fuboTV (NYSE:FUBO) Shares rose 22.5% last month, according to data from S&P Global Market Intelligence. The streaming TV channel, which focuses on serving sports fans, has signed a deal with another regional sports channel and The Athletic, a premium sports news channel. The stock is still down 54% year-to-date (YTD) and is 98% below its all-time high due to strong cash burn and strong share dilution.

That’s why fuboTV stock shot up last month.

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On October 25, fuboTV announced that it had entered into a broadcast agreement with the Chicago Sports Network, a local provider in the Chicago area that will broadcast Chicago Bulls, Chicago White Sox and Chicago Blackhawks games. The deal was made just in time for the hockey and basketball seasons, meaning it could entice some fans in the area to cut the cord and join fuboTV to stream games. Nearly 10 million people live in the Chicago area, which could represent a major market opportunity for fuboTV. The company only had 1.6 million total subscribers at the end of the third quarter.

In addition to this announcement, fuboTV launched a partnership with The Athletic, a premium sports news portal. This partnership will bring some content from The Athletic to fuboTV and provide cross-marketing potential. Finally, fuboTV has introduced additional tiers to its streaming package, allowing users to individually subscribe to Paramount+, NBA League Pass and The FanDuel Sports Network without having to pay for the pricey virtual cable package.

With its focus on sports content, some investors see fuboTV as a beneficiary of the transition from traditional cable to streaming TV. However, the stock has not performed well over the long term and is 98% below its all-time high. That means if you bought $100 worth of shares at the peak, you would only have $2 of value left today.

Shares of fuboTV have been on a downward trend as losses mount. Revenue has grown 139% over the last three years, but it has never generated positive free cash flow. Over the past 12 months, the company has burned through about $150 million of cash and only has $146 million of cash on the balance sheet.

By increasing the number of shares outstanding, the company has caused severe shareholder dilution. The total number of shares issued has increased by 114% in the last three years alone, which is not a sustainable development for the company.

When you add it all up, it doesn’t matter that fuboTV has added another major regional sports channel to its platform. The business model is unstable and it burns money. Stay away from this stock for now.

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