FUBO · fuboTV Inc.

FuboTV Inc. announced forward-looking financial targets via press release (Exhibit 99.1) and shareholder letter (Exhibit 99.2) from CEO David Gandler, highlighting the company's strongest financial position based on current outlook. For Fiscal 2025, the company reported Pro Forma Net Loss of $(178) million and Pro Forma Adjusted EBITDA of $59 million, marking entry into positive pro forma territory. Guidance includes Fiscal 2026 Pro Forma Adjusted EBITDA of $80-$100 million (midpoint $90 million) and a Fiscal 2028 Adjusted EBITDA target of at least $300 million, implying over 80% CAGR. Positive Free Cash Flow is expected starting Fiscal 2027, supported by contractual wholesale fees from Hulu agreement (95% ratio in 2026, rising to 99% in 2028), potential content cost reductions via renewals leveraging scale, and ad synergies from Disney Ad Server migration. Balance sheet strength is evident with projected YE September 2026 cash of at least $200 million (after $50 million in non-recurring litigation/transaction payments YTD 2026) versus $274 million pre-combination at September 30, 2025, and $323 million debt with maturities extended to 2029, trading near par. Management emphasizes no need for additional financing through 2028, expecting net cash position by Fiscal 2028. A reverse stock split was enacted to attract institutional investors and align share count with market cap, explicitly without plans for dilutive equity raises. Content updates include Fubo securing 17 pro baseball teams' coverage, including SNY and Spectrum SportsNet LA, while NBCU content remains available via Hulu + Live TV with modest overall impact and cross-marketing efforts underway. Priorities shift to margin expansion and cash flow sustainability, potentially at expense of near-term subscriber growth, underscoring disciplined execution post-business combination.