System1, Inc. (SST) — Financial statements
Income statement, balance sheet, and cash flow for System1, Inc. — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 266↓22.6% | 344↓14.4% | 402↓39.5% | 665↓3.4% | 688 | |
| Cost of Revenue | 166↓13.5% | 192↓46.1% | 355↓45.3% | 650↑7.9% | 602 | |
| Gross Profit | 100↓34.1% | 152↑226.1% | 47↑204.0% | 15↓82.3% | 87 | |
| Operating Expenses | ||||||
| R&D Expenses | 0.00 | 0.00↓100.0% | 3↑262.7% | 0.82↓83.3% | 5 | |
| General & Administrative Expenses | 162↑1.0% | 161 | 0.00 | 0.00 | 0.00 | |
| Selling & Marketing Expenses | 0.00↑100.0% | -114↓309.0% | 54 | 0.00↓100.0% | 36 | |
| SG&A Expenses | 162↑243.1% | 47↓12.8% | 54↓18.3% | 66↑85.7% | 36 | |
| Other Expenses | 0.00↓100.0% | 194↑156.7% | 75↓83.0% | 442↑9065.8% | -5 | |
| Operating Expenses | 162↓32.6% | 241↑81.6% | 133↓74.0% | 510↑1323.2% | 36 | |
| Total Costs & Expenses | 328↓24.1% | 433↓11.4% | 488↓57.9% | 1,159↑81.8% | 638 | |
| Operating Results | ||||||
| Operating Income | -62↑30.0% | -89↓3.0% | -86↑82.6% | -494↓1072.5% | 51 | |
| Depreciation & Amortization | 83↑3.4% | 80↑2.2% | 78↑12.6% | 70↑401.6% | 14 | |
| EBITDA | 21↑48.7% | 14↑412.5% | -4↑91.4% | -52↓180.3% | 65 | |
| EBIT | -62↑6.2% | -66↑20.2% | -83↑31.8% | -122↓339.2% | 51 | |
| Interest & Other Income | ||||||
| Net Interest Income | -28↑12.7% | -32↑35.3% | -49↓400.4% | 16↑196.2% | -17 | |
| Interest Income | 0.00 | 0.00 | 0.00↓100.0% | 33 | 0.00 | |
| Interest Expense | 28↓12.7% | 32↓35.3% | 49↑188.9% | 17↑0.0% | 17 | |
| Non-Operating Income | 0.00↑100.0% | -22↓624.5% | -3↑99.2% | -373 | 0.00 | |
| Other Income / Expenses | -22↓142.9% | -9↑80.1% | -46↓125.0% | 182↑1180.1% | -17 | |
| Income Before Tax | -84↑13.9% | -98↑25.8% | -132↑57.8% | -312↓1019.0% | 34 | |
| Income Tax Expense | -3↓677.0% | -0.37↑98.2% | -20↓118.6% | 109↑11227.4% | 0.97 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | -81↑16.6% | -97↑12.5% | -111↑73.6% | -421↓1377.2% | 33 | |
| Net Income from Discontinued Operations | 0.00 | 0.00↑100.0% | -141↓208.5% | -46 | 0.00 | |
| Net Income | -65↑12.5% | -75↑67.1% | -227↑38.2% | -367↓1213.6% | 33 | |
| Bottom-Line Net Income | -65↑12.5% | -75↑66.5% | -223↑30.7% | -322↓1074.6% | 33 | |
| EPS (Basic) | -8.32↓677.6% | -1.07↑56.1% | -2.44↑36.0% | -3.81↓1052.5% | 0.40 | |
| EPS (Diluted) | -8.32↓677.6% | -1.07↑56.1% | -2.44↑36.0% | -3.81↓1052.5% | 0.40 | |
| Weighted Average Shares | 8↓88.7% | 70↓23.9% | 91↓0.2% | 92↑8.9% | 84 | |
| Weighted Average Diluted Shares | 8↓88.7% | 70↓23.9% | 91↓0.2% | 92↑8.9% | 84 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.