System1, Inc. (SST) Financial Statements
Industry: Computer Programming, Data Processing, Etc. (Services)
In fiscal 2025, System1 reported revenue of $266.1M, down 22.6% from $343.9M the year before. Net income was -$65.3M (a -24.6% net margin), or -$8.32 per diluted share. Gross margin was 37.7% and operating margin was -23.3%. Operating activities generated -$4.1M of cash, leaving -$4.2M of free cash flow. At fiscal year end, System1 held $405.0M in total assets against $387.6M in total liabilities, including $86.9M of cash and equivalents.
Open the full interactive System1 financials → Quarterly statements, key ratios, valuation history and price charts.
System1 Key Stats
| Share Price | $2.16 |
|---|---|
| Market Cap | $17.6M |
| Revenue YoY Growth | -22.6% |
| 52-Week Range | $1.37 – $7.94 |
| Shares Outstanding | 8.2 million (basic, 2026 Q2) |
System1 Income Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $0 | $826.7M | $402.0M | $343.9M | $266.1M |
| Cost of Goods Sold | $13.3M | — | — | $183.9M | — |
| Gross Profit | -$13.3M | — | — | $160.1M | $100.4M |
| Operating Income | -$13.3M | -$544.9M | -$86.0M | -$88.6M | -$62.0M |
| Pre-Tax Income | $21.0M | -$581.7M | -$131.6M | -$97.7M | -$84.1M |
| Income Tax | — | -$102.6M | -$20.4M | -$370,000 | -$2.9M |
| Net Income | $21.0M | -$373.5M | -$227.2M | -$74.7M | -$65.3M |
| Diluted EPS | $3.30 | -$37.70 | -$24.80 | -$10.70 | -$8.32 |
System1 Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $61.6M | $51.9M | $37.2M | $30.2M |
| Net Income | -$18.5M | -$13.5M | -$47.1M | -$12.6M |
| Diluted EPS | -$2.30 | -$1.72 | -$5.82 | -$1.54 |
System1 Balance Sheet
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash & Equivalents | $53,147 | $24.6M | $135.3M | $63.6M | $86.9M |
| Current Assets | $120,230 | $126.5M | $202.0M | $134.5M | $149.5M |
| Total Assets | $517.6M | $1.16B | $605.5M | $459.1M | $405.0M |
| Current Liabilities | $13.0M | $210.3M | $86.4M | $105.1M | $146.4M |
| Total Long-Term Debt | — | $419.5M | $354.2M | $275.1M | $258.4M |
| Total Liabilities | $60.4M | $687.7M | $436.2M | $374.1M | $387.6M |
| Shareholders' Equity | -$60.3M | $384.0M | $135.3M | $80.3M | $30.5M |
System1 Cash Flow Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash From Operations | -$1.2M | -$7.3M | -$24.7M | -$5.3M | -$4.1M |
| Cash From Investing | — | -$454.4M | $203.2M | -$6.3M | -$6.7M |
| Cash From Financing | $450,000 | -$27.7M | -$74.1M | -$64.0M | $31.3M |
| Free Cash Flow | — | -$10.8M | -$27.1M | -$5.3M | -$4.2M |
Figures from System1's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full System1 financials page for every line item.
System1 Company Profile
| Ticker | SST |
|---|---|
| Exchange | NYSE, OTC |
| Industry | Computer Programming, Data Processing, Etc. (Services) |
| Headquarters | Marina Del Rey, California |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0001805833 |
Frequently Asked Questions
What was System1's revenue in fiscal 2025?
System1 (SST) reported revenue of $266.1M for fiscal 2025.
What is System1's annual revenue history?
System1's annual revenue by fiscal year: 2021: $0; 2022: $826.7M; 2023: $402.0M; 2024: $343.9M; 2025: $266.1M.
What was System1's net income in fiscal 2025?
System1 reported net income of -$65.3M for fiscal 2025.
What was System1's earnings per share (EPS) in fiscal 2025?
System1's diluted EPS was -$8.32 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did System1 generate in fiscal 2025?
System1 generated -$4.2M of free cash flow in fiscal 2025.
What was System1's revenue last quarter?
In its most recent reported quarter (2026 Q2), System1 reported revenue of $30.2M.
How much debt does System1 have?
System1 reported $258.4M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of System1 are outstanding?
System1 reported a weighted average of 8.2 million basic shares outstanding in 2026 Q2.
What is System1's market cap?
Based on its latest closing price, System1 (SST) has a market capitalization of about $17.6M.
When does System1's fiscal year end?
System1's fiscal year end, as registered with the SEC, is December 31.
Where is System1 headquartered?
System1 lists its business address in Marina Del Rey, California in its SEC filings.
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