CAST earnings analysis
What we found in CAST's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
FreeCast, Inc. reported significant declines in revenue and operating metrics for Q1 2026, with a 61% drop in subscription revenue year-over-year and a net loss of $4,533,974. While FAST revenue rose by 75%, overall performance reflects severe challenges in advertising income, resulting in lower operational stability and continued losses.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Significant Revenue Decline
- Total revenue for Q1 2026 was $92,909, down 35.4% from $143,885 in Q1 2025.
- Q1 2026 Net Loss
- Net loss stood at $4,533,974 compared to a loss of $3,380,527 in Q1 2025.
- FAST Revenue Growth
- FAST revenue increased by 75%, reaching $68,063 in Q1 2026, up from $38,921 in Q1 2025.
- Substantial Drop in Subscription Revenue
- Subscription revenue plummeted 61% to $12,430 compared to $31,817 in Q1 2025.
- Increased Operating Expenses
- Operating expenses increased by 33% to $4,480,359 in Q1 2026, from $3,357,458 in Q1 2025.
- Elevated Debt Levels
- Working capital deficit rose to $7,285,937, indicating worsening liquidity.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Diminished Advertising Revenue
- Ad revenue fell drastically by 85% to $11,016 in Q1 2026 from $72,565 in Q1 2025, signaling potential structural issues.
- Increased Working Capital Deficit
- The working capital deficit reached $7,285,937, worsening from prior levels and indicating liquidity risks.
- Accumulated Deficit Concerns
- Total accumulated deficit increased to $205,415,506 as of March 31, 2026.
What they reported.
What the company itself reported, taken out of the document.
- Segment
- Subscription Revenue: $12,430
- Segment
- FAST Revenue: $68,063
- Segment
- Ad Revenue: $11,016
- Segment
- Other Revenue: $1,400
What they said about what is next.
Management has not provided specific numeric guidance; expects continued challenges in revenue generation.
The filing reads worse than the one before it.
What came before.
- 10-Q · March 30, 2026
- FreeCast reported revenue of $62,090 for the quarter ended December 31, 2025, down from $151,545 a year earlier, while six‑month revenue was $257,950 versus $269,952 a year earlier. Gross profit for the six months…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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