System1, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 01/26/22 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $266.1M | $343.9M | $402.0M | $612.2M | — |
| Cost of revenue | $165.7M | $183.9M | $240.9M | — | — |
| Selling, general & administrative | $69.7M | $76.4M | $54.3M | $50.8M | — |
| Operating income | -$62.0M | -$88.6M | -$86.0M | -$457.7M | — |
| Interest expense | $27.6M | $31.6M | $48.7M | $31.6M | — |
| Pretax income | -$84.1M | -$97.7M | -$131.6M | -$493.0M | — |
| Income tax expense | -$2.9M | -$370,000 | -$20.4M | -$108.7M | — |
| Net income | -$65.3M | -$74.7M | -$227.2M | -$330.4M | — |
| Balance Sheet | |||||
| Cash and equivalents | $86.9M | $63.6M | $135.3M | $8.9M | $36.8M |
| Current assets | $149.5M | $134.5M | $202.0M | $126.5M | — |
| Total assets | $405.0M | $459.1M | $605.5M | $1.2B | — |
| Current liabilities | $146.4M | $105.1M | $86.4M | $211.1M | — |
| Total liabilities | $387.6M | $374.1M | $436.2M | $689.8M | — |
| Total debt | $260.1M | $280.1M | $365.0M | $435.0M | — |
| Stockholders' equity | $30.5M | $80.3M | $135.3M | $392.0M | $813.3M |
| Cash Flow Statement | |||||
| Cash from operations | -$4.1M | -$5.3M | -$24.7M | $3.3M | — |
| Depreciation and amortization | $600,000 | $900,000 | $800,000 | $500,000 | — |
| Stock-based compensation | $11.3M | $15.8M | $53.1M | $108.3M | — |
| Capital expenditure | $46,000 | $31,000 | $2.4M | $3.5M | — |
| Free cash flow | -$4.2M | -$5.3M | -$27.1M | -$229,000 | — |
| Share repurchases | $557,000 | $0 | $0 | $510.5M | — |
| Impairments | $0 | $0 | $0 | $372.7M | — |
Shares outstanding 9.9M · Free float 66.4%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.