System1 Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 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	228.85	266.13	343.93	401.97	612.23	52.71
Revenue Growth (YoY)	-31.38%	-22.62%	-14.44%	-34.34%	1061.46%	-88.93%
Cost of Revenue	133.52	165.73	242.6	248.75	438.84	41.51
Gross Profit	95.33	100.4	101.32	153.23	173.39	11.21
Selling, General & Admin	158.46	162.44	189.92	160.81	188.88	46.85
Depreciation & Amortization Expenses	42.06	-	-	78.4	69.47	1
Other Operating Expenses	36.82	-	-	-	372.73	-
Total Operating Expenses	237.34	162.44	189.92	239.22	631.07	47.85
Operating Income	-99.95	-62.04	-88.6	-85.99	-457.68	-36.64
Interest Expense	-27.1	-27.56	-31.56	-48.75	-31.61	-1.05
Other Non-Operating Income (Expense)	-5.56	-5.53	-22.5	-7.11	3.75	-
Total Non-Operating Income (Expense)	-27.41	-33.08	-54.06	-55.86	-27.86	-1.05
Pretax Income	-121.49	-84.07	-97.67	-131.63	-493.04	-37.69
Provision for Income Taxes	2.56	2.88	0.37	20.37	108.68	0.63
Net Income	-96.53	-65.35	-74.67	-227.22	-330.39	-37.06
Minority Interest in Earnings	22.4	15.85	22.63	58.36	110.93	-
Earnings From Discontinued Operations	-	-	-	-174.33	-56.96	-
Net Income to Common	-96.53	-65.35	-74.67	-227.22	-330.39	-37.06
Shares Outstanding (Basic)	8	8	7	9	9	5
Shares Outstanding (Diluted)	8	8	7	9	9	5
Shares Change (YoY)	12.57%	12.93%	-23.95%	-0.24%	77.15%	-20.00%
EPS (Basic)	-12.00	-8.32	-10.74	-24.80	-36.04	3.30
EPS (Diluted)	-12.00	-8.32	-10.74	-24.80	-36.04	3.30
Shares Outstanding	8.11	8.09	7.37	6.59	9.17	6.47
Free Cash Flow	-14.33	-4.19	-5.29	-27.1	-0.23	-10.6
Free Cash Flow Per Share	-1.79	-0.53	-0.76	-2.96	-0.02	-2.05
Gross Margin	41.66%	37.72%	29.46%	38.12%	28.32%	21.26%
Operating Margin	-43.68%	-23.31%	-25.76%	-21.39%	-74.76%	-69.51%
Profit Margin	-54.21%	-32.67%	-28.51%	-27.68%	-62.78%	-70.31%
FCF Margin	-6.26%	-1.58%	-1.54%	-6.74%	-0.04%	-20.11%
EBITDA	-25.44	20.82	-8.49	19.22	-339.03	-35.64
EBITDA Margin	-11.12%	7.82%	-2.47%	4.78%	-55.38%	-67.61%
EBIT	-99.95	-62.04	-88.6	-85.99	-457.68	-36.64
EBIT Margin	-43.68%	-23.31%	-25.76%	-21.39%	-74.76%	-69.51%
Effective Tax Rate	-2.11%	-3.42%	-0.38%	-15.48%	-22.04%	-1.67%

Updated May 12, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q