System1, Inc. (SST)
NYSE: SST · Real-Time Price · USD
2.350
+0.650 (38.24%)
At close: Aug 14, 2026, 4:00 PM EDT
2.240
-0.110 (-4.68%)
Pre-market: Aug 17, 2026, 6:09 AM EDT
System1 Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
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 |
Net Income | -91.67 | -65.35 | -74.67 | -227.22 | -478.38 | 33 |
Depreciation & Amortization | 52.01 | 75.17 | 75.51 | 75.5 | 69.65 | 8.95 |
Other Amortization | 12.21 | 11.29 | 8.51 | 9.4 | 5.66 | 7.2 |
Loss (Gain) From Sale of Assets | - | - | - | 3.28 | - | - |
Asset Writedown & Restructuring Costs | 37.73 | - | - | 115.48 | 372.73 | - |
Stock-Based Compensation | 8.52 | 14.74 | 33.71 | 53.09 | 132.03 | 0.41 |
Provision & Write-off of Bad Debts | 0.7 | 0.7 | - | - | - | - |
Other Operating Activities | -26.68 | -21.73 | -45.39 | -80.08 | -112.81 | 6.07 |
Change in Accounts Receivable | 28.54 | 4.93 | -6.8 | 20.86 | 15.72 | -19.06 |
Change in Accounts Payable | -12.92 | 12.01 | 0.9 | -6.8 | -65.48 | 20.76 |
Change in Unearned Revenue | - | - | - | 15.27 | 9.32 | 0.08 |
Change in Other Net Operating Assets | -49.32 | -35.9 | 2.98 | -34.5 | -4.89 | 3.3 |
Operating Cash Flow | -40.86 | -4.15 | -5.26 | -24.74 | -7.29 | 60.71 |
Operating Cash Flow Growth | - | - | - | - | - | 30.42% |
Investing Activities
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 |
Capital Expenditures | -0.05 | -0.05 | -0.03 | -2.35 | -3.55 | -0.05 |
Cash Acquisitions | - | - | - | - | -444.07 | - |
Divestitures | - | - | - | 211.14 | - | - |
Sale (Purchase) of Intangibles | -7.43 | -6.68 | -6.22 | -5.61 | -6.83 | -6.49 |
Other Investing Activities | 0.32 | - | - | - | - | - |
Investing Cash Flow | -7.16 | -6.72 | -6.26 | 203.18 | -454.45 | -6.54 |
Financing Activities
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 |
Short-Term Debt Issued | - | - | - | 11.28 | - | - |
Long-Term Debt Issued | - | 50 | - | 64 | 450 | - |
Total Debt Issued | 50 | 50 | - | 75.28 | 450 | - |
Short-Term Debt Repaid | - | - | - | -2.7 | - | -1.5 |
Long-Term Debt Repaid | - | -20 | -61.79 | -141.56 | -187.49 | -11.64 |
Total Debt Repaid | -25 | -20 | -61.79 | -144.26 | -187.49 | -13.14 |
Net Debt Issued (Repaid) | 25 | 30 | -61.79 | -68.98 | 262.51 | -13.14 |
Issuance of Common Stock | - | 2.25 | - | - | 5.03 | 0.23 |
Repurchase of Common Stock | -0.91 | -0.91 | -2.15 | -3.06 | -513.68 | - |
Common Dividends Paid | - | - | - | - | - | -14.58 |
Other Financing Activities | 0.08 | -0.03 | -0.03 | -2.03 | 218.41 | -7.1 |
Financing Cash Flow | 24.16 | 31.31 | -63.96 | -74.07 | -27.73 | -34.59 |
Net Cash Flow
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 |
Foreign Exchange Rate Adjustments | -0.05 | 0.13 | -0.03 | 0.01 | -0.08 | 0.04 |
Net Cash Flow | -23.91 | 20.56 | -75.5 | 104.38 | -489.54 | 19.63 |
Free Cash Flow
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 |
Free Cash Flow | -40.91 | -4.19 | -5.29 | -27.1 | -10.83 | 60.66 |
Free Cash Flow Growth | - | - | - | - | - | 30.36% |
Free Cash Flow Margin | -22.61% | -1.58% | -1.54% | -6.74% | -1.63% | 8.81% |
Free Cash Flow Per Share | -5.05 | -0.53 | -0.76 | -2.96 | -1.28 | 29.61 |
Levered Free Cash Flow | -12.85 | 28.45 | 49.95 | -28.33 | 115.83 | 42.47 |
Unlevered Free Cash Flow | 0.63 | 42.07 | 65.77 | -4.29 | 131.41 | 50.75 |
Additional Metrics
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 |
Cash Interest Paid | 27.37 | 25.62 | 30.68 | 42.88 | 26.93 | 14.74 |
Cash Income Tax Paid | 0.1 | -0.04 | -0.81 | 7.1 | 8.54 | 2.75 |
Change in Working Capital | -33.69 | -18.97 | -2.92 | -5.16 | -45.33 | 5.08 |