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.

• Aggregates live and on-demand content from thousands of sources, accessible through a cable-like SmartGuide interface on all Wi-Fi-enabled devices.

• Employs a B2B2C strategy, licensing its platform to commercial partners (CDPs) such as broadband providers, device manufacturers, and hospitality venues, enabling rapid scaling and reduced customer acquisition costs.

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

• Proprietary technology links users directly to third-party content sources, avoiding content licensing fees and enabling a device-agnostic, non-competitive aggregation model.

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 mix for the quarter: $22,120 from premium subscriptions, $54,666 from FAST channel services, $119,014 from advertising, and $60 from other sources.

• 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

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

• Entered into an Equity Purchase Agreement with an institutional investor for up to $50 million in Class A common stock over 36 months, with proceeds intended for working capital, debt repayment, and general corporate purposes.

• Proceeds may be used to repay up to $2.5 million in advances or loans to Nextelligence, a related party.