Fubo is making some notable progress on the financial front, even as it prepares for a seismic shift in its business model. The sports-first streamer released preliminary Q2 2025 results that show narrowing losses and a potential first-ever quarter of positive adjusted EBITDA, despite reporting a slight dip in North American revenue.
Fubo expects to generate over $365 million in North American revenue for the second quarter, slightly down from $382.7 million in the same period last year. However, the company anticipates a net loss of just $8 million, a significant improvement from the $28.4 million net loss it posted a year ago. Even more significantly, Fubo is forecasting at least $20 million in adjusted EBITDA, marking a major milestone in its path to profitability.
Paid subscribers in North America are expected to exceed 1.35 million. That’s a sequential dip from 1.47 million in Q1, but still ahead of the company’s previous guidance. Globally, revenue is expected to top $8.5 million, with paid subscribers surpassing 340,000. Both figures beat prior guidance.
Fubo also disclosed that it ended the quarter with at least $285 million in cash and equivalents, providing it with more breathing room as it navigates a potentially transformative merger.
That brings us to the headline: Fubo is suspending future guidance and withdrawing its 2025 profitability target as it prepares for its proposed combination with Hulu + Live TV. Under the terms of the deal, Disney would control 70% of the combined company and appoint a majority of the board. Fubo’s existing management team, led by co-founder and CEO David Gandler, would continue to operate the venture, which will retain the Fubo brand and public listing.
The merger, if completed, would create a new heavyweight in the vMVPD space, squarely positioned to challenge YouTube TV. But it also introduces short-term uncertainty as Fubo shifts strategy, dials back guidance, and aligns operations with the anticipated integration.
We’ll know more when the company reports full Q2 earnings on August 8.
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