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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
or
oTRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to _____________
Commission File Number: 001-39590
fuboTV Inc.
(Exact Name of Registrant as Specified in Its Charter)
Florida26-4330545
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
1290 Avenue of the Americas, New York, NY
10104
(Address of Principal Executive Offices)(Zip Code)
(212) 672-0055
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per shareFUBONew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated filerx
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of October 31, 2023, there were 292,805,521 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.
1

fuboTV Inc.
TABLE OF CONTENTS
Page
i

BASIS OF PRESENTATION
As used in this Quarterly Report on Form 10-Q (“Quarterly Report”), unless expressly indicated or the context otherwise requires, references to “fuboTV Inc.,” “Fubo,” “we,” “us,” “our,” “the Company,” and similar references refer to fuboTV Inc., a Florida corporation and its consolidated subsidiaries.
FORWARD-LOOKING STATEMENTS
This Quarterly Report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions, generally relate to future events or our future financial or operating performance. In some cases, you can identify these statements by forward-looking words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “design,” “intend,” “expect,” “could,” “plan,” “potential,” “predict,” “seek,” “should,” “would,” “target,” “project,” “contemplate,” or the negative version of these words and other comparable terminology that concern our expectations, strategy, plans, intentions, or projections. Forward-looking statements contained in this Quarterly Report include, but are not limited to, statements regarding our future results of operations and financial position, anticipated cash requirements, industry and business trends, stock-based compensation, revenue recognition, business strategy, plans and market growth, and our objectives for future operations, including related to investment in our technologies and data capabilities, subscriber acquisition strategies, impacts of the dissolution of our gaming business, and our international operations.
We have based the forward-looking statements contained in this Quarterly Report primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in Part II, Item 1A, “Risk Factors” of this Quarterly Report. These risks are not exhaustive. Other sections of this Quarterly Report include additional factors that could adversely impact our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements and you should not place undue reliance on our forward-looking statements.
In addition, forward-looking statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
The forward-looking statements made in this Quarterly Report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report to reflect events or circumstances after the date of this Quarterly Report or to reflect new information or the occurrence of unanticipated events, except as required by law. You should read this Quarterly Report in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2022 included in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on February 27, 2023 (the “Annual Report”).


ii

RISK FACTORS SUMMARY
Our business is subject to numerous risks and uncertainties, including those described in Part II, Item 1A. “Risk Factors” in this Quarterly Report. Material risks that may affect our business, operating results and financial condition include, but are not limited to, the following:
We have incurred operating losses in the past, expect to incur operating losses in the future and may never achieve or maintain profitability.
We may require additional capital to meet our financial obligations and support planned business growth, and this capital might not be available on acceptable terms or at all.
Our revenue is subject to seasonality, and if subscriber behavior during certain seasons falls below our expectations, our business may be harmed.
Our operating results may fluctuate, which makes our results difficult to predict.
If we fail to effectively manage our growth, our business, operating results, and financial condition may suffer.
The long-term nature of certain of our content commitments may limit our operating flexibility and could adversely affect our liquidity and results of operations.
Our results may be adversely affected if long-term content contracts are not renewed on sufficiently favorable terms.
If our efforts to attract and retain subscribers are not successful, our business will be adversely affected.
Our agreements with certain distribution partners may contain parity obligations which limit our ability to pursue unique partnerships.
If content providers refuse to license streaming content or other rights upon terms acceptable to us, our business could be adversely affected.
Our content providers impose a number of restrictions on how we distribute and market our products and services, which can adversely affect our business.
We rely upon Google Cloud Platform and Amazon Web Services to operate certain aspects of our service, and any disruption of or interference with our use of Google Cloud Platform and/or Amazon Web Services would impact our operations and our business would be adversely impacted.
If we fail to comply with the reporting obligations of the Exchange Act, our business, financial condition, and results of operations, and investors’ confidence in us, could be materially and adversely affected.
Our key metrics and other estimates are subject to inherent challenges in measurement, and real or perceived inaccuracies in those metrics may seriously harm and negatively affect our reputation and our business.
Preparing and forecasting our financial results requires us to make judgments and estimates which may differ materially from actual results, and if our operating and financial performance does not meet the guidance that we provide to the public, the market price of our common stock may decline.
TV streaming is highly competitive and many companies, including large technology and entertainment companies, TV brands, and service operators, are actively focusing on this industry. If we fail to differentiate ourselves and compete successfully with these companies, it will be difficult for us to attract or retain subscribers and our business will be harmed.
iii

If the technology we use in operating our business fails, is unavailable, or does not operate to expectations, our business and results of operation could be adversely impacted.
If government regulations relating to the Internet or other areas of our business change, we may need to alter the manner in which we conduct our business and we may incur greater operating expenses.
We may be unable to successfully expand our international operations and our international expansion plans, if implemented, will subject us to a variety of economic, political, regulatory and other risks.
We are subject to a number of legal requirements and other obligations regarding privacy, security, consumer protection and data protection, and any actual or perceived failure to comply with these requirements or obligations could have an adverse effect on our reputation, business, financial condition and operating results.
Any significant interruptions, delays or discontinuations in service or disruptions in or unauthorized access to our computer systems or those of third parties that we utilize in our operations, including those relating to cybersecurity or arising from cyber-attacks, could result in a loss or degradation of service, unauthorized disclosure of data, including subscriber and corporate information, or theft of intellectual property, including digital content assets, which could adversely impact our business.
We are subject to taxation-related risks in multiple jurisdictions.
We could be subject to claims or have liability based on defects with respect to certain historical corporate transactions that were not properly authorized or documented.
Legal proceedings could cause us to incur unforeseen expenses and could occupy a significant amount of our management’s time and attention.
The impact of worldwide economic conditions may adversely affect our business, operating results, and financial condition.
iv

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
1

fuboTV Inc.
Condensed Consolidated Balance Sheets
(in thousands, except for share and per share information)
September 30,
2023
December 31,
2022
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents$259,935 $337,087 
Accounts receivable, net62,092 43,996 
Prepaid sports rights39,331 37,668 
Prepaid and other current assets18,915 13,508 
Assets of discontinued operations813 4,643 
Total current assets381,086 436,902 
Property and equipment, net4,942 4,975 
Restricted cash6,138 6,139 
Intangible assets, net162,549 171,832 
Goodwill617,394 618,506 
Right-of-use assets36,614 35,888 
Other non-current assets11,750 3,532 
Total assets$1,220,473 $1,277,774 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$60,489 $66,952 
Accrued expenses and other current liabilities270,586 264,415 
Notes payable6,158 5,687 
Deferred revenue85,898 65,370 
Long-term borrowings - current portion1,652 1,986 
Current portion of lease liabilities4,999 1,763 
Liabilities of discontinued operations21,475 32,581 
Total current liabilities451,257 438,754 
Convertible notes, net of discount396,012 394,094 
Deferred income taxes280 765 
Lease liabilities39,353 39,266 
Other long-term liabilities135 1,565 
Total liabilities887,037 874,444 
COMMITMENTS AND CONTINGENCIES (Note 13)
Redeemable non-controlling interest 1,648 
Shareholders’ equity:
Common stock par value $0.0001: 800,000,000 shares authorized; 292,778,171 and 209,684,548 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
29 21 
Additional paid-in capital2,121,742 1,972,006 
Accumulated deficit(1,775,452)(1,558,088)
Non-controlling interest(11,314)(11,662)
Accumulated other comprehensive income (loss)(1,569)(595)
Total shareholders’ equity$333,436 $401,682 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY AND TEMPORARY EQUITY$1,220,473 $1,277,774 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2

fuboTV Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(in thousands, except share and per share amounts)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2023202220232022
Revenues
Subscription$289,623 $201,911 $879,492 $621,022 
Advertising30,592 22,714 76,383 67,886 
Other720 364 2,169 473 
Total revenues320,935 224,989 958,044 689,381 
Operating expenses    
Subscriber related expenses286,068 214,466 858,399 679,027 
Broadcasting and transmission15,187 16,608 53,278 54,062 
Sales and marketing60,494 55,288 137,259 125,999 
Technology and development17,506 17,602 53,511 54,360 
General and administrative15,861 16,232 45,998 65,714 
Depreciation and amortization9,103 8,408 26,858 28,174 
Total operating expenses404,219 328,604 1,175,303 1,007,336 
Operating loss(83,284)(103,615)(217,259)(317,955)
Other income (expense)    
Interest expense, net of interest income(480)(2,562)(2,192)(9,674)
Amortization of debt discount(650)(625)(1,918)(1,844)
Change in fair value of warrant liabilities   (1,701)
Other income (expense)(318)608 (1,175)895 
Total other income (expense)(1,448)(2,579)(5,285)(12,324)
Loss from continuing operations before income taxes(84,732)(106,194)(222,544)(330,279)
Income tax benefit247 392 482 1,150 
Net loss from continuing operations(84,485)(105,802)(222,062)(329,129)
Discontinued operations
Income (loss) from discontinued operations before income taxes669 (46,944)4,672 (80,708)
Income tax benefit    
Net income (loss) from discontinued operations669 (46,944)4,672 (80,708)
Net loss(83,816)(152,746)(217,390)(409,837)
Less: Net loss attributable to non-controlling interest5 98 26 341 
Net loss attributable to common shareholders$(83,811)$(152,648)$(217,364)$(409,496)
Other comprehensive income (loss)
Foreign currency translation adjustment3,858 (8,720)965 (11,779)
Comprehensive loss attributable to common shareholders$(79,953)$(161,368)$(216,399)$(421,275)
Net loss per share attributable to common shareholders
Basic and diluted loss per share from continuing operations $(0.29)$(0.57)$(0.82)$(1.86)
Basic and diluted loss per share from discontinued operations $ $(0.25)$0.02 $(0.46)
Basic and diluted loss per share$(0.29)$(0.82)$(0.80)$(2.32)
Weighted average shares outstanding:
Basic and diluted292,693,961 186,750,504 270,078,947 176,503,992 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3

fuboTV Inc.
Condensed Consolidated Statements of Changes in Shareholders’ Equity
Three and Nine Months Ended September 30, 2023 and 2022
(Unaudited)
(in thousands, except share and per share amounts)
Common StockAdditional
Paid-In
Capital
Accumulated
Deficit
Non-controlling
Interest
Accumulated Other Comprehensive LossTotal
Shareholders’
Equity
Shares Amount
Balance at December 31, 2022
209,684,548 $21 $1,972,006 $(1,558,088)$(11,662)$(595)$401,682 
Issuance of common stock, net of offering costs 71,444,729 7 106,050 — — — 106,057 
Exercise of stock options28,663 — 46 — — — 46 
Cancellation of escrow shares in connection with Edisn acquisition(12,595)— (344)— — — (344)
Delivery of common stock underlying restricted stock units454,462 — — — — — — 
Stock-based compensation— — 11,738 — — — 11,738 
Molotov non-controlling interest— — (864)— 374 (9)(499)
Foreign currency translation adjustment— — — — — 2,756 2,756 
Net loss attributable to non-controlling interest— — — — (11)— (11)
Net loss attributable to common shareholders— — — (83,613)— — (83,613)
Balance at March 31, 2023 (Unaudited)281,599,807 $28 $2,088,632 $(1,641,701)$(11,299)$2,152 $437,812 
Issuance of common stock, net of offering costs 10,250,000 1 10,854 — — — 10,855 
Exercise of stock options161,825 — 49 — — — 49 
Delivery of common stock underlying restricted stock units547,493 — — — — — — 
Stock-based compensation— — 11,211 — — — 11,211 
Foreign currency translation adjustment— — — — — 137 137 
Net loss attributable to non-controlling interest— — — — (10)— (10)
Net loss attributable to common shareholders— — — (49,940)— — (49,940)
Balance at June 30, 2023 (Unaudited)292,559,125 $29 $2,110,746 $(1,691,641)$(11,309)$2,289 $410,114 
Issuance of common stock, net of offering costs  — (9)— — — (9)
Exercise of stock options82,547 — 164 — — — 164 
Delivery of common stock underlying restricted stock units136,499 — — — — — — 
Stock-based compensation— — 10,841 — — — 10,841 
Foreign currency translation adjustment— — — — — (3,858)(3,858)
Net loss attributable to non-controlling interest— — — — (5)— (5)
Net loss attributable to common shareholders— — — (83,811)— — (83,811)
Balance at September 30, 2023 (Unaudited)
292,778,171 $29 2,121,742 $(1,775,452)$(11,314)$(1,569)$333,436 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4

fuboTV Inc.
Condensed Consolidated Statements of Changes in Shareholders’ Equity
Three and Nine Months Ended September 30, 2023 and 2022
(Unaudited)
(in thousands, except share and per share amounts)
Common StockAdditional
Paid-In
Capital
Accumulated
Deficit
Non-controlling
Interest
Accumulated Other Comprehensive LossTotal
Shareholders’
Equity
SharesAmount
Balance at December 31, 2021
153,950,895 $16 $1,691,206 $(1,009,293)$(11,220)$172 $670,881 
Issuance of common stock, net of offering costs 27,443,580 2 203,794 — — — 203,796 
Reclassification of the equity components of the 2026 Convertible Notes to liability upon adoption of ASU 2020-06— — (87,946)12,682 — — (75,264)
Exercise of warrants540,541 — 10,249 — — — 10,249 
Exercise of stock options349,847 — 443 — — — 443 
Delivery of common stock underlying restricted stock units392,326 — — — — — — 
Stock-based compensation— — 19,449 — — — 19,449 
Foreign currency translation adjustment— — — — — (2,215)(2,215)
Net loss attributable to non-controlling interest— — — — (93)— (93)
Net loss attributable to common shareholders— — — (140,724)— — (140,724)
Balance at March 31, 2022 (Unaudited)182,677,189 $18 $1,837,195 $(1,137,335)$(11,313)$(2,043)$686,522 
Issuance of common stock, net of offering costs 2,400,000 1 16,391 — — — 16,392 
Exercise of stock options80,275 — 129 — — — 129 
Delivery of common stock underlying restricted stock units135,603 — — — — — — 
Stock-based compensation— — 14,209 — — — 14,209 
Foreign currency translation adjustment— — — — — (844)(844)
Net loss attributable to non-controlling interest— — — — (150)— (150)
Net loss attributable to common shareholders— — — (116,124)— — (116,124)
Balance at June 30, 2022 (Unaudited)185,293,067 19 1,867,924 (1,253,459)(11,463)(2,887)600,134 
Issuance of common stock, net of offering costs 1,815,351  8,530 — — — 8,530 
Exercise of stock options134,900 — 177 — — — 177 
Delivery of common stock underlying restricted stock units100,213 — — — — — — 
Issuance of restricted stock2,000,000 — — — — — — 
Stock-based compensation— — 12,643 — — — 12,643 
Foreign currency translation adjustment— — — — — (8,720)(8,720)
Net loss attributable to non-controlling interest— — — — (98)— (98)
Net loss attributable to common shareholders— — — (152,648)— — (152,648)
Balance at September 30, 2022 (Unaudited)189,343,531 $19 1,889,274 $(1,406,107)$(11,561)$(11,607)$460,018 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5

fuboTV Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands, except share and per share amounts)
For the Nine Months Ended
September 30,
20232022
Cash flows from operating activities
Net loss$(217,390)$(409,837)
Less: Income (Loss) from discontinued operations, net of tax4,672 (80,708)
Net loss from continuing operations(222,062)(329,129)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization26,858 28,174 
Gain on sale of assets
2  
Stock-based compensation39,451 42,540 
Amortization of debt discount1,918 1,844 
Deferred income tax benefit(485)(1,150)
Change in fair value of warrant liabilities 1,701 
Amortization of right-of-use assets2,337 2,357 
Other adjustments480 1,571 
Changes in operating assets and liabilities of business, net of acquisitions:
Accounts receivable, net(18,123)(9,846)
Prepaid expenses and other assets(14,173)(858)
Prepaid sports rights(1,125)(32,334)
Accounts payable(7,545)18,476 
Accrued expenses and other liabilities605 (9,415)
Deferred revenue20,543 14,448 
Lease liabilities(1,669)953 
Net cash used in operating activities - continuing operations(172,988)(270,668)
Net cash used in operating activities - discontinued operations(2,569)(25,149)
Net cash used in operating activities(175,557)(295,817)
Cash flows from investing activities
Purchase of short-term investments (100,000)
Purchases of property and equipment(375)(1,031)
Sale of property and equipment
11  
Capitalization of internal use software
(12,875)(3,519)
Purchase of intangible assets
(2,899) 
Net cash used in investing activities - continuing operations(16,138)(104,550)
Net cash used in investing activities - discontinued operations (6,277)
Net cash used in investing activities(16,138)(110,827)
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
fuboTV Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands, except share and per share amounts)
For the Nine Months Ended
September 30,
20232022
Cash flows from financing activities
Proceeds from the issuance of common stock, net of offering costs116,890 228,960 
Redemption of non-controlling interest(2,147) 
Vested restricted stock units settled for cash(125) 
Proceeds from exercise of stock options259 749 
Proceeds from the exercise of warrants 5,000 
Repayments of notes payable and long-term borrowings(335)(1,472)
Net cash provided by financing activities - continuing operations114,542 233,237 
Net cash provided by financing activities - discontinued operations  
Net cash provided by financing activities114,542 233,237 
Net decrease in cash, cash equivalents and restricted cash(77,153)(173,407)
Cash, cash equivalents and restricted cash at beginning of period343,226 376,080 
Cash, cash equivalents and restricted cash at end of period$266,073 $202,673 
Supplemental disclosure of cash flows information:
Interest paid$13,120 $13,469 
Income taxes paid$190 $ 
Non-cash financing and investing activities:
Shares settled liability$5,536 $994 
Reclassification of the equity components of the 2026 Convertible Notes to liability upon adoption of ASU 2020-06$ $75,264 
Cashless exercise of warrants$ $5,249 
Accrued expenses - Issuance of common stock$6 $292 
Accounts payable - purchases property and equipment
$403 $ 
Accounts payable - purchases of intangible assets
$693 $ 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
6

fuboTV Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)

Note 1 - Organization and Nature of Business
Incorporation
fuboTV Inc. (“Fubo” or the “Company”) was incorporated under the laws of the State of Florida in February 2009 under the name York Entertainment, Inc. The Company changed its name to FaceBank Group, Inc. on September 30, 2019. On August 10, 2020, the Company changed its name to fuboTV Inc. and as of May 1, 2020, the Company’s trading symbol was changed from “FBNK” to “FUBO.” The Company’s common stock was approved for listing on the New York Stock Exchange (“NYSE”) in connection with a public offering in October 2020 and commenced trading on the NYSE on October 8, 2020.
Unless the context otherwise requires, “Fubo,” “we,” “us,” “our,” and the “Company” refers to the Company and its subsidiaries on a consolidated basis.
Nature of Business

The Company is principally focused on offering consumers a leading live TV streaming platform for sports, news, and entertainment through its streaming platform. The Company’s revenues are almost entirely derived from the sale of subscription services and the sale of advertisements in the United States, though the Company has expanded into several international markets, with operations in Canada, Spain and France.
The Company’s subscription-based streaming services are offered to consumers who can sign-up for accounts through which the Company provides basic plans with the flexibility for consumers to purchase incremental features that include additional content or enhanced functionality (“Attachments”) best suited for them. Besides the website, consumers can also sign-up via some TV-connected devices. The Fubo platform provides a broad suite of unique features and personalization tools such as multi-channel viewing capabilities, favorites lists and a dynamic recommendation engine, as well as 4K streaming and Cloud DVR offerings.
Note 2 - Liquidity, Going Concern and Management Plans
The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.
The Company had cash and cash equivalents and restricted cash of $266.1 million (excluding discontinued operations), working capital deficit (excluding discontinued operations) of $49.5 million and an accumulated deficit of $1.8 billion as of September 30, 2023. The Company incurred a net loss from continuing operations of $84.5 million and $222.1 million for the three and nine months ended September 30, 2023, respectively. Since inception, the Company’s operations have been financed primarily through the sale of equity and debt securities. The Company has incurred losses from operations and negative cash flows from operating activities since inception and expects to incur substantial losses.
As discussed further in Note 12, during the nine months ended September 30, 2023, the Company received net proceeds of approximately $116.9 million (after deducting $2.7 million in commissions and expenses) from sales of 81,694,729 shares of its common stock, at a weighted average gross sales price of $1.46 per share pursuant to an at-the-market sales agreement with its sales agents.
The Company believes that its current cash and cash equivalents provide it with the necessary liquidity to continue as a going concern for at least one year from the date of issuance of these financial statements.

7

fuboTV Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
In addition to the foregoing, the Company cannot predict the potential impact on its development timelines, revenue levels and its liquidity due to macroeconomic factors, including inflationary cost pressures and potential recession indicators, which depend on factors beyond the Company's knowledge or control. Based upon the Company’s current assessment, it does not expect the impact of macroeconomic factors to materially impact the Company’s operations. However, the Company is continuing to assess the impact that macroeconomic factors may have on its operations, financial condition and liquidity.
Note 3 - Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation
The Company’s condensed consolidated financial statements include the accounts of the Company and the accounts of the Company’s wholly-owned subsidiaries and non-wholly owned subsidiaries where the Company has a controlling interest. All intercompany balances and transactions have been eliminated in consolidation.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation of such interim results. Unless otherwise indicated, amounts provided in these notes pertain to continuing operations only (see Note 4 for information on discontinued operations).
The results for the unaudited condensed consolidated statement of operations and comprehensive loss are not necessarily indicative of results to be expected for the year ending December 31, 2023 or for any future interim period. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2022 and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on February 27, 2023.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Those estimates and assumptions include allocating the fair value of purchase consideration to assets acquired and liabilities assumed in business acquisitions, useful lives of property and equipment and intangible assets, recoverability of goodwill and intangible assets, accruals for contingent liabilities, equity instruments issued in share-based payment arrangements, and accounting for income taxes, including the valuation allowance on deferred tax assets.

8

fuboTV Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Cash, Cash Equivalents and Restricted Cash
The Company considers all highly liquid investments with remaining maturities at the date of purchase of three months or less to be cash equivalents, including balances held in the Company’s money market accounts. Restricted cash primarily represents cash on deposit with financial institutions in support of a letter of credit outstanding in favor of the Company’s landlord for office space. The restricted cash balance has been excluded from the cash balance and is classified as restricted cash on the condensed consolidated balance sheets.
The following table provides a reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets that sum to the total of the same on the condensed consolidated statement of cash flows (in thousands):
September 30, 2023December 31, 2022
Cash and cash equivalents$259,935 $337,087 
Restricted cash6,138 6,139 
Total cash, cash equivalents and restricted cash$266,073 $343,226 
Certain Risks and Concentrations
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of demand deposits and accounts receivable. The Company maintains cash deposits with financial institutions that at times exceed applicable insurance limits.
The majority of the Company’s software and computer systems utilize data processing, storage capabilities and other services provided by Google Cloud Platform and Amazon Web Services, which cannot be easily switched to another cloud service provider. As such, any disruption of the Company’s interference with Google Cloud Platform and Amazon Web Services could adversely impact the Company’s operations and business.
Segment and Reporting Unit Information
Operating segments are defined as components of an entity for which discrete financial information is available that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is determined to be the CODM. The CODM reviews financial information and makes resource allocation decisions at the consolidated group level. The Company has one operating segment as of September 30, 2023, the streaming business.
Significant Accounting Policies
For a detailed discussion of the Company’s significant accounting policies, see Note 3 to the consolidated financial statements for the year ended December 31, 2022, included in the Company’s Annual Report.
9

fuboTV Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Net Loss Per Share
Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period.
The following table presents the calculation of basic and diluted net loss per share (in thousands, except shares and per share data):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Basic loss per share:
Net loss from continuing operations$(84,485)$(105,802)$(222,062)$(329,129)
Less: net loss attributable to non-controlling interest5 98 26 341 
Net loss from continuing operations available to common shareholders
(84,480)(105,704)(222,036)(328,788)
Net income (loss) from discontinued operations, net of tax
669 (46,944)4,672 (80,708)
Net loss attributable to common shareholders$(83,811)$(152,648)$(217,364)$(409,496)
Shares used in computation:
Weighted-average common shares outstanding292,693,961 186,750,504 270,078,947 176,503,992 
Basic and diluted loss per share from continuing operations $(0.29)$(0.57)$(0.82)$(1.86)
Basic and diluted loss per share from discontinued operations $ $(0.25)$0.02 $(0.46)
Basic and diluted loss per share$(0.29)$(0.82)$(0.80)$(2.32)
The following common share equivalents are excluded from the calculation of weighted average common shares outstanding because their inclusion would have been anti-dilutive:
September 30,
20232022
Warrants to purchase common stock166,670 166,670 
Stock options19,103,190 15,655,673 
Unvested restricted stock units14,090,914 6,859,083 
Convertible notes variable settlement feature6,966,078 6,966,078 
Total40,326,852 29,647,504 
Recently Issued Accounting Standards
The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financial statements properly reflect the change.

10

fuboTV Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Note 4 – Discontinued Operations
Dissolution of Fubo Gaming
On October 17, 2022, the Company dissolved its wholly owned subsidiary Fubo Gaming Inc. ("Fubo Gaming"). In connection with the dissolution of Fubo Gaming, the Company concurrently ceased operation of Fubo Sportsbook.
Net income (loss) from Fubo Gaming's discontinued operations consists of the following for the three and nine months ended September 30, 2023 and 2022:
For the Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Revenues
Wagering$ $(176)$ $(659)
Total revenues (176) (659)
Operating expenses
Sales and marketing 2,687 (59)8,951 
Technology and development 2,527 17 8,117 
General and administrative196 5,757 942 15,949 
Depreciation and amortization158 113 158 328 
Gain on extinguishment of liabilities(1,030) (5,770) 
Impairment of goodwill, intangible assets, and other long-lived assets, net7 35,454 40 46,136 
Total operating expenses(669)46,538 (4,672)79,481 
Operating income (loss)669 (46,714)4,672 (80,140)
Other income (expense)
Interest expense and financing costs (230) (568)
Total other expense (230) (568)
Income (loss) from discontinued operations before income taxes669 (46,944)4,672 (80,708)
Income tax benefit    
Net income (loss) from discontinued operations669 (46,944)4,672 (80,708)
During the three and nine months ended September 30, 2023, the Company recorded a $1.0 million and $5.8 million gain on extinguishment of certain liabilities, respectively. As of September 30, 2023, the balance sheet of discontinued operations consisted primarily of accounts payable, accrued expenses and other current liabilities of $21.4 million, primarily related to contract termination costs.


11

fuboTV Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Note 5 - Revenue from Contracts with Customers
Disaggregated revenue
The following table presents the Company’s revenues disaggregated into categories based on the nature of such revenues (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Subscription$289,623 $201,911 $879,492 $621,022 
Advertising30,592 22,714 76,383 67,886 
Other720 364 2,169 473 
Total revenues$320,935 $224,989 $958,044 $689,381 
The following tables summarize subscription revenue and advertising revenue by region for the three and nine months ended September 30, 2023 and 2022 (in thousands):
Subscription
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
United States and Canada (North America)$281,515 $196,298 $855,861 $604,707 
Rest of world8,108 5,613 23,631 16,315 
Total subscription revenues$289,623 $201,911 $879,492 $621,022 
Advertising
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
United States and Canada (North America)$30,307 $22,542 $75,642 $67,029 
Rest of world285 172 741 857 
Total advertising revenues$30,592 $22,714 $76,383 $67,886 
Contract balances
There were no significant losses recognized related to any receivables arising from the Company’s contracts with customers for the nine months ended September 30, 2023 and 2022.
For the three and nine months ended September 30, 2023 and 2022, there were no material contract assets recorded on the accompanying condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022.
The Company’s contract liabilities primarily relate to upfront payments and consideration received from customers for subscription services. As of September 30, 2023, and December 31, 2022, the Company’s contract liabilities totaled approximately $85.9 million and $65.4 million, respectively, and are recorded as deferred revenue on the accompanying condensed consolidated balance sheets.
12

fuboTV Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Transaction price allocated to remaining performance obligations
The Company does not disclose the transaction price allocated to remaining performance obligations since subscription and advertising contracts have an original expected term of one year or less.
Note 6 – Property and equipment, net
Property and equipment, net, is comprised of the following (in thousands):
Useful Life
(Years)
September 30, 2023December 31, 2022
Furniture and fixtures5$523 $441 
Computer equipment
3-5
3,918 2,922 
Leasehold improvementsTerm of lease5,242 5,136 
9,683 8,499 
Less: Accumulated depreciation(4,741)(3,524)
Total property and equipment, net$4,942 $4,975 

Depreciation expense totaled approximately $0.3 million and $0.3 million for the three months ended September 30, 2023 and 2022, respectively. Depreciation expense totaled approximately $1.1 million and $0.9 million for the nine months ended September 30, 2023 and 2022, respectively.
Note 7 – Intangible Assets and Goodwill
Intangible Assets
The table below summarizes the Company’s intangible assets at September 30, 2023 and December 31, 2022 (in thousands):
Useful
Life
(Years)
Weighted
Average
Remaining
Life
(Years)
September 30, 2023
Intangible AssetsAccumulated Amortization Net Balance
Customer relationships
2
0.2$32,357 $(31,633)$724 
Trade names
2 - 9
5.438,832 (15,436)23,396 
Capitalized Internal Use Software32.421,362 (4,113)17,249 
Software and technology
3 - 9
5.4195,256 (74,076)121,180 
Total$287,807 $(125,258)$162,549 
Useful
Lives
(Years)
Weighted
Average
Remaining
Life
(Years)
December 31, 2022
Intangible AssetsAccumulated AmortizationNet Balance
Customer relationships
2
1.2$32,433 $(28,421)$4,012 
Trade names
2 - 9
6.238,837 (12,018)26,819 
Capitalized Internal Use Software32.48,487 (1,757)6,730 
Software and technology
3 - 9
6.1191,735 (57,464)134,271 
Total$271,492 $(99,660)$171,832 


13

fuboTV Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The intangible assets are being amortized over their respective original useful lives, which range from two to nine years. The Company recorded amortization expense related to the above intangible assets of approximately $8.8 million and $8.1 million for the three months ended September 30, 2023 and 2022, respectively. The Company recorded amortization expense related to the above intangible assets of approximately $25.8 million and $27.2 million for the nine months ended September 30, 2023 and 2022, respectively.
The estimated future amortization expense associated with intangible assets, net is as follows (in thousands):
Year ended December 31, Future Amortization
2023$9,278 
202433,918 
202532,100 
202629,716 
202726,460 
Thereafter31,077 
Total$162,549 
Goodwill
The following table is a summary of the changes to goodwill for the nine months ended September 30, 2023 (in thousands):
Balance - December 31, 2022
$618,506 
Foreign currency translation adjustment(1,112)
Balance - September 30, 2023
$617,394 
As of September 30, 2023, goodwill includes an accumulated impairment charge of $148.1 million.
Note 8 – Accounts Payable, Accrued Expenses, and Other Liabilities
Accounts payable, accrued expenses, and other liabilities are presented below (in thousands):
September 30, 2023December 31, 2022
 Affiliate fees $205,833 $218,367 
 Broadcasting and transmission 12,511 15,732 
 Selling and marketing 32,493 26,907 
 Accrued compensation 14,569 9,838 
 Legal and professional fees 3,661 3,712 
 Sales tax 40,027 37,934 
 Accrued interest 1,426 4,773 
 Subscriber related 1,681 3,101 
 Shares settled liability
8,396 2,860 
 Other 10,613 9,708 
Total$331,210 $332,932 
14

fuboTV Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Note 9 – Income Taxes
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Income tax benefit