System1 Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	266.13	343.93	401.97	612.23	52.71
Revenue Growth (YoY)	-22.62%	-14.44%	-34.34%	1061.46%	-88.93%
Cost of Revenue	165.73	242.6	248.75	438.84	41.51
Gross Profit	100.4	101.32	153.23	173.39	11.21
Selling, General & Admin	162.44	189.92	160.81	188.88	46.85
Depreciation & Amortization Expenses	-	-	78.4	69.47	1
Other Operating Expenses	-	-	-	372.73	-
Total Operating Expenses	162.44	189.92	239.22	631.07	47.85
Operating Income	-62.04	-88.6	-85.99	-457.68	-36.64
Interest Expense	-27.56	-31.56	-48.75	-31.61	-1.05
Other Non-Operating Income (Expense)	-5.53	-22.5	-7.11	3.75	-
Total Non-Operating Income (Expense)	-33.08	-54.06	-55.86	-27.86	-1.05
Pretax Income	-84.07	-97.67	-131.63	-493.04	-37.69
Provision for Income Taxes	2.88	0.37	20.37	108.68	0.63
Net Income	-65.35	-74.67	-227.22	-330.39	-37.06
Minority Interest in Earnings	15.85	22.63	58.36	110.93	-
Earnings From Discontinued Operations	-	-	-174.33	-56.96	-
Net Income to Common	-65.35	-74.67	-227.22	-330.39	-37.06
Shares Outstanding (Basic)	8	7	9	9	5
Shares Outstanding (Diluted)	8	7	9	9	5
Shares Change (YoY)	12.93%	-23.95%	-0.24%	77.15%	-20.00%
EPS (Basic)	-8.32	-10.74	-24.80	-36.04	3.30
EPS (Diluted)	-8.32	-10.74	-24.80	-36.04	3.30
Shares Outstanding	8.09	7.37	6.59	9.17	6.47
Free Cash Flow	-4.19	-5.29	-27.1	-0.23	-10.6
Free Cash Flow Per Share	-0.53	-0.76	-2.96	-0.02	-2.05
Gross Margin	37.72%	29.46%	38.12%	28.32%	21.26%
Operating Margin	-23.31%	-25.76%	-21.39%	-74.76%	-69.51%
Profit Margin	-32.67%	-28.51%	-27.68%	-62.78%	-70.31%
FCF Margin	-1.58%	-1.54%	-6.74%	-0.04%	-20.11%
EBITDA	20.82	-8.49	19.22	-339.03	-35.64
EBITDA Margin	7.82%	-2.47%	4.78%	-55.38%	-67.61%
EBIT	-62.04	-88.6	-85.99	-457.68	-36.64
EBIT Margin	-23.31%	-25.76%	-21.39%	-74.76%	-69.51%
Effective Tax Rate	-3.42%	-0.38%	-15.48%	-22.04%	-1.67%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q