System1 Balance Sheet

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	63.65	63.61	135.34	8.91	47.9	29.01
Cash & Short-Term Investments	63.65	63.61	135.34	8.91	47.9	29.01
Cash Growth	-15.87%	-53.00%	1419.85%	-81.41%	65.09%	-9.01%
Receivables	70.22	62.92	56.09	80.43	90.2	71.14
Prepaid Expenses	6.25	3.98	4.35	11.17	7.69	3.02
Restricted Cash	1.24	3.97	3.81	5.72	-	-
Other Current Assets	-	-	2.4	20.29	-	-
Total Current Assets	141.36	134.48	202	126.51	145.79	103.17
Property, Plant & Equipment	5.22	4.75	7.82	9.65	0.83	1.06
Goodwill	82.41	82.41	82.41	82.41	44.82	44.82
Other Intangible Assets	199.55	236.78	308.43	378.61	61.58	68.67
Other Long-Term Assets	0.71	0.72	4.82	563.29	3.89	-
Total Assets	429.25	459.13	605.47	1,160	256.91	218.68
Accounts Payable	28.06	10.4	9.5	6.71	72.85	52.1
Accrued Expenses	30.8	43.15	33.49	51.67	27.61	6.76
Current Portion of Long-Term Debt	21.54	16.41	15.27	15.02	170.45	9.37
Current Portion of Leases	1.17	2.09	2.33	2.15	-	-
Current Income Taxes Payable	-	-	-	1.09	0.36	0.26
Current Unearned Revenue	32.58	27.66	16.37	18.47	1.97	1.89
Other Current Liabilities	5.74	5.39	9.46	115.96	3.31	10.14
Total Current Liabilities	119.89	105.1	86.42	211.08	276.55	80.52
Long-Term Debt	241.8	255.12	334.23	399.5	-	170.6
Long-Term Leases	2.86	1.37	3.58	5.88	-	-
Long-Term Deferred Tax Liabilities	5.23	6.2	8.31	29.4	7.79	9.41
Other Long-Term Liabilities	6.04	6.36	3.62	43.94	0.97	6.39
Total Liabilities	375.81	374.13	436.16	689.79	285.31	266.91
Common Stock	0	0.01	0.01	0.01	-	-47.89
Additional Paid-In Capital	874.01	863.03	843.11	831.57	-	-
Retained Earnings	-815.68	-782.34	-707.66	-439.3	-28.83	-
Comprehensive Income & Other	-0.13	-0.44	-0.18	-0.26	0.43	-0.34
Total Common Equity	58.2	80.26	135.28	392.02	-28.4	-48.23
Minority Interest	-4.75	4.73	34.04	78.65	-	-
Shareholders' Equity	53.44	85	169.32	470.67	-28.4	-48.23
Total Liabilities & Equity	429.25	459.13	605.47	1,160	256.91	218.68
Total Debt	267.37	274.98	355.42	422.55	170.45	179.97
Net Cash (Debt)	-203.72	-211.37	-220.08	-413.64	-122.56	-150.96
Net Cash Per Share	-27.75	-30.39	-24.06	-49.01	-59.82	-73.68
Filing Date Shares Outstanding	8.05	7.45	6.84	9.34	8.51	2.05
Total Common Shares Outstanding	8.01	7.37	6.59	9.17	18.11	2.05
Working Capital	21.48	29.38	115.59	-84.57	-130.77	22.65
Book Value Per Share	7.26	10.90	20.54	42.76	-1.57	-23.54
Tangible Book Value	-223.77	-238.92	-255.56	-69	-134.8	-161.72
Tangible Book Value Per Share	-27.93	-32.44	-38.81	-7.53	-7.44	-78.93
Machinery	-	1.67	1.74	1.12	0.89	1.71
Leasehold Improvements	-	2.39	2.51	2.47	0.98	1.17

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

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