Fubo closed Q3 2024 with 1.613m subscribers in North America

Fubo Closed Q3 2024 With 21% Year-over-Year Revenue Growth and 1.613M Subscribers in North America

NEW YORK — FuboTV Inc. (d/b/a/ Fubo) (NYSE: FUBO), the leading sports-first live TV streaming platform, today announced its financial results for the third quarter ended September 30, 2024. The Company, targeting positive Free Cash Flow in 2025, delivered continued top-line growth and bottom-line improvements, including year-over-year (YoY) improvements in Net Loss of $110.1 million and Adjusted EBITDA (AEBITDA) of $98.8 million for the trailing twelve months (TTM).

Fubo exceeded revenue guidance in North America, ending the third quarter with $377 million total revenue, up 21% YoY. The Company achieved its third quarter subscriber goal, ending the period with 1.613 million subscribers, up 9% YoY. Fubo’s average revenue per user (ARPU) expanded 2.5% YoY to $85.64.

In the Rest of World (ROW), the Company delivered $8.9 million total revenue, up 6.0% YoY, and 378,000 paid subscribers, down 8.1% YoY. ARPU reached $7.50, up 7.5% YoY. ROW includes the results of Molotov, the French live TV streaming service acquired by Fubo in December 2021.

Fubo states its key metrics on a YoY basis given the seasonality of sports content.

Net Loss from continuing operations in the third quarter was $54.7 million, leading to an earnings per share (EPS) loss of $0.17. This compares favorably to a Net Loss from continuing operations of $84.4 million, or an EPS loss of $0.29, in the third quarter of 2023. Adjusted EPS loss in the third quarter was $0.08, compared to an adjusted EPS loss of $0.22 in the third quarter of 2023.

In the third quarter, AEBITDA was -$27.6 million, a $33.8 million improvement when compared to the third quarter of 2023. This reduction was a result of Fubo’s continued focus on efficient growth and cost control.

Net cash provided by operating activities in the third quarter was $2.4 million, a $27.4 million improvement compared to the third quarter of 2023, and Free Cash Flow in the third quarter was -$1.1 million, an improvement of $31.3 million compared to third quarter of 2023. These improvements, as with Fubo’s improvements in Net Loss and AEBITDA, were a result of operating leverage and continued efficiencies throughout the business.

Fubo ended the quarter with $152.3 million in cash, cash equivalents and restricted cash on hand.

Guidance

North America

Fourth Quarter 2024: Fubo is projecting $426 million to $446 million total revenue, representing 9% YoY growth at the midpoint.

Full Year 2024: Fubo is now projecting $1.580 billion to $1.600 billion total revenue, representing 19% YoY growth at the midpoint, and 1,665,000 to 1,705,000 paid subscribers, representing 4% YoY growth at the midpoint.

ROW

Fourth Quarter 2024: Fubo is projecting $8 million to $9 million total revenue, representing 0% YoY growth at the midpoint.

Full Year 2024: Fubo is projecting $33 million to $35 million total revenue, representing 4% YoY growth at the midpoint, and now projecting 345,000 to 355,000 paid subscribers, representing a 14% YoY decline at the midpoint.

Complete third quarter 2024 results are detailed in Fubo’s shareholder letter available on the Company’s IR site.

“Fubo posted strong third quarter 2024 results, marked by continued expansion on the top-line and notable improvements on the bottom-line,” said David Gandler, co-founder and CEO, Fubo. “We continue to prioritize the delivery of a high-quality, innovative and frictionless experience for our users that includes personalization across content and price. This is what streaming should be, and it’s what compelled us to file our antitrust lawsuit against Disney, Fox and Warner Bros. Discovery. We continue our fight to ensure American consumers have the streaming experience they deserve.”

“Fubo’s third quarter of 2024 was notable for ongoing subscriber and revenue growth alongside improvements in key profitability metrics – all important markers that give us continued confidence in our 2025 profitability goal,” said Edgar Bronfman Jr., executive chairman, Fubo. “In addition, we are gratified by recent wins in our ongoing fight for a fair and competitive marketplace, including the granting of a preliminary injunction against the proposed sports streaming joint venture. The streaming industry remains under constant disruption which Fubo sees as an opportunity to build a distinctive sports entertainment streaming platform with consumer needs at its heart.”