NEW YORK—FuboTV lost 118,000 subscribers in Q2, 2023 but is reporting that it is making progress towards its goal of being cash flow positive in 2025 with reduced losses and subscriber counts that were up 23% YoY to 1,167,000 subs.
The vMVPD also said that it exceeded North American guidance, achieving $305 million in revenue, up 41% year-over-year.
Compared to the prior year, the company reduced its net loss by $41 million (with a $12 million improvement in net cash used in operating activities), grew gross margin to 7% and, in North America, expanded ARPU by 13% to $81.62, marking an all-time record.
“We are encouraged with our execution in the first half of the year, including posting year-over-year double digit revenue and subscriber growth in the second quarter, while meaningfully reducing our net loss by $41 million,” said David Gandler, co-founder and CEO, Fubo. “With an improving ad sales backdrop we remain on track to achieve our 2025 positive free cash flow target. We are as excited and as confident as ever about the opportunities ahead to leverage our resources on the back of key strategic additions to our platform, including over 35 regional sports networks (RSNs) and more than 125 FAST channels, as well as the Maximum Effort Channel in partnership with Ryan Reynolds and Maximum Effort.”
Looking ahead to the third quarter 2023 in North America, Fubo is projecting 1,327,000 to 1,347,000 paid subscribers, representing 9% year-over-year growth at the midpoint, and revenue of $272.5 million to $277.5 million, representing 25% year-over-year growth at the midpoint.
