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fuboTV Inc. /FL (FUBO)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 delivered modest top-line growth and a sharp improvement in profitability metrics: Revenue $416.3M (+3.5% YoY), Adjusted EPS loss improved to $0.02, and Adjusted EBITDA narrowed to -$1.4M; GAAP EPS was $0.55 driven by a $220M gain on settlement of litigation .
  • Results vs consensus: revenue modestly beat (+$0.8M) and Adjusted/Primary EPS beat by ~$0.015; management noted underlying ad trends improving ex the drop of certain ad-insertable content and portfolio changes (beat on revenue and EPS)* .
  • Guidance introduced for Q2 2025 reflects anticipated YoY declines given TelevisaUnivision content drop and one-time sports events in 2Q24; NA revenue $340–$350M and subs 1,225–1,255k; ROW revenue $6.5–$7.5M and subs 325–335k .
  • Strategic narrative centers on super-aggregation and skinny bundles, interactive ad innovation, and pending Disney/Hulu + Live TV combination; mgmt emphasized acceptable terms for non-Disney content and targeted fall launch timing .

What Went Well and What Went Wrong

What Went Well

  • North America exceeded subscriber guidance (1.47M vs 1.43–1.46M) and achieved revenue targets ($407.9M) despite a lighter sports calendar and portfolio changes .
  • Profitability metrics improved: Adjusted EBITDA (-$1.4M) improved by $37.4M YoY; Adjusted EPS loss improved to $0.02 .
  • Management reiterated confidence in super-aggregation and progress toward fall launch of skinny bundles; CEO: “We remain excited about our agreement… to combine Fubo with Hulu + Live TV… We continue to work through the regulatory process” .

What Went Wrong

  • North America ad revenue fell 17.3% YoY to $22.5M driven by the drop of certain ad-insertable content (TelevisaUnivision and WBD networks) .
  • Subscriber base declined YoY in NA (-2.7%) and ROW (-10.9%); ROW revenue down 0.4% YoY and ARPU down sequentially .
  • Q2 2025 outlook guides double-digit YoY declines in both NA and ROW revenue/subs due to content changes and prior-year event timing (Copa) .

Financial Results

Quarterly Actuals (Continuing Operations)

MetricQ1 2024Q3 2024Q4 2024Q1 2025
Revenue ($USD Millions)$402.3 $386.2 $443.3 $416.3
GAAP EPS (Continuing Ops)-$0.19 -$0.17 -$0.11 $0.55
Adjusted EPS ($USD)-$0.14 -$0.08 -$0.02 -$0.02
Operating Loss ($USD Millions)-$63.3 -$58.6 -$38.4 -$25.4
Net Income (Loss), Continuing ($USD Millions)-$56.3 -$54.7 -$40.9 $188.5
Adjusted EBITDA ($USD Millions)-$38.8 -$27.6 -$8.7 -$1.4
Adjusted EBITDA Margin %-9.6% -7.1% -2.0% -0.3%

Note: Net income and operating cash flow in Q1 2025 include a $220M gain on settlement of litigation .

Segment Breakdown

MetricQ1 2024Q4 2024Q1 2025
NA Subscribers (000s)1,511 1,676 1,470
NA Revenue ($USD Millions)$394.0 $433.8 $407.9
NA ARPU ($)$84.54 $87.90 $85.37
ROW Subscribers (000s)397 362 354
ROW Revenue ($USD Millions)$8.4 $9.4 $8.4
ROW ARPU ($)$7.00 $8.50 $7.76

KPIs

KPIQ1 2024Q1 2025
NA Advertising Revenue ($USD Millions)$27.23 $22.50
Cash, Cash Equivalents & Restricted Cash ($USD Millions)$174.99 $327.76

Results vs S&P Global Consensus

MetricQ1 2025 Consensus*Q1 2025 Actual
Revenue ($USD Millions)$415.46*$416.29
Primary EPS ($USD)-$0.0349*-$0.02

*Values retrieved from S&P Global.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
NA Subscribers (000s)Q2 2025N/A1,225–1,255 New; ~-14% YoY midpoint
NA Revenue ($USD Millions)Q2 2025N/A$340–$350 New; ~-10% YoY midpoint
ROW Subscribers (000s)Q2 2025N/A325–335 New; ~-17% YoY midpoint
ROW Revenue ($USD Millions)Q2 2025N/A$6.5–$7.5 New; ~-15% YoY midpoint
NA Subscribers (000s)Q1 20251,430–1,460 1,470 (actual) Exceeded
NA Revenue ($USD Millions)Q1 2025$400–$410 $407.9 (NA actual) Achieved (near top-end)
ROW Subscribers (000s)Q1 2025330–340 354 (actual) Exceeded
ROW Revenue ($USD Millions)Q1 2025$7.5–$8.5 $8.4 (actual) Achieved

Note: No guidance provided on OpEx, OI&E, tax rate, or dividends in these materials .

Earnings Call Themes & Trends

TopicPrevious Mentions (Q3 & Q4 2024)Current Period (Q1 2025)Trend
Super-aggregation & skinny bundlesLaunched standalone subscriptions; expanded Fubo Free; focused on local sports; Multiview to Roku; The Athletic partnership “Focused on releasing skinny bundles… completing content deals with non-Disney partners; launch targeted for fall” Building toward launch; emphasis on fair terms
Content/licensing & Disney/Hulu JVAgreement to combine with Hulu + Live TV announced; aim to scale and add competition Reaffirmed excitement; regulatory process ongoing Steady progress; regulatory watch
Advertising innovationNew interactive formats (Triple Play); strong upfronts; ad business expansion Interactive ads traction (+37% YoY); new shoppable and programmatic pause ads launched Product-led ad growth; normalization post content drops
Macro/consumerNot highlighted as major headwind in prior quarters“Nothing stands out” on macro; churn stable/better YoY in English package; April reactivations ahead of expectations Neutral/constructive
ROW strategy & profitabilityROW ARPU rising; subs declining; profitability focus “Profitability over growth”; platform unification; Molotov onboarding; EBITDA ahead of budget Profit-first; product integration
Product/technology & AI/personalizationUnified Platform; Multiview expansion; AI search/personalization Personalized game alerts; live scores; plan to roll to more leagues Continued feature rollout

Management Commentary

  • CEO: “Our global streaming business exceeded our subscriber forecast and achieved our revenue guidance… We remain excited about our agreement… to combine fubo with Hulu + Live TV… It is critical… we negotiate content licensing agreements at fair rates and terms” .
  • CFO: “Ad revenue… down 17% year-over-year, largely due to the discontinuation of Warner Bros. Discovery and TelevisaUnivision Networks… Adjusted EPS loss improved to $0.02… Adjusted EBITDA… a $37M improvement YoY” .
  • CEO on consumer value: “Our content aggregation and innovative user experience provide an attractive solution, particularly for the ardent sports fan” .
  • Executive Chairman: “Ninth consecutive quarter with improvements in Adjusted EBITDA and Free Cash Flow… plan to continue investing in infrastructure, technology and product” .

Q&A Highlights

  • TelevisaUnivision & content realignment: Management open to discussions on acceptable terms; skinny bundles progressing with non-Disney partners; growth opportunity by fall if terms are fair .
  • Macro/operational cadence: Same-store subscriber growth flattish adjusted for Copa; churn in English package stable/better YoY despite price increase; April reactivations ahead of expectations .
  • Advertising: Loss of ad-insertable hours from dropped networks directly impacted ad revenue; underlying performance ex these impacts was slightly up YoY; interactive ad formats gaining momentum, with 30–37% YoY increases and expanding adoption .
  • ROW/Molotov: Emphasis on profitability over growth; platform unification continuing; EBITDA ahead of budget despite subs declines .

Estimates Context

  • Q1 2025 vs S&P Global consensus: revenue beat ($416.29M vs $415.46M)* and Adjusted/Primary EPS beat (-$0.02 vs -$0.0349)*; underscored by disciplined cost control and underlying ad normalization excluding dropped networks .
  • Implications: Street likely to revise trajectories for Adjusted EPS and free cash flow given consistent multi-quarter improvements and Q2 outlook framing YoY declines from identifiable drivers (content portfolio changes, event timing)* .

*Values retrieved from S&P Global.

Key Takeaways for Investors

  • The quarter modestly outperformed on revenue and Adjusted EPS versus consensus amid intentional portfolio changes; underlying ad trajectory improving ex content drops (beat catalysts)* .
  • Profitability narrative strengthening: Adjusted EBITDA margin trending toward breakeven (-0.3% in Q1); free cash flow improved YoY; GAAP EPS uplift non-recurring (litigation gain) .
  • Q2 guide embeds YoY declines driven by known factors (TelevisaUnivision drop; Copa comps) rather than deterioration in core engagement; watch reactivation trends and skinny bundle launch milestones .
  • Strategic upside hinges on super-aggregation execution, acceptable licensing terms with non-Disney programmers, and regulatory progress on Disney/Hulu + Live TV combination .
  • Advertising product innovation (interactive, shoppable, programmatic pause ads) is a tangible lever to offset ad-insertable content shifts; monitor adoption and yield .
  • ROW remains profit-first and platform-integrated; expect subs stability once marketing investment timing shifts; near-term contribution constrained but EBITDA profile improving .
  • Trading setup: narrative catalysts include skinny bundle launch timing, content deal announcements, and regulatory updates; near-term prints likely framed by Q2 guide execution and ad normalization.

Notes on non-GAAP

Adjusted EPS excludes stock-based comp, amortization of intangibles, amortization of debt premium, gain on extinguishment of debt, certain litigation/transaction expenses, and gain on settlement of litigation; Adjusted EBITDA similarly excludes these items and tax/other income/expense .