FuboTV finishes second quarter with a $378.8m cash position
The company achieved double-digit growth in total revenue and ad revenue.
FuboTV has released its financial report for the second quarter of 2022. The report reflected substantial growth throughout the US and Canada, as well as global expansion.
The company posted year-over-year growth in North America during Q2 2022, primarily in the US and Canada. Total revenue in the region reached $216.1m, representing an increase of 65% when compared to last year’s corresponding period. Ad revenue climbed by 32% year-over-year to reach $21.7m.
The company posted a boost in subscriber activity during the quarter as well. In Q2, the number of paid subscribers rose by 41%, totaling 946,735.
Its European subscribership also rose significantly during the second quarter. Close to 347,000 members joined as paid subscribers in France and Spain. This result exceeded company expectations and met FuboTV’s goal a quarter ahead of schedule.
Revenue generated from the company’s new European subscribers reached $5.8m.
FuboTV ended the second quarter with a cash position of $378.8m, derived from cash and short-term investments.
FuboTV Co-Founder and CEO David Gandler expounded further about the company’s achievements and long-term goals.
He said: “In the second quarter, FuboTV achieved strong growth in subscribers and revenue, with North American subscriber growth. Importantly, we ended the quarter with $378.8m in cash and achieved a sequential improvement in operating cash flow and AEBITDA compared to the prior quarter.
“We are pleased to see improvements in our AEBITDA margins as we anticipate a return to growth in the back half of the year, and we remain confident in our path to our positive cash flow and AEBITDA targets in 2025.”
FuboTV is a sports-first live TV streaming platform. The company will host its first Investor Day later this month.
FuboTV Executive Chairman Edgar Bronfman Jr. said the company will discuss its long-term goals during the event.
He commented: “We remain steadfast in the aggregated streaming model and FuboTV’s mission to build the world’s leading global live TV streaming platform with the greatest breadth of premium content and interactivity.
“We continue to make strides toward our goal of achieving positive cash flow and AEBITDA in 2025 and look forward to outlining our strategic plan, key initiatives and long-term financial targets at our first Investor Day on August 16, 2022.”
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