fuboTV Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenues of $386.2 million for the three months ended September 30, 2024, marking a 20.4% increase from $320.9 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $1.18 billion, up from $958.0 million year-over-year. This growth was primarily driven by a substantial increase in subscription revenue, which rose by $67.0 million in Q3 2024, attributed to a larger subscriber base and price increases.
Despite the revenue growth, fuboTV reported an operating loss of $58.6 million for Q3 2024, an improvement from a loss of $83.3 million in Q3 2023. The nine-month operating loss also decreased to $157.6 million from $217.3 million in the prior year. The net loss from continuing operations for Q3 2024 was $54.7 million, compared to $84.5 million in Q3 2023, while the nine-month net loss narrowed to $136.8 million from $222.1 million.
The company’s total assets decreased to $1.10 billion as of September 30, 2024, down from $1.23 billion at the end of 2023. Total liabilities also fell to $880.1 million from $948.8 million, resulting in total shareholders’ equity of $222.2 million, down from $283.8 million. Cash and cash equivalents were reported at $146.2 million, a decline from $245.3 million at the end of 2023.
Strategically, fuboTV has been active in managing its debt, having repurchased $46.9 million of its 2026 Convertible Notes for $27.1 million during the nine months ended September 30, 2024. The company also raised approximately $43.3 million through the sale of common stock under its At-the-Market Sales Agreement, selling over 33 million shares.
In terms of operational changes, fuboTV continues to focus on its core streaming business following the dissolution of its online sportsbook, Fubo Sportsbook, in October 2022. The company is also engaged in ongoing legal proceedings, including an antitrust lawsuit against The Walt Disney Company and others regarding a proposed sports streaming service joint venture, which could significantly impact its subscriber base and profitability.
Overall, fuboTV's financial performance reflects a combination of revenue growth and ongoing operational challenges, with strategic initiatives aimed at improving its financial position and market competitiveness.
About fuboTV Inc. /FL
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