FreeCast (CAST) Registration filing summary

Company overview and business model

• Operates a technology-driven streaming entertainment aggregation platform, offering a unified, à la carte service for TV content via a Platform-as-a-Service (PaaS) model across all Wi-Fi-enabled devices.

• Business model centers on licensing proprietary SmartGuide® technology to commercial partners (CDPs), device manufacturers, and digital out-of-home networks, enabling B2B2C distribution and co-branding.

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

• Platform aggregates content from thousands of sources, providing users with a cable-like TV guide interface and direct links to original content providers.

• Focuses on expanding through licensing agreements with partners that have large user bases, reducing customer acquisition costs and churn.

Financial performance and metrics

• For the three months ended September 30, 2025: total revenue was $195,860, with a net loss of $2,862,349 and an accumulated deficit of $198,097,550.

• 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 as of September 30, 2025, 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.

• Company has incurred recurring losses since inception and auditors have raised substantial doubt about its ability to continue as a going concern.

Use of proceeds and capital allocation

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

• Entered into an Equity Purchase Agreement (EPA) with Amiens Technology Investments, LLC for up to $50 million in Class A common stock over 36 months post-listing, providing flexible liquidity.

• Proceeds from any future equity sales under the EPA will be used at management's discretion for general corporate purposes.