The Q3 guidance of $87M-$93M signals a massive revenue ramp from the Northern Data acquisition, but the steep EPS miss and heavy one-time costs warrant caution. Monitor the next quarter for margin improvement and integration progress; the 250MW unmonetized capacity is a long-term catalyst but not near-term. The stock may react positively to the guidance but could be weighed by the EPS miss.
Price Chart
Executive Summary
RUM Group reported record Q2 2026 revenue of $40.4M (+61% YoY), driven by the Northern Data acquisition which contributed $10.1M and closed on June 17. EPS came in at -$0.28, a significant miss vs. the $0.10 consensus, reflecting $28.3M in acquisition-related costs and $16.3M in depreciation. The company initiated Q3 2026 revenue guidance of $87M-$93M, implying a more-than-doubling of revenue as Northern Data contributes a full quarter. The revenue growth and guidance are transformative, but the EPS miss and continued operating losses temper the outlook.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $40.4M, up 61% YoY and 58% QoQ, a record
- Northern Data acquisition closed June 17, adding $10.1M revenue from ~2 weeks within Q2
- EPS -$0.28 vs. consensus -$0.10, a 180% miss
- Q3 2026 revenue guidance initiated at $87M-$93M (more than double Q2 run rate)
- Quake AI has ~250MW of unmonetized 2027 capacity, representing a $3B+ ARR opportunity per management
- Total liquidity of $220.5M, including $203.3M cash and 293.14 Bitcoin valued at $17.2M
- Operating loss of $70.8M, including $28.3M acquisition-related transaction costs
Financial Impact
Revenue of $40.4M vs. $25.1M a year ago; EPS -$0.28 vs. -$0.10 consensus; Q3 guidance of $87M-$93M
Risk Factors
- Integration risk from Northern Data acquisition; large one-time costs may continue
- Continued negative operating cash flow ($66.1M H1 2026) and cash burn
- Dilution from share issuance (Class A shares increased from 215.7M to 276.3M since Dec 2025)
- Guidance may be overly optimistic if GPU utilization or customer demand weakens
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3342211 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 6w ago | 8-K | $7.17 | awaiting T+60 | — | $5.57 (−22.32%) |
Sep 10, 2026 6w ago | Press Release | $7.17 | awaiting T+60 | — | $5.57 (−22.32%) |
Aug 24, 2026 9w ago | 8-K | $9.36 | awaiting T+60 | — | $5.57 (+40.49%) |
Aug 10, 2026 11w ago | 8-K | $6.92 | awaiting T+60 | — | $5.57 (−19.51%) |
Aug 10, 2026 11w ago | Press Release | $6.92 | awaiting T+60 | — | $5.57 (−19.51%) |
Jun 18, 2026 18w ago | 8-K | $6.80 $8.20 | ▲ +20.59% | ▲ +18.84% | $5.57 (−18.09%) |
Jun 17, 2026 18w ago | 8-K | $7.36 $8.00 | ▲ +8.70% | ▲ +6.80% | $5.57 (−24.32%) |
Jun 17, 2026 18w ago | Press Release | $7.36 $8.00 | ▲ +8.70% | ▲ +6.80% | $5.57 (−24.32%) |
Jun 4, 2026 20w ago | Press Release | $8.18 $8.98 | ▲ +9.78% | ▲ +7.90% | $5.57 (−31.91%) |
May 27, 2026 21w ago | Press Release | $9.75 $8.43 | ▼ −13.54% | ▼ −15.42% | $5.57 (−42.87%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers