Rumble Inc. (Rumble (RUM)) reported its first-quarter earnings after the bell Thursday, and the numbers were a bit of a mixed bag. Revenue came in at $25.46 million, a 7% jump from last year and a record for the first quarter, but it missed the Street's expectation of $25.98 million. The company also posted a loss of $0.12 per share, wider than the $0.09 loss analysts were looking for.

Investors didn't love the miss, sending shares down about 8% in after-hours trading to $7.50. The stock has traded between $4.62 and $10.99 over the past year.

But there's more to the story than just the headline numbers. Rumble's user base is growing nicely — average monthly active users hit 56 million in Q1, up 8% from the fourth quarter. The company credits international expansion and the growth of Rumble Shorts, its short-form video feature. In fact, Rumble Shorts hit a record two million unique video views in a single day during May.

Rumble also made a notable move into crypto this quarter, launching the Rumble Wallet through a partnership with Tether. The wallet is non-custodial — meaning users hold their own keys — and supports Bitcoin (BTC), Tether (USDT), Tether Gold, and the USAT stablecoin. The idea is to let creators receive direct, borderless crypto payments, cutting out traditional payment rails.

Looking ahead, the big catalyst is the pending acquisition of Northern Data, an AI infrastructure company. Rumble says the deal is on track to close in mid-June 2026. If you combine Rumble and Northern Data's Q1 results, pro forma revenue would have been around $75 million. "We believe the combined company will benefit from a diversified earnings profile," Rumble said. The deal is expected to supercharge Rumble's AI offerings.

So while the earnings miss stung, Rumble's broader strategy — growing users, embracing crypto, and buying into AI — gives investors plenty to chew on.