FreeCast (CAST) Registration filing summary

Company overview and business model

• Operates a technology-driven streaming aggregator platform, offering a unified, à la carte TV entertainment service via a Platform-as-a-Service (PaaS) model for consumers and commercial partners.

• Aggregates content from thousands of sources, integrating live, on-demand, free, paid, and subscription-based media into a single SmartGuide interface accessible on all Wi-Fi-enabled devices.

• Employs a B2B2C strategy, licensing its platform to broadband providers, device manufacturers, mobile carriers, and multi-dwelling units, enabling partners to offer co-branded streaming solutions.

• Revenue streams include advertising, premium content subscriptions, product sales (e.g., digital antennas), licensing, and referral fees from content providers.

• Proprietary technology is licensed from Nextelligence, with exclusive rights through 2054; the company does not store or retransmit third-party content, avoiding direct licensing fees.

Financial performance and metrics

• Fiscal year ended June 30, 2025: total revenue $628,149, net loss $14,065,948, accumulated deficit $195,235,201.

• Cash balance as of June 30, 2025: $549,249; working capital deficit: $5,077,185.

• Operating expenses increased 29% year-over-year to $14,037,006, driven by higher general/admin costs and stock-based compensation.

• Subscriber base grew to 975,501 (958,439 ad-supported, 17,062 paid) as of June 30, 2025.

• Revenue per subscriber decreased from $0.22 to $0.14 year-over-year, reflecting a shift to ad-supported free registration.

• Auditor issued a going concern warning due to recurring losses and negative cash flows.

Use of proceeds and capital allocation

• Company will not receive proceeds from the resale of shares by registered shareholders in the direct listing.

• Plans to raise additional equity financing to meet obligations over the next 12 months; future capital may be used for working capital, expansion, and product development.