FuboTV Inc. (FUBO) shareholders had a rough Tuesday morning, watching shares sink nearly 20% in premarket trading after the sports-first streaming platform delivered first-quarter results that looked good on the surface but came with some concerning details underneath.

The headline number was impressive enough. Revenue soared 40% year-over-year to $1.549 billion, comfortably clearing Wall Street's consensus estimate of $1.096 billion. When you account for the company's massive business combination with Walt Disney Company's (DIS) Hulu + Live TV service on a pro forma basis, revenue came in at $1.683 billion compared to $1.588 billion in the prior year.

But here's where things got messy. FuboTV posted a loss of 2 cents per share for the fourth quarter, missing the Street's expectation of a 1-cent loss. Not a huge miss in absolute terms, but enough to spook investors already nervous about the integration challenges ahead.

The North America Picture

FuboTV's core North America business generated $1.543 billion in revenue for the quarter, up from $1.106 billion in the prior-year period. On a pro forma basis factoring in the Hulu merger, North America revenue reached $1.675 billion compared to $1.579 billion year-over-year.

The subscriber count tells a more complicated story. On a combined basis, Fubo ended the quarter with 6.2 million North America total subscribers, a slight decline from 6.3 million in the prior year. Meanwhile, the company's international "Rest of World" segment saw paid subscribers slip to 335,000 from 362,000 year-over-year, though revenue ticked up to $5.8 million from essentially zero. On a pro forma basis, Rest of World revenue actually declined to $8.6 million from $9.4 million.

There was a bright spot in profitability metrics. The company's adjusted EBITDA margin improved to 2.5% versus 1.4% in the prior year, showing some operational progress even amid the integration chaos.

Cash Burn Accelerates

Here's the part that likely had investors reaching for the sell button. FuboTV burned through $200.3 million in operating cash during the quarter, a dramatic deterioration from the $42.6 million outflow a year earlier. As of December 31, the company held $458.6 million in cash and equivalents, which sounds comfortable until you do the math on that burn rate.

ESPN Deal and Reverse Split

In potentially better news, Fubo announced plans to form a reseller and marketing partnership with ESPN that could significantly expand its reach. Fubo Sports, which already bundles ESPN Unlimited along with FOX and CBS programming, will be available for purchase through ESPN's commerce platform. ESPN will also promote Fubo across its various digital properties, though the partnership is still pending definitive agreements.

Then there's the reverse stock split. FuboTV announced plans to consolidate its Class A and Class B common stock at an exchange ratio ranging from 1-for-8 to 1-for-12, with the final ratio to be determined by the board. The move has already received board approval and unanimous written consent from stockholders holding a majority of voting interests. Reverse splits are typically undertaken when share prices have fallen uncomfortably low, and with shares hitting new 52-week lows, FuboTV clearly fits that profile.

No Guidance for Now

Perhaps most notably, CEO and co-founder David Gandler acknowledged 2025 as a transformative year following the Hulu + Live TV combination. But the company declined to provide forward guidance, saying it plans to revisit issuing guidance in future quarters once it has better visibility on the timing and impact of its combined company initiatives.

Translation: Nobody really knows what the merged entity will look like operationally over the next few quarters, so they're not going to make promises they might not keep.

FUBO Price Action: FuboTV shares tumbled 19.82% to $1.820 during premarket trading Tuesday, marking a new 52-week low for the stock.