fuboTV (FUBO) Q2 2024 earnings summary

Executive summary

• Achieved sixth consecutive quarter of global year-over-year improvement in profitability metrics, with North America exceeding expectations and 26% revenue growth.

• North America revenue grew 26% year-over-year to $382.7 million, with paid subscribers up 24% to 1.45 million as of June 30, 2024.

• Global Q2 2024 revenue was $391.0 million, up from $312.7 million in Q2 2023, driven by subscriber growth and higher subscription prices.

• Net loss from continuing operations improved to $25.8 million from $54.2 million in Q2 2023.

• Launched Fubo Free tier, offering nearly 200 FAST channels to select former subscribers as part of a super aggregation strategy.

Financial highlights

• Q2 2024 total revenue: $391.0 million (+25% year-over-year); North America revenue: $382.7 million (+26%); Rest of World revenue: $8.3 million (+2%).

• Net loss improved to $25.8 million from $54.2 million in Q2 2023; adjusted EPS loss was $0.04, improved from $0.12.

• Adjusted EBITDA was -$11 million, a $19.6 million improvement year-over-year; margin improved to -2.8% from -9.8%.

• Free cash flow improved by $40.5 million year-over-year.

• Ended Q2 with $161.3 million in cash, cash equivalents, and restricted cash.

Outlook and guidance

• Q3 North America subscriber guidance: 1.605–1.625 million (9% YoY growth midpoint); revenue: $360–$370 million (17% YoY growth midpoint).

• Full year 2024 North America guidance: 1.725–1.745 million subscribers (7% YoY growth midpoint); revenue: $1.570–$1.590 billion (18% YoY growth midpoint).

• Rest of World Q3 guidance: 397,000–402,000 subscribers (3% YoY decline midpoint), $8–$9 million revenue (1% YoY growth midpoint).

• Guidance excludes potential impact from the sports streaming JV (Venu Sports) and related litigation.

• Management expects continued revenue growth driven by subscriber additions and ARPU increases.