System1, Inc. (SST)

System1 Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	289.78	343.93	401.97	664.94	688.39	475.98
Revenue Growth (YoY)	-20.49%	-14.44%	-39.55%	-3.41%	44.63%	16.81%
Cost of Revenue	239.64	305.07	355.25	649.57	587.86	396.54
Gross Profit	50.14	38.85	46.72	15.37	100.53	79.43
Selling, General & Admin	26.54	47.35	54.31	66.5	35.81	22.98
Operating Expenses	106.64	127.45	132.71	136.97	49.7	36.81
Operating Income	-56.5	-88.6	-85.99	-121.6	50.83	42.62
Interest Expense	-29.02	-31.56	-48.75	-32.66	-16.87	-24.35
Other Non Operating Income (Expenses)	0.89	2.39	5.11	-3.75	-	-
EBT Excluding Unusual Items	-84.63	-117.78	-129.63	-158.01	33.96	18.27
Impairment of Goodwill	-	-	-	-372.73	-	-
Other Unusual Items	-	20.11	-2	-	-	-
Pretax Income	-84.63	-97.67	-131.63	-530.73	33.96	18.27
Income Tax Expense	-3.21	-0.37	-20.37	-109.31	0.97	1.91
Earnings From Continuing Operations	-81.42	-97.3	-111.26	-421.42	33	16.36
Earnings From Discontinued Operations	-	-	-141.49	-45.87	-	47.4
Net Income to Company	-81.42	-97.3	-252.75	-467.29	33	63.76
Minority Interest in Earnings	15.4	22.63	25.53	99.84	-	-
Net Income	-66.02	-74.67	-227.22	-367.45	33	63.76
Net Income to Common	-66.02	-74.67	-227.22	-367.45	33	63.76
Net Income Growth	-	-	-	-	-48.25%	624.97%
Shares Outstanding (Basic)	8	7	9	8	2	2
Shares Outstanding (Diluted)	8	7	9	8	2	2
Shares Change (YoY)	4.15%	-23.95%	8.35%	311.99%	-	-
EPS (Basic)	-8.68	-10.74	-24.85	-43.53	16.11	31.12
EPS (Diluted)	-8.68	-10.74	-24.85	-43.53	16.11	31.12
EPS Growth	-	-	-	-	-48.25%	624.97%
Free Cash Flow	7.22	-5.29	-27.1	-10.83	60.66	46.53
Free Cash Flow Per Share	0.95	-0.76	-2.96	-1.28	29.61	22.71
Gross Margin	17.30%	11.30%	11.62%	2.31%	14.60%	16.69%
Operating Margin	-19.50%	-25.76%	-21.39%	-18.29%	7.38%	8.96%
Profit Margin	-22.78%	-21.71%	-56.53%	-55.26%	4.79%	13.40%
Free Cash Flow Margin	2.49%	-1.54%	-6.74%	-1.63%	8.81%	9.78%
EBITDA	18.8	-13.09	-10.49	-51.95	59.78	52.92
EBITDA Margin	6.49%	-3.81%	-2.61%	-7.81%	8.68%	11.12%
D&A For EBITDA	75.3	75.51	75.5	69.65	8.95	10.3
EBIT	-56.5	-88.6	-85.99	-121.6	50.83	42.62
EBIT Margin	-19.50%	-25.76%	-21.39%	-18.29%	7.38%	8.96%
Effective Tax Rate	-	-	-	-	2.84%	10.44%

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q