System1, Inc. (SST)

System1 Balance Sheet

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

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Equivalents	40.48	86.89	63.61	135.34	8.91	47.9
Cash & Short-Term Investments	40.48	86.89	63.61	135.34	8.91	47.9
Cash Growth	-36.39%	36.60%	-53.00%	1419.85%	-81.41%	65.09%
Receivables	40.98	57.29	62.92	56.09	80.43	90.2
Prepaid Expenses	7.56	4.06	3.98	4.35	11.17	7.69
Restricted Cash	0.5	1.24	3.97	3.81	5.72	-
Other Current Assets	-	-	-	2.4	20.29	-
Total Current Assets	89.52	149.48	134.48	202	126.51	145.79
Property, Plant & Equipment	9.67	10.68	4.75	7.82	9.65	0.83
Goodwill	82.41	82.41	82.41	82.41	82.41	44.82
Other Intangible Assets	109.1	161.76	236.78	308.43	378.61	61.58
Other Long-Term Assets	0.67	0.64	0.72	4.82	563.29	3.89
Total Assets	291.37	404.97	459.13	605.47	1,160	256.91

Liabilities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts Payable	15.14	22.02	10.4	9.5	6.71	72.85
Accrued Expenses	6.64	21.82	43.15	33.49	51.67	27.61
Current Portion of Long-Term Debt	76.92	76.72	16.41	15.27	15.02	170.45
Current Portion of Leases	1.54	1.43	2.09	2.33	2.15	-
Current Income Taxes Payable	-	-	-	-	1.09	0.36
Current Unearned Revenue	13.48	20.87	27.66	16.37	18.47	1.97
Other Current Liabilities	3.24	3.59	5.39	9.46	115.96	3.31
Total Current Liabilities	116.96	146.44	105.1	86.42	211.08	276.55
Long-Term Debt	214.88	228.4	255.12	334.23	399.5	-
Long-Term Leases	7.31	8.18	1.37	3.58	5.88	-
Long-Term Deferred Tax Liabilities	3.57	4.01	6.2	8.31	29.4	7.79
Other Long-Term Liabilities	1.65	0.52	6.36	3.62	43.94	0.97
Total Liabilities	344.38	387.55	374.13	436.16	689.79	285.31

Shareholders' Equity

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Common Stock	0	0	0	0.01	0.01	-
Additional Paid-In Capital	881.76	878.86	863.04	843.11	831.57	-
Retained Earnings	-907.35	-847.68	-782.34	-707.66	-439.3	-28.83
Treasury Stock	-0.76	-0.56	-	-	-	-
Comprehensive Income & Other	-0.33	-0.16	-0.44	-0.18	-0.26	0.43
Total Common Equity	-26.67	30.47	80.26	135.28	392.02	-28.4
Minority Interest	-26.33	-13.05	4.73	34.04	78.65	-
Shareholders' Equity	-53	17.42	85	169.32	470.67	-28.4
Total Liabilities & Equity	291.37	404.97	459.13	605.47	1,160	256.91

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
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
Filing Date Shares Outstanding	8.71	8.08	7.45	6.84	9.34	8.51
Total Common Shares Outstanding	8.22	8.09	7.37	6.59	9.17	18.11
Working Capital	-27.44	3.04	29.38	115.59	-84.57	-130.77
Book Value Per Share	-3.25	3.77	10.90	20.54	42.76	-1.57
Tangible Book Value	-218.18	-213.7	-238.92	-255.56	-69	-134.8
Tangible Book Value Per Share	-26.56	-26.42	-32.44	-38.81	-7.53	-7.44
Machinery	-	1.74	1.67	1.74	1.12	0.89
Leasehold Improvements	-	2.48	2.39	2.51	2.47	0.98

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: May 12, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Aug 14, 2026

Data Sources Report a data error