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Financials · SST

System1 Inc. (SST) financials

For the twelve months ended Jun 30, 2026, System1 Inc. reported $180.94M of revenue and -$102.19M of net income.

Revenue, TTM
$180.94M
Revenue growth, YoY
-42.9%
Net income, TTM
-$102.19M
Net margin
-56.5%
EPS, diluted, TTM
-$11.31
Cash
$40.48M
Total debt
$291.80M
P/S
0.10
Market cap
$18.0M
Annual revenue$266.13M
FY2021FY2025
Annual net income-$65.34M
FY2021FY2025
Annual free cash flow-$4.19M
FY2021FY2025

SST revenue and earnings growth

SST revenueQ2 2026$30.20M

Quarter YoY
-61.3%
QoQ
-18.9%
FY YoY
-22.6%

SST revenue was $30.20M in fiscal Q2 2026 (ended Jun 30, 2026), down 61.3% from a year earlier and down 18.9% from the prior quarter. For the full fiscal 2025 it was $266.13M, down 22.6% from fiscal 2024.

SST net incomeQ2 2026-$12.60M

SST net income was -$12.60M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$17.46M a year earlier. For the full fiscal 2025 it was -$65.34M, compared with -$74.67M in fiscal 2024.

SST EPSQ2 2026-$1.54

SST diluted EPS was -$1.54 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$2.23 a year earlier. For the full fiscal 2025 it was -$8.32, compared with -$10.74 in fiscal 2024.

SST free cash flowQ1 2026-$26.13M

SST free cash flow was -$26.13M in fiscal Q1 2026 (ended Mar 31, 2026), compared with -$15.99M a year earlier. For the full fiscal 2025 it was -$4.19M, compared with -$5.29M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2021
Dec 31, 2021
Revenue$266.13M$343.93M$401.97M$688.39M
Cost of revenue$165.73M$242.60M$240.85M-
Gross profit$100.39M$101.32M$161.12M-
Selling, general and admin$69.69M$76.41M$54.31M$35.81M
Operating income-$62.04M-$88.60M-$85.99M$50.83M
Interest expense$27.56M$31.56M$48.74M$16.87M
Pre-tax income-$84.07M-$97.67M-$131.63M$33.96M
Income tax-$2.88M-$370.0K-$20.37M$965.0K
Net income-$65.34M-$74.67M-$227.22M$33.00M
EPS, basic-$8.32-$10.74-$24.80-
EPS, diluted-$8.32-$10.74-$24.80-
Diluted shares7.9M7.0M9.1M-

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2021
Dec 31, 2021
Cash and equivalents$86.89M$67.95M$143.45M$48.64M
Receivables$57.29M$62.92M$56.09M$90.20M
Current assets$149.48M$134.48M$202.00M$145.79M
Goodwill$82.41M$82.41M$82.41M$44.82M
Total assets$404.97M$459.13M$605.47M$256.91M
Current liabilities$146.44M$105.09M$86.42M$276.55M
Short-term debt$76.72M$16.41M$15.27M$170.45M
Long-term debt$228.40M$255.12M$334.23M$0
Total debt$305.12M$271.52M$349.50M$170.45M
Total liabilities$387.55M$374.13M$436.15M$285.31M
Shareholders' equity$30.47M$85.00M$169.31M-$28.40M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2021
Dec 31, 2021
Operating cash flow-$4.15M-$5.25M-$24.74M$60.70M
Capital expenditures$46.0K$31.0K$2.35M$49.0K
Free cash flow-$4.19M-$5.29M-$27.09M$60.66M
Investing cash flow-$6.72M-$6.25M$203.18M-$6.54M
Financing cash flow$31.30M-$63.96M-$74.07M-$34.59M
Share repurchases$557.0K$0$0$0
Stock-based compensation$11.31M$15.76M$53.09M$413.0K
Depreciation and amortization-$80.11M$78.40M$13.88M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2021
Dec 31, 2021
Revenue growth, YoY-22.6%-14.4%--
Gross margin37.7%29.5%40.1%-
Operating margin-23.3%-25.8%-21.4%7.4%
Net margin-24.6%-21.7%-56.5%4.8%
Free cash flow margin-1.6%-1.5%-6.7%8.8%
Return on equity-214.5%-87.9%-134.2%-
Return on assets-16.1%-16.3%-37.5%12.8%
Current ratio1.021.282.340.53
Debt to equity10.013.192.06-

Source: XBRL data System1 Inc. files with the SEC, latest filing dated Aug 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 1-for-10, first reported Aug 7, 2025.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

SST peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
SST$180.94M-42.9%-$102.19M-56.5%$18.0M
GOOGL$471.10B+22.2%$235.69B50.0%$3.50T
GOOG$471.10B+22.2%$235.69B50.0%$3.49T
META$241.61B+27.5%$75.25B31.1%$1.56T
APP$7.61B+57.8%$5.01B65.9%$129.62B
NBIS$529.80M+479.0%$82.50M15.6%$35.20B
BIDUCN¥129.08B-3.0%CN¥5.59B4.3%$27.85B

SST FAQ

8 questions
  • What is SST revenue?
    System1 Inc. (SST) reported $180.94M of revenue for the twelve months ended Jun 30, 2026. That is down 42.9% from the year before. Revenue for fiscal 2025 was $266.13M.
  • Is SST profitable?
    No. System1 Inc. reported a net loss of $102.19M for the twelve months ended Jun 30, 2026.
  • How much cash and debt does SST have?
    System1 Inc. reported $40.48M in cash and cash equivalents and $291.80M of debt on its most recent balance sheet in SEC filings.
  • How fast is SST revenue growing?
    System1 Inc.'s revenue changed -22.6% in fiscal 2025, to $266.13M.
  • What is SST gross margin?
    System1 Inc.'s gross profit was $91.70M on $180.94M of revenue for the twelve months ended Jun 30, 2026, a gross margin of 50.7%.
  • What is SST earnings per share?
    Diluted earnings per share were -$11.31 for the twelve months ended Jun 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did SST last report financial results?
    The latest statements here come from System1 Inc.'s 10-Q filed on Aug 5, 2026, covering the period ended Jun 30, 2026.
  • Where does this SST financial data come from?
    Quantisnow builds these statements from the structured XBRL data System1 Inc. files with the SEC. It is provided for information only and is not investment advice.