fuboTV (FUBO) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue rose to $386.2 million, up 21% year-over-year in North America, with total paid subscribers reaching 1.613 million in North America and 378,000 internationally, both up 9% and down 8.1% year-over-year, respectively.

• Net loss for Q3 2024 was $54.7 million, improved from $84.4 million in Q3 2023, with EPS loss of $0.17 and Adjusted EBITDA loss of $27.6 million, both showing significant year-over-year improvement.

• Gross margin improved to 14.0% in Q3 2024 from 6.1% in Q3 2023, reflecting better cost management.

• Achieved a preliminary injunction against the Disney, Fox, and Warner Bros. Discovery sports streaming joint venture, with trial set for October 2025.

• The company remains focused on reaching its 2025 profitability target and continues to pursue antitrust litigation to ensure a fair streaming marketplace.

Financial highlights

• Q3 2024 total revenue: $386.2 million (Q3 2023: $320.9 million); North America revenue up 21% year-over-year; Rest of World revenue up 6% to $8.9 million.

• Net loss for Q3 2024: $54.7 million, improved from $84.4 million in Q3 2023; Adjusted EBITDA loss: $27.6 million, improved from $61.4 million loss in Q3 2023.

• Gross profit for Q3 2024: $54.1 million; gross margin: 14.0%.

• Adjusted EPS loss for Q3 2024: $0.08, improved from $0.22 in Q3 2023.

• Ended Q3 2024 with $152.3 million in cash, cash equivalents, and restricted cash.

Outlook and guidance

• Q4 2024 North America revenue guidance: $426–$446 million (9% year-over-year growth at midpoint); full-year 2024 North America revenue guidance: $1.58–$1.60 billion (19% year-over-year growth at midpoint).

• Q4 2024 North America subscriber guidance: 1.665–1.705 million (4% year-over-year growth at midpoint).

• Rest of World Q4 2024 revenue guidance: $8–$9 million; full-year 2024 revenue: $33–$35 million (4% year-over-year growth at midpoint), with paid subscribers expected to decline 14% year-over-year.

• Management expects existing cash and equivalents to provide liquidity for at least the next 12 months.

• Future capital needs depend on subscriber growth, competitive actions, and debt refinancing.