Freecast Inc (OTC: CAST) is a streaming media technology company that operates FreeCast.com, a free ad-supported streaming platform, alongside a paid Value Channels subscription service. Revenue comes from three streams: Free Ad-Supported TV (FAST) revenue, advertising revenue, and subscription fees from Value Channels, a 17-channel cable package sold on monthly or annual terms. The company shifted to a free registration model, growing subscribers from 934,543 on March 31, 2025, to 1,024,592 on March 31, 2026. FAST revenue was $169,110 and advertising revenue was $130,052 for the nine months ended March 31, 2026. The company also earns ad agency revenue through direct client service contracts, including an agreement with Launch That, and other revenue from licensing, referral fees, and affiliate commissions. As of March 31, 2026, cash was $119,302 against a working capital deficit of $7,285,937. The company has disclosed going-concern conditions and relies on equity financing and a revolving convertible note payable to Nextelligence, a related party, with $4,889,052 outstanding principal as of March 31, 2026.

Revenue model

Four revenue streams: (1) FAST revenue from ad-supported free streaming ($169,110 for nine months ended March 31, 2026); (2) advertising revenue from third-party ad delivery ($130,052 for nine months ended March 31, 2026); (3) subscription fees from Value Channels, recognized ratably over one-month to five-year periods; (4) ad agency and other revenue including licensing agreements, referral fees, and affiliate commissions. The company recently migrated ad delivery to its proprietary Zer0Gap Ads platform from Spring Serve/Magnite.

Products and services

FreeCast.com free registration streaming platform; Value Channels paid subscription service (17 cable channels, monthly or annual billing); Zer0Gap Ads proprietary in-house advertising platform; FreeCast Ad Platform for real-time bidding; Platform-as-a-Service (PaaS) infrastructure for enterprise partners. Available on Google TV, Amazon Fire TV, LG, Samsung, TCL, Sony, Amazon Fire, Google Chromecast, Apple TV, PC, Android, and iOS.

Customers and end markets

Consumer streaming subscribers (1,024,592 as of March 31, 2026). Ad agency and demand partner clients including Launch That, NHK, and Del-Air. Distributors and CDPs (customer data platforms) who license FreeCast.com registrations under revenue-sharing arrangements. End markets include connected TV (CTV) advertising and direct-to-consumer streaming.

Value-chain role

Streaming platform operator and ad technology provider. Sits between content distributors and end consumers, aggregating streaming access and monetizing via advertising and subscriptions. Cost of revenue includes third-party hosting, content streaming infrastructure, ad server payments, FAST channel buildout costs, and customer support salaries.

Competitors

The Trade Desk

Source: SEC 10-Q, filed 2026-05-15

Industry: Services-Computer Processing & Data Preparation