fuboTV (FUBO -4.61%) shares rose 22.5% last month, according to data from S&P Global Market Intelligence. The streaming TV channel, which focuses on sports fans, has struck a deal with another regional sports network and The Athletic, a premium sports news outlet. The stock is still down 54% year-to-date (YTD) and 98% from all-time highs due to heavy cash burn and significant stock dilution.

Here’s why fuboTV shares soared last month.

More regional sports

On October 25, fuboTV announced that it had entered into a broadcast agreement with Chicago Sports Network, a local provider in the greater Chicago area that broadcasts Chicago Bulls, Chicago White Sox and Chicago Blackhawks games. The deal was struck just in time for the hockey and basketball seasons, meaning it could entice some area fans to cut the cord and join fuboTV to stream games. The greater Chicago area has a population of just under 10 million, which could present a significant market opportunity for fuboTV. The company had just 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 outlet. This partnership will put some of The Athletic’s content on fuboTV and provide cross-marketing potential. Finally, fuboTV launched more tiers to its streaming offering, allowing users to individually subscribe to Paramount+, NBA League Pass, and The FanDuel Sports Network without paying for its expensive virtual cable package.

With its focus on sports content, some investors are optimistic about fuboTV as a beneficiary of the transition from traditional cable to streaming television. However, its stock has not performed well over the long term and is down 98% from all-time highs, meaning if you had bought $100 worth of shares at the high, you would only be left with 2 $ value today.

Rising revenues, still unprofitable

fuboTV shares were trashed due to their mounting losses. Revenue has grown 139% over the past three years, but has never generated positive free cash flow. Over the past 12 months, it has burned through approximately $150 million in cash and only has $146 million in cash on its balance sheet.

The company has had a highly dilutive effect on shareholders by increasing the number of its outstanding shares. Total outstanding shares are up 114% in the last three years alone, which is not a sustainable trajectory for the company.

Add it all together, and it doesn’t matter that fuboTV has added another major regional sports network to its platform. Its business model is fragile and it is burning money. Stay away from this stock for now.