The sports live TV streaming platform FuboTV Inc. (d/b/a/ Fubo) (NYSE: FUBO) announced its financial results for the fourth quarter and full year ended December 31, 2024. The Company closed the full year 2024 in North America with record total revenue and paid subscribers, achieved its first quarter of positive free cash flow and improved key profitability metrics by over $100 million on an annual basis for the second consecutive year.
“Fubo continued to deliver on our promise to shareholders in 2024, achieving record total revenue and paid subscribers in North America, as well as significant improvements in Adjusted EBITDA and Free Cash Flow,” said David Gandler, co-founder and CEO, Fubo. “Notable achievements in 2024 included the launch of standalone sports and entertainment skinny bundles as part of our mission to be a Super Aggregator, and expanded availability of our market-first user-configurated Multiview product to Roku devices. We also introduced innovative and interactive connected TV ad formats for brand marketers."
“As we look ahead to 2025, Fubo remains focused on delivering to consumers an unparalleled streaming experience with multiple and flexible content options at appropriate price points. This is demonstrated by our recently announced business combination agreement with The Walt Disney Company’s Hulu + Live TV and our plans to launch a new Sports & Broadcasting service, both of which we expect to further scale our business, deliver additional compelling sports content to consumers and bring more competition to the industry. We will continue to provide periodic updates as the Disney transaction progresses.”
“2024 was another solid year for Fubo highlighted by record achievements on the top and bottom lines, demonstrating further progress towards our 2025 profitability goal,” said Edgar Bronfman Jr., executive chairman, Fubo. “Record revenue and subscriber growth in North America, as well as the achievement of more than a $100 million improvement each in Adjusted EBITDA and Free Cash Flow for the second consecutive year, are particular standouts of the prior year. We enter 2025 with pride in our results, meaningful improvements across nearly every aspect of our business and excitement about our momentum.”
Fubo delivered full year 2024 results in North America of $1.588 billion in total revenue, up 19% year-over-year (YoY), and 1.676 million subscribers, up 4% YoY, both record-breaking metrics for the Company. Fubo closed the fourth quarter with $433.8 million in total revenue, up 8% YoY, in North America, achieving its guidance. Average revenue per user (ARPU) in the fourth quarter was $87.90 in the region, an all-time high for the Company and an expansion of 1.4% YoY.
In the Rest of World (ROW), the Company delivered $9.4 million total revenue, up 12.1% YoY, and 362,000 paid subscribers, down 10.9% YoY. ARPU reached $8.50, up 24.8% YoY. ROW includes the results of Molotov, the French live TV streaming service acquired by Fubo in December 2021.
Notably, on a full-year basis, Fubo achieved YoY improvements in Net Loss of $115 million, Adjusted EBITDA of $115 million, Net cash provided by operating activities of $97 million and Free Cash Flow of $104 million. AEBITDA and Free Cash Flow each improved by over $100 million in 2024. This marked the second consecutive year of over $100 million annual improvements in AEBITDA and Free Cash Flow.
Net Loss from continuing operations in the fourth quarter was $40.9 million, leading to an earnings per share (EPS) loss of $0.11. This compares favorably to a Net Loss from continuing operations of $71 million, or an EPS loss of $0.24, in the fourth quarter 2023. Adjusted EPS loss in the fourth quarter was $0.02, compared to an adjusted EPS loss of $0.18 in the fourth quarter 2023. Adjusted EPS excludes the impact of stock-based compensation, amortization of intangibles, impairment of other assets, gain on extinguishment of debt and amortization of debt premium (discount), net and certain litigation and transaction expenses.
In the fourth quarter, Adjusted EBITDA was -$8.7 million, a $41.4 million improvement when compared to the fourth quarter 2023, reflecting the Company’s continued focus on efficient growth, cost control and achieving profitability.
Net cash provided by operating activities in the fourth quarter was $20.9 million, a $20.9 million improvement compared to the fourth quarter 2023, and Free Cash Flow in the fourth quarter was $16.3 million, an improvement of $22.1 million compared to the fourth quarter 2023.
Fubo ended the quarter with $167.6 million in cash, cash equivalents and restricted cash on hand.
In North America, Fubo is projecting $400 million to $410 million total revenue during the first quarter 2025, representing 3% YoY growth at the midpoint, and 1.430 million to 1.460 million total subscribers, representing a 4% YoY decline at the midpoint. This outlook reflects the potential subscriber impact of the Company’s recent non-renewal with TelevisaUnivision.
In ROW, Fubo is projecting $7.5 million to $8.5 million total revenue in the first quarter 2025, representing a 5% YoY decline at the midpoint, and 330,000 to 340,000 subscribers, representing a 16% YoY decline at the midpoint.
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