing to the selection of an alternative

forum, the federal district courts of the United States are the sole and exclusive forum for the resolution of any complaint asserting

a cause of action arising under the Securities Act.

Although we believe these

exclusive forum provisions benefit our company by providing increased consistency in the application of Delaware law and federal securities

laws in the types of lawsuits to which each applies, the exclusive forum provisions may limit a stockholder’s ability to bring a

claim in a judicial forum that the stockholder finds favorable for disputes with us or any of our directors, officers or stockholders,

which may discourage lawsuits with respect to such claims.

Further, in the event a court finds either exclusive forum provision contained

in our Charter to be unenforceable or inapplicable in an action, we may incur additional costs associated with resolving such action in

other jurisdictions, which could harm our business, operating results and financial condition.

Our CEO has control over key decision making

as a result of his control of a majority of the voting power of our outstanding capital stock.

As the beneficial owner of

all of the Class D Common Stock, par value $0.0001 per share, of Rumble (the “Class D Common Stock”), our CEO Chris Pavlovski

is able to exercise voting rights with respect to approximately 83% of the voting power of Rumble’s outstanding capital stock.

concentrated control will limit or preclude our public stockholders’ ability to influence corporate matters for the foreseeable

Further, our Charter does not include a sunset provision for the high vote feature of the Class D Common Stock, meaning this feature

will persist indefinitely (unless amended or until all of the shares of Class D Common Stock have been redeemed by Rumble in connection

with future transfers (other than “permitted transfers”) of shares of Class A Common Stock or ExchangeCo Shares by Mr.

As a result, Mr.

Pavlovski may control or effectively control the voting

of Rumble, even if he holds only a small economic interest in the company.

Pavlovski may control or effectively control the voting of Rumble, even if he holds only a small economic interest in

Consequently, in the event Mr.

Pavlovski liquidates a significant

portion of his economic interest in Rumble, Mr.

Pavlovski may no longer be incentivized (or incentivized to the same extent) to exercise

his voting control, including in connection with the types of decisions further described below, in a manner that will maximize the economic

value of Rumble.

of the voting ratio between the Class D Common Stock on the one hand, and the Class A Common Stock and Class C Common Stock, par value

$0.0001 per share of Rumble (the “Class C Common Stock”), on the other hand, Mr.

Pavlovski has the ability to control the

outcome of matters submitted to our stockholders for approval, including the election of directors, amendments to our organizational documents,

and any merger, consolidation, or sale of all or substantially all of our assets.

The Charter provides that Rumble may not issue any shares

of Class D Common Stock, so all of the Class D Common Stock are held by Mr.

Pavlovski liquidates a significant portion of his economic interest in Rumble, Mr.

may no longer be incentivized (or incentivized to the same extent) to exercise his voting control, including in connection with the types

of decisions further described below, in a manner that will maximize the economic value of Rumble.

Because of the voting ratio

between the Class D Common Stock on the one hand, and the Class A Common Stock and Class C Common Stock, par value $0.0001 per share of

Rumble (the “Class C Common Stock”), on the other hand, Mr.

Pavlovski has the ability to control the outcome of matters submitted

to our stockholders for approval, including the election of directors, amendments to our organizational documents, and any merger, consolidation,

or sale of all or substantially all of our assets.

The Charter provides that Rumble may not issue any shares of Class D Common Stock,

so all of the Class D Common Stock are held by Mr.

Pavlovski and/or his transferees.

In this regard, no shares

of Class D Common Stock may be transferred by Mr.

Pavlovski unless the transfer is made to a qualified transferee as described in the

As a result, only Mr.

In this regard, no shares of Class D Common Stock

may be transferred by Mr.

Pavlovski unless the transfer is made to a qualified transferee as described in the Charter.

As a result, only

Pavlovski has the right to vote and control the Class D Common Stock, meaning that Mr.

Pavlovski is not

entitled to transfer voting control of Rumble to another person or entity not controlled by Mr.

Pavlovski through the transfer of Class

D Common Stock.

concentrated control could delay, defer, or prevent a change of control, merger, consolidation, or sale of all or substantially all of

Rumble’s assets that our other stockholders support, or, conversely, this concentrated control could result in the consummation

of such a transaction that our other stockholders do not support.

This concentrated control could also discourage a potential investor

from acquiring our publicly traded Class A Common Stock, which will have limited voting power relative to the Class D Common Stock that

is held by Mr.

Pavlovski, and might harm the trading price of our Class A Common Stock.

Pavlovski is not entitled to transfer voting

control of Rumble to another person or entity not controlled by Mr.

Pavlovski through the transfer of Class D Common Stock.

This concentrated control

could delay, defer, or prevent a change of control, merger, consolidation, or sale of all or substantially all of Rumble’s assets

that our other stockholders support, or, conversely, this concentrated control could result in the consummation of such a transaction

that our other stockholders do not support.

This concentrated control could also discourage a potential investor from acquiring our publicly

traded Class A Common Stock, which will have limited voting power relative to the Class D Common Stock that is held by Mr.

and might harm the trading price of our Class A Common Stock.

In addition, Mr.

Pavlovski has the ability to

control the management and our major strategic investments as a result of his position as our CEO and his ability to control the election

of our directors.

As a board member and officer, Mr.

Pavlovski owes a fiduciary duty to our stockholders and must act in good faith in

a manner he reasonably believes to be in the best interests of our stockholders.

Pavlovski has the ability to control the management and

our major strategic investments as a result of his position as our CEO and his ability to control the election of our directors.

board member and officer, Mr.

Pavlovski owes a fiduciary duty to our stockholders and must act in good faith in a manner he reasonably

believes to be in the best interests of our stockholders.

As a stockholder, even a controlling stockholder, Mr.

Pavlovski is entitled to vote his shares in his own interests, which may not always be in the interests of our stockholders generally.

Our CEO may be

incentivized to focus on the short-term share price as a result of his interest in shares placed in escrow and subject to forfeiture pursuant

to the terms of the Business Combination Agreement.

Pavlovski, the CEO and controlling shareholder of Rumble, holds shares placed in escrow and subject to forfeiture pursuant to the terms

of the Business Combination Agreement.

Such shares will vest in the event certain share price thresholds are satisfied, but if such price

thresholds are not satisfied in the applicable time periods, such shares will be forfeited and cancelled.

Pavlovski is entitled

to vote his shares in his own interests, which may not always be in the interests of our stockholders generally.

Our CEO may be incentivized to focus on

the short-term share price as a result of his interest in shares placed in escrow and subject to forfeiture pursuant to the terms of the

Business Combination Agreement.

Pavlovski, the CEO and

controlling shareholder of Rumble, holds shares placed in escrow and subject to forfeiture pursuant to the terms of the Business Combination

Such shares will vest in the event certain share price thresholds are satisfied, but if such price thresholds are not satisfied

in the applicable time periods, such shares will be forfeited and cancelled.

Accordingly, Mr.

Pavlovski may

be incentivized to focus on short-term results which may have a positive effect on Rumble’s share price at the expense of the long-term

success of the Company.

Substantial future

sales of our Class A Common Stock by our current stockholders could cause the market price of our Class A Common Stock to decline.

Substantially all of our issued and outstanding shares are freely transferable

and/or registered for resale on a registration statement on Form S-1.

Sales of a substantial number of our shares of Class A Common Stock

in the public market or the perception that such sales will occur could adversely affect the market price for our Class A Common Stock

and make it more difficult for our public stockholders to sell their shares of Class A Common Stock at such times and at such prices that

they deem desirable.

Our stock price

may be volatile, and purchasers of our common stock could incur substantial losses.

stock price is likely to be volatile.

The stock market in general, as well as the market for technology companies in particular, have

both experienced extreme volatility that has often been unrelated to the operating performance of particular companies.

The market price

for our common stock may be influenced by many broad market and industry factors.

These broad market and industry factors may seriously

harm the market price of our common stock, regardless of our operating performance.

In addition, the market price for our common stock

may be subject to price movements that may not comport with macro, industry or company-specific fundamentals, including, without limitation,

the sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums),

the direct access by retail investors to broadly available trading platforms, the amount and status of short interest in our securities,

access to margin debt, trading in options and other derivatives on our common stock and any related hedging and other trading factors.

In the past, following periods of volatility in the market, securities class-action litigation has often been instituted against companies.

Such litigation could result in substantial costs and diversion of management’s attention and resources, which could materially

and adversely affect our business, financial condition, results of operations and growth prospects.

We have and will

continue to incur significant expenses and administrative burdens as a public company, which could have an adverse effect on our business,

financial condition and results of operations.

face significant increases in insurance, legal, compliance, accounting, administrative and other costs and expenses as a public company

that we did not incur as a private company.

The Sarbanes-Oxley Act, including the requirements of Section 404, as well as rules and regulations

subsequently implemented by the SEC, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the rules and regulations

promulgated and to be promulgated thereunder, the Public Company Accounting Oversight Board, the SEC and the securities exchanges, impose

additional reporting and other obligations on public companies.

with public company requirements has increased, and is expected to continue to increase, our costs and has made, and is expected to continue

to make, certain activities more time-consuming.

Several of those requirements require us to carry out activities that we have not done

In addition, we incurred and will continue to incur additional expenses associated with SEC reporting requirements.

if any issues in complying with those requirements are identified, we could incur additional costs to rectify those issues, and the existence

of those issues could adversely affect our reputation or investor perceptions of us.

Furthermore, if we are unable to satisfy our obligations

as a public company, our securities could be subject to delisting, and we could face fines, sanctions and other regulatory actions and

potentially civil litigation.

additional reporting and other obligations imposed by various rules and regulations applicable to public companies will increase legal

and financial compliance costs and the costs of related legal, accounting and administrative activities.

These increased costs require

us to divert a significant amount of money that could otherwise be used to expand the business and achieve strategic objectives.

efforts by stockholders and third-parties may also prompt additional changes in governance and reporting requirements, which could further

increase costs.

There can be no

assurance that we will be able to comply with the continued listing standards of Nasdaq.

Nasdaq delists our shares from trading on its exchange for failure to meet the listing standards and we are not able to list such securities

on another national securities exchange, our securities could be quoted on an over-the-counter market.

If this were to occur, Rumble and

its stockholders could face significant material adverse consequences including a limited availability of market quotations for our securities,

reduced liquidity for our securities, a determination that our Class A Common Stock is a “penny stock,” which will require

brokers trading the Class A Common Stock to adhere to more stringent rules, possibly resulting in a reduced level of trading activity

in the secondary trading market, a limited amount of news and analyst coverage, and a decreased ability to issue additional securities

or obtain additional financing in the future.

If securities or

industry analysts cease publishing research or reports about Rumble, our business, or our market, or if they change their recommendations

regarding our securities adversely, the price and trading volume of our securities could decline.

trading market for our securities will be influenced by the research and reports that industry or securities analysts may publish about

Rumble, our business, market or competitors.

If any of the analysts who may cover Rumble change their recommendation regarding our shares

of common stock adversely, or provide more favorable relative recommendations about our competitors, the price of our shares of common

stock would likely decline.

Some analysts who covered Rumble have ceased coverage of our securities in the past, and if additional analysts

were to cease such coverage or fail to regularly publish reports on us, we could lose additional visibility in the financial markets,

which in turn could cause our share price or the trading volume of our securities to decline.

Pursuant to the

JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of internal controls over

financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act for so long as we are an “emerging growth company”.

to the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal

controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act until we are no longer an “emerging growth

company.” We could be an “emerging growth company” until the earlier of (i) the last day of the fiscal year in which

we have total annual gross revenues of $1.235 billion or more;

(ii) the last day of our fiscal year following February 23, 2026, the fifth

anniversary of CF VI’s initial public offering;

(iii) the date on which we have issued more than $1 billion in nonconvertible debt

during the previous three years;

Pavlovski may be incentivized to focus on

short-term results which may have a positive effect on Rumble’s share price at the expense of the long-term success of the Company.

Substantial future sales of our Class A

Common Stock by our current stockholders could cause the market price of our Class A Common Stock to decline.

Substantially all of our issued

and outstanding shares are freely transferable and/or registered for resale on registration statements filed with the SEC.

Recently, our

registration rights agreement with Tether required us to register all shares held by Tether under the Securities Act.

The registration

rights for Tether and our other significant shareholders allow such shareholders to sell their shares without compliance with the volume

and manner of sale limitations under Rule 144 promulgated under the Securities Act and will facilitate the resale of such securities into

the public market.

The market value of our common stock could decline as a result of sales by Tether or our other significant stockholders

having registration rights from time to time.

In particular, sales of a substantial number of our shares of Class A Common Stock in the

public market or the perception that such sales will occur could adversely affect the market price for our Class A Common Stock and make

it more difficult for our public stockholders to sell their shares of Class A Common Stock at such times and at such prices that they

deem desirable.

Our stock price may be volatile, and purchasers

of our common stock could incur substantial losses.

Our stock price is likely

to be volatile.

The stock market in general, as well as the market for technology companies in particular, have both experienced extreme

volatility that has often been unrelated to the operating performance of particular companies.

The market price for our common stock may

be influenced by many broad market and industry factors.

These broad market and industry factors may seriously harm the market price of

our common stock, regardless of our operating performance.

In addition, the market price for our common stock may be subject to price

movements that may not comport with macro, industry or company-specific fundamentals, including, without limitation, the sentiment of

retail investors (including as may be expressed on financial trading and other online forums), the direct access by retail investors to

broadly available trading platforms, the amount and status of short interest in our securities, access to margin debt, trading in options

and other derivatives on our common stock and any related hedging and other trading factors.

In the past, following periods of volatility

in the market, securities class-action litigation has often been instituted against companies.

Such litigation could result in substantial

costs and diversion of management’s attention and resources, which could materially and adversely affect our business, financial

condition, results of operations and growth prospects.

We have and will continue to incur significant

expenses and administrative burdens as a public company, which could have an adverse effect on our business, financial condition and results

of operations.

We face significant increases

in insurance, legal, compliance, accounting, administrative and other costs and expenses as a public company that we did not incur as

a private company.

The Sarbanes-Oxley Act, including the requirements of Section 404, as well as rules and regulations subsequently implemented

by the SEC, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the rules and regulations promulgated and to be

promulgated thereunder, the Public Company Accounting Oversight Board, the SEC and the securities exchanges, impose additional reporting

and other obligations on public companies.

Compliance with public company

requirements has increased, and is expected to continue to increase, our costs and has made, and is expected to continue to make, certain

activities more time-consuming.

Several of those requirements require us to carry out activities that we have not done previously.

addition, we incurred and will continue to incur additional expenses associated with SEC reporting requirements.

Furthermore, if any issues

in complying with those requirements are identified, we could incur additional costs to rectify those issues, and the existence of those

issues could adversely affect our reputation or investor perceptions of us.

Furthermore, if we are unable to satisfy our obligations as

a public company, our securities could be subject to delisting, and we could face fines, sanctions and other regulatory actions and potentially

civil litigation.

The additional reporting and

other obligations imposed by various rules and regulations applicable to public companies will increase legal and financial compliance

costs and the costs of related legal, accounting and administrative activities.

These increased costs require us to divert a significant

amount of money that could otherwise be used to expand the business and achieve strategic objectives.

Advocacy efforts by stockholders

and third-parties may also prompt additional changes in governance and reporting requirements, which could further increase costs.

There can be no assurance that we will be

able to comply with the continued listing standards of Nasdaq.

If Nasdaq delists our shares

from trading on its exchange for failure to meet the listing standards and we are not able to list such securities on another national

securities exchange, our securities could be quoted on an over-the-counter market.

If this were to occur, Rumble and its stockholders

could face significant material adverse consequences including a limited availability of market quotations for our securities, reduced

liquidity for our securities, a determination that our Class A Common Stock is a “penny stock,” which will require brokers

trading the Class A Common Stock to adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary

trading market, a limited amount of news and analyst coverage, and a decreased ability to issue additional securities or obtain additional

financing in the future.

If securities or industry analysts cease

publishing research or reports about Rumble, our business, or our market, or if they change their recommendations regarding our securities

adversely, the price and trading volume of our securities could decline.

The trading market for our

securities will be influenced by the research and reports that industry or securities analysts may publish about Rumble, our business,

market or competitors.

If any of the analysts who may cover Rumble change their recommendation regarding our shares of common stock adversely,

or provide more favorable relative recommendations about our competitors, the price of our shares of common stock would likely decline.

Some analysts who covered Rumble have ceased coverage of our securities in the past, and if additional analysts were to cease such coverage

or fail to regularly publish reports on us, we could lose additional visibility in the financial markets, which in turn could cause our

share price or the trading volume of our securities to decline.

Pursuant to the JOBS Act, our independent

registered public accounting firm will not be required to attest to the effectiveness of internal controls over financial reporting pursuant

to Section 404 of the Sarbanes-Oxley Act for so long as we are an “emerging growth company”.

Pursuant to the JOBS Act,

our independent registered public accounting firm will not be required to attest to the effectiveness of our internal controls over financial

reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act until we are no longer an “emerging growth company.” We could

be an “emerging growth company” until the earlier of (i) the last day of the fiscal year in which we have total annual gross

revenues of $1.235 billion or more;

(ii) the last day of our fiscal year following February 23, 2026, the fifth anniversary of CF VI’s

initial public offering;

(iii) the date on which we have issued more than $1 billion in nonconvertible debt during the previous three

and (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC.

We do not expect

to declare any cash dividends for the foreseeable future.

do not anticipate declaring any cash dividends to holders of our common stock for the foreseeable future.

Consequently, investors may

need to rely on sales of their shares after price appreciation, which may never occur, as the only way to realize any future gains on

their investment.

We do not expect to declare any cash dividends

for the foreseeable future.

We do not anticipate declaring

any cash dividends to holders of our common stock for the foreseeable future.

Consequently, investors may need to rely on sales of their

shares after price appreciation, which may never occur, as the only way to realize any future gains on their investment.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1A. Risk Factors