FreeCast (CAST) Registration filing summary

Company overview and business model

• Operates a unified, device-agnostic streaming content aggregation platform, providing a cable-like guide for live and on-demand content from thousands of sources, accessible via Smart TVs, streaming devices, mobile, and web.

• Employs a B2B2C strategy, partnering with broadband providers, device manufacturers, mobile carriers, MDUs, and hospitality venues to scale efficiently and reduce customer acquisition costs.

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

• Proprietary SmartGuide technology aggregates and directs users to third-party content without storing or retransmitting, avoiding licensing fees.

• Subscriber base grew to 934,543 as of March 31, 2025, with a shift to a free, ad-supported model and optional paid upgrades.

Financial performance and metrics

• Fiscal year ended June 30, 2024: $507,920 in revenue, $336,996 cost of revenue, $10.9M operating expenses, and $12.4M net loss.

• Nine months ended March 31, 2025: $413,837 in revenue, $269,900 cost of revenue, $10.8M operating expenses, and $10.9M net loss.

• Accumulated deficit of $192M as of March 31, 2025; recurring operating losses and negative cash flows raise substantial doubt about going concern status.

• Cash balance of $101,636 and working capital deficit of $3.47M as of March 31, 2025; plans to raise additional equity financing.

• Revenue per subscriber decreased from $0.22 to $0.12 year-over-year due to the shift to free registration.

Use of proceeds and capital allocation

• No proceeds will be received from the resale of shares by registered shareholders in this direct listing.

• Company intends to raise additional capital through future equity or debt offerings to fund operations and expansion.