fuboTV Inc. /FL
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 11, 2025
FUBO$7.60-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-05.
0001628280-25-022186
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001628280-25-039615
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 145 previous paragraphs and 150 current paragraphs.
114 unchanged; 24 reworded; 7 added; 7 removed; 0 previous and 5 current paragraphs rearranged.
Tables are not compared: 4 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Net income (loss) from discontinued operations
Current report
During the three months ended June 30, 2025, we recognized revenues of $380.0 million compared to $391.0 million during the three months ended June 30, 2024. The decrease of $11.0 million was primarily due to a decrease in subscription revenue of $10.3 million, comprising $13.5 million from decreases in our subscriber base, offset by $3.2 million from increases in subscription package prices and attachments sold. Advertising revenue decreased $0.4 million primarily due to a decrease in number of impressions sold offset by a slight increase in CPMs. Other revenue decreased $0.3 million due to the expiration of certain contracts for distribution and carriage fees.
Current report
During the six months ended June 30, 2025, we recognized sales and marketing expenses of $66.8 million compared to $79.1 million during the six months ended June 30, 2024. The decrease of $12.3 million was primarily due to a $10.4 million decrease in stock-based compensation expense and a $2.0 million decrease in marketing expenses.
Current report
During the six months ended June 30, 2025, we recognized technology and development expenses of $39.4 million, flat to $39.4 million during the six months ended June 30, 2024.
Current report
During the six months ended June 30, 2025, general and administrative expenses totaled $52.1 million compared to $38.7 million during the six months ended June 30, 2024. The increase of $13.4 million was primarily due to a $11.6 million increase in legal and professional fees associated with the Business Combination and a $2.5 million increase in payroll expense, partially offset by a $0.4 million decrease in stock based-compensation expense.
Current report
During the six months ended June 30, 2025, we recognized depreciation and amortization expenses of $20.0 million compared to $18.8 million during the six months ended June 30, 2024. The increase of $1.3 million was primarily due to an increase in the amortization of capitalized internal use software.
Current report
Our Gross Profit was $146.9 million and $77.0 million for the six months ended June 30, 2025 and 2024, respectively. Our Gross Margin was 18.5% and 9.7% for the same periods, respectively.
Removed paragraphs (7)
Previous report
Net loss from discontinued operations
Previous report
Average Revenue Per User
Previous report
We believe ARPU provides useful information for investors to gauge the revenue generated per subscriber on a monthly basis. ARPU, with respect to a given period, is defined as total Subscription revenue and Advertising revenue recognized in such period, divided by the average daily paid subscribers in such period, divided by the number of months in such period. Advertising revenue, like Subscription revenue, is primarily driven by the number of subscribers to our platform and per-subscriber viewership such as the type of, and duration of, content watched on platform. We believe ARPU is an important metric for both management and investors to evaluate the Company’s core operating performance and measure our subscriber monetization, as well as evaluate unit economics, payback on subscriber acquisition cost and lifetime value per subscriber. In addition, we believe that presenting a geographic breakdown for North America ARPU and ROW ARPU allows for a more meaningful assessment of the business because of the significant differences in both Subscription revenue and Advertising revenue generated on a per subscriber basis in North America when compared to ROW due to our current subscription pricing models and advertising monetization in the two geographic regions.
Previous report
Our NA ARPU was $85.37 and $84.54 for the three months ended March 31, 2025 and 2024, respectively, and our ROW ARPU was $7.76 and $7.00 for the three months ended March 31, 2025 and 2024, respectively.
Previous report
The tables below provide a reconciliation of NA ARPU and ROW ARPU to GAAP Subscription and Advertising Revenue (in thousands, except average subscribers and average per user amounts):
Previous report
Reconciliation of GAAP Subscription and Advertising Revenue to North America ARPU
Previous report
Reconciliation of GAAP Subscription and Advertising Revenue to ROW ARPU
Reworded paragraphs (24)
Previous wording
The net loss from discontinued operations primarily consists of operating expenses related to the wind down of the wagering business, impairment expense associated with the write-off of goodwill, intangible assets, and other assets, and re-evaluation of certain contract termination costs.
Current wording
The net income (loss) from discontinued operations primarily consists of operating expenses related to the wind down of the wagering business, impairment expense associated with the write-off of goodwill, intangible assets, and other assets, and re-evaluation of certain contract termination costs.
Previous wording
Results of Operations for the Three Months Ended March 31, 2025 and 2024 (in thousands):
Current wording
Results of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (in thousands):
Previous wording
During the three months ended March 31, 2025, we recognized revenues of $416.3 million compared to $402.3 million during the three months ended March 31, 2024. The increase of $13.9 million was primarily due to an increase in subscription revenue of $17.7 million, comprising $7.8 million from an increase in our subscriber base and $9.9 million from increases in subscription package prices and attachments sold. Advertising revenue decreased $4.6 million primarily due to a decrease in number of impressions sold and CPMs. Other revenue increased $0.8 million due to new contracts for distribution and carriage fees.
Current wording
During the six months ended June 30, 2025, we recognized revenues of $796.3 million compared to $793.3 million during the six months ended June 30, 2024. The increase of $2.9 million was primarily due to an increase in subscription revenue of $7.5 million, comprising $13.2 million from increases in subscription package prices and attachments sold, offset by $5.7 million from decreases in our subscriber base. Advertising revenue decreased $5.0 million primarily due to a decrease in number of impressions sold and CPMs. Other revenue increased $0.5 million due to new contracts for distribution and carriage fees.
Previous wording
During the three months ended March 31, 2025, we recognized subscriber related expenses of $334.6 million compared to $360.2 million during the three months ended March 31, 2024. The decrease of $25.6 million was primarily due to a decrease in subscribers and the expiration of certain content agreements that were not renewed.
Current wording
During the three months ended June 30, 2025, we recognized subscriber related expenses of $291.4 million compared to $326.5 million during the three months ended June 30, 2024. The decrease of $35.1 million was primarily due to a decrease in subscribers and the expiration of certain content agreements that were not renewed.
Previous wording
During the three months ended March 31, 2025, we recognized broadcasting and transmission expenses of $12.5 million compared to $14.5 million during the three months ended March 31, 2024. The decrease of $2.0 million was primarily due to a reduction in expenses resulting from initiatives implemented by the Company during 2024 to optimize our cloud infrastructure.
Current wording
During the three months ended June 30, 2025, we recognized broadcasting and transmission expenses of $10.9 million compared to $15.2 million during the three months ended June 30, 2024. The decrease of $4.3 million was primarily due to a reduction in expenses resulting from initiatives implemented by the Company during 2024 to optimize our cloud infrastructure.
Previous wording
During the three months ended March 31, 2025, we recognized sales and marketing expenses of $36.8 million compared to $43.2 million during the three months ended March 31, 2024. The decrease of $6.4 million was primarily due to a $7.8 million decrease in stock-based compensation expense partially offset by a $2.1 million increase in marketing expenses to attract new customers.
Current wording
During the three months ended June 30, 2025, we recognized sales and marketing expenses of $30.0 million compared to $35.9 million during the three months ended June 30, 2024. The decrease of $5.9 million was primarily due to a $2.5 million decrease in stock-based compensation expense and a $4.1 million decrease in marketing expenses.
Previous wording
During the three months ended March 31, 2025, we recognized technology and development expenses of $20.1 million, essentially flat to $20.0 million during the three months ended March 31, 2024.
Current wording
During the three months ended June 30, 2025, we recognized technology and development expenses of $19.3 million, flat to $19.3 million during the three months ended June 30, 2024.
Previous wording
During the three months ended March 31, 2025, general and administrative expenses totaled $27.8 million compared to $18.5 million during the three months ended March 31, 2024. The increase of $9.3 million was primarily due to a $8.0 million increase in legal and professional fees associated with the Business Combination and $2.1 million increase in payroll expense offset by $1.0 million decrease in stock based-compensation expense.
Current wording
During the three months ended June 30, 2025, general and administrative expenses totaled $24.3 million compared to $20.2 million during the three months ended June 30, 2024. The increase of $4.1 million was primarily due to a $3.2 million increase in legal and professional fees associated with the Business Combination, a $0.4 million increase in payroll expense and a $0.6 million increase in stock based-compensation expense.
Previous wording
During the three months ended March 31, 2025, we recognized depreciation and amortization expenses of $9.9 million compared to $9.3 million during the three months ended March 31, 2024. The increase of $0.6 million was primarily due to an increase in the amortization of capitalized internal use software.
Current wording
During the three months ended June 30, 2025, we recognized depreciation and amortization expenses of $10.1 million compared to $9.5 million during the three months ended June 30, 2024. The increase of $0.6 million was primarily due to an increase in the amortization of capitalized internal use software.
Previous wording
During the three months ended March 31, 2025, we recognized $218.6 million of other income, net compared to $7.1 million of other income, net during the three months ended March 31, 2024. The change of $211.5 million was primarily due to a $220.0 million gain on settlement of litigation related to the antitrust litigation against Disney, Fox, and WBD and their affiliates in January 2025 (the "Antitrust Settlement"), whereas during 2024, the Company recognized $9.6 million gain on extinguishment of debt resulting from the repurchase of outstanding convertible notes at a discount and the exchange of a portion of the 2026 Convertible Notes with the 2029 Convertible Notes.
Current wording
During the six months ended June 30, 2025, we recognized $216.7 million of other income, net compared to $17.0 million of other income, net during the six months ended June 30, 2024. The change of $199.6 million was primarily due to a $220.0 million gain on settlement of litigation related to the antitrust litigation against Disney, Fox, and WBD and their affiliates in January 2025 (the "Antitrust Settlement") and an increase of $2.2 million in interest income, whereas during 2024, we recognized $21.8 million gain on extinguishment of debt resulting from the repurchase of outstanding convertible notes at a discount and the exchange of a portion of the 2026 Convertible Notes with the 2029 Convertible Notes.
Previous wording
During the three months ended March 31, 2025, we recognized income tax provision of $4.6 million compared to an income tax provision of $0.1 million during the three months ended March 31, 2024. The change of $4.5 million was primarily driven by quarter-to-date pre-tax earnings primarily as a result of the Antitrust Settlement. The Company has not provided any income tax benefit relating to its current operating losses in France and Spain as the Company concluded that its deferred tax assets in those countries are not realizable on a more-likely-than-not basis.
Current wording
During the six months ended June 30, 2025, we recognized an income tax provision of $4.8 million compared to $0.2 million during the six months ended June 30, 2024. The change of $4.6 million was primarily driven by pre-tax income primarily as a result of the Antitrust Settlement. The Company has not provided any income tax benefit relating to its current operating losses in France and Spain as the Company concluded that its deferred tax assets in those countries are not realizable on a more-likely-than-not basis.
Previous wording
Net loss from discontinued operations, net of tax
Current wording
Net income (loss) from discontinued operations, net of tax
Previous wording
There was no activity during the three months ended March 31, 2025. During the three months ended March 31, 2024, we recognized net loss of $0.3 million due to the change in impact from the re-evaluation of certain contract termination costs. We discontinued the operations of our wagering business in October 2022.
Current wording
There was no activity during the three months ended June 30, 2025. During the three months ended June 30, 2024, we recognized a net loss of $0.1 million due to the change in impact from the re-evaluation of certain contract termination costs. We discontinued the operations of our wagering business in October 2022.
Previous wording
We had 1.5 million paid subscribers in the United States and Canada ("North America" or "NA") as of March 31, 2025 and 2024, and 0.4 million paid subscribers in the remaining territories in which the Company operates ("Rest of World" or "ROW") as of March 31, 2025 and 2024.
Current wording
We had 1.4 million and 1.5 million paid subscribers in the United States and Canada ("North America" or "NA") as of June 30, 2025 and 2024, respectively, and 0.4 million paid subscribers in the remaining territories in which the Company operates ("Rest of World" or "ROW") as of June 30, 2025 and 2024.
Previous wording
Our Gross Profit was $69.2 million and $27.7 million for the three months ended March 31, 2025 and 2024, respectively. Our Gross Margin was 16.6% and 6.9% for the same periods, respectively.
Current wording
Our Gross Profit was $77.7 million and $49.3 million for the three months ended June 30, 2025 and 2024, respectively. Our Gross Margin was 20.4% and 12.6% for the same periods, respectively.
Previous wording
Our primary sources of cash are receipts from subscription and advertising revenue as well as proceeds from equity and debt financings. Our primary uses of cash are content and programming license fees and operating expenses, including payroll-related, marketing, technology and professional fees.
Current wording
Our primary sources of cash are receipts from subscription and advertising revenue. Historically, we have also received proceeds from equity and debt financings. Our primary uses of cash are content and programming license fees and operating expenses, including payroll-related, marketing, technology and professional fees.
Previous wording
We currently have an effective shelf registration statement on Form S-3 (No. 333-266557) filed with the SEC on August 5, 2022 under which we may offer, from time to time, in one or more offerings any combination of common stock, preferred stock, debt securities, warrants, purchase contracts and units of up to $750.0 million in the aggregate. In addition, we have an effective shelf registration statement on Form S-3 (No. 333-277677) filed with the SEC on March 5, 2024 under which we may offer, from time to time, in one or more offerings any combination of common stock, preferred stock, debt securities, warrants, purchase contracts and units (the "2024 Form S-3"). On August 4, 2022, we entered into an at-the-market sales agreement with Evercore Group L.L.C., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Needham & Company, LLC, as sales agents, under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $350.0 million through the sales agents (the "ATM Program") under our 2021 Form S-3. On August 6, 2024, we filed a prospectus supplement to the base prospectus accompanying the 2024 Form S-3 in order to migrate the ATM Program from a prior effective registration to the 2024 Form S-3. Upon the filing of such prospectus supplement, all offers or sales under the ATM Program shall be made under the 2024 Form S-3. As of March 31, 2025, there was $112.0 million of common stock remaining available for sale under the 2022 Sales Agreement.
Current wording
We have an effective shelf registration statement on Form S-3 (No. 333-277677) filed with the SEC on March 5, 2024 under which we may offer, from time to time, in one or more offerings any combination of common stock, preferred stock, debt securities, warrants, purchase contracts and units (the "2024 Form S-3"). On August 4, 2022, we entered into an at-the-market sales agreement with Evercore Group L.L.C., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Needham & Company, LLC, as sales agents, under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $350.0 million through the sales agents (the "ATM Program") under our 2021 Form S-3. On August 6, 2024, we filed a prospectus supplement to the base prospectus accompanying the 2024 Form S-3 in order to migrate the ATM Program from a prior effective registration to the 2024 Form S-3. Upon the filing of such prospectus supplement, all offers or sales under the ATM Program shall be made under the 2024 Form S-3. As of June 30, 2025, there was $112.0 million of common stock remaining available for sale under the 2022 Sales Agreement.
Previous wording
As of March 31, 2025, we had cash, cash equivalents, and restricted cash of $327.8 million. Based on our current outlook, we expect to primarily use our cash and cash equivalents, and cash flows from operations, to fund our operations. However, our future capital requirements will depend on many factors, including, but not limited to, those detailed in Part II, Item 1A, Risk Factors in this Quarterly Report. We therefore may from time to time seek to raise additional capital, including selling shares of our common stock under our ATM program to, among other things, fund repurchases of our debt or equity securities or, if a change in market conditions or other circumstances impacts our current outlook and/or liquidity needs, to fund our operating plan. We also may raise capital from time to time to strengthen our balance sheet and enhance our liquidity. In addition, we may seek to repurchase, refinance or restructure our outstanding debt securities prior to their maturity in one or more transactions, which may involve the payment of cash or the issuance of additional debt or equity securities.
Current wording
As of June 30, 2025, we had cash, cash equivalents, and restricted cash of $289.7 million. Based on our current outlook, we expect to primarily use our cash and cash equivalents, and cash flows from operations, to fund our operations. However, our future capital requirements will depend on many factors, including, but not limited to, those detailed in Part II, Item 1A, Risk Factors in this Quarterly Report. We therefore may from time to time seek to raise additional capital, including selling shares of our common stock under our ATM Program to, among other things, fund repurchases of our debt or equity securities or, if a change in market conditions or other circumstances impacts our current outlook and/or liquidity needs, to fund our operating plan. We also may raise capital from time to time to strengthen our balance sheet and enhance our liquidity. In addition, we may seek to repurchase, refinance or restructure our outstanding debt securities prior to their maturity in one or more transactions, which may involve the payment of cash or the issuance of additional debt or equity securities.
Previous wording
Net cash provided by operating activities was $161.4 million during the three months ended March 31, 2025 compared to net cash used in operating activities of $67.0 million during the three months ended March 31, 2024. The change was primarily driven by proceeds of $220.0 million received in conjunction with the settlement of the anti-trust litigation against the Defendants and an increase in cash receipts from accounts receivables partially offset by an increase in payments for programming license fees.
Current wording
Net cash provided by operating activities was $126.8 million during the six months ended June 30, 2025 compared to net cash used in operating activities of $98.9 million during the six months ended June 30, 2024. The change was primarily driven by proceeds of $220.0 million received from the Antitrust Settlement and an increase in cash receipts from accounts receivables partially offset by an increase in payments for programming license fees.
Previous wording
Net cash used in investing activities was $3.7 million during the three months ended March 31, 2025 compared to $4.3 million during the three months ended March 31, 2024. The decrease was primarily driven by lower capitalization of internal use software.
Current wording
Net cash used in investing activities was $7.0 million during the six months ended June 30, 2025 compared to $7.7 million during the six months ended June 30, 2024. The decrease was primarily driven by lower capitalization of internal use software.
Previous wording
Net cash provided by financing activities was $2.5 million during the three months ended March 31, 2025 compared to net cash used in financing activities of $4.9 million during the three months ended March 31, 2024. The change was primarily driven by proceeds of $2.7 million received from the exercise of stock options compared to payments for financing costs of $4.6 million associated with the issuance of the 2029 Convertible Notes during the three months ended March 31, 2024.
Current wording
Net cash provided by financing activities was $2.3 million during the six months ended June 30, 2025 compared to net cash provided by financing activities of $17.1 million during the six months ended June 30, 2024. The change was primarily driven by proceeds of $2.7 million received from the exercise of stock options compared to proceeds of $36.7 million received from ATM sales offset by payments of $14.7 million for the repurchase of the 2026 Convertible Notes and $4.7 million associated with the issuance of the 2029 Convertible Notes during the six months ended June 30, 2024.
Previous wording
There was no activity during the three months ended March 31, 2025 related to the wind down of Fubo Sportsbook, which was terminated in October 2022. Net cash used in operating activities was $0.2 million during the three months ended March 31, 2024.
Current wording
There was no activity during the six months ended June 30, 2025 related to the wind down of Fubo Sportsbook, which was terminated in October 2022. Net cash used in operating activities was $0.6 million during the six months ended June 30, 2024.
Previous wording
During the three months ended March 31, 2025, we performed a qualitative assessment of goodwill impairment and concluded that it was not more-likely-than-not that the fair value was less than the carrying value.
Current wording
During the three and six months ended June 30, 2025, we performed a qualitative assessment of goodwill impairment and concluded that it was not more-likely-than-not that the fair value was less than the carrying value.
Previous wording
There were no stock options granted during the three months ended March 31, 2025.
Current wording
There were no stock options granted during the six months ended June 30, 2025.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
During the six months ended June 30, 2025, we recognized subscriber related expenses of $626.0 million compared to $686.7 million during the six months ended June 30, 2024. The decrease of $60.7 million was primarily due to a decrease in subscribers and the expiration of certain content agreements that were not renewed.
Current report — wording carried from elsewhere
During the six months ended June 30, 2025, we recognized broadcasting and transmission expenses of $23.4 million compared to $29.7 million during the six months ended June 30, 2024. The decrease of $6.3 million was primarily due to a reduction in expenses resulting from initiatives implemented by the Company during 2024 to optimize our cloud infrastructure.
Current report — wording carried from elsewhere
During the three months ended June 30, 2025, we recognized $1.9 million of other expense, net compared to $9.9 million of other income, net during the three months ended June 30, 2024. The change of $11.8 million was primarily due to a $12.1 million gain on extinguishment of debt resulting from the repurchase of outstanding convertible notes at a discount and the exchange of a portion of the 2026 Convertible Notes with the 2029 Convertible Notes recognized during 2024.
Current report — wording carried from elsewhere
During the three months ended June 30, 2025, we recognized an income tax provision of $0.2 million, essentially flat to $0.1 million during the three months ended June 30, 2024. The Company has not provided any income tax benefit relating to its current operating losses in France and Spain as the Company concluded that its deferred tax assets in those countries are not realizable on a more-likely-than-not basis.
Current report — wording carried from elsewhere
There was no activity during the six months ended June 30, 2025. During the six months ended June 30, 2024, we recognized a net loss of $0.1 million due to the change in impact from the re-evaluation of certain contract termination costs. We discontinued the operations of our wagering business in October 2022.