FreeCast (CAST) Registration filing summary

Company overview and business model

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

• Aggregates content from thousands of sources, providing a cable-like SmartGuide interface across all Wi-Fi-enabled devices.

• Focuses on B2B2C partnerships with broadband providers, device manufacturers, and hospitality, enabling rapid scaling and reduced customer acquisition costs.

• Revenue streams include advertising, premium subscriptions, product sales, licensing, and referral fees.

• Proprietary technology is licensed from Nextelligence, with exclusive rights through 2054.

Financial performance and metrics

• For the three months ended September 30, 2025: revenue was $195,860, net loss was $2,862,349, and accumulated deficit reached $198.1 million.

• Cash balance as of September 30, 2025 was $345,723, with a working capital deficit of $1,151,752.

• Subscriber base grew to 988,158, with the majority on the ad-supported free tier.

• Revenue per subscriber decreased year-over-year due to the shift to a free, ad-supported model.

• Two customers accounted for over 80% of receivables and revenues, indicating high customer concentration risk.

Use of proceeds and capital allocation

• No proceeds will be received from the direct listing; all shares sold are by existing shareholders.

• Entered into an Equity Purchase Agreement for up to $50 million in future equity sales to provide incremental liquidity post-listing.

• Management has broad discretion over any proceeds from future equity sales.