Market Signal Briefing

For Immediate ReleasesChicago, IL – November 10, 2025 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Rigetti Computing (RGTI - Free Report) , IonQ (IONQ - Free Report) , and D-Wave Quantum (QBTS - Free Report) .

Here are highlights from Monday’s Analyst Blog:Rigetti Pre-Q3 Earnings Analysis: Buy, Sell or Hold?Rigetti Computing is slated to release third-quarter 2025 results on Nov. 10, after market close. The Zacks Consensus Estimate for loss per share and revenues is pegged at 5 cents and $2.39 million, respectively.

The earnings estimate, which has remained stable over the past 60 days, indicates 37.5% growth year over year. However, the Zacks Consensus Estimate for quarterly revenues suggests a year-over-year modest growth of 0.4%.

The consensus mark for 2025 revenues is pegged at $8.7 million, implying a decline of 19.7% year over year, and the same for loss per share is pinned at 9 cents, suggesting year-over-year growth of 75%. RGTI surpassed the Zacks Consensus Estimate once, missed once, and met expectations twice in the trailing four quarters, resulting in an average earnings surprise of negative 10.8%.

Q3 Earnings Whispers for RigettiPer our proven model, a stock with a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold), along with a positive Earnings ESP, has higher chances of beating estimates. This is not the case here, as you can see below.

Earnings ESP:RGTI has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Zacks Rank:The company currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

Factors to Note Ahead of RGTI’s Q3 ResultsRigetti Computing’s third-quarter 2025 earnings performance is likely to remain shaped by continued U.S. public-sector funding uncertainty, with the expiration of the National Quantum Initiative and pending congressional reauthorization keeping federal demand uneven. While bipartisan support suggests that approval is only a matter of time, near-term national lab and agency spending may stay muted. Still, early project execution or new awards could provide a modest revenue lift, and management’s close engagement with DOE and DoD stakeholders is likely to help sustain pipeline momentum as funding decisions move forward.

RGTI’s third-quarter results are likely to reflect early benefits from the rollout of Cepheus-1-36Q, the industry’s largest multichip quantum system. Its strong technical gains, including 99.5 percent median two-qubit gate fidelity and a meaningful step-down in error rates, combined with access through Rigetti QCS and expected near-term availability on Azure, could encourage increased experimentation among commercial and research customers.

This may translate into incremental platform activity during the quarter. With more than $570 million in cash and no debt, Rigetti is positioned to continue scaling system development, while a measured expense outlook suggests stable margin execution.

International and defense-linked programs are likely to emerge as additional Q3 catalysts. Progress under U.K. initiatives, including system upgrades and optical-interconnect development, continues to advance Rigetti’s modular roadmap. At the same time, DARPA’s Quantum Benchmarking Initiative is expected to narrow Phase 2 candidates before year-end, offering potential upside for Rigetti’s chiplet-based leadership to secure advancement.

Together, these initiatives may improve late-2025 revenue visibility. Overall, the third quarter is likely to remain pressured by federal-timing dynamics, but continued platform adoption, disciplined spending and strengthening government and commercial engagement are likely to position Rigetti favorably into 2026.

RGTI Price Performance & ValuationOn a year-to-date basis, shares of RGTI, IonQ and D-WAVE QUANTUM have gained 125.1%, 37.4% and 237.9%, respectively. The broader Internet Software industry has advanced 10.2% over the same period.

In terms of valuation, RGTI trades at a Price-to-Book (P/B) ratio of 20.13, higher than IonQ (16.93) and D-Wave Quantum (13.99). Despite IONQ and QBTS offering lower multiples, RGTI’s premium reflects stronger growth expectations.

Long-Term Visibility for RGTIRigetti’s recent second-quarter 2025 transcript underscores a focused trajectory toward quantum-scale systems. Management reiterated the goal of delivering a 100+ qubit chiplet-based system with approximately 99.5% two-qubit gate fidelity before the end of 2025, citing its recent rollout of a multi-chip 36-qubit system as a stepping-stone. They further project being “3 to 4 years away” from an approximately 1,000-qubit system at approximately 99.9% fidelity with less than 50 ns gate speeds, when quantum advantage could be achieved.

While this roadmap offers long-term visibility as chiplet-based scaling and fidelity improvements progress, Rigetti builds toward commercially meaningful quantum workloads. The investors should focus on fidelity metrics, qubit counts, system deliveries and commercial uptake rather than only near-term revenues.

On the systems front, Rigetti’s on-premises offering, the Novera QPU, is showing encouraging signs of market adoption. A recent purchase-order announcement revealed $5.7 million in orders for two upgradeable 9-qubit Novera systems, to be delivered in the first half of 2026: one to a major Asian tech manufacturer and one to a U.S. startup focused on hardware/error-correction research.

While not yet a large revenue driver, these sales validate demand for quantum systems beyond government labs, moving into commercial R&D and private sector use. Over the long term, as qubit counts and fidelity improve, the Novera line could transition from niche R&D installations to broader enterprise adoption, offering a scalable hardware revenue stream alongside the cloud business. The visibility of upgradeability and commercial use-cases helps strengthen the hardware growth narrative.

Rigetti is also leveraging major partnerships to bolster its long-term position. A notable example is the strategic collaboration with Quanta Computer Inc., announced in February 2025, which commits more than US $100 million from each partner over five years and includes Quanta’s US $35 million investment in Rigetti. This partnership supports manufacturing scale, chip development and system commercialization.

Concurrently, a recent integration of Novera with NVIDIA Corporation’s DGX Quantum platform underscores Rigetti’s push into hybrid quantum-classical workflows and system-level compatibility. These collaborations suggest Rigetti is not just building chips, but building an ecosystem, one that could accelerate time-to-market and broaden the addressable quantum surface. For long-term investors, this means Rigetti’s success is increasingly tied to and supported by major players in manufacturing and cloud infrastructure.

Should You Buy Rigetti Stock Ahead of Q3 Results?Rigetti’s third-quarter results are likely to reinforce steady progress on its chiplet-based roadmap rather than mark a major financial turning point, supporting a hold view. The company continues to push ahead with its next milestone, a 100+-qubit system with approximately 99.5% fidelity by year-end, and has begun broadening access to its latest Cepheus-1-36Q platform through Rigetti QCS and, soon, Microsoft Azure. These steps strengthen long-term positioning, but near-term revenue will likely remain uneven as U.S. public-sector funding works through reauthorization and commercial use cases scale gradually.

Rigetti’s balance sheet provides a meaningful cushion to continue investing through this development phase, while progress under U.K. NQCC initiatives and the potential move to Phase 2 of DARPA’s benchmarking effort offer incremental upside. Still, visibility into larger, repeatable commercial demand is limited, suggesting current shareholders may remain patient, while prospective investors may prefer to wait for clearer momentum on contract wins and revenue scaling before initiating positions.

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Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Previewreports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance  for information about the performance numbers displayed in this press release.

LONDON, Nov. 10, 2025 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today announced that it has strengthened its Tax Advisory team in the Europe, Middle East and Africa (“EMEA”) region with the addition of two senior experts. Marcus Rea joins the firm as Senior Managing Director, while Thomas Lassey has been appointed as a Managing Director.

Mr. Rea, who is based in London, has more than 25 years of experience advising on the tax aspects of complex restructurings and other major financial transactions. Mr. Lassey, who is based in Dubai, has 13 years of experience helping clients with indirect and direct tax compliance and advisory matters.

“We are excited to welcome Marcus and Thomas to our Tax team. Their expertise will enhance our ability to support clients on tax implications of corporate and transactional matters,” said Euan Sutherland, Head of the EMEA Tax Advisory practice at FTI Consulting. “They bring deep technical expertise, proven leadership skills and the vision to help clients achieve their business objectives in an increasingly challenging market.”

Mr. Rea’s expertise includes lending reviews, refinancings, distressed M&A, insolvencies, corporate simplification assignments and strategic capital decisions for distressed and underperforming businesses. He works with a broad range of clients across industries and geographies, including companies, lenders and special situation investors. In his role at FTI Consulting, Mr. Rea will work closely with colleagues in the firm’s Restructuring practice and will advise clients directly on tax matters. He will also play a key role in leading the expansion of the pan-European restructuring tax advisory team to further strengthen the firm’s market-leading work in restructurings and insolvencies.

Prior to joining FTI Consulting, Mr. Rea was a Senior Managing Director and the Head of Restructuring Services Tax at Teneo. Before that, he was a Partner at Deloitte, where he founded and led the restructuring tax team, and previously worked at PwC. Mr. Rea chairs the tax committee of the Association of Business Recovery Professionals, known as R3.

Commenting on his appointment, Mr. Rea said, “Restructurings and insolvencies are inherently challenging processes that can be stressful for everyone involved. My goal has always been to cut through that complexity by providing practical restructuring tax advice that helps clients achieve the best possible outcomes. I am excited to join FTI Consulting’s excellent Tax team as we share the same client service approach, and I look forward to working alongside the firm’s restructuring experts, whose reputation speaks for itself.”

Mr. Lassey has advised on matters across the spectrum of direct and indirect tax in both the UK and the United Arab Emirates, working for domestic companies, international businesses, governments and not-for-profit organisations. In his role at FTI Consulting, Mr. Lassey will lead the VAT service offering to family groups, multinational organisations and sovereign wealth funds in Abu Dhabi. Prior to joining FTI Consulting, Mr. Lassey was a Partner in the indirect tax team at Andersen. His career includes roles working at Big Four firms, and professional services firm RAI, where he led the direct and indirect tax consultancy business.

Commenting on his appointment, Mr. Lassey said, “I am pleased to join FTI Consulting at a time when it is investing in its tax capabilities, not only in the UAE but in other key financial centres around the world. I look forward to helping our clients make tax decisions that enhance their business decisions and investments.”

Diederick van der Plas, EMEA Head of the Corporate Finance & Restructuring segment at FTI Consulting, added, “High-quality tax advisory expertise is a vital part of our corporate finance offering. With the expertise of Marcus and Thomas, we’re even better equipped to deliver one-stop solutions for complex transactions.”

About FTI Consulting
FTI Consulting, Inc. is a leading global expert firm for organisations facing crisis and transformation, with more than 8,100 employees located in 32 countries and territories as of September 30, 2025. In certain jurisdictions, FTI Consulting’s services are provided through distinct legal entities that are separately capitalised and independently managed. The Company generated $3.70 billion in revenues during fiscal year 2024. More information can be found at www.fticonsulting.com.

FTI Consulting, Inc.
200 Aldersgate
Aldersgate Street
London EC1A 4HD
+44 20 3727 1000

Investor Contact:
Mollie Hawkes
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Novo Nordisk logo is seen in this illustration created on August 5, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

CompaniesCOPENHAGEN, Nov 7 (Reuters) - Shares in Novo Nordisk <

NOVOb.CO, opens new tab rose in early trade on Monday, after the Wegovy-maker on Saturday dropped its bid for U.S. weight loss drug company Metsera, ending a bidding war with rival Pfizer

(PFE.N), opens new tab.

Novo's shares traded 2.9% higher at 0801 GMT.

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U.S. drugmaker Pfizer said late on Friday it had clinched a $10 billion deal for Metsera, in a blow to Novo as the Danish group tries to claw back lost ground against U.S. rival Eli Lilly

(LLY.N), opens new tab.

Metsera accepted a sweetened offer from Pfizer late on Friday, citing U.S. antitrust risks in Novo's bid that it had previously called superior. The Danish obesity drug behemoth said on Saturday it would exit the race.

The bidding war win hands Pfizer a way into the lucrative obesity drug market, even if Metsera's treatments remain years from hitting the market.

Reporting by Stine Jacobsen, editing by Terje Solsvik

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The company said the U.S. has placed fewer orders for its pyrophoric airborne decoys and efforts secure enough to keep the business afloat haven't been successful.

November 10, 2025 3:15 AM EST | Source: Questcorp Mining Inc.
Vancouver, British Columbia--(Newsfile Corp. - November 10, 2025) - Questcorp Mining Inc. (CSE: QQQ) (OTCQB: QQCMF) (FSE: D910) (the "Company" or "Questcorp") completed the first tranche of its non-brokered private placement (the "Offering") on October 24, 2025. In connection with closing of the first tranche, the Company issued 14,000,334 units (each, a "Unit") at a price of $0.15 per Unit for gross proceeds of $2,100,050. Each Unit consists of one common share of the Company (each, a "Share") and one-half-of-one share purchase warrant (each whole warrant, an "Warrant"). Each Warrant entitles the holder to acquire an additional common share of the Company at a price of $0.20 until October 24, 2027, subject to accelerated expiry in the event the closing price of the Shares is $0.50 or higher for ten consecutive trading days.

A portion of the Units issued under the first tranche the Offering, representing $2,000,000 are held pursuant to a sharing agreement entered into with an institutional investor, Sorbie Bornholm LP ("Sorbie") and the Company (the "Sharing Agreement"). Funds deposited under the Sharing Agreement are secured in escrow with a third-party. The Sharing Agreement provides that the Company's economic interest will be determined in twenty-four monthly settlement tranches as measured against the Benchmark Price (as defined herein). Unless subject to adjustment, each monthly settlement tranche will total $79,792.

If, at the time of settlement, the Settlement Price (determined monthly based on a volume-weighted average price for twenty trading days prior to the settlement date) (the "Settlement Price") exceeds the benchmark price of $0.1949 (the "Benchmark Price"), the Company shall receive more than one-hundred percent of the monthly settlement due, on a pro-rata basis. There is no upper limit placed on the additional proceeds receivable by the Company as part of the monthly settlements. If, at the time of settlement, the Settlement Price is below the Benchmark Price of $0.1949, the Company will receive less than one-hundred percent of the monthly settlement due on a pro-rata basis. In no event will a decline in the Settlement Price of the Units result in an increase or decrease in the number of Units being issued to Sorbie, but it could result in the Company receiving less than the full amount of the subscription received from Sorbie or in the Company receiving a nominal amount for a particular month.

As an example, the following are the monthly settlement amounts the Company would receive based on varying Settlement Prices:

Settlement PriceMonthly Settlement Amount$0.2449$100,262$0.1949 (Benchmark Price)$79,792$0.1449$59,322For further information concerning the Offering, readers are encouraged to review the news release issued by the Company on October 27, 2025.

About Questcorp Mining Inc.

Questcorp Mining Inc. is engaged in the business of the acquisition and exploration of mineral properties in North America, with the objective of locating and developing economic precious and base metals properties of merit. The Company holds an option to acquire an undivided 100% interest in and to mineral claims totaling 1,168.09 hectares comprising the North Island Copper Property, on Vancouver Island, British Columbia, subject to a royalty obligation. The Company also holds an option to acquire an undivided 100% interest in and to mineral claims totaling 2,520.2 hectares comprising the La Union Project located in Sonora, Mexico, subject to a royalty obligation.

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain capital markets; and delay or failure to receive board or regulatory approvals. There can be no assurance that the geophysical surveys will be completed as contemplated or at all and that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273791

A 3D printed natural gas pipeline is placed in front of displayed PetroChina logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

CompaniesBEIJING, Nov 10 (Reuters) - China oil major PetroChina will shut its entire Yunnan petrochemical plant for maintenance from November 15, 2025, to January 15, 2026, the company said in a statement on Monday.

The overhaul covers about 23,000 tasks with a wide scope and significant depth, it said. Operational and supply adjustments will be made during the maintenance period.

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The refinery in Southwestern China has a crude capacity of 13 million metric tons per year and mainly produces China VI–standard gasoline, diesel, and jet fuel, serving Southwestern China and Southeast Asia, according to a company report published in July.

Since its startup in 2017, it has processed 83 million tons of crude oil, and in 2024 alone, it processed 11.56 million tons of crude and produced 11.15 million tons of products, including gasoline, diesel, jet fuel, and LPG, the report said.

The timing of the two-month maintenance is based on unit operating conditions to ensure safe, reliable, and efficient operations after the overhaul, the company statement added.

Reporting by Sam Li in Beijing and Aizhu Chen in Singapore; Editing by Tom Hogue and Harikrishnan Nair

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, /PRNewswire/ --

Why: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of securities of DexCom, Inc. (NASDAQ: DXCM) between July 26, 2024 and September 17, 2025, both dates inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 29, 2025.

So what: If you purchased DexCom securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

What to do next: To join the DexCom class action, go to https://rosenlegal.com/submit-form/?case_id=28133 https://rosenlegal.com/submit-form/?case_id=45913mailto:or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 29, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Details of the case: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) DexCom had made material design changes to the G6 and G7 continuous glucose monitoring ("CGM") systems that were unauthorized by the U.S. Food and Drug Administration (the "FDA"); (2) the foregoing design changes rendered the G6 and G7 less reliable than their prior iterations, presenting a material health risk to users relying on those devices for accurate glucose readings; (3) accordingly, defendants' purported enhancements to the G7, as well as the device's reliability, accuracy, and functionality, were overstated; (4) Defendants downplayed the true scope and severity of the issues and health risks posed by adulterated G7 devices; (5) all the foregoing subjected DexCom to an increased risk of heightened regulatory scrutiny and enforcement action, as well as significant legal, reputational, and financial harm; and (6) as a result, defendants' public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the DexCom class action, go to https://rosenlegal.com/submit-form/?case_id=28133https://rosenlegal.com/submit-form/?case_id=45913mailto:call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

      Laurence Rosen, Esq.
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      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
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SOURCE THE ROSEN LAW FIRM, P. A.

Rumble, the video platform behind Truth Social, will acquire Germany’s Northern Data for about $767 million in shares, swapping 2.0281 new Class A Rumble shares for each Northern Data share, a 12.99% discount to Friday’s close.

The all-stock structure means no cash changes hands; Northern Data holders will own 30.4% of Rumble when the deal completes, expected in the second quarter of 2026, after which Northern Data will delist.

The package includes a $150 million graphics-processing-unit (GPU) leasing agreement with Tether, Rumble’s 48% shareholder and planned anchor customer, plus $200 million of tax-liability support from Rumble.

Rumble will add 22,400 Nvidia GPUs. Northern Data may pay $200 million to shareholders if it sells its Corpus Christi data centre pre-closing.

Bitcoin nears $106,000 as US shutdown deal lifts sentiment.CPI and jobless data may decide Bitcoin’s $110,000 breakout.Fed remarks on QE could trigger fresh crypto liquidity.Multiple US economic events are on the calendar this week, and could either hinder the Bitcoin price’s path to $110,000 or be the tailwinds that drive it further north.

The influence of US economic signals on Bitcoin and crypto remains significant in 2025, with associated sentiment becoming a critical factor in short-term price action.  

US Economic Signals to Watch This WeekWith increasing optimism about a deal to end the longstanding US government shutdown, the Bitcoin price is already showing strength and has climbed above the $105,000 threshold. However, whether it extends further north or retracts may hinge on the following headlines this week.

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US Economic Events This Week. Source: MarketWatchFed SpeechesA long list of Federal Reserve (Fed) officials is expected to speak this week. Fed governor Michael Barr speaks on Tuesday, while New York Fed President John Williams, Philadelphia Fed President Anna Paulson, Fed governor Chris Waller, Atlanta Fed President Raphael Bostic, Fed governor Stephen Miran, and Boston Fed President Susan Collins speak on Wednesday.

Sentiments from these Fed officials, among others, in the week could influence investor sentiment, influencing the Bitcoin price’s directional bias.

US Federal Reserve Chairman Jerome Powell recently stated that the Fed will soon expand its balance sheet again. This signaled preparation for a new phase of quantitative easing (QE). 

“Our long-stated plan has been to stop balance sheet runoff when reserves are somewhat above the level we judge consistent with ample reserve conditions,” Fed Chair Jerome Powell said at a recent press conference. “Signs have clearly emerged that we have reached that standard in money markets,” he added.

The news sent crypto investors into a frenzy in anticipation of a surge in fresh liquidity. At the same time, skeptics warned that it could inflate a dangerous bubble.

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Against this backdrop, further indications or statements regarding QE down the road could further influence sentiment.

Initial Jobless ClaimsAnother key US economic event to watch this week is the Initial Jobless Claims, which reports the number of US Citizens who filed for unemployment insurance the previous week.

This metric serves as a leading indicator of labor market health. As such, lower-than-expected claims signal economic strength and stability, while higher-than-expected claims indicate weakness, potential layoffs, and increased recession risks.

Higher-than-expected jobless claims are Bullish for Bitcoin, as they signal potential Fed rate cuts. Conversely, lower-than-expected claims are bearish, often signaling delays or cuts.

Notably, however, the release of this data point, or its absence, depends on whether the US government shutdown will have ended by Thursday.

“After 40 days, the Senate unlocked a path to reopen the government. Final vote: 60-40. I voted for the 15th time to end the Schumer Shutdown… I’m frustrated that Oklahomans have faced almost six weeks of unnecessary hardship, travel delays, and missed paychecks. Still, after this important vote, I’m optimistic the Schumer Shutdown will soon come to an end,” said Oklahoma Senator Markwayne Mullin.

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Reportedly, eight Democrats voted with Republicans to reach the necessary 60-vote threshold to end the filibuster. This vote has failed 14 times in the past 40 days.

CPIThe October CPI (Consumer Price Index) data may also be released this week, on Thursday, to show how prices rose in October. Like the initial jobless claims, however, this schedule is contingent on the government shutdown ending.

It follows the September CPI, which came in below expectations, showing inflation rose at an annual rate of 3% year-over-year in October.

“We’ve got 4 days until CPI. The narrative leading into it will shape what comes next, another local top or a local bottom,” crypto analyst Killa stated.

As long as inflation remains above the Fed’s 2% target, it keeps monetary policy restrictive, delaying aggressive rate cuts. This is mildly bearish for Bitcoin, which thrives on liquidity.

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If CPI rises from the 3.0% seen in September, the persistent inflation could force the Fed to pause or hike, draining risk appetite. Conversely, a drop below the 3.0% would confirm disinflation, boosting rate-cut expectations.  

PPIThe PPI is also contingent on the end of the US government shutdown, as it measures wholesale inflation or the cost that producers pay for goods before they reach consumers.

“This week is all about inflation + politics. Markets are bracing for a double-header: CPI on Thursday and PPI + Retail Sales on Friday, a full read on inflation and consumer strength. These prints will set the tone for risk assets into year-end,” analyst Mark Cullen stated.

Based on these tentative US economic events, the US government shutdown drama remains a crucial factor in the Bitcoin price’s directional bias this week.

Bitcoin (BTC) Price Performance. Source: BeInCryptoAs of this writing, BTC was trading for $106,195, up by over 4% in the last 24 hours.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Journalist

Posted: November 10, 2025

Key Takeaways
What is the significance of rising transaction volumes?
Litecoin’s all-time high on-chain volume, combined with whale accumulation, underlined conviction from Litecoin network users.

What can be expected from LTC’s price action?
Price-wise, a rally to $118 and possibly $132 could ensue this month. However, further gains might be difficult.

Litecoin [LTC] bulls could be making another attempt at establishing an uptrend. The rally in July and August took LTC’s price only as far as $134.2, before the bears took over. However, LTC has now reclaimed the $100-psychological level.

This was the first time since the 10/10 crash that LTC moved beyond $100. In fact, the altcoin was trading at $109 at the time of writing. With Bitcoin [BTC] recording a 4% bounce within 24 hours to hit $105.7k, could it be that market sentiment is making a U-turn?

Litecoin recovery imminent?
A post on Santiment Insights recently pointed out that the whale count for LTC has risen lately. There has also been a 6% uptick in wallets holding more than 100k LTC over the past three months – A sign of accumulation from big holders.

That’s not all though as Litecoin’s on-chain volume climbed to $15.1 billion in daily volume. This was an all-time high. The combination of whale conviction and rising on-chain activity could be indicative of the fact that LTC’s rally has room to expand.

At press time, other on-chain metrics seemed to disagree with the strength of the bulls though. Its latest move could face pressure from profit-taking activity soon. Especially as the 180-day MVRV climbed into positive territory for the first time since 10/10.

The mean coin age saw a sizeable drop towards the end of October. Its trend since August did not indicate widespread on-chain accumulation. Rather, it was more neutral than bullish, and the drop below $90 recently gave way to a wave of panic selling.

This might not be a sign of conviction from on-chain participants. The development activity was at zero since the first week of September too.

Together, it didn’t seem to be a wholly bullish trend.  And, it might be safer to be cautious of LTC’s rally, than seeing it as a sign of strength.

Source: LTC/USDT on TradingView

Finally, the Fixed Range Volume Profile for 2025 showed that the Value Area High and Low (dotted blue) for LTC were at $131.85 and $94.9, respectively. The Point of Control (red) was at $118.2, with all three emerging as key horizontal levels for traders to keep an eye on.

The press time market structure of Litecoin was bullish, and there has been above-average buying volume in recent days. However, the resistances from $118-$132 will remain formidable obstacles.

Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories.
His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity.
Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution.
As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.

Unlike many startups, Hyperliquid has deliberately chosen to reject venture capital funding. The team prefers to slow down development rather than compromise the credibility and neutrality of the protocol.

Solana rebounds with $137M ETF inflows and a bullish TD Sequential signal, hinting at a potential move toward $200.

Izabela Anna2 min read

10 November 2025, 06:26 AM

 Solana’s price recovery appears to be gathering pace after weeks of choppy trading. The token, which recently slipped below key levels, is now showing signs of stabilization supported by renewed investor confidence. 

Following a week marked by outflows in major crypto ETFs, Solana stood out with strong inflows, suggesting growing institutional interest. Between November 3 and November 7, spot Solana ETFs attracted $137 million, while Bitcoin and Ethereum ETFs recorded heavy outflows of $1.22 billion and $508 million, respectively. This divergence highlights Solana’s resilience amid broader market caution.

Analysts Signal Buy as Solana Holds Key SupportAccording to analyst Ali Martinez, the TD Sequential indicator has flashed a buy signal on Solana’s daily chart. This pattern often appears near exhaustion points after extended declines, suggesting that selling pressure may be fading. 

Price action has stabilized around $161, with a tight consolidation range forming between $157 and $165. Maintaining support near $150 remains crucial for confirming a potential rebound. If buyers manage to defend this level, the setup could validate a bullish continuation pattern.

Source: X

The indicator’s alignment with oversold conditions strengthens the likelihood of an upward reversal. A breakout above $170 would likely encourage further gains, signaling that bullish momentum has returned. However, a slip below $150 could extend the correction toward $142. Consequently, this zone remains a key pivot for short-term traders and institutional participants watching Solana’s technical structure.

Breakout on Lower Timeframes Hints at Stronger MomentumAnalyst curb.sol noted that Solana is breaking out on lower timeframes, targeting a move back to $200 or higher. The token recently cleared resistance around the $160–$165 zone, confirming a reversal structure. 

This shift suggests renewed confidence among buyers and may set the stage for a sustained rally. Sustaining price action above $165 could reinforce the bullish outlook, while strong volume on retests would validate the breakout’s strength.

Market Data Reflects Renewed StrengthSolana trades at $167.45 as of press time, marking a 5.91% daily gain despite a 5.67% decline over the week. Its market capitalization stands at $92.68 billion, supported by a 24-hour trading volume exceeding $5.3 billion.

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Izabela Anna

Izabela Anna is a knowledgeable freelance journalist, who boasts over five years of experience covering the cryptocurrency market. Her tenure has seen her navigate through the ebbs and flows of multiple market cycles, giving her a deep understanding within. Her journalistic focus lies in dissecting price action dynamics, scrutinizing the on-chain landscape, and providing insights from a technical perspective, making her a trusted voice in the realm of cryptocurrency reporting.

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Latest Solana (SOL) News Today

Zenrock's wrapped Zcash token, zenZEC, has achieved $15 million in trading volume on the Solana blockchain since its launch on Oct. 31. Nov 10, 2025, 6:58 a.m.

Unified custody layer Zenrock's wrapped Zcash ZEC$665.59 token, known as zenZEC, has recorded approximately $15 million in total trading volume since its debut on the Solana blockchain on Oct. 31.

While the number is undoubtedly paltry compared to blockbuster crypto tokens that routinely trade in billions, it signals something more pivotal: the introduction of privacy as a feature in decentralized finance (DeFi), currently leveraging the Solana network, which is known for its faster speed than Ethereum.

STORY CONTINUES BELOW

It reflects a growing appetite among traders and institutions for solutions that strike a balance between usability and privacy and security.

Aditya Dave, co-founder of Zenrock, put it best: "Privacy is so core to the ethos of crypto. Over the past two years, tradfi has come in and taken over via stablecoins, acting as institutional buyers of majors. As a result, privacy as a tenet of crypto has been sacrificed."

"Zenrock brought ZEC over to Solana via zenZEC to combine Solana's speed and access with zCash's privacy," he told CoinDesk.

zenZEC, backed 1:1 by native ZEC, is Zcash wrapped via Zenrock’s decentralized multi-party computation (MPC) network. This network generates multiple independent secret shares from the private key, which are then distributed across a network of nodes mostly operated by independent third parties.

In other words, the private key never exists in full anywhere; instead, it is mathematically split, and these distributed nodes collectively sign transactions or generate public keys without exposing the complete key to any single party.

This eliminates single points of failure and significantly enhances overall security. Because it operates off-chain and independently of any specific blockchain, Zenrock’s MPC network is highly compatible with cross-chain (omnichain) applications.

zenZEC is therefore built to integrate seamlessly with Solana’s decentralized exchanges and yield protocols, providing Zcash holders with real on-chain DeFi exposure for the first time in over seven years.

On-chain incentives are already at work on Orca, one of Solana’s leading decentralized exchanges, driving liquidity and adoption. Dave has stated that zenZEC users will soon be able to deploy the token as collateral across decentralized finance protocols on Solana.

ZEC has been on a tear since September, notching a 16-fold rally to $659, according to data source CoinDesk.

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Inside Zcash: Encrypted Money at Planetary Scale

Nov 3, 2025

A deep dive into Zcash's zero-knowledge architecture, shielded transaction growth, and its path to becoming encrypted Bitcoin at scale.

What to know:

In 2025, Zcash evolved from niche privacy tech into a functioning encrypted-money network:

Shielded adoption surged, with 20–25% of circulating ZEC now held in encrypted addresses and 30% of transactions involving the shielded pool.The Zashi wallet made shielded transfers the default, pushing privacy from optional to standard practice.Project Tachyon, led by Sean Bowe, aims to boost throughput to thousands of private transactions per second.Zcash surpassed Monero in market share, becoming the largest privacy-focused cryptocurrency by capitalization.View Full Report

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Ledger, a French company known for cryptocurrency hardware wallets, is considering an IPO in New York or a private financing round next year, according to Financial Times.CEO Pascal Gauthier emphasized New York's importance for crypto financing, citing increased hacking incidents as a driver for secure custody solutions.Read full story

Journalist

Posted: November 10, 2025

Key Takeaways
What’s driving Ethereum’s revenue surge?
Mostly stablecoin transactions, led by Tether’s USDT and Circle’s USDC. 

Will ETH’s value benefit from the traction?
Tom Lee believes so, but Coinbase analysts still think BTC could dominate in the mid-term.  

Ethereum [ETH] is in the news today after it scored a record high in application revenue.

According to Growthepie’s data, the Ethereum mainnet captured $48 million per day on 14 October from apps, surpassing the previous value of $41 million hit in 2022. 

On the contrary, the L2s captured 14% of the revenue share, starkly contrasting the view that the sidechains are massively eating into Ethereum’s market share. 

Reacting to the update, analyst Joseph Young linked the revenue growth to Ethereum’s “positive flywheel” of scaling. He added, 

“It’s a positive flywheel working: high throughput → low fees → more usage → more value. Ethereum isn’t just scaling. It’s accelerating as an economic machine.”

Source: Growthepie

At the time of writing, however, Ethereum’s revenue had slumped to $35 million per day, amid a broader market cool-off. 

Ethereum revenue vs other chains
A deeper look into the key growth drivers revealed that half of the revenue came from stablecoin swaps, translating to approximately $46 billion in volume in October alone. 

Source: Blockworks

When zoomed out on the broader blockchain ecosystem, Hyperliquid [HYPE] appeared to be still punching above its weight on the app revenue front. In the last 30 days, Hyperliquid netted 30% of the total network revenue, while Ethereum took in 21.5%, according to Blockworks data. 

Binance [BNB] came in third place at 16% while Solana [SOL] and Tron [TRX] were tied at fourth with 11%. 

Source: Blockworks

On the protocol level, Ethereum’s revenue has been dominated by Tether, Circle, and Sky (formerly Maker). 

Will ETH’s price benefit?
Well, the traction and dominance of stablecoins further validates Fundstrat CIO Tom Lee’s bet on Ethereum’s price upside potential via treasury firm BitMine. The firm currently holds 3.4 million ETH to capture the expected growth in stablecoins and tokenization. 

However, Coinbase analysts have poured cold water on bullish bets for ETH in the mid to long-term. In their monthly outlook, the analysts noted that the post-October crash could focus on BTC before another rotation occurs. 

“We thus anticipate a gradual increase in Bitcoin dominance over the next 2-3 months, which may exert downward pressure on ETH/BTC and alt/BTC pairs before an eventual market rotation.”

Most of the crypto market is well in the green today, but XPR exceeds.

The cryptocurrency market’s revival from the past 12 hours or so has benefited some altcoins more than others. Aside from the massive double-digit gainers from the mid-tear club, XRP stands out as the top gainer from the largest 10 alts.

So, why is this, and can the asset sustain its upward move?

ETF-Driven Hype?
Citing information from Glassnode, we reported yesterday that XRP has shown some warning signs in terms of profit-taking divergance from previous cycles, as long-term holders were disposing of their tokens during price corrections this time, not just rallies. This, aligned with whales selling off XRP en masse, spelled trouble for the underlying asset, which had already retraced to under $2.20 at the time.

However, what took place in the following 12 hours was quite different. On the heels of Trump’s $2,000 dividend promise and his hopeful statement that the US government might reopen soon, XRP jumped by more than 7% and neared $2.50 earlier this morning.

This makes it the top performer from the largest 15 altcoins, according to CoinGecko data. Perhaps a large portion of those gains are due to the latest developments on the ETF front. Numerous issuers continue to update their XRP ETF filings, and those from Bitwise, Franklin Templeton, 21Shares, Canary Capital, and CoinShares have now found a spot on the Depository Trust & Clearing Corporation’s (DTCC) listings.

If the US government’s shutdown indeed ends soon, it could open the doors for a speedy approval of these applications. However, even if it’s not, many of them removed the “delayment amendments” part, which could essentially guarantee that they will launch within the next few weeks unless the SEC formally objects. The first can see the light of day in just three days.

You may also like:

XRP Profit-Taking Divergence Signals More Pain Ahead for Ripple’s Price

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XRP Price Stalls Despite Bullish Fundamentals as Whales Keep Selling

XRP Technicals
Popular analyst CW indicated that XRP’s turn is “beginning,” as it had “bottomed out” and is about to stage a notable rebound. Their analysis suggests that the asset’s upcoming rally could be quite spectacular, leading to a new all-time high as it progresses toward the top of Phase 4.

$XRP‘s turn is beginning.

It has bottomed out and is beginning a rebound.

This rally will likely surpass its ATH and head towards the top of Phase 4. pic.twitter.com/ZxTn0Dtdf4

— CW (@CW8900) November 9, 2025

CRYPTOWZRD also outlined XRP’s “slightly bullish” close, especially against BTC. The analyst said another move higher could follow once the XRP/BTC pair starts pushing above the daily lower high trend. This is possible when bitcoin’s dominance starts to decline again.

Tags:

XRP extended its bullish breakout on Tuesday, soaring 6.2% to reach $2.40 amid a surge in institutional trading activity. The cryptocurrency decisively broke above the key $2.35 resistance level on 169% higher-than-average volume, marking its strongest single-day gain in over a week. XRP briefly hit new cycle highs near $2.43 before consolidating just below its intraday peak.

Market excitement intensified after Canary Capital, Bitwise, Franklin Templeton, and 21Shares filed amended S-1 registration statements for spot XRP exchange-traded funds (ETFs). These filings, now listed on the DTCC, introduced standardized listing language to expedite SEC review under Section 8(a) procedures. Analysts say this alignment could fast-track approval, mirroring the momentum seen during the Bitcoin and Ether ETF cycles earlier this year. The coordinated effort underscores growing institutional appetite for XRP exposure as the network’s fundamentals continue to strengthen.

From a technical standpoint, XRP rallied from $2.26 to $2.40 through three strong impulse waves, producing a $0.19 intraday range. The breakout triggered at midnight UTC when trading volume spiked to 119.6 million tokens. Despite brief profit-taking, XRP maintained structural integrity above the 1-hour 50-EMA, signaling solid underlying demand. Momentum indicators remain bullish, with RSI steady near 64 and MACD showing positive divergence.

Traders are now watching the $2.39–$2.395 support zone, a key pivot for recent breakouts. Sustained closes above $2.40 could propel XRP toward the $2.50 extension and potentially into the $2.54–$2.80 range if ETF approvals materialize. However, failure to defend current support could lead to a pullback toward $2.34–$2.31. With ETF speculation and institutional inflows driving sentiment, XRP’s bullish momentum may continue through the quarter.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Blockchain-based prediction markets are rapidly gaining mainstream prominence following their accurate forecasting of the 2024 U.S. presidential election. Loxley Fernandes, CEO of Myriad, predicts adoption will “snowball,” with trusted media coverage reducing the perceived risk profile for new users.

In a crypto market waiting for its next breakout, Pi Network continues to struggle with direction. Once seen as a community-driven revolution, the project now sits in limbo, caught between promise and misunderstanding.

The network was founded on a simple idea: one coin, one community, one vision. But confusion has spread across the ecosystem as many users turn to unofficial sources for guidance. A so-called “GCV handbook,” written by community members, claims that 1 Pi equals $314,159 and that there are two different Pi tokens for exchanges and GCV transactions.

According to crypto expert Dr. Altcoin, this is entirely false. “There is no such thing as a dual value using the same ticker like Pi,” he explained, saying that real dual-token systems such as InterLink’s ITLG and ITL use separate tickers for clarity and function.

The Pi Core Team (PCT) appears to be exploring legitimate paths for future growth instead. Two directions stand out:

Real-World Asset (RWA) Integration
Pi may adopt the ERC-3643 standard to bring tokenized assets on-chain, which would likely require a stablecoin, possibly named PiUSD, to maintain value stability during transactions.
Partnership with OpenMind
This collaboration aims to support decentralized robotic systems using Pi’s unused nodes, where a stablecoin like PiUSD could again play a key role in facilitating payments.
The analyst said that it could take years before Pi reaches full ecosystem maturity. Yet its future could mirror that of XRP, which recently introduced RLUSD, a stablecoin designed to complement XRP’s payment network.

If Pi follows a similar path, it might evolve into a dual-token economy with Pi for utility and PiUSD for stability, replacing speculation with structure.

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Zenrock’s wrapped Zcash token, zenZEC (ZEC), has achieved nearly $15 million in total trading volume since its launch on the Solana blockchain on October 31. While modest compared to the billions traded by leading cryptocurrencies, this milestone represents a major step toward integrating privacy-focused assets into decentralized finance (DeFi) — a feature long missing from the broader ecosystem.

Zenrock aims to merge Zcash’s strong privacy features with Solana’s speed and scalability, giving traders and institutions a new way to balance privacy, usability, and security. “Privacy is core to the ethos of crypto,” said Aditya Dave, Zenrock’s co-founder, emphasizing that traditional finance’s growing presence through stablecoins has diminished crypto’s original focus on privacy.

The zenZEC token is backed 1:1 by native ZEC and powered by Zenrock’s decentralized multi-party computation (MPC) network. This system divides a private key into multiple secret shares distributed across independent nodes, ensuring that the full key never exists in one place. The result is enhanced security and the elimination of single points of failure, a vital component for cross-chain and omnichain applications.

By wrapping Zcash for Solana, Zenrock enables ZEC holders to participate in on-chain DeFi for the first time in over seven years. The token is already active on Orca, one of Solana’s top decentralized exchanges, with incentives boosting liquidity and adoption. In the near future, zenZEC will also serve as collateral for Solana-based DeFi protocols, expanding its utility further.

With ZEC prices surging 16x since September to over $659, the launch of zenZEC highlights a growing demand for privacy-driven crypto solutions that deliver both speed and decentralized security — positioning Zenrock as a key player in the next evolution of DeFi innovation.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Zcash’s comeback is turning into one of crypto’s biggest stories of the year as the privacy token extends its rally ahead of the upcoming halving event. 

Summary

Zcash price is up 20% to $658, extending 200% monthly gains.
Halving on Nov. 18 will cut rewards and boost scarcity.
Privacy adoption and institutional inflows strengthen long-term momentum.

Zcash surged to $658 at press time, jumping roughly 20% in the last 24 hours and extending a blistering run that’s now up about 200% in the last 30 days. Over the last year, ZEC has gained more than 1,300%, a surge fueled by renewed interest in privacy coins and the upcoming halving event.

Daily trading volume fell to $2.3 billion, down about 29% from the previous day, suggesting some traders are pausing after heavy Zcash (ZEC) buying earlier in the week. According to CoinGlass data, open interest rose 22% to $1.12 billion, while futures volume fell 24% to $5.95 billion. 

This mix points to a more relaxed market with traders holding their positions, indicating confidence in the current rally, as opposed to speculative activity.

Halving hype and rising privacy adoption
The immediate fuel is the upcoming halving on Nov. 18, which will reduce block rewards from 3.125 ZEC to 1.5625 ZEC per block. With this change, the yearly supply rate is reduced to about 3.5%, producing a scarcity effect similar to that of Bitcoin (BTC).

ZEC’s price action is a classic example of pre-halving positioning, which traders often expect. Analysts, including BitMEX’s Arthur Hayes, have floated $1,000+ targets if momentum sustains.

At the same time, on-chain data shows growing real-world use. More than 30% of the total ZEC supply, about 5 million coins, is now stored in shielded pools, a 60% monthly increase. These pools use zk-SNARK cryptography to facilitate completely private transactions. 

As new cross-chain integrations and privacy-focused wallets like Zashi make private payments easy for regular users, shielded transfers have increased by almost nine times this year.

Institutional interest is also building. In recent weeks, the assets under management of Grayscale’s Zcash Trust have more than doubled, reaching $151 million. This indicates that regulated funds are returning to privacy-focused assets, especially as data security becomes a major theme in global finance.

ZCash price technical analysis
Despite signs of exhaustion, ZEC’s short-term charts show a strong upward trend. The relative strength index close to 83 indicates that the market is likely much overbought, and momentum shows prices moving faster than average. 

ZCash daily chart. Credit: crypto.news
All of the major moving averages, ranging from the 10-day to the 200-day, are still below the current price, indicating a strong bullish trend. Support is forming near $550, which aligns with the 20-day moving average and recent consolidation levels. Resistance is around $700–720, the next psychological level to beat.

If momentum cools, a pullback toward $600 could offer a healthy reset before another leg up. A clean break above $720 could open the path to $850 and beyond if the halving narrative keeps attracting inflows.

~ ARPU of $0.45, Up 7% from Prior Quarter ~

~ Company Retains Robust Balance Sheet with More Than $290 Million of Liquidity ~

LONGBOAT KEY, Fla., Nov. 10, 2025 (GLOBE NEWSWIRE) -- Rumble Inc. (Nasdaq: RUM) (“Rumble” or the “Company”), the video-sharing platform and cloud services provider, today announced financial results for the fiscal quarter ended September 30, 2025.

Q3 2025 Key Highlights and Key Items

Revenue for the third quarter was $24.8 million, compared to $25.1 million in the third quarter of 2024.MAUs were 47 million in the third quarter of 2025, compared to 51 million in the second quarter of 2025. The decrease continues to be in part the result of a slowdown of news and political commentary outside of a U.S. election cycle, combined with seasonality related to content creators who produce less content during the summer months.Average Revenue Per User (“ARPU”) for the third quarter of 2025 was $0.45, representing a 7% increase from the second quarter of 2025. The increase is attributable to similar audience monetization revenue that came from fewer MAUs.Net loss for the third quarter of 2025 was $16.3 million, compared to a loss of $31.5 million in the third quarter of 2024.Adjusted EBITDA, a non-GAAP financial measure, was a loss of $15.1 million in the third quarter of 2025, an improvement of $8.4 million compared to the third quarter of 2024.As of September 30, 2025, Rumble had total liquidity of $293.8 million, consisting of $269.8 million in cash and cash equivalents and 210.82 Bitcoin, valued at $24.0 million. As of 4pm ET on November 7, 2025, the Company’s Bitcoin holdings are valued at $21.8 million.On August 5, 2025, Rumble announced a multi-pronged strategic partnership with Cumulus Media, one of the largest audio creators and distributors, to expand distribution and monetization opportunities across Cumulus Media radio stations, Westwood One, the Cumulus Podcast Network, and Rumble.com. Subsequent Events

On October 2, 2025, Rumble announced a partnership with Perplexity, integrating Perplexity AI’s search capabilities to expand the discoverability of Rumble videos and creators across AI-driven platforms.On October 14, 2025, Rumble announced that its platform had been fully restored in France following a favorable court ruling that determined a 2022 email from a French government official was not an enforceable order.On October 15, 2025, Rumble and Perplexity launched a subscription bundle combining Rumble Premium and Perplexity Pro for $19.99 per month, a limited time offer available through December 31, 2025. The bundle builds on the companies’ previously announced partnership, which integrates Perplexity’s AI-powered search tools to enhance discoverability on Rumble.com.Q3 Financial Summary (Unaudited)

For the three months ended September 30,
2025
2024
Variance ($)
Variance (%)

Revenues$24,762,445$25,056,904$(294,459)(1%)

Expenses

Cost of services (content, hosting and other)$
25,219,331$36,428,951$
(11,209,620
)
(31
%)General and administrative

10,492,008
9,710,935

781,073

8
%Research and development

4,455,354
4,650,688

(195,334
)
(4
%)Sales and marketing

5,076,937
3,955,552

1,121,385

28
%
Revenues decreased by $0.3 million to $24.8 million in the three months ended September 30, 2025 compared to the three months ended September 30, 2024, of which $0.5 million was attributable to a reduction in Audience Monetization revenues, offset by a $0.2 million increase in Other Initiatives revenues. The decrease in Audience Monetization revenues was due to a $4.9 million reduction in advertising revenue, offset by a $3.7 million increase in subscription fees, as well as $0.7 million from licensing, tipping fees, and platform hosting fees. We are continuing to see progress in the uptake of new brands, but we are still at the early stages of that process. The increase in Other Initiatives revenue was due to a $0.1 million increase in cloud services offered and a $0.1 million increase in advertising inventory being monetized by our publisher network.

Cost of services decreased by $11.2 million to $25.2 million in the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease was due to a reduction in programming and content costs of $11.9 million, offset by an increase in other costs of services of $0.7 million.

General and administrative expenses increased by $0.8 million to $10.5 million in the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was driven by a $1.2 million rise in administrative expenses, reflecting higher professional fees and other administrative services, offset by a decrease in payroll and related expenses of $0.4 million.

Research and development expenses decreased by $0.2 million to $4.5 million in the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease resulted from a $0.2 million decrease in costs associated with computer software, hardware, and other expenditures used in research and development-related activities.

Sales and marketing expenses increased by $1.1 million to $5.1 million in the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was due to a rise in marketing and public relations activities of $0.9 million and an increase in payroll and related expenses of $0.2 million.

Notes on KPIs

Monthly Active Users ("MAUs")

We use MAUs as a measure of audience engagement to help us understand the volume of users engaged with our content on a monthly basis. MAUs represent the total web, mobile app, and connected TV users of Rumble for each month, which allows us to measure our total user base calculated from data provided by Google, a third-party analytics provider. Google defines “active users” as the “[n]umber of distinct users who visited your website or application.”1 We have used the Google analytics systems since we first began publicly reporting MAU statistics, and the resulting data have not been independently verified.

As of July 1, 2023, Universal Analytics (“UA”), Google’s analytics platform on which we historically relied for calculating MAUs using company-set parameters, was phased out by Google and ceased processing data. At that time, Google Analytics 4 (“GA4”) succeeded UA as Google’s next-generation analytics platform, which has been used to determine MAUs since the third quarter of 2023 and which we expect to continue to use to determine MAUs in future periods. Although Google has disclosed certain information regarding the transition to GA4, Google does not currently make available sufficient information relating to its new GA4 algorithm for us to determine the full effect 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 “[i]t 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 MAUs. It is therefore possible that MAUs that we reported based on the UA methodology (“MAUs (UA)”) for periods prior to July 1, 2023, cannot be meaningfully compared to MAUs based on the GA4 methodology (“MAUs (GA4)”) in subsequent periods.

Average Revenue Per User (“ARPU”)

We use ARPU as a measure of our ability to monetize our user base. Quarterly ARPU is calculated as quarterly Audience Monetization revenue divided by MAUs for the relevant quarter (as reported by Google Analytics). ARPU does not include Other Initiatives revenue.

About Rumble

Rumble is a Freedom-First technology platform with a mission to protect a free and open internet. The platform spans cloud, AI, and digital media, including its namesake video service, and is built on a foundation of customer independence and free speech. For more information, visit: corp.rumble.com.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use the non-GAAP financial measure of Adjusted EBITDA, which is defined as net income (loss) excluding interest income (expense), net, other income (expense), net, provision for income taxes, depreciation and amortization, share-based compensation expense, acquisition-related transaction costs, change in fair value of warrants, change in fair value of digital assets, change in fair value of contingent consideration, and change in the fair value of derivative. The Company’s management believes that it is important to consider Adjusted EBITDA, in addition to net income (loss), as it helps identify trends in our business that could otherwise be masked by the effect of the gains and losses that are included in net income (loss) but excluded from Adjusted EBITDA.

Adjusted EBITDA should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), the nearest GAAP equivalent. As a result of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including net income (loss) and our other financial results presented in accordance with GAAP.

Forward-Looking Statements

Certain statements in this press release and the associated conference call constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not historical facts are forward-looking statements and include, for example, results of operations, financial condition and cash flows (including revenues, operating expenses, and net income (loss)); our ability to meet working capital needs and cash requirements over the next 12 months; and our expectations regarding future results and certain key performance indicators. Certain of these forward-looking statements can be identified by using words such as “anticipates,” “believes,” “intends,” “estimates,” “targets,” “expects,” “endeavors,” “forecasts,” “could,” “will,” “may,” “future,” “likely,” “on track to deliver,” “continues to,” “looks forward to,” “is primed to,” “plans,” “projects,” “assumes,” “should” or other similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, and our actual results could differ materially from future results expressed or implied in these forward-looking statements. The forward-looking statements included in this release are based on our current beliefs and expectations of our management as of the date of this release. These statements are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements include our ability to grow and manage future growth profitably over time, maintain relationships with customers, compete within our industry and retain key employees; the possibility that we may be adversely impacted by economic, business, and/or competitive factors; our limited operating history makes it difficult to evaluate our business and prospects; our recent and rapid growth may not be indicative of future performance; we may not continue to grow or maintain our active user base, and may not be able to achieve or maintain profitability; risks relating to our ability to attract new advertisers, or the potential loss of existing advertisers or the reduction of or failure by existing advertisers to maintain or increase their advertising budgets; our cloud business may not achieve success, and, as a result, our business, financial condition and results of operations could be adversely affected; negative media campaigns may adversely impact our financial performance, results of operations, and relationships with our business partners, including content creators and advertisers; prolonged or escalating trade disputes could materially and adversely impact our business; 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; we collect, store, and process large amounts of user video content and personal information of our users and subscribers and, 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 governmental investigations and legal claims from users and subscribers; our Bitcoin treasury strategy exposes us to various risks associated with holding Bitcoin; the operation of our crypto wallet exposes us to significant regulatory, operational, security, and market risks that could adversely affect our business, financial condition, results of operations, and reputation; we may fail to comply with applicable privacy laws, subjecting us to liability and damages; we are exposed to significant regulatory, operational, compliance, privacy, and legal risks related to age verification and child online safety laws implemented in various U.S states and foreign jurisdictions; 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; we are subject to cybersecurity risks and interruptions or failures in our information technology systems and as we grow and gain recognition, we will likely need to expend additional resources to enhance our protection from such risks, although notwithstanding our efforts, a cyber incident could occur and result in information theft, data corruption, operational disruption and/or financial loss; we may be found to have infringed on the intellectual property of others, which could expose us to substantial losses or restrict our operations; we may face liability for hosting a variety of tortious or unlawful materials uploaded by third parties, notwithstanding the liability protections of Section 230 of the Communications Decency Act of 1996; we may face negative publicity for removing, or declining to remove, certain content, regardless of whether such content violated any law; 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 traffic growth, engagement, and monetization depend upon effective operation within and compatibility with operating systems, networks, devices, web browsers and standards, including mobile operating systems, networks, and standards that we do not control; our business depends on continued and unimpeded access to our content and services on the internet and, if we or those who engage with our content experience disruptions in internet service, or if internet service providers are able to block, degrade or charge for access to our content and services, we could incur additional expenses and the loss of traffic and advertisers; we 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; we rely on data from third parties to calculate certain of our performance metrics and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business; changes to our existing content and services could fail to attract traffic and advertisers or fail to generate revenue; we derive the majority of our revenue from advertising and the failure to attract new advertisers, the loss of existing advertisers, or the reduction of or failure by existing advertisers to maintain or increase their advertising budgets would adversely affect our business; we depend on third-party vendors, including internet service providers, advertising networks, and data centers, to provide core services; hosting and delivery costs may increase unexpectedly; 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; we may be unable to develop or maintain effective internal controls; we have identified a material weakness in our internal control over financial reporting as of December 31, 2024, and if we are unable to remediate this material weakness, we may not be able to accurately or timely report our financial condition or results of operations; potential diversion of management’s attention and consumption of resources as a result of acquisitions of other companies and success in integrating and otherwise achieving the benefits of recent and potential acquisitions; we may fail to maintain adequate operational and financial resources or raise additional capital or generate sufficient cash flows; changes in tax rates, changes in tax treatment of companies engaged in e-commerce, the adoption of new tax legislation, or exposure to additional tax liabilities may adversely impact our financial results; compliance 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 those additional risks, uncertainties and factors described in more detail under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, and in our other filings with the Securities and Exchange Commission. We do not intend, and, except as required by law, we undertake no obligation, to update any of our forward-looking statements after the issuance of this release to reflect any future events or circumstances. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

Rumble on Social Media

Investors and others should note that we announce material financial and operational information to our investors using our investor relations website (investors.rumble.com), press releases, SEC filings and public conference calls and webcasts. We also intend to use certain social media accounts as a means of disclosing information about us and our services and to comply with our disclosure obligations under Regulation FD: the @rumblevideo X (formerly Twitter) account (x.com/rumblevideo), the @rumble TRUTH Social account (truthsocial.com/@rumble), the @chrispavlovski X (formerly Twitter) account (x.com/chrispavlovski), and the @chris TRUTH Social account (truthsocial.com/@chris), which Chris Pavlovski, our Chairman and Chief Executive Officer, also uses as a means for personal communications and observations. The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time, as listed on our investor relations website.

For investor inquiries, please contact:

Shannon Devine
MZ Group, MZ North America
203-741-8811
[email protected]

Source: Rumble Inc.

Condensed Consolidated Interim Statements of Operations (Unaudited)

Three months ended September 30,

Nine months ended September 30,

2025

2024

2025

2024

Revenues$24,762,445
$25,056,904
$73,553,866
$65,259,903

Expenses

Cost of services (content, hosting, and other)$25,219,331
$36,428,951
$81,797,812
$103,949,438
General and administrative
10,492,008

9,710,935

38,792,062

29,448,330
Research and development
4,455,354

4,650,688

14,070,349

14,497,709
Sales and marketing
5,076,937

3,955,552

16,607,389

13,527,043
Acquisition-related transaction costs
5,236,796

-

7,624,901

-
Amortization and depreciation
3,880,492

3,128,242

10,775,361

9,118,603
Changes in fair value of digital assets
(1,456,388)
-

(4,949,413)
-
Changes in fair value of contingent consideration
-

-

-

1,354,357

Total expenses
52,904,530

57,874,368

164,718,461

171,895,480

Loss from operations
(28,142,085)
(32,817,464)
(91,164,595)
(106,635,577)Interest income
2,896,649

1,949,898

7,979,880

6,646,015
Other income (expense)
46,901

(304)
(476)
(73,881)Changes in fair value of derivative
-

-

9,700,000

-
Changes in fair value of warrant liability
8,936,773

(756,700)
24,379,616

(1,480,395)

Lossbefore income taxes
(16,261,762)
(31,624,570)
(49,105,575)
(101,543,838)Income tax benefit (expense)
-

85,157

(31,310)
(66,315)

Net loss$(16,261,762)$(31,539,413)$(49,136,885)$(101,610,153)

Loss per share – basic and diluted$(0.06)$(0.15)$(0.19)$(0.50)Weighted-average number of common shares used in computing net loss per share-basic and diluted
260,529,688

204,972,162

252,722,453

203,660,885

Share-based compensation expense included in expenses:

Cost of services (content, hosting, and other)$971,476
$2,405,375
$3,534,489
$5,332,489
General and administrative
3,020,892

3,139,578

12,256,088

10,176,965
Research and development
909,444

361,752

2,450,885

1,299,092
Sales and marketing
481,879

251,060

1,206,326

669,495
Total share-based compensation expense$5,383,691
$6,157,765
$19,447,788
$17,478,041

Condensed Consolidated Interim Balance Sheets (Unaudited)

September 30,
2025
December 31,
2024

Assets

Current assets

Cash and cash equivalents$269,757,150
$114,018,900
Accounts receivable, net
12,576,138

9,778,941
Prepaid expenses and other
4,748,926

12,329,789

287,082,214

136,127,630

Other non-current assets
1,289,830

402,475
Digital assets
24,049,413

-
Property and equipment, net
16,719,825

17,068,076
Right-of-use assets, net
2,199,418

1,753,100
Intangible assets, net
25,178,209

29,306,135
Goodwill
10,655,391

10,655,391

$367,174,300
$195,312,807

Liabilities and Shareholders' Equity (Deficit)

Current liabilities

Accounts payable and accrued liabilities$30,545,284
$18,223,372
Deferred revenue
15,641,367

12,812,984
Lease liabilities
1,325,202

1,000,643
Derivative liability
-

184,699,998

45,511,853

216,736,997

Lease liabilities, net of current portion
920,130

799,910
Warrant liability
16,011,686

40,391,302
Other liability
500,000

500,000

64,943,669

258,428,209
Commitments and contingencies (Note 14)

Shareholders' equity (deficit)

Preferred shares
($0.0001 par value per share, 20,000,000 shares authorized, no shares issued or outstanding)
-

-
Common shares
($0.0001 par value per share, 700,000,000 Class A shares authorized, 215,380,893 and 118,808,857 shares issued and outstanding, as of September 30, 2025 and December 31, 2024, respectively; 170,000,000 Class C shares (and corresponding ExchangeCo Share) authorized, 123,690,470 and 165,153,621 shares issued and outstanding, as of September 30, 2025 and December 31, 2024, respectively; 110,000,000 Class D shares authorized, 95,791,120 and 105,782,403 shares issued and outstanding, as of September 30, 2025 and December 31, 2024, respectively)
773,404

768,892
Accumulated deficit
(532,702,827)
(483,565,942)Additional paid-in capital
834,160,054

419,681,648

302,230,631

(63,115,402)
$367,174,300
$195,312,807

Condensed Consolidated Interim Statements of Cash Flows (Unaudited)
For the nine months ended September 30,
2025

2024
Cash flows provided by (used in)

Operating activities

Net loss for the period$(49,136,885)$(101,610,153)Adjustments to reconcile net loss to net cash used in operating activities:

Amortization and depreciation
10,775,361

9,118,603
Share-based compensation
19,447,788

14,666,835
Non-cash lease expense
864,361

805,679
Net trade and barter revenue and expense
1,310,795

1,327,605
Change in fair value of derivative
(9,700,000)
-
Change in fair value of warrants
(24,379,616)
1,480,395
Change in fair value of contingent consideration
-

1,354,357
Change in fair value of digital assets
(4,949,413)
-
Loss on disposal of property and equipment
6,627

-
Loss on lease termination
925

-

Changes in operating assets and liabilities:

Accounts receivable
(2,797,197)
(5,864,270)Prepaid expenses and other
6,642,470

(1,384,211)Accounts payable and accrued liabilities
10,208,952

976,194
Deferred revenue
1,517,588

4,263,094
Deferred tax liability
-

1,030,757
Operating lease liabilities
(815,788)
(817,540)Net cash used in operating activities
(41,004,032)
(74,652,655)

Investing activities

Purchase of property and equipment
(1,774,932)
(2,654,913)Purchase of intangible assets
(2,019,595)
(4,700,559)Purchase of marketable securities
-

(1,202,290)Sale and maturities of marketable securities
-

1,135,200
Purchase of digital assets
(19,100,000)
-
Cash paid to non-accredited investors in connection with Callin acquisition
-

(204,846)Cash paid in connection with North River acquisition
-

(3,654,500)Net cash used in investing activities
(22,894,527)
(11,281,908)

Financing activities

Taxes paid from net share settlement for share-based compensation
(3,260,193)
(1,915,138)Proceeds from the exercise of warrants and stock options
2,197,419

295,726
Proceeds from issuance of Class A Common Stock under ESPP
129,374

-
Proceeds from issuance of Class A Common Stock
775,000,000

-
Repurchase of Class A Common Stock
(525,000,000)
-
Share issuance costs
(29,429,791)
-
Net cash provided by (used in) financing activities
219,636,809

(1,619,412)Increase/ (decrease) in cash and cash equivalents during the period

155,738,250

(87,553,975)

Cash and cash equivalents, beginning of period
114,018,900

218,338,658
Cashand cash equivalents, end of period$269,757,150
$130,784,683

Supplemental cash flow information

Cash paid for income taxes$33,755
$71,864
Cash paid for interest
-

278
Cash paid for lease liabilities
805,308

945,354

Non-cash investing and financing activities:

Class A Common Stock issued to settle contingent consideration liability
-

1,404,753
Property and equipment in accounts payable and accrued liabilities
2,112,958

49,343
Recognition of operating right-of-use assets in exchange of operating lease
 Liabilities, net of derecognition of terminated leases
1,119,786

317,003
Share-based compensation capitalized related to intangible assets
398,323

342,374

Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of Adjusted EBITDA (Unaudited)

Three months ended September 30,

Nine months ended September 30,

2025

2024

2025

2024

Net loss$(16,261,762)$(31,539,413)$(49,136,885)$(101,610,153)Adjustments:

Amortization and depreciation
3,880,492

3,128,242

10,775,361

9,118,603
Share-based compensation expense
5,383,691

6,157,765

19,447,788

17,478,041
Interest income
(2,896,649)
(1,949,898)
(7,979,880)
(6,646,015)Other (income) expense
(46,901)
304

476

73,881
Income tax (benefit) expense
-

(85,157)
31,310

66,315
Change in fair value of warrants liability
(8,936,773)
756,700

(24,379,616)
1,480,395
Change in fair value of digital assets
(1,456,388)
-

(4,949,413)
-
Change in fair value of contingent consideration
-

-

-

1,354,357
Change in fair value of derivative
-

-

(9,700,000)
-
Acquisition-related transaction costs
5,236,796

-

7,624,901

-
Adjusted EBITDA$(15,097,494)$(23,531,457)$(58,265,958)$(78,684,576)

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November 10, 2025 00:56 ET

 | Source:

Rumble, Inc.

Commitment in Support of Recently Announced Exchange Offer for Northern Data

Agreement Further Demonstrates Tether’s Expanding Investment and Partnership with Rumble

LONGBOAT KEY, Fla., Nov. 10, 2025 (GLOBE NEWSWIRE) -- Rumble Inc. (NASDAQ: RUM) (“Rumble” or the “Company”), the Freedom-First technology platform, today agreed on a significant GPU commitment with Tether, the largest company in the digital assets industry and the most widely used dollar stablecoin across the world with more than 500 million users. The agreement represents an initial commitment by Tether to purchase up to $150 million of GPU services over a two-year period following the closing of Rumble’s voluntary public exchange offer for Northern Data AG.

Securing direct access to high-performance compute is a strategic cornerstone of Tether’s broader AI ambitions, positioning the company to power a decentralized ecosystem for AI that operates independently of hyperscalers. The GPU fleet would enable Tether to supercharge its AI models and agents, ensuring both computational sovereignty and long-term cost efficiency. By leveraging Rumble’s library and Northern Data’s GPU clusters to train AI models and co-create tools that empower content creators worldwide, Tether's AI products are aimed at being insulated from censorship or access restrictions. Together, this is expected to fuel global AI development at scale with the hardware base and geopolitical independence to build a self-sustaining, open AI infrastructure that does not rely on centralized cloud providers.

“Paolo Ardoino is a visionary. He has built an unparalleled business model with a world-class team at Tether who have demonstrated relentless execution on product,” said Chris Pavlovski, Chairman and Chief Executive Officer of Rumble. “At Rumble, with the exchange offer for Northern Data, we will be in a position to expand our partnership with Tether, supply them as an anchor customer on our Freedom-First AI infrastructure and help them execute on their game-changing AI plans rooted in privacy, independence and resilience.”

The GPU purchase agreement will only become effective at the closing of Rumble’s exchange offer for Northern Data AG.

ABOUT RUMBLE

Rumble is a Freedom-First technology platform with a mission to protect a free and open internet. The platform spans cloud, AI, and digital media, including its namesake video service, and is built on a foundation of customer independence and free speech.

ABOUT TETHER

Tether is the creator of the world’s most used stablecoin and a pioneer in building decentralized financial, communication, AI, and energy infrastructure. With a mission to promote financial inclusion and sovereign access to resources, Tether supports projects globally that align with the principles of openness, transparency, and technological independence.

Important Information for Investors and Stockholders

This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be commenced except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended (the “Securities Act”).

When the exchange offer referenced in this press release (the “Offer”) is launched in accordance with the definitive agreements for the transaction, such Offer will only be made pursuant to a Registration Statement on Form S-4 and related information statement and other relevant documents to be filed by Rumble with the SEC. Before making any voting or investment decision, investors and security holders of Northern Data are strongly advised to read the registration statement and related information statement and all other relevant documents filed or that will be filed with the SEC in connection with the Offer, when launched, as they become available because they will contain important information about the transaction. Holders of Northern Data shares will need to make their own decision whether to tender shares in the Offer, when launched. Investors and security holders of Northern Data will be able to obtain free copies of the registration statement and related information statement and all other relevant documents filed or that will be filed with the SEC by Rumble through the website maintained by the SEC at www.sec.gov.

Neither the SEC nor any U.S. state securities commission has passed any comment upon the adequacy, accuracy or completeness of the disclosure in this release. Any representation to the contrary is a criminal offence in the United States.

Certain Information Regarding Participants

Rumble and its directors, executive officers and other members of its management and employees may be deemed under SEC rules to be participants in the solicitation of proxies of Rumble’s stockholders in connection with the proposed transactions. Information concerning the interests of Rumble’s participants in any such solicitation, if applicable, which may, in some cases, be different from those of Rumble’s stockholders generally. Information regarding the directors and executive officers of Rumble is contained in Rumble’s Annual Report on Form 10-K for the year ended December 31, 2024, and its Proxy Statement on Schedule 14A, dated April 25, 2025, which are filed with the SEC and can be obtained free of charge from the sources indicated above. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the information statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when they become available.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Investors should read statements that contain these words carefully because they discuss future expectations, contain projections of future results of operations or financial condition; or state other “forward-looking” information. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond Rumble’s and Northern Data’s control.

These forward-looking statements include, but are not limited to, statements regarding benefits of the proposed transaction, integration plans and expected synergies, and anticipated future growth, financial and operating performance and results. Forward-looking statements involve risks and uncertainties that may cause actual results to be materially different from the results predicted or expected. No assurance can be given that these forward-looking statements will prove accurate and correct, or that projected or anticipated future results will be achieved. Factors that could cause actual results to differ materially from those indicated in any forward-looking statement include, but are not limited to: with respect to the transaction with Northern Data referred to in this press release, the expected timing and likelihood of the completion of the contemplated transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the contemplated transaction that could reduce anticipated benefits or cause the parties to abandon the transaction; risks that the condition to the publication of the offer document relating to the outcome of an independent investigation to be conducted by Northern Data into certain VAT tax-related allegations is not satisfied; the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction; the ability to successfully complete the proposed transaction; regulatory or other limitations imposed as a result of the proposed transaction; the success of the business following the proposed transaction; the ability to successfully integrate Rumble’s and Northern Data’s businesses; the possibility that the requisite number of Northern Data’s shares may not be tendered in the exchange offer; the risk that the parties may not be able to satisfy the conditions to closing of the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction; the risk that the announcement or consummation of the proposed transaction could have adverse effects on the market price of Rumble’s Class A common stock or Northern Data’s capital stock or the ability of Rumble and Northern Data to retain customers, retain or hire key personnel, maintain relationships with their respective suppliers and customers, and on their operating results and businesses generally; the risk that the combined business may be unable to achieve expected synergies or that it may take longer or be more costly than expected to achieve those synergies; the risk of fluctuations in revenue due to lengthy sales and approval process required by major and other service providers for new products; the risk posed by potential breaches of information systems and cyber-attacks; the risks that Rumble, Northern Data or the post-combination company may not be able to effectively compete, including through product improvements and development; and such other factors as are set forth in Northern Data’s annual and interim financial reports made publicly available and Rumble’s public filings made with the SEC from time to time, including but not limited to those described under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Rumble’s Form 10-K for the fiscal year ended December 31, 2024 and Rumble’s Form 10-Q for the quarterly period ended September 30, 2025, which are available via the SEC’s website at www.sec.gov. The foregoing list of risk factors is not exhaustive. These risks, as well as other risks associated with the contemplated transaction, will be more fully discussed in the proxy statement/prospectus and the offering prospectus that will be included in the registration statement that will be filed with the SEC and in an offering document and/or any prospectuses or supplements to be filed with the German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in connection with the contemplated transaction. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Rumble or Northern Data has described. All such factors are difficult to predict and beyond our control. All forward-looking statements included in this document are based upon information available to Rumble on the date hereof, and Rumble disclaims and does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, what impact they will have on the results of operations, financial condition or cash flows of Rumble or Northern Data. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on the proposed transaction or Rumble’s or Northern Data’s ability to successfully complete the proposed transaction or realize the expected benefits from the proposed transaction. You are cautioned not to rely on Rumble’s and Northern Data’s forward-looking statements. These forward-looking statements are and will be based upon management’s then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. Rumble does not assume any duty to update or revise forward-looking statements herein, whether as a result of new information, future events or otherwise, as of any future date.

For investor inquiries, please contact:

Shannon Devine
MZ Group, MZ North America
203-741-8811
[email protected]

Source: Rumble Inc.

For investor inquiries, please contact:

Shannon Devine
MZ Group, MZ North America
203-741-8811
[email protected]

Source: Rumble Inc.

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Issuer name: Ensurge Micropower ASA 
Ex. date: 10 November 2025  
Type of corporate action: Possible repair issue/subsequent offering 

This information is published in accordance with the requirements of the Continuing Obligations.

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Utstedernavn: Ensurge Micropower ASA  Ex. Dato: 10. november 2025 Type selskapshandling: Potensiell reparasjonsemisjon  Denne informasjonen offentliggjøres i henhold til kravene i Løpende...

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Money can buy time, but it doesn't guarantee success.

The arrival of artificial intelligence (AI) has driven a massive market rally, especially in technology stocks, that has persisted for most of the past three years.

Wall Street's enthusiasm for artificial intelligence has flowed into quantum computing. The hope that quantum technology can unlock AI's full potential has sent various quantum computing stocks soaring as investors try to gauge which company could emerge as a big winner, much like Nvidia has with AI.

IonQ (IONQ +3.20%) is a leading candidate, and its CEO has gone so far as to suggest the company hopes to replicate Nvidia's AI dominance in quantum computing.

Now, armed with $3.5 billion in cash, is the company poised to deliver on its ambitions? Here is what you need to know.

Image source: Getty Images

IonQ is loaded with cash to fund its growth efforts
Quantum computers use quantum mechanics to perform complex calculations dramatically faster than today's computers. Late last year, an experimental quantum chip from Google (Alphabet) performed a test computation in under five minutes that would take a modern supercomputer longer than our universe has existed. Like, whoa.

IonQ is developing a commercial quantum computing platform to harness that mind-blowing computing power and enhance existing technologies or even create new ones. However, quantum computers are currently unreliable. Their sensitivity to their operating environment makes them highly prone to errors.

When you read about technological advancements from IonQ or other quantum computing companies, it's often about developing computers capable of processing more qubits with higher accuracy, meaning fewer errors.

To date, most quantum computing applications are for research purposes, so there is a minimal commercial opportunity for IonQ at the moment. The company is guiding for $110 million in full-2025 revenue, but its operating activities have burned over $208 million through nine months of this year.

IonQ recently sold $2 billion in new shares to the market. Adding those funds brings the company's total cash position to $3.5 billion, enough to fund its business for the near future.

But having funding doesn't guarantee IonQ's success
IonQ faces several potential hurdles in the quantum computing space.

First, it's still highly debatable how much commercial potential quantum computing has. While quantum computers have proven they can exponentially speed up computations, it's still extremely early to know how and when software developers can apply that technology to real-world use cases.

Industry experts have such wide-ranging opinions on both the size of quantum computing's addressable market and the timeline to make that potential a reality. Research from McKinsey & Company estimates that quantum computing revenue could soar from $4 billion last year to $72 billion by 2035. On the other hand, some tech CEOs are staying cautious. Google's Sundar Pichai estimated earlier this year that practical quantum computers are five to 10 years away.

There are competitive challenges, too. If quantum computing's upside proves genuine, IonQ will face immediate competition from many deep-pocketed companies that are developing quantum technology, including Alphabet, Amazon, International Business Machines (IBM), Microsoft, and Nvidia. That's before getting into other smaller start-up companies.

IonQ currently sells access to its existing quantum computer through cloud companies, but these companies could sever those ties as quantum computing matures and they develop their own offerings.

How well could IonQ build its business outside of the entrenched cloud computing ecosystems of Amazon, Microsoft, and Alphabet? Will IonQ's technology come out ahead of others? Or, if selling quantum computing to commercial clients comes down to price, can it survive a price war with trillion-dollar companies?

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The stock is flashing some warning signs
With so much uncertainty, a pure-play quantum computing stock with little revenue and steep losses, such as IonQ, becomes a precarious investment.

Yet the stock trades at an astronomical valuation.

With a market cap of just over $19 billion, IonQ is trading at roughly 172 times the high end of its updated 2025 revenue guidance. That makes it one of the most expensive stocks on the entire market, a perilous risk-reward proposition for investors, given how many things could go wrong for IonQ's business or quantum computing as a whole.

IonQ's $3.5 billion cash hoard buys it plenty of time to continue developing quantum computers and to invest in building out its business model over the coming years. But no, the cash alone doesn't make IonQ a dominant force in its field, or a viable long-term investment, to say the least.

If anything, IonQ is representative of the market's enthusiasm going too far. Investors should tread very carefully here.