FreeCast (CAST) Registration filing summary

Company overview and business model

• Operates as a technology-driven streaming aggregator, offering a unified, à la carte TV service via a Platform-as-a-Service (PaaS) model across devices and markets.

• Aggregates content from 700+ channels, including FAST, OTA, premium OTT, and pay-per-view, using proprietary SmartGuide technology.

• Focuses on B2B2C partnerships with broadband providers, mobile carriers, device manufacturers, and multi-dwelling units, reducing direct customer acquisition costs.

• Revenue streams include advertising, subscriptions, product sales, licensing, and referral fees, with a shift toward ad-supported free registration and premium content upsells.

• Expanding internationally, with recent launches in the Caribbean and partnerships targeting global markets.

Financial performance and metrics

• Recurring net losses: Net loss of $14.1M in FY2025 and $10.2M for the nine months ended March 31, 2026; accumulated deficit of $205.4M as of March 31, 2026.

• Revenue for FY2025 was $628K, down from $508K in FY2024; nine months ended March 31, 2026 revenue was $351K.

• Cash balance of $119K and working capital deficit of $7.3M as of March 31, 2026; ongoing need for additional capital.

• Subscriber count reached 1,024,592 as of March 31, 2026, but includes inactive accounts and may overstate active engagement.

• Revenue per subscriber has declined due to the shift to free registration and ad-supported models.

Use of proceeds and capital allocation

• Raised $23.7M gross ($22.8M net) in July 2026 private placement; proceeds allocated to working capital and general corporate purposes, not for debt repayment or litigation settlement.

• Equity Purchase Agreement with Amiens Technology Investments LLC allows up to $50M in additional equity financing over 36 months.