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System1, Inc.

SST

System1, Inc. • NYSE
$3.78 ▲ 3.00% (+0.11)
Market Cap $37.79 M
52w High $15.00
52w Low $2.90
Dividend Yield 0%
P/E -0.44
Volume 7.25K
Outstanding Shares 10.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $61.561M ▼ $38.307M ▼ $-18.516M ▼ -30.077% ▼ $-2.3 ▼ $5.295M ▲
Q2-2025 $78.115M ▲ $43.808M ▲ $-17.463M ▼ -22.356% ▼ $-2.23 ▼ $4.593M ▼
Q1-2025 $74.513M ▼ $41.562M ▼ $-15.883M ▼ -21.316% ▼ $-0.21 ▼ $7.319M ▼
Q4-2024 $75.595M ▼ $56.604M ▼ $-14.161M ▲ -18.733% ▲ $-0.19 ▲ $9.244M ▲
Q3-2024 $88.832M $59.477M $-23.602M -26.569% $-0.33 $-1.969M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $54.589M ▼ $385.16M ▼ $350.9M ▼ $42.683M ▼
Q2-2025 $63.648M ▲ $429.249M ▲ $375.805M ▲ $58.196M ▼
Q1-2025 $43.913M ▼ $419.154M ▼ $351.495M ▼ $67.191M ▼
Q4-2024 $63.607M ▼ $459.129M ▼ $374.133M ▼ $80.264M ▼
Q3-2024 $69.092M $479.313M $376.467M $90.313M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-22.003M ▼ $-2.052M ▼ $-1.989M ▼ $-5.013M ▼ $-9.059M ▼ $-4.041M ▼
Q2-2025 $-17.463M ▲ $24.492M ▲ $-1.559M ▼ $-2.79M ▲ $19.735M ▲ $24.492M ▲
Q1-2025 $-19.856M ▼ $-15.949M ▼ $-1.548M ▼ $-5.304M ▼ $-22.792M ▼ $-17.497M ▼
Q4-2024 $-18.023M ▲ $772K ▲ $-1.293M ▲ $-5.011M ▲ $-5.644M ▲ $-521K ▲
Q3-2024 $-30.639M $-5K $-1.744M $-5.021M $-6.683M $-1.749M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Marketing Segment
Marketing Segment
 $0 ▲$0 ▲$50.00M ▲$40.00M ▼
Products Segment
Products Segment
 $0 ▲$0 ▲$20.00M ▲$20.00M ▲
Partner Network
Partner Network
 $30.00M ▲$20.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement System1’s revenue has been drifting down from its peak a few years ago, and profitability has been inconsistent. The business moved from small profits in its early public years to losses more recently, with operating income and net income both in the red. On the positive side, the company has improved how much profit it keeps after direct costs, suggesting better pricing or mix, but that has not been enough to cover overhead, interest, and other expenses. Overall, the income statement shows a company still searching for a stable, profitable scale, with progress in efficiency but ongoing pressure on the bottom line.

Balance Sheet

Balance Sheet The balance sheet shows a relatively small company with a modest asset base and a meaningful amount of debt compared with its equity. Assets swelled when the company was growing more aggressively and then pulled back, while shareholders’ equity has shrunk from earlier levels, which tightens its financial cushion. Cash on hand is limited, so the company does not appear to have a very deep liquidity buffer. The overall picture is one of a leveraged balance sheet that leaves less room for error and makes funding growth and innovation more challenging without external support or improved cash generation.

Cash Flow

Cash Flow Cash flow from operations has hovered around breakeven, tilting slightly negative in most recent years, and free cash flow has also been modestly negative. The company is not burning huge amounts of cash, but it also is not clearly self-funding its growth. Capital spending is relatively light, which helps, but also underscores that System1’s main investments are in people, technology, and marketing rather than heavy physical assets. The cash flow profile suggests a business in a delicate spot: close to sustainable, but still needing either better profitability or access to capital to comfortably support its debt and its growth ambitions.

Competitive Edge

Competitive Edge System1’s main competitive strength is its proprietary RAMP platform, which ties together data, optimization, and now generative AI to run and scale marketing campaigns across many channels. This technology, built over years, creates a barrier for smaller or less technical rivals that cannot easily match its automation and testing capabilities. On top of that, the company has assembled a set of recognizable, privacy-focused consumer brands such as Startpage, CouponFollow, and MapQuest, giving it direct user relationships rather than relying only on partners. The flip side is that it operates in intensely competitive markets dominated by very large tech and advertising platforms, and it has recently seen weakness in some of its marketing-related segments. Combined with its leverage, this makes its competitive position promising but not yet secure.

Innovation and R&D

Innovation and R&D Innovation is a clear focus. RAMP has been architected with distinct application, platform, and data layers, allowing System1 to reuse components and move quickly across many properties. The deep integration of machine learning and generative AI into campaign creation, content, and bidding is a significant step that can increase scale and efficiency if executed well. On the product side, System1 is leaning into privacy as a differentiator, refreshing brands like MapQuest and building out Startpage and CouponFollow with privacy-first and utility-driven features. The company’s roadmap includes new product launches, more AI-enabled tools, and international expansion of its consumer products. The key question is whether it can sustain this pace of innovation while managing its financial constraints and competitive risks.

Summary

System1 is a digital marketing and customer acquisition platform in transition. It went public via a SPAC, later executed a reverse split, and has shifted its focus from lower-margin partner marketing to higher-margin, privacy-focused owned brands. Its technology and AI capabilities are genuine strengths, and its portfolio of consumer properties gives it multiple ways to grow. However, the financials show pressure: revenue has downshifted from earlier highs, profits have turned into losses, cash flow is only slightly below breakeven, and the balance sheet carries notable debt with a thinner equity base. Going forward, the company’s trajectory will likely hinge on whether it can grow its Products segment, translate its AI investments into durable margin improvement, and gradually strengthen its balance sheet and cash generation without sacrificing innovation.

NEWS

November 19, 2025 · 4:05 PM UTC

System1 to Participate in Upcoming Investor Conferences

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November 10, 2025 · 4:05 PM UTC

System1 to Participate in the RBC Capital Markets Global Technology, Internet, Media & Telecommunications Conference

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November 5, 2025 · 4:05 PM UTC

System1 Announces Third Quarter 2025 Financial Results

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November 3, 2025 · 9:00 AM UTC

System1 Introduces Test Your Ad Competitive Edge, the Only Emotion-Driven Creative Intelligence Platform to Help Brands Shape Creative Strategy

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October 23, 2025 · 8:00 AM UTC

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