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 all Wi-Fi-enabled devices.

• Utilizes a B2B2C strategy, partnering with Consumer Direct Platforms (CDPs) such as broadband providers, mobile carriers, device manufacturers, and hospitality operators to scale efficiently and reduce customer acquisition costs.

• Proprietary SmartGuide technology aggregates content from over 700 channels, including FAST, OTA, OTT, and premium sources, presented in a cable-like guide format.

• Revenue streams include advertising, subscriptions, product sales, licensing, and referral fees, with additional monetization from platform development, hosting, and revenue-sharing with partners.

• Three deployment models: PaaS for branded streaming, Broadcast Enabled Streaming TV (BEST) bridging OTA and streaming, and Direct-to-Mobile (D2M) for telecom and ISP partners.

Financial performance and metrics

• For the year ended June 30, 2025: total revenue $628,149, net loss $14.1 million, accumulated deficit $195.2 million.

• For the nine months ended March 31, 2026: total revenue $350,859, net loss $10.2 million, accumulated deficit $205.4 million.

• Cash balance as of March 31, 2026: $119,302; working capital deficit: $7.3 million.

• Revenue per subscriber declined year-over-year due to a shift to free registration and ad-supported models.

• Subscriber count as of March 31, 2026: 1,024,592 (ad-supported: 1,010,060; paid: 14,532), but includes inactive accounts.

Use of proceeds and capital allocation

• July 2026 private placement raised $23.73 million gross ($22.84 million net after fees), with proceeds allocated to working capital and general corporate purposes, excluding debt repayment, security redemption, or litigation settlement.

• Management has broad discretion over use of proceeds; funds are not earmarked for specific projects.

• Additional capital may be required for long-term operations and growth; an equity line of credit for up to $50 million is in place.