FreeCast, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red, because several documented findings go to the substance of the company itself and not merely to the price of the stock: a going-concern explanatory paragraph from the auditor for the year ended June 30, 2025, repeated verbatim in the 10-Q for the quarter ended March 31, 2026; negative equity of $6,996,234 at that date; a persistently negative operating cash flow of $8,083,926 over nine months against $350,859 of revenue; and a revenue base that is roughly half made up of companies belonging to the chief executive. The private placement of July 2, 2026 for roughly $23.7 million is real progress and buys a good two years on paper — it is reflected in this rating, but it does not undo the findings while no audited statement free of the going-concern paragraph exists. This rating says nothing about the right moment to buy, nor about whether $75 million of market capitalization is appropriate. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
FreeCast folds the fragmented streaming world into a single program guide and is valued on Nasdaq at roughly $75 million. The audited fiscal year ended June 30, 2025 produced $628,149 of revenue and a $14,065,948 loss; roughly half of that revenue comes from two companies whose president is the chief executive himself. The auditor issued a going-concern explanatory paragraph, and on March 31, 2026 the cash box held $119,302. The private placement of July 2, 2026 for roughly $23.7 million buys time but changes neither the size of the revenue line nor the 89.75 percent of voting power sitting in one hand. Not investment advice.
Scale of the business
In the audited fiscal year ended June 30, 2025, revenue of $628,149 met a net loss of $14,065,948 — the loss was 22 times the top line. In the nine months to March 31, 2026 revenue fell to $350,859 from $413,837, and in the quarter alone by 35 percent to $92,909.
Substance and going concern
The audit report on the statements to June 30, 2025 carries a going-concern explanatory paragraph, and the 10-Q for the quarter ended March 31, 2026 repeats it. At the same date: $119,302 of cash against roughly $898,000 of monthly outflow, equity of minus $6,996,234 and an accumulated deficit of $205,415,506.
Funding after the private placement
On July 2, 2026 roughly $23.7 million gross came in at $3.00 a share; the company considers the funds sufficient for "at least the next 12 months," and on the prior burn rate they last a good two years. They may not, however, be used contractually to repay existing debt, and no audited statement showing the new position exists yet.
Origin of revenue
Per the prospectus of July 23, 2026, more than 50.1 percent of revenue in the nine months to March 31, 2026 came from two related party customers whose president is the company's own chief executive (fiscal 2025: more than 35 percent; fiscal 2024: more than 52 percent). The arrangements have been verbal since June 2023 and pricing is a 15 or 30 percent markup on the company's own costs.
Control and dilution
As of July 15, 2026, 89.75 percent of voting power sat with the chief executive, because Class B shares carry 15 votes and are reserved for him. The convertible note held by his company, most recently $3,679,451, has converted at the prior day's close since April 20, 2026; on top sit 3,243,807 pre-funded warrants at $0.0001 that never expire.
Disclosure and product
The product exists and ships, gross profit is positive and rose to $281,568 in the year ended June 30, 2025 from $170,924, and advertising revenue went from $1,151 to $271,638. The company also names its own weak spots — down to the statement that its subscriber count may "significantly overstate" active usage.
Worth Noting
FreeCast reached our research list through our in-house Reddit hype scanner, run of August 23, 2026; no mention count is recorded for that run, so none is quoted. The trading day itself is documented: on August 18, 2026, 154,052,800 shares changed hands against a free float of roughly 21.4 million shares (as of August 23, 2026).
Evidence chain and its limit: as of this analysis FreeCast had never filed an annual report (10-K) — the Class A stock has only been listed since March 10, 2026 and the first fiscal year as a public company ended June 30, 2026. Audited annual figures for fiscal 2024 and 2025 therefore come from registration prospectuses 424B4 (March 4, 2026) and 424B3 (July 23, 2026), which carry an audit report with a going-concern explanatory paragraph. The attribution line in this analysis deliberately names 10-Q and 424B3/424B4 rather than the usual 10-K/10-Q wording.
Recency note: the most recent periodic report is the 10-Q for the quarter ended March 31, 2026, filed May 15, 2026, and it has been fully evaluated. Every filing from that date onwards was reviewed and, where it changes the picture, incorporated: the Form 8-K of May 28, 2026 on the warrants, the Form 8-K of July 6, 2026 on the private placement, the Schedule 13G of July 8, 2026, the registration statements of July 16 and 20, 2026, the prospectus 424B3 of July 23, 2026, the Form 8-K of July 23, 2026 on the board, the information statement of July 27, 2026, and insider filings of July 29 and August 14, 2026. Neither a Form 15 nor a Form 25 has been filed; the Nasdaq listing continues.
Numbers diligence: the MD&A section of the 10-Q for the quarter ended March 31, 2026 states $8,002,935 of operating cash outflow for the nine months, while the statement of cash flows in the same report says $8,083,926. This analysis uses the statement of cash flows throughout. The market capitalization is cross-checked: 47,581,062 shares across both classes (prospectus 424B3 and information statement DEF 14C, as of July 15, 2026) times $1.58 (closing price August 21, 2026) gives $75.18 million; fundamental data shows $75.18 million as of the same date. The share count of 33,655,422 carried there covers only the listed Class A.
Risk of confusion: on Nasdaq, the ticker CAST stands for FreeCast, Inc. Inside the company's own product descriptions the same letters also appear as an acronym for a planned tuner technology ("Collaborative ATSC Service Tech") — it has nothing to do with the ticker. Similarly named companies such as Castellum, Inc. (CTM) are not meant either.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at CAST since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.59 $ to 9.80 $ · Last price: 1.20 $ (As of: September 28, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/29/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Broadcasting
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| FreeCast, Inc. CAST | 0.1 | – | 0.0 | 64.1 | -4,759.3 | 0.1 | – |
| Nexstar Broadcasting Group Inc NXST | 4.9 | 35.4 | 11.0 | 55.1 | 22.2 | -8.5 | -15.1 |
| Newsmax, Inc. NMAX | 1.4 | – | 0.0 | 39.6 | -8.6 | 10.7 | -13.9 |
| Sinclair Broadcast Group Inc SBGI | 0.9 | 14.4 | 7.5 | 45.4 | – | -10.7 | -6.3 |
| Gray Television Inc GTN-A | 0.5 | – | 10.1 | 26.1 | 18.6 | -15.1 | -45.0 |
| Gray Television Inc GTN | 0.5 | – | 10.1 | 26.1 | – | -15.1 | -14.8 |
| iHeartMedia Inc Class A IHRT | 0.3 | – | 19.2 | 58.8 | – | 0.3 | -18.2 |
| Fubotv Inc FUBO | 0.3 | 3.1 | 6.6 | 6.0 | – | 67.7 | -80.4 |
| E. W. Scripps Co Class A SSP | 0.3 | – | 11.9 | 40.4 | – | -14.3 | 30.6 |
| Median of companies shown | 0.5 | 14.4 | 10.1 | 40.4 | 5.0 | -8.5 | -15.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2022 | 0 | -10 | -12 | -0.28 | -5 | -7 | 1 |
| 2023 | 1 | -15 | -14 | -0.33 | -7 | -8 | 2 |
| 2024 | 1 | -11 | -12 | -0.30 | -11 | -118 | 6 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q3 | – | – | 0 | 65.40 | -1,461.40 | -3 | -3 |
| 2025: Q4 | – | – | 0 | -59.00 | -4,483.80 | -2 | -2 |
| 2026: Q1 | -0.08 | – | 0 | -35.40 | -4,880.00 | -3 | -3 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Breakout & Setup
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | -0.27 | -0.27 – -0.27 | 3 | 10.0% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Der Streaming-Wegweiser SmartGuide wird in allen Pflichtunterlagen ohne KI beschrieben; im Quartalsbericht zum 31.03.2026 kommt künstliche Intelligenz kein einziges Mal vor, im Prospekt vom 23.07.2026 genau einmal — als geplante Empfehlungsfunktion auf der Produkt-Roadmap, nicht als ausgeliefertes oder verkauftes Merkmal.
View the full file — quotes, sources, reviewed filings
„An Automated User-Personalized Dynamic Channel Guide powered by an AI recommendations engine that is developed and built from each consumer’s content watch history, favorited channels and on-demand content, and user experiential journey data."
Ein automatisierter, nutzerindividueller dynamischer Programmführer, angetrieben von einer KI-Empfehlungsmaschine, die aus dem Sehverlauf, den Lieblingskanälen und Abrufinhalten sowie den Nutzungsdaten jedes Verbrauchers entwickelt und aufgebaut wird.
424B3 · 2026-07-23 · View SEC filing
„SmartGuide utilizes the Company-designed proprietary technology that searches, and aggregates internet distributed streaming media into an electronic media guide."
SmartGuide nutzt die vom Unternehmen entwickelte eigene Technologie, die über das Internet verbreitete Streaming-Medien durchsucht und zu einem elektronischen Medienführer zusammenführt.
10-Q · 2026-05-15 · View SEC filing
Filings Reviewed: 10-Q 2026-05-15 · 424B3 2026-07-23 · 424B4 2026-03-04 · 8-K 2026-07-06 · 8-K 2026-05-28 · DEF 14C 2026-07-27
Rated on August 23, 2026 · How the Rating Is Built
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 488.2%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 488.2%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% –
- Expected return > 10% 369.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
FreeCast, Inc. develops and markets an interactive digital media guide that facilitates access to a virtual library of entertainment media in the United States. The company offers SmartGuide and Select TV, which utilizes the proprietary technology that searches and aggregates internet-distributed streaming media into an electronic media guide. It also licenses its SmartGuide to brands and manufacturers of devices with online user bases, as well as sells Select TV in retail packages by monthly and annual subscriptions. In addition, the company offers ad platform and agency services; and free ad-supported streaming TV channel buildouts, such as post-production editing, motion graphic channel assembly, and content acquisitions. FreeCast, Inc. was incorporated in 2011 and is based in Orlando, Florida.
- Employees
- 50
- Headquarters
- Orlando, FL
- Address
- 6901 TPC Drive, 32822 Orlando, United States
- Phone
- 407 374 1607
- Website
- freecast.com
- IPO Date
- 03/10/2026
- ISIN
- US35632L3033
Management
| Name | Title | Birth Year |
|---|---|---|
| William A. Mobley Jr. | Founder, CEO, President & Chairman of the Board of Directors | 1963 |
| Jonathan David Michael Morris | CFO, Principal Accounting and Financial Officer & Director | 1977 |
| Christopher Mark Savine | Chief Operating Officer | 1958 |
| Irwin Podhajser | Executive Vice President of Broadcast Partnerships | – |
| Tracy J. West | Executive VP of Digital Content & Channel Distribution | – |
| Tim Heath | Executive Vice President of Product Innovations | – |
| Marjorie A. Lieberman | Secretary | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 28, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.