System1, Inc. SST
Throughout this report, the "Company," "System1," "we," "us," "our" and other similar terms refer to System1, Inc. and its subsidiaries. We operate several flagship brands across multiple consumer verticals, including shopping, travel and search, and a best-in-class customer acquisition and marketing platform powered by Artificial Intelligence ("AI") and machine learning. Our platform is omnichannel and omnivertical, delivering high-intent customers to our advertising partners to maximize their reach and effectiveness.
Our platform operates across our network of flagship owned and operated websites ("Products"), allowing us to monetize user traffic that we source from various acquisition marketing channels. Our marketing platform allows us to operate seamlessly across major advertising networks and advertising category verticals to acquire and monetize end-users through our relationships with third party advertisers and advertising networks ("Advertising Partners"). The platform also allows third party advertising platforms and publishers ("Network Partners") to send user traffic to, and monetize user traffic on, our Products or through our monetization agreements.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Marketing
- Products
| Segment | FY2025 | FY2024 |
|---|---|---|
| Marketing | $172.9M | $263.4M |
| Products | $93.2M | $80.5M |
As the company reported it, from the “Segment Reporting - Schedule of Segment Reporting Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $266.1M | $343.9M | $402.0M | $612.2M | $688.4M | — | — |
| Cost of revenue | $165.7M | $242.6M | $240.9M | — | — | — | — |
| Gross profit | $100.4M | $101.3M | $161.1M | — | — | — | — |
| SG&A | $69.7M | $76.4M | $54.3M | $50.8M | $35.8M | — | — |
| Total operating expenses | — | — | — | — | $13.3M | — | — |
| Operating income | -$62.0M | -$88.6M | -$86.0M | -$457.7M | $50.8M | — | — |
| Interest expense | $27.6M | $31.6M | $48.7M | $31.6M | $16.9M | — | — |
| Pre-tax income | -$84.1M | -$97.7M | -$131.6M | -$493.0M | $34.0M | — | — |
| Income tax | $2.9M | $370.0K | $20.4M | $108.7M | $965.0K | — | — |
| Net income | -$65.3M | -$74.7M | -$227.2M | -$330.4M | $33.0M | — | — |
| EPS, basic | -8.32 | -10.74 | -2.48 | -3.70 | — | — | — |
| EPS, diluted | -8.32 | -10.74 | -2.48 | -3.70 | — | — | — |
| Shares, diluted (wtd. avg.) | 7.9M | 7.0M | 91.5M | 89.3M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $86.9M | $63.6M | $143.4M | $39.1M | $36.8M | $29.0M | $0 |
| Receivables | $57.3M | $62.9M | $56.1M | $80.4M | $90.2M | — | — |
| Total current assets | $149.5M | $134.5M | $202.0M | $126.5M | $145.8M | $1.1M | — |
| Property, plant and equipment | $1.6M | $2.1M | $3.1M | $3.2M | $830.0K | — | — |
| Goodwill | $82.4M | $82.4M | $82.4M | $82.4M | $0 | — | — |
| Other intangibles | $148.1M | $222.3M | $297.0M | $371.7M | $50.4M | — | — |
| Total assets | $405.0M | $459.1M | $605.5M | $1.16B | $256.9M | $518.6M | — |
| Accounts payable | $22.0M | $10.4M | $9.5M | $6.7M | $72.8M | $613.0K | — |
| Short-term debt | $30.0M | $16.4M | $15.3M | $15.0M | $170.5M | — | — |
| Total current liabilities | $146.4M | $105.1M | $86.4M | $211.1M | $276.6M | $613.0K | — |
| Long-term debt | $228.4M | $255.1M | $349.5M | $414.5M | — | — | — |
| Total liabilities | $387.6M | $374.1M | $436.2M | $689.8M | $285.3M | $82.4M | — |
| Retained earnings | -$847.7M | -$782.3M | -$707.7M | -$439.3M | $0 | -$81.3M | — |
| Total equity | $30.5M | $80.3M | $169.3M | $470.7M | $466.2M | -$81.3M | $0 |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4.1M | -$5.3M | -$24.7M | $3.3M | $60.7M | — | — |
| Depreciation and amortisation | $600.0K | $900.0K | $800.0K | $500.0K | $310.0K | — | — |
| Stock-based compensation | $11.3M | $15.8M | $53.1M | $108.3M | $413.0K | — | — |
| Capital expenditure | $46.0K | $31.0K | $2.4M | $3.5M | $49.0K | — | — |
| Investing cash flow | -$6.7M | -$6.3M | $203.2M | -$454.0M | -$6.5M | — | — |
| Financing cash flow | $31.3M | -$64.0M | -$74.1M | -$27.7M | -$34.6M | — | — |
| Buybacks | $557.0K | $0 | $0 | $510.5M | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001805833-26-000018.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | $688.4M | $612.2M | $402.0M | $343.9M | $266.1M |
| Gross profit | — | — | — | — | $161.1M | $101.3M | $100.4M |
| Net income | — | — | $33.0M | -$330.4M | -$227.2M | -$74.7M | -$65.3M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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