System1, Inc. (SST)

NYSE: SST · Real-Time Price · USD

2.350

+0.650 (38.24%)

At close: Aug 14, 2026, 4:00 PM EDT

2.220

-0.130 (-5.53%)

Pre-market: Aug 17, 2026, 5:19 AM EDT

System1 Financials Overview

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

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	180.94	266.13	343.93	401.97	664.94	688.39
Revenue Growth	-42.93%	-22.62%	-14.44%	-39.55%	-3.41%	44.63%
Gross Profit	12.33	7.65	-12.19	46.72	15.37	100.53
Operating Income	-54.6	-62.04	-88.6	-85.99	-121.6	50.83
Net Income	-91.67	-65.35	-74.67	-227.22	-367.45	33
Earnings Per Share	-11.31	-8.32	-10.74	-24.85	-43.53	16.11
EPS Growth	-	-	-	-	-	-48.25%

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024
Marketing	95.61	172.89	263.39
Products	85.32	93.24	80.54
Total	180.94	266.13	343.93

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Investments	40.48	86.89	63.61	135.34	8.91	47.9
Total Debt	300.65	314.73	274.98	355.42	422.55	170.45
Net Cash (Debt)	-260.16	-227.84	-211.37	-220.08	-413.64	-122.56
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	-32.11	-29.01	-30.39	-24.06	-49.01	-59.82

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	-40.86	-4.15	-5.26	-24.74	-7.29	60.71
Capital Expenditures	-0.05	-0.05	-0.03	-2.35	-3.55	-0.05
Free Cash Flow	-40.91	-4.19	-5.29	-27.1	-10.83	60.66
Free Cash Flow Growth	-	-	-	-	-	30.36%

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Gross Margin	6.81%	2.87%	-3.54%	11.62%	2.31%	14.60%
Operating Margin	-30.18%	-23.31%	-25.76%	-21.39%	-18.29%	7.38%
Pretax Margin	-62.90%	-31.59%	-28.40%	-32.75%	-79.82%	4.93%
Profit Margin	-50.66%	-24.55%	-21.71%	-56.53%	-55.26%	4.79%
FCF Margin	-22.61%	-1.58%	-1.54%	-6.74%	-1.63%	8.81%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug '26 Aug 17, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
PE Ratio	-	-	-	-	-	19.53
Forward PE	-	89.60	89.60	89.60	8.85	71.14
P/FCF Ratio	-	-	-	-	-	10.62
PS Ratio	0.14	0.12	0.19	0.52	0.65	0.94