NYSE:SST
System1, Inc.
System1, Inc.'s revenue fell 22.6% in fiscal 2025 to $266.1M while operating margin rose to −23.3%. Free cash flow was −$4.2M, −1.6% of revenue, and the diluted share count rose 12.9%.Summary generated from System1, Inc.'s SEC filings. Latest annual report filed Mar 11, 2026.
Key statistics
Fiscal 2025 from SEC filings. MethodologyRevenue (FY25)$266.1M
Revenue growth−22.6%
Revenue, 5-yr CAGRn/a
Gross margin37.7%
Operating margin−23.3%
Net margin−24.6%
ROIC−18.3%
Return on equity−118.0%
Debt / equity10.01
Free cash flow−$4.2M
FCF margin−1.6%
Share count change+12.9%
Financials
| Item | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 688 | 402 | 344 | 266 |
| Operating income | 51 | −86 | −89 | −62 |
| Net income | 33 | −227 | −75 | −65 |
| Free cash flow | 61 | −27 | −5 | −4 |
Recent filings
- 8-KRegulation FD disclosure
Aug 5, 2026 - 10-QQuarterly report for the period ended Jun 30, 2026
Aug 5, 2026 - 8-KResults of operations and financial condition
Aug 5, 2026 - 8-KDirector or officer change
Jul 24, 2026 - 4Insider transaction report
Jul 17, 2026 - 4Insider transaction report
Jul 17, 2026 - DEF 14AProxy statement
Jun 22, 2026 - 8-KEntry into a material agreement
Jun 1, 2026