System1, Inc. financials
Source: EDGAR filings · Built 2026-06-19T03:10:41Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -4.19M | -5.29M | -27.09M | -229.00K | 60.66M | — |
| EBITDA | 13.09M | -8.49M | -7.59M | -388.21M | 64.72M | — |
| Working Capital | 3.04M | 29.38M | 115.59M | -84.57M | -130.77M | 440.38K |
| Net Debt | 227.84M | 214.97M | 220.07M | 413.64M | 293.01M | — |
| Gross Margin | 37.72% | 46.54% | 40.08% | — | — | — |
| Operating Margin | -23.31% | -25.76% | -21.39% | -74.76% | 7.38% | — |
| Net Margin | -24.55% | -21.71% | -56.53% | -53.97% | 4.79% | — |
| Return on Equity (ROE) | -214.48% | -93.03% | -167.97% | -84.28% | -116.18% | 36.78% |
| Return on Assets (ROA) | -16.14% | -16.26% | -37.53% | -28.47% | 12.84% | -5.77% |
| Current Ratio | 1.02× | 1.28× | 2.34× | 0.60× | 0.53× | 1.72× |
| Debt-to-Equity | 10.33× | 3.47× | 2.63× | 1.08× | -12.00× | — |
| Effective Tax Rate | 3.42% | 0.38% | 15.48% | 22.04% | 2.84% | — |
| Cash Conversion Ratio | 0.06× | 0.07× | 0.11× | -0.01× | 1.84× | 0.01× |
| Accruals Ratio | -0.15× | -0.15× | -0.33× | -0.29× | -0.11× | -0.06× |
| SBC % of Revenue | 4.25% | 4.58% | 13.21% | 17.69% | 0.06% | — |
| CapEx Coverage | -90.15× | -169.52× | -10.52× | 0.94× | 1238.88× | — |
| Free Cash Flow Per Share | $-0.53 | $-0.76 | $-0.30 | $-0.00 | — | — |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 266.13M | 343.93M | 401.97M | 612.23M | 688.39M | — |
| Cost of Goods and Services Sold | — | 183.86M | 240.85M | — | — | — |
| Cost of Revenue | 165.73M | 242.60M | — | — | — | — |
| Selling, General and Administrative Expense | 69.69M | 76.41M | 54.31M | 50.83M | 35.81M | — |
| Operating Income (Loss) | -62.04M | -88.60M | -85.99M | -457.68M | 50.83M | -806.03K |
| Income Tax Expense (Benefit) | -2.88M | -370.00K | -20.37M | -108.68M | 965.00K | 0 |
| Net Income (Loss) Attributable to Parent | -65.34M | -74.67M | -227.22M | -330.39M | 33.00M | -29.91M |
| Earnings Per Share, Basic | $-8.32 | $-10.74 | $-2.48 | $-3.70 | — | — |
| Weighted Average Number of Shares Outstanding, Basic | 7.85M | 6.96M | 91.45M | 89.31M | — | — |
| Earnings Per Share, Diluted | $-8.32 | $-10.74 | $-2.48 | $-3.70 | — | — |
| Weighted Average Number of Shares Outstanding, Diluted | 7.85M | 6.96M | 91.45M | 89.31M | — | — |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 86.89M | 63.61M | 135.34M | 8.90M | 47.90M | 843.64K |
| Assets, Current | 149.48M | 134.48M | 202.00M | 126.51M | 145.79M | 1.05M |
| Assets | 404.97M | 459.13M | 605.47M | 1.16B | 256.91M | 518.55M |
| Long-term Debt | 305.12M | 271.52M | 349.50M | 414.52M | — | — |
| Liabilities, Current | 146.44M | 105.09M | 86.42M | 211.07M | 276.55M | 613.05K |
| Long-term Debt, Excluding Current Maturities | 228.40M | 255.12M | — | — | — | — |
| Liabilities | 387.55M | 374.13M | 436.15M | 689.78M | 285.31M | 82.39M |
| Stockholders' Equity Attributable to Parent | 30.47M | 80.26M | 135.28M | 392.02M | -28.40M | -81.33M |
| Common Stock, Shares, Outstanding | — | — | 21.51M | — | — | — |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -4.15M | -5.25M | -24.74M | 3.32M | 60.70M | -402.77K |
| Payments to Acquire Property, Plant, and Equipment | 46.00K | 31.00K | 2.35M | 3.55M | 49.00K | — |
| Net Cash Provided by (Used in) Investing Activities | -6.72M | -6.25M | 203.18M | -454.01M | -6.54M | -517.50M |
| Payments for Repurchase of Common Stock | 557.00K | 0 | 0 | 510.47M | 0 | — |
| Net Cash Provided by (Used in) Financing Activities | 31.30M | -63.96M | -74.07M | -27.73M | -34.59M | 518.75M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -26.13M | -10.64M | 6.45M | 8.50M | -15.99M | 772.00K |
| EBITDA | — | — | — | — | — | 8.33M |
| Working Capital | -14.11M | 3.04M | 14.49M | 21.48M | 24.50M | 29.38M |
| Net Debt | 256.17M | 227.84M | 208.11M | 203.72M | 226.37M | 214.97M |
| Gross Margin | 62.78% | 41.04% | 36.94% | 35.72% | 38.16% | 42.09% |
| Operating Margin | -137.07% | -33.58% | -25.28% | -20.36% | -17.62% | -15.75% |
| Net Margin | -126.41% | -25.96% | -30.08% | -22.36% | -21.32% | -18.73% |
| Return on Equity (ROE) | 305.15% | -44.25% | -43.38% | -30.01% | -23.64% | -17.64% |
| Return on Assets (ROA) | -14.69% | -3.33% | -4.81% | -4.07% | -3.79% | -3.08% |
| Current Ratio | 0.89× | 1.02× | 1.14× | 1.18× | 1.27× | 1.28× |
| Debt-to-Equity | -19.95× | 10.33× | 6.15× | 4.59× | 4.02× | 3.47× |
| Effective Tax Rate | 0.13% | 2.19% | 2.41% | 6.70% | 1.91% | 3.89% |
| Cash Conversion Ratio | 0.56× | 0.79× | -0.35× | -0.49× | 1.00× | -0.05× |
| Accruals Ratio | -0.07× | -0.01× | -0.06× | -0.06× | 0.00× | -0.03× |
| SBC % of Revenue | 3.39% | 2.48% | 16.28% | 9.21% | 3.56% | 6.04% |
| CapEx Coverage | — | — | 141.11× | 185.72× | -346.72× | — |
| Free Cash Flow Per Share | $-3.23 | $-1.35 | $0.80 | $1.09 | $-2.15 | $0.11 |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 37.23M | 51.94M | 61.56M | 78.11M | 74.51M | 75.59M |
| Cost of Revenue | 13.86M | 30.63M | 38.82M | 50.21M | 46.08M | 43.78M |
| Selling, General and Administrative Expense | 16.79M | 18.65M | 16.95M | 17.51M | 16.57M | 17.80M |
| Operating Income (Loss) | -51.04M | -17.44M | -15.56M | -15.90M | -13.13M | -11.90M |
| Income Tax Expense (Benefit) | -75.00K | -398.00K | -543.00K | -1.55M | -387.00K | -729.00K |
| Net Income (Loss) Attributable to Parent | -47.07M | -13.48M | -18.52M | -17.46M | -15.88M | -14.16M |
| Earnings Per Share, Basic | $-5.82 | $-1.65 | $-2.30 | $-2.23 | $-2.14 | $-1.98 |
| Weighted Average Number of Shares Outstanding, Basic | 8.09M | 7.85M | 8.05M | 7.82M | 7.44M | 6.96M |
| Earnings Per Share, Diluted | $-5.82 | $-1.65 | $-2.30 | $-2.23 | $-2.14 | $-1.98 |
| Weighted Average Number of Shares Outstanding, Diluted | 8.09M | 7.85M | 8.05M | 7.82M | 7.44M | 6.96M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 51.51M | 86.89M | 54.59M | 63.65M | 43.91M | 63.61M |
| Assets, Current | 111.74M | 149.48M | 116.62M | 141.36M | 114.18M | 134.48M |
| Assets | 320.32M | 404.97M | 385.16M | 429.25M | 419.15M | 459.13M |
| Long-term Debt | 298.46M | 305.12M | 259.24M | 263.34M | 267.43M | 271.52M |
| Liabilities, Current | 125.85M | 146.44M | 102.12M | 119.89M | 89.68M | 105.09M |
| Long-term Debt, Excluding Current Maturities | 221.65M | 228.40M | 235.11M | 241.79M | 248.46M | 255.12M |
| Liabilities | 359.35M | 387.55M | 350.90M | 375.81M | 351.50M | 374.13M |
| Stockholders' Equity Attributable to Parent | -15.42M | 30.47M | 42.68M | 58.20M | 67.19M | 80.26M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -26.13M | -10.64M | 6.49M | 8.54M | -15.95M | 772.00K |
| Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 46.00K | 46.00K | 46.00K | 0 |
| Net Cash Provided by (Used in) Investing Activities | -2.17M | -1.63M | -5.10M | -3.11M | -1.55M | -1.29M |
| Payments for Repurchase of Common Stock | 202.00K | — | — | — | 0 | — |
| Net Cash Provided by (Used in) Financing Activities | -7.74M | 44.41M | -13.11M | -8.09M | -5.30M | -5.01M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (SST CIK 0001805833),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.