Exhibit 99.1

November 1, 2024

Fellow Shareholders:

We are pleased to report we delivered strong results in 3Q with continued top-line growth and bottom-line improvements. We achieved North America revenue growth of 21% and subscriber growth of 9% year-over-year, exceeding and meeting our targets, respectively. We also saw improvement in our profitability metrics on a global basis in the third quarter, achieving a year-over-year improvement in Net Loss of $29.8 million, Adjusted EBITDA of $33.8 million, Net cash provided by operating activities of $27.4 million, and Free Cash Flow of $31.3 million. Moreover, for the trailing twelve months we have improved those metrics on a year-over-year basis by $110.1 million, $98.8 million, $95.6 million, and $96.1 million, respectively, demonstrating progress on our path to profitable growth.

We continue to prioritize the delivery of a high-quality, innovative, and frictionless experience for our users that includes personalization across content and price. During the quarter, we executed against this imperative by investing in our product and technology, and are confident in our ability to leverage these investments to deliver value to customers and shareholders.

Our commitment to promoting a competitive streaming landscape that benefits consumers compelled us to file an antitrust lawsuit against Disney, Fox, and Warner Bros. Discovery. We are pleased that the court granted a preliminary injunction to temporarily block the launch of their streaming joint venture. While the court’s ruling regarding the preliminary injunction did not specifically address the legality of the programmers’ bundling practices, the court wrote that “it is difficult to avoid the conclusion that, on balance, these practices are bad for consumers.”

We are encouraged that the United States Department of Justice and the New York State Attorney General are both considering filing amicus briefs supporting Fubo in the pending appeal of the preliminary injunction before the Second Circuit. Our fight is bipartisan, and we are grateful for the support we have received from multiple members of Congress, public advocacy groups, distributors (including DIRECTV and Dish Network) and programmers. We look forward to the opportunity to prove our claims when our antitrust lawsuit is presented at trial scheduled for October 2025.

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Note: Except as otherwise indicated, financial information presented and discussed in this letter reflects Fubo’s results on a continuing operations basis, which excludes our former wagering reportable segment. See “Basis of Presentation – Continuing Operations” below for further detail.

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4Q and FY Guidance

3Q24 Financial Results

Net Loss from continuing operations in 3Q24 was $54.7 million, leading to an earnings per share (EPS) loss of $0.17. This compares favorably to a Net Loss from continuing operations of $84.4 million, or an EPS loss of $0.29, in 3Q23. Adjusted EPS loss in 3Q24 was $0.08, compared to an adjusted EPS loss of $0.22 in 3Q23. Adjusted EPS excludes the impact of stock-based compensation, amortization of intangibles, gain on extinguishment of debt and amortization of debt premium (discount), net, and certain litigation expenses.

In 3Q24 Adjusted EBITDA was -$27.6 million, a $33.8 million improvement when compared to 3Q23, reflecting our continued focus on efficient growth and cost control.

Cash Flow and Capital Structure

Net cash provided by operating activities in 3Q24 was $2.4 million, a $27.4 million improvement compared to 3Q23, and Free Cash Flow in 3Q24 was -$1.1 million, an improvement of $31.3 million compared to 3Q23. These improvements, as well as our improvement in Adjusted EBITDA, were the result of operating leverage and various efficiencies throughout the business.

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We ended the quarter with 334,092,630 shares of common stock issued and outstanding.

Product and Technology

As we shared last quarter, the launch of Unified Platform and the Fubo Free Tier create greater opportunities for user engagement, communication, retention, and monetization. During the third quarter we introduced upsell capabilities through the Free Tier, allowing former paying subscribers to seamlessly reactivate their subscription. In addition, we deployed enhanced merchandising capabilities to better showcase content (such as our curated playlists for Euro 2024 and Copa that we featured during the quarter) and upsell opportunities (including Unlimited DVR, which we also launched during the quarter).

During the quarter, we also launched our popular Multiview feature in beta on select Roku devices. Fubo pioneered multiviewing with the first live TV streaming multiview experience to market in 2020. In all iterations Fubo’s customers can select and stream up to four live channels of their choosing simultaneously.

North America Advertising

Fubo delivered North America ad revenue of $26.9 million. Notably, our upfront commitments for the 2024-2025 season are up over 40% compared to the 2023-2024 season, marking an all-time high for the company.

In 3Q 2024, we continued to leverage the growing connected TV (CTV) sales market through new proprietary ad formats such as The Triple Play. This module allowed us to target engaged audiences through branded video content and banners inside a curated carousel of live TV content on the home page. Walmart, our launch sponsor, successfully deployed the new format for its Back-To-School campaign.

North America Content

We continue to execute on our Super Aggregation strategy, which aims to offer consumers multiple and flexible subscription options, all within the Fubo ecosystem. The recent launch of standalone subscription services enables users to access leading sports and entertainment programming, live and VOD, without the purchase of the main Fubo vMVPD product. Alongside these subscription services, we offer Fubo Free, a foundational free tier of FAST channels available to former Fubo paid and free trial subscribers, and our signature vMVPD product.

During the quarter, we introduced a stand-alone Olympics section featuring highlights and recaps as well as easily accessible event-specific programming, reflecting our investments in innovation to surface our diversified and expansive content portfolio. This initiative resulted in 45% of active Fubo users engaging with Olympics content. Ad engagement was also strong with CTV measurement platform EDO determining that viewers were 20% more likely to engage with ads during the 2024 Summer Olympics on Fubo than on linear TV.

Notably, our owned & operated (O&O) Fubo Sports channel, one of the first FAST channels to launch in the marketplace back in 2019, reached profitability in 3Q. Integral to our strategy is the channel’s distribution outside of the Fubo platform, increasing audience engagement and ad revenue for the company. In 3Q, we expanded Fubo Sports’ distribution to include Amazon’s Prime Video in Canada.

We have continued to launch additional O&O FAST channels, covering multiple genres, on Fubo and through our distribution partners. Our 3Q launch of BKFC TV, a partnership with Bare Knuckle Fighting Championship (BKFC), the world’s fastest growing combat sports promotion, marked the first time BKFC TV was made available outside of the BKFC app.

Fubo proudly remains the home for local sports, at the lowest price on the market compared to other vMVPDs. Our significant local sports coverage has remained largely unchanged despite the recent disruption in the regional sports network (RSN) market, and we remain committed to super-serving the ardent local sports fan with their home team’s games.

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North America Growth and Distribution

Fubo was recently named the first Official Live TV Streaming Partner of The Athletic, one of the biggest brands in sports. The Athletic and Fubo plan to jointly develop new product features on The Athletic platform designed to ultimately build a unique and market-leading user experience. The multi-year partnership, which incorporates content and product integrations, is intended to drive audiences to both properties.

Guidance

North America

Our FY 2024 subscriber guidance now projects 1,665,000 to 1,705,000 subscribers, representing 4% year-over-year growth at the midpoint.

Our FY 2024 revenue guidance now projects $1,580 million to $1,600 million, representing 19% year-over-year growth at the midpoint.

Our 4Q 2024 revenue guidance projects $426 million to $446 million, representing 9% year-over-year growth at the midpoint.

Rest of World

Our FY 2024 subscriber guidance now projects 345,000 to 355,000 subscribers, representing a 14% year-over-year decline at the midpoint.

Our FY 2024 revenue guidance projects $33 to $35 million, representing 4% year-over-year growth at the midpoint.

Our 4Q 2024 revenue guidance projects $8 to $9 million, representing 0% year-over-year growth at the midpoint.

Conclusion

Fubo’s third quarter of 2024 was notable for ongoing subscriber and revenue growth alongside improvements in key profitability metrics - all important markers that give us continued confidence in our 2025 profitability goal. In addition, we are gratified by recent wins in our ongoing fight for a fair and competitive marketplace. The streaming industry remains under constant disruption which Fubo sees as an opportunity to build a distinctive sports entertainment streaming platform with consumer needs at its heart.

We look forward to sharing updates on our progress as we continue on our path to profitability in 2025.

Sincerely,
 

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3Q24 Earnings Live Conference Call

Fubo CEO, David Gandler, and CFO, John Janedis, will host a live conference call today at 8:30 a.m. ET to deliver brief remarks followed by Q&A. The live webcast will be available on the Events & Presentations page of Fubo’s investor relations website. An archived replay will be available on Fubo’s website following the call. Participants should join the call 10 minutes prior to ensure that they are connected prior to the event.

More Information

We encourage you to read our full set of financial statements and SEC filings, and to sign up for email alerts, on the investor relations section of our website at ir.fubo.tv.

Additional information is available at www.sec.gov under FuboTV Inc.’s filings, as well as https://ir.fubo.tv.

Fubo intends to use its website as a disclosure channel and investors are encouraged to refer to it, as well as press releases and SEC filings. The company encourages reading the full set of financial statements and related disclosures in its Annual Report on Form 10-K for the year ended December 31, 2023 that has been filed with the SEC.

About Fubo

With a global mission to aggregate the best in TV, including premium sports, news and entertainment content, through a single app, FuboTV Inc. (d/b/a Fubo) (NYSE: FUBO) aims to transcend the industry’s current TV model. The company operates Fubo in the U.S., Canada and Spain and Molotov in France.

In the U.S., Fubo is a sports-first cable TV replacement product that aggregates more than 400 live sports, news and entertainment networks and is the only live TV streaming platform with every Nielsen-rated sports channel (source: Nielsen Total Viewers, 2023). Leveraging Fubo’s proprietary data and technology platform optimized for live TV and sports viewership, subscribers can engage with the content they are watching through an intuitive and personalized streaming experience. Fubo has continuously pushed the boundaries of live TV streaming. It was the first virtual MVPD to launch 4K streaming and MultiView, which it did years ahead of its peers, as well as Instant Headlines, a first-of-its-kind AI feature that generates contextual news topics as they are reported live on air.

Learn more at https://fubo.tv
 

Forward-Looking Statements

This letter contains forward-looking statements of FuboTV Inc. (“Fubo”) that involve substantial risks and uncertainties. All statements contained in this letter that do not relate to matters of historical fact are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including statements regarding our business strategy and plans, including programming and content partnerships, expectations regarding innovation, growth, macroeconomic, industry, advertising and consumer trends, anticompetitive practices among our competitors and our response plan, including our pending antitrust lawsuit against the defendants Walt Disney Company, Fox Corporation and Warner Brothers Discovery and external support for our position, planned product offerings, including technology advancements, our liquidity and anticipated cash requirements, our financial condition and our anticipated financial performance, including quarterly and annual guidance, expectations regarding profitability and our cash flow and Adjusted EBITDA targets. The words “could,” “will,” “plan,” “intend,” “anticipate,” “approximate,” “expect,” “potential,” “believe” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that Fubo makes due to a number of important factors, including but not limited to the following: our ability to achieve or maintain profitability; risks related to our access to capital and fundraising prospects to fund our financial operations and support our planned business growth; our revenue and gross profit are subject to seasonality; our operating results may fluctuate; our ability to effectively manage our growth; the long-term nature of our content commitments; our ability to renew our long-term content contracts on sufficiently favorable terms; our ability to attract and retain subscribers; obligations imposed on us through our agreements with certain distribution partners; we may not be able to license streaming content or other rights on acceptable terms; the restrictions imposed by content providers on our distribution and marketing of our products and services; our reliance on third party platforms to operate certain aspects of our business; risks related to the difficulty in measuring key metrics related to our business; risks related to preparing and forecasting our financial results; risks related to the highly competitive nature of our industry; risks related to the potential launch of the joint venture by Walt Disney Company, Fox Corporation and Warner Brothers Discovery; risks related to our technology, as well as cybersecurity and data privacy-related risks; risks related to ongoing or future legal proceedings; and other risks, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies. Given the many unknowns related to the potential launch of the defendants’ sports streaming joint venture, including the outcome of our antitrust lawsuit, our forward-looking statements with respect to our anticipated financial performance in future periods, including our profitability goals, do not reflect any potential impact of the launch to our business. Further risks that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements are discussed in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 filed with the Securities and Exchange Commission (“SEC”), our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 to be filed with the SEC, and our other periodic filings with the SEC. We encourage you to read such risks in detail. The forward-looking statements in this letter represent Fubo’s views as of the date of this letter. Fubo anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing Fubo’s views as of any date subsequent to the date of this letter.

(FuboTV Inc. Financial Statements begin on the following pages)

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fuboTV Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except share and per share amounts)

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fuboTV Inc.

Condensed Consolidated Balance Sheets

(in thousands)

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fuboTV Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

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Basis of Presentation – Continuing Operations

In connection with the dissolution of Fubo Gaming, Inc. and termination of Fubo Sportsbook, the assets and liabilities and the operations of our former wagering reportable segment are presented as discontinued operations in our consolidated financial statements. With respect to our continuing operations, we operate as a single reportable segment. Financial information presented in this letter reflects Fubo’s results on a continuing operations basis, which excludes our former wagering reportable segment.

Key Performance Metrics and Non-GAAP Measures

Paid Subscribers

We believe the number of paid subscribers is a relevant measure to gauge the size of our user base. Paid subscribers (“subscribers”) are total subscribers that have completed registration with Fubo, have activated a payment method (only reflects one paying user per plan), from which Fubo has collected payment in the month ending the relevant period. Users who are on a free (trial) period are not included in this metric.

Average Revenue per User (ARPU)

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.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP measure defined as Net Loss from Continuing Operations, adjusted for depreciation and amortization, stock-based compensation, certain litigation expenses, income tax provision (benefit), other (income) expenses, and one-time non-cash expenses. Certain litigation expenses consists of legal expenses and related fees for specific proceedings that we have determined arise outside of the ordinary course of business and do not consider representative of our underlying operating performance, based on the several considerations which we assess regularly, including: (1) the frequency of similar cases that have been brought to date, or are expected to be brought in the future; (2) matter-specific facts and circumstances, such as the unique nature or complexity of the case and/or remedy(ies) sought, including the size of any monetary damages sought; (3) the counterparty involved; and (4) the extent to which management considers these amounts for purposes of operating decision-making and in assessing operating performance.

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Adjusted EBITDA Margin

Adjusted EBITDA Margin is a non-GAAP measure defined as Adjusted EBITDA divided by Revenue.

Adjusted Net Loss

Adjusted Net Loss is a non-GAAP measure defined as Net Loss Attributable to Common Shareholders, adjusting for discontinued operations, stock-based compensation, change in fair value of warrants, amortization of debt premium (discount), amortization of intangible assets and other non-cash items, and certain litigation expenses (as described further above, see “–Adjusted EBITDA”).

Adjusted EPS (Earnings per Share)

Adjusted EPS is a non-GAAP measure defined as Adjusted Net Loss divided by weighted average shares outstanding.

Free Cash Flow

Free Cash Flow is a non-GAAP measure defined as net cash used in operating activities - continuing operations, reduced by capital expenditures (consisting of purchases of property and equipment), purchases of intangible assets and capitalization of internal use software. We believe Free Cash Flow is an important liquidity measure of the cash that is available for operational expenses, investments in our business, strategic acquisitions, and for certain other activities such as repaying debt obligations and stock repurchases. Free Cash Flow is a key financial indicator used by management. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. The use of Free Cash Flow as an analytical tool has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures. Because of these limitations, Free Cash Flow should be considered along with other operating and financial performance measures presented in accordance with GAAP.

Gross Profit and Gross Margin (GAAP)

Gross Profit is defined as Revenue less Subscriber related expenses and Broadcasting and transmission. Gross Margin is defined as Gross Profit divided by Revenue. We believe these measures are useful because they represent key profitability metrics for our business and are used by management to evaluate the performance of our business, including measuring the cost to deliver our product to subscribers against revenue.

Subscriber Acquisition Cost

Subscriber Acquisition Cost (SAC) reflects total GAAP sales and marketing expenses less headcount related to sales and marketing spend for a given period divided by Gross Paid Subscriber Additions for the same period.

Reconciliation of Key Performance Metrics and Non-GAAP Financial Measures

Certain measures used in this letter, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Loss, Adjusted EPS and Free Cash Flow, are non-GAAP financial measures. We believe these are useful financial measures for investors as they are supplemental measures used by management in evaluating our core operating performance. Our non-GAAP financial measures have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. First, these non-GAAP financial measures are not a substitute for GAAP financial measures. Second, these non-GAAP financial measures may not provide information directly comparable to measures provided by other companies in our industry, as those other companies may calculate their non-GAAP financial measures differently.

The following tables include reconciliations of the non-GAAP financial measures used in this letter to their most directly comparable GAAP financial measures. The tables also include reconciliations of GAAP Subscription revenue and GAAP Advertising revenue to North America ARPU and ROW ARPU, respectively, each of which is a key performance metric.

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fuboTV Inc.

Reconciliation of GAAP Subscription and Advertising Revenue to North America ARPU

(in thousands, except average subscribers and average per user amounts)

Year-over-Year Comparison

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fuboTV Inc.

Reconciliation of GAAP Subscription and Advertising Revenue to ROW ARPU

(in thousands, except average subscribers and average per user amounts)

Year-over-Year Comparison

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fuboTV Inc.

Reconciliation of Net Loss from Continuing Operations to Non-GAAP Adjusted EBITDA

(in thousands)

Year-over-Year Comparison

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fuboTV Inc.

Reconciliation of Net Loss from Continuing Operations to Non-GAAP Adjusted EBITDA (TTM)

(in thousands)

Year-over-Year Comparison

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fuboTV Inc.

Reconciliation of Net Cash Used in Operating Activities - Continuing Operations to Free Cash Flow

(in thousands)

Year-over-Year Comparison

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fuboTV Inc.

Reconciliation of Net Cash Used in Operating Activities - Continuing Operations to Free Cash Flow (TTM)

(in thousands)

Year-over-Year Comparison

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fuboTV Inc.

Reconciliation of Net Loss Attributable to Common Shareholders to Non-GAAP Adjusted Net Loss and Adjusted EPS

(in thousands)

Year-over-Year Comparison

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# # #

Contacts

Investor Contacts:

Ameet Padte, Fubo

ameet@fubo.tv

JCIR for Fubo

ir@fubo.tv

Media Contacts:

Jennifer L. Press, Fubo

jpress@fubo.tv

Bianca Illion, Fubo

billion@fubo.tv

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Exhibit 99.2

FOR IMMEDIATE RELEASE

FUBO CLOSED Q3 2024 WITH 21% YEAR-OVER-YEAR REVENUE GROWTH AND 1.613M SUBSCRIBERS IN NORTH AMERICA

COMPANY ACHIEVED YEAR-OVER-YEAR IMPROVEMENT OF $110M IN NET LOSS AND $99M IN ADJUSTED EBITDA FOR THE TRAILING TWELVE MONTHS

NEW YORK – NOVEMBER 1, 2024 – FuboTV Inc. (d/b/a/ Fubo) (NYSE: FUBO), the leading sports-first live TV streaming platform, today announced its financial results for the third quarter ended September 30, 2024. The Company, targeting positive Free Cash Flow in 2025, delivered continued top-line growth and bottom-line improvements, including year-over-year (YoY) improvements in Net Loss of $110.1 million and Adjusted EBITDA (AEBITDA) of $98.8 million for the trailing twelve months (TTM).

Fubo exceeded revenue guidance in North America, ending the third quarter with $377 million total revenue, up 21% YoY. The Company achieved its third quarter subscriber goal, ending the period with 1.613 million subscribers, up 9% YoY. Fubo’s average revenue per user (ARPU) expanded 2.5% YoY to $85.64.

In the Rest of World (ROW), the Company delivered $8.9 million total revenue, up 6.0% YoY, and 378,000 paid subscribers, down 8.1% YoY. ARPU reached $7.50, up 7.5% YoY. ROW includes the results of Molotov, the French live TV streaming service acquired by Fubo in December 2021.

Fubo states its key metrics on a YoY basis given the seasonality of sports content.

Net Loss from continuing operations in the third quarter was $54.7 million, leading to an earnings per share (EPS) loss of $0.17. This compares favorably to a Net Loss from continuing operations of $84.4 million, or an EPS loss of $0.29, in the third quarter of 2023. Adjusted EPS loss in the third quarter was $0.08, compared to an adjusted EPS loss of $0.22 in the third quarter of 2023.

In the third quarter, AEBITDA was -$27.6 million, a $33.8 million improvement when compared to the third quarter of 2023. This reduction was a result of Fubo’s continued focus on efficient growth and cost control.

Net cash provided by operating activities in the third quarter was $2.4 million, a $27.4 million improvement compared to the third quarter of 2023, and Free Cash Flow in the third quarter was -$1.1 million, an improvement of $31.3 million compared to third quarter of 2023. These improvements, as with Fubo’s improvements in Net Loss and AEBITDA, were a result of operating leverage and continued efficiencies throughout the business.

Fubo ended the quarter with $152.3 million in cash, cash equivalents and restricted cash on hand.

Guidance

North America

Fourth Quarter 2024: Fubo is projecting $426 million to $446 million total revenue, representing 9% YoY growth at the midpoint.

Full Year 2024: Fubo is now projecting $1.580 billion to $1.600 billion total revenue, representing 19% YoY growth at the midpoint, and 1,665,000 to 1,705,000 paid subscribers, representing 4% YoY growth at the midpoint.

ROW

Fourth Quarter 2024: Fubo is projecting $8 million to $9 million total revenue, representing 0% YoY growth at the midpoint.

Full Year 2024: Fubo is projecting $33 million to $35 million total revenue, representing 4% YoY growth at the midpoint, and now projecting 345,000 to 355,000 paid subscribers, representing a 14% YoY decline at the midpoint.

Complete third quarter 2024 results are detailed in Fubo’s shareholder letter available on the Company’s IR site.

“Fubo posted strong third quarter 2024 results, marked by continued expansion on the top-line and notable improvements on the bottom-line,” said David Gandler, co-founder and CEO, Fubo. “We continue to prioritize the delivery of a high-quality, innovative and frictionless experience for our users that includes personalization across content and price. This is what streaming should be, and it’s what compelled us to file our antitrust lawsuit against Disney, Fox and Warner Bros. Discovery. We continue our fight to ensure American consumers have the streaming experience they deserve.”

“Fubo’s third quarter of 2024 was notable for ongoing subscriber and revenue growth alongside improvements in key profitability metrics - all important markers that give us continued confidence in our 2025 profitability goal,” said Edgar Bronfman Jr., executive chairman, Fubo. “In addition, we are gratified by recent wins in our ongoing fight for a fair and competitive marketplace, including the granting of a preliminary injunction against the proposed sports streaming joint venture. The streaming industry remains under constant disruption which Fubo sees as an opportunity to build a distinctive sports entertainment streaming platform with consumer needs at its heart.”

Live Webcast

Gandler and CFO John Janedis will host a live conference call today at 8:30 a.m. ET to deliver brief remarks followed by Q&A. The live webcast will be available on the Events & Presentations page of Fubo’s investor relations website. An archived replay will be available on Fubo’s website following the call. Participants should join the call 10 minutes in advance to ensure that they are connected prior to the event.

About Fubo

With a global mission to aggregate the best in TV, including premium sports, news and entertainment content, through a single app, FuboTV Inc. (d/b/a Fubo) (NYSE: FUBO) aims to transcend the industry’s current TV model. The company operates Fubo in the U.S., Canada and Spain and Molotov in France.

In the U.S., Fubo is a sports-first cable TV replacement product that aggregates more than 400 live sports, news and entertainment networks and is the only live TV streaming platform with every Nielsen-rated sports channel (source: Nielsen Total Viewers, 2023). Leveraging Fubo’s proprietary data and technology platform optimized for live TV and sports viewership, subscribers can engage with the content they are watching through an intuitive and personalized streaming experience. Fubo has continuously pushed the boundaries of live TV streaming. It was the first virtual MVPD to launch 4K streaming and MultiView, which it did years ahead of its peers, as well as Instant Headlines, a first-of-its-kind AI feature that generates contextual news topics as they are reported live on air.

Learn more at https://fubo.tv

Basis of Presentation – Continuing Operations

In connection with the dissolution of Fubo Gaming, Inc. and termination of Fubo Sportsbook, the assets and liabilities and the operations of our former wagering reportable segment are presented as discontinued operations in our consolidated financial statements. With respect to our continuing operations, we operate as a single reportable segment. Financial information presented in this release reflects Fubo’s results on a continuing operations basis, which excludes our former wagering reportable segment.

Key Performance Metrics and Non-GAAP Measures

Paid Subscribers

We believe the number of paid subscribers is a relevant measure to gauge the size of our user base. Paid subscribers (“subscribers”) are total subscribers that have completed registration with Fubo, have activated a payment method (only reflects one paying user per plan), from which Fubo has collected payment in the month ending the relevant period. Users who are on a free (trial) period are not included in this metric.

Average Revenue per User (ARPU)

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.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP measure defined as Net Loss from Continuing Operations, adjusted for depreciation and amortization, stock-based compensation, certain litigation expenses, income tax provision (benefit), other (income) expenses, and one-time non-cash expenses. Certain litigation expenses consist of legal expenses and related fees and costs for specific proceedings that we have determined arise outside of the ordinary course of business and do not consider representative of our underlying operating performance, based on the several considerations which we assess regularly, including: (1) the frequency of similar cases that have been brought to date, or are expected to be brought in the future; (2) matter-specific facts and circumstances, such as the unique nature or complexity of the case and/or remedy(ies) sought, including the size of any monetary damages sought; (3) the counterparty involved; and (4) the extent to which management considers these amounts for purposes of operating decision-making and in assessing operating performance.

Adjusted EBITDA Margin

Adjusted EBITDA Margin is a non-GAAP measure defined as Adjusted EBITDA divided by Revenue.

Adjusted EPS (Earnings per Share)

Adjusted EPS is a non-GAAP measure defined as Adjusted Net Loss divided by weighted average shares outstanding.

Adjusted Net Loss

Adjusted Net Loss is a non-GAAP measure defined as Net Loss Attributable to Common Shareholders, adjusting for discontinued operations, stock-based compensation, change in fair value of warrants, amortization of debt premium (discount), amortization of intangible assets and other non-cash items, and certain litigation expenses (as described further above, see “Adjusted EBITDA”).

Free Cash Flow

Free Cash Flow is a non-GAAP measure defined as net cash used in operating activities - continuing operations, reduced by capital expenditures (consisting of purchases of property and equipment), purchases of intangible assets and capitalization of internal use software. We believe Free Cash Flow is an important liquidity measure of the cash that is available for operational expenses, investments in our business, strategic acquisitions, and for certain other activities such as repaying debt obligations and stock repurchases. Free Cash Flow is a key financial indicator used by management. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. The use of Free Cash Flow as an analytical tool has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures. Because of these limitations, Free Cash Flow should be considered along with other operating and financial performance measures presented in accordance with GAAP.

Reconciliation of Key Performance Metrics and Non-GAAP Financial Measures

Certain measures used in this release, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Loss, Adjusted EPS and Free Cash Flow, are non-GAAP financial measures. We believe these are useful financial measures for investors as they are supplemental measures used by management in evaluating our core operating performance. Our non-GAAP financial measures have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. First, these non-GAAP financial measures are not a substitute for GAAP financial measures. Second, these non-GAAP financial measures may not provide information directly comparable to measures provided by other companies in our industry, as those other companies may calculate their non-GAAP financial measures differently.

The following tables include reconciliations of the non-GAAP financial measures used in this press release to their most directly comparable GAAP financial measures. The tables also include reconciliations of GAAP Subscription revenue and GAAP Advertising revenue to North America ARPU and ROW ARPU, respectively, each of which is a key performance metric.

fuboTV Inc.

Reconciliation of GAAP Subscription and Advertising Revenue to North America ARPU

(in thousands, except average subscribers and average per user amounts)

Year-over-Year Comparison

fuboTV Inc.

Reconciliation of Net Loss from Continuing Operations to Non-GAAP Adjusted EBITDA

(in thousands)

Year-over-Year Comparison

fuboTV Inc.

Reconciliation of Net Loss from Continuing Operations to Non-GAAP Adjusted EBITDA (TTM)

(in thousands)

Year-over-Year Comparison

fuboTV Inc.

Reconciliation of Net Cash Used in Operating Activities - Continuing Operations to Free Cash Flow

(in thousands)

Year-over-Year Comparison

fuboTV Inc.

Reconciliation of Net Cash Used in Operating Activities - Continuing Operations to Free Cash Flow (TTM)

(in thousands)

Year-over-Year Comparison

fuboTV Inc.

Reconciliation of Net Loss Attributable to Common Shareholders to Non-GAAP Adjusted Net Loss and Adjusted EPS

(in thousands)

Year-over-Year Comparison

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements of FuboTV Inc. (“Fubo”) that involve substantial risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including statements regarding our business strategy and plans, industry trends, anticompetitive practices among our competitors and our response plan, including our pending antitrust lawsuit against the defendants Walt Disney Company, Fox Corporation and Warner Brothers Discovery, our liquidity and anticipated cash requirements, our financial condition, and our anticipated financial performance, including quarterly and annual guidance, expectations regarding profitability and our cash flow and Adjusted EBITDA targets. The words “could,” “will,” “plan,” “intend,” “anticipate,” “approximate,” “expect,” “potential,” “believe” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that Fubo makes due to a number of important factors, including but not limited to the following: our ability to achieve or maintain profitability; risks related to our access to capital and fundraising prospects to fund our financial operations and support our planned business growth; our revenue and gross profit are subject to seasonality; our operating results may fluctuate; our ability to effectively manage our growth; the long-term nature of our content commitments; our ability to renew our long-term content contracts on sufficiently favorable terms; our ability to attract and retain subscribers; obligations imposed on us through our agreements with certain distribution partners; we may not be able to license streaming content or other rights on acceptable terms; the restrictions imposed by content providers on our distribution and marketing of our products and services; our reliance on third party platforms to operate certain aspects of our business; risks related to the difficulty in measuring key metrics related to our business; risks related to preparing and forecasting our financial results; risks related to the highly competitive nature of our industry; risks related to the potential launch of the joint venture by Walt Disney Company, Fox Corporation and Warner Brothers Discovery; risks related to our technology, as well as cybersecurity and data privacy-related risks; risks related to ongoing or future legal proceedings; and other risks, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies. Given the many unknowns related to the potential launch of the defendants’ sports streaming joint venture, including the outcome of our antitrust lawsuit, our forward-looking statements with respect to our anticipated financial performance in future periods, including our profitability goals, do not reflect any potential impact of the launch to our business. Further risks that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements are discussed in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 filed with the Securities and Exchange Commission (“SEC”), our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 to be filed with the SEC, and our other periodic filings with the SEC. We encourage you to read such risks in detail. The forward-looking statements in this press release represent Fubo’s views as of the date of this press release. Fubo anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing Fubo’s views as of any date subsequent to the date of this press release.

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Investor Contacts

Ameet Padte, Fubo

ameet@fubo.tv

JCIR for Fubo

ir@fubo.tv

Media Contacts

Jennifer L. Press, Fubo

jpress@fubo.tv

Bianca Illion, Fubo

billion@fubo.tv