FuboTV reported a 53% year-to-year uptick in second-quarter revenue to $44.2 million, driven by a 47% increase to more than 286,000 paid users for its core virtual pay TV service.
But with operating expenses coming in at $111.5 million for Q2, the company posted a $99.8 million net loss in the quarter.
While the narrative for the New York-based company is scattered right now, make no mistake, the company is moving fast.
In April, OTT startup fuboTV merged with virtual and augmented reality company FaceBank Group, a lesser known technology outfit that already trades over-the-counter where smaller-cap stocks usually reside. The combined company is now run by fuboTV founder and CEO David Gandler, and is branded fuboTV.
In a letter to shareholders Thursday, Gandler confirmed reports that fuboTV is working with the SEC to uplist itself into listing that will remain “FUBO.”
“As is customary with mergers, we have a large number of SEC filings. We have made significant progress and are focusing our comments today on the go-forward strategy and business of the company, which is fuboTV,” Gandler wrote.
“The company has been focused on strengthening its balance sheet,” he added. “As previously announced, we added $46 million in equity funding from institutional and private investors, including Credit Suisse Capital, LLC.
FuboTV said subscription revenue in Q2 rose to $39.5 million. With fuboTV increasing the per-month cost of its service in Q2, per-user average revenue rose 8% to $54.79.
Advertising coin up 71% yer over year to $4.3 million. In addition to operating the sports-focused fuboTV virtual MVPD service, the company is also building Fubo Sports Network, a digital channel play that runs on multiple OTT platforms. It’s a similar model to how news startup Cheddar (now owned by Altice USA) was built.
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