System1, Inc.

Listed Company

SSTCIK 0001805833NYSENon-AcceleratedSmaller ReportingServices-Computer Programming, Data Processing, Etc.FY ends Dec 31

Period

FY 2025

Revenue

$266.13M

Net Income

$-65.34M

Total Assets

—

Equity

—

Shares Out

21.20M

Op. Cash Flow

$-4.15M

Business

System1, Inc. operates an omnichannel customer acquisition platform that delivers high-intent customers to brands, advertisers and publishers. It provides a proprietary Responsive Acquisition Marketing Platform (RAMP) together with owned and operated websites and web utilities, programmatic ad buying, monetization services and data-science driven optimization across display, search, video, lead generation, e-commerce and subscription formats. Key business divisions include S1 Holdco (digital advertising businesses including RAMP) and S1 Media (owned and operated products such as CouponFollow, Startpage and MapQuest). The company primarily operates in the United States with additional operations in Canada and the Netherlands and distributes traffic via major advertising networks and acquisition channels, including integrations with Google, Meta, Outbrain and TikTok, and through relationships with Network Partners and Advertising Partners.

Summary from filing dated 2025-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	266	344	402	612	688
Cost of revenue	166	243	—	—	—
Salaries and benefits	93	114	107	138	67
Selling, general, and administrative	70	76	54	51	36
Total operating expenses	328	433	488	1,070	638
Operating loss	−62	−89	−86	−458	51
Interest expense, net	28	32	49	—	—
Gain on extinguishment of tax receivable agreement liability	−5	0	—	—	—
Gain on extinguishment of debt	0	−20	—	—	—
Change in fair value of warrant liabilities	−275,000	−2	−5	—	24
Total other expense, net	22	9	46	35	17
Loss before income tax	−84	−98	−132	−493	34
Income tax benefit	−3	−370,000	−20	−109	965,000
Net loss	−81	−97	−286	−441	33
Less: Net loss attributable to non-controlling interest	−16	−23	—	−106	0
Net loss attributable to System1, Inc.	−65	−75	−227	−330	33
Basic net loss per share (in dollars per share)	−8.32	−10.74	−2.48	−3.7	—
Diluted net loss per share (in dollars per share)	−8.32	−10.74	−2.48	−3.7	—
Weighted average number of shares outstanding - basic (in shares)	8	7	91	89	—
Weighted average number of shares outstanding - diluted (in shares)	8	7	91	89	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-01-31
Cash and cash equivalents	87	64	135	9	37
Restricted cash, current	1	4	4	6	—
Accounts receivable, net	57	63	56	80	—
Prepaid expenses and other current assets	4	4	7	11	—
Total current assets	149	134	202	127	—
Restricted cash, non-current	379,000	371,000	4	5	—
Property and equipment, net	2	2	3	3	—
Internal-use software development costs, net	14	14	11	7	—
Intangible assets, net	148	222	297	372	—
Goodwill	82	82	82	82	0
Operating lease right-of-use assets	9	3	5	6	—
Other non-current assets	263,000	349,000	524,000	3	—
Total assets	405	459	605	1,160	—
Accounts payable	22	10	9	7	—
Accrued expenses and other current liabilities	46	76	59	86	—
Operating lease liabilities, current	1	2	2	2	—
Debt, net	77	16	15	15	—
Total current liabilities	146	105	86	211	—
Operating lease liabilities, non-current	8	1	4	6	—
Long-term debt, net	228	255	—	—	—
Deferred tax liability	4	6	8	29	—
Other non-current liabilities	520,000	6	929,000	2	—
Total liabilities	388	374	436	690	—
Commitments and contingencies (Note 8)	—	—	—	—	—
Additional paid-in capital	879	863	843	832	—
Accumulated deficit	−848	−782	−708	−439	—
Accumulated other comprehensive loss	−157,000	−443,000	−181,000	−260,000	—
Treasury stock, at cost - 137 shares as of December 31, 2025	−557,000	0	—	—	—
Total stockholders' equity attributable to System1, Inc.	30	80	135	392	—
Non-controlling interest	−13	5	34	79	—
Total stockholders' equity	17	85	169	471	466
Total liabilities and stockholders' equity	405	459	605	1,160	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	83	80	105	119	—
Stock-based compensation	11	16	53	108	413,000
Shared-based compensation liabilities	3	18	0	0	7
Amortization of debt issuance costs	4	4	6	5	2
Noncash lease expense	2	2	2	2	0
Deferred tax benefits	−2	−2	−22	—	—
Bad debt expense	700,000	0	—	—	—
Other, net	31,000	−161,000	2	661,000	0
Accounts receivable	5	−7	21	5	−19
Prepaid expenses and other current assets	24,000	3	5	−3	−5
Accounts payable	12	903,000	−7	2	21
Accrued expenses and other current liabilities	−36	2	−19	−22	12
Other non-current liabilities	−254,000	−2	−264,000	−18	−4
Net cash used in operating activities	−4	−5	−25	3	61
Purchases of property and equipment	−46,000	−31,000	−2	−4	−49,000
Purchases of intangible asset	−275,000	0	—	—	—
Capitalized software development costs	−6	−6	−6	−6	−6
Net cash used in investing activities	−7	−6	203	−454	−7
Repayment of term loan	−20	−62	−20	−187	—
Proceeds from revolver facility	50	0	0	450	—
Taxes paid related to net settlement of stock awards	−356,000	−2	−3	−2	0
Distributions to members, net of contributions	−32,000	−27,000	−97,000	−2	—
Proceeds from private placement of Class A common stock	2	0	—	—	—
Repurchases of Class A common stock	−557,000	0	0	−510	0
Net cash provided by (used in) financing activities	31	−64	−74	−28	−35
Effect of exchange rate changes in cash, cash equivalent and restricted cash	126,000	−31,000	10,000	−57,000	41,000
Net increase (decrease) in cash, cash equivalents and restricted cash	21	−76	104	−478	20
Cash refunds for income taxes	−43,000	−809,000	7	8	3
Cash paid for interest	26	31	43	26	15
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	8	0	0	2	0
Cash paid for operating lease liabilities	3	3	2	2	0
Stock-based compensation included in capitalized software development costs	649,000	1	2	817,000	0
Settlement of incentive plan through issuance of common stock	13,000	2	2	0	—

Filings

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