System1, Inc.SSTNYSE

Revenue (LTM)

$266M

-22.6% YoY

Net Income (LTM)

$-65M

+12.5% YoY

Free Cash Flow

$-4M

Revenue CAGR (5Y)

-21.1%

Marginsimproving

FCF($0.0B)

Unprofitable

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Revenue	688	665↓3.4%	402↓39.5%	344↓14.4%	266↓22.6%
Gross Profit	87	15↓82.3%	47↑204.0%	152↑226.1%	100↓34.1%
Operating Income	51	-494↓1072.5%	-86↑82.6%	-89↓3.0%	-62↑30.0%
Net Income	33	-367↓1213.6%	-227↑38.2%	-75↑67.1%	-65↑12.5%
EBITDA	65	-52↓180.3%	-4↑91.4%	14↑412.5%	21↑48.7%
EPS Diluted	0.40	-3.81↓1052.5%	-2.44↑36.0%	-1.07↑56.1%	-8.32↓677.6%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Cash & Equivalents	48	9↓81.4%	135↑1419.9%	64↓53.0%	87↑36.6%
Total Current Assets	146	127↓13.2%	202↑59.7%	134↓33.4%	149↑11.2%
Total Assets	257	1,160↑351.7%	605↓47.8%	459↓24.2%	405↓11.8%
Total Current Liabilities	277	211↓23.7%	86↓59.1%	105↑21.6%	146↑39.3%
Total Liabilities	285	690↑141.8%	436↓36.8%	374↓14.2%	388↑3.6%
Total Equity	-28	392↑1480.3%	135↓65.5%	80↓40.7%	30↓62.0%
Total Debt	170	423↑147.9%	355↓15.9%	275↓22.6%	10↓96.5%
Net Debt	123	414↑237.5%	220↓46.8%	211↓4.0%	-77↓136.6%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Operating Cash Flow	61	-7↓112.0%	-25↓239.6%	-5↑78.8%	-4↑21.1%
Capital Expenditure	-7	-10↓58.8%	-8↑23.3%	-0↑99.6%	-0↓48.4%
Free Cash Flow	54	-18↓132.6%	-33↓85.2%	-5↑83.8%	-4↑20.7%
Stock-Based Comp	0	79↑19080.9%	53↓33.0%	16↓70.3%	11↓28.2%
Net Change in Cash	20	-33↓269.5%	104↑413.7%	-76↓172.3%	21↑127.2%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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