System1 Inc
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
SST$1.73+0.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except for per share)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | $94,581 | $96,914 | $179,498 | $218,032 |
| Operating expenses: | ||||
| Cost of revenue (excluding depreciation and amortization) | 55,798 | 56,657 | 109,496 | 139,610 |
| Salaries and benefits | 33,937 | 27,054 | 58,420 | 55,201 |
| Selling, general, and administrative | 13,989 | 15,340 | 26,717 | 30,195 |
| Depreciation and amortization | 19,943 | 19,688 | 39,747 | 39,080 |
| Total operating expenses | 123,667 | 118,739 | 234,380 | 264,086 |
| Operating loss | (29,086) | (21,825) | (54,882) | (46,054) |
| Other expense (income): | ||||
| Interest expense, net | 7,871 | 12,334 | 15,841 | 23,736 |
| Gain from debt extinguishment | (433) | — | (20,109) | — |
| Change in fair value of warrant liabilities | (1,501) | 2,018 | (1,752) | 609 |
| Total other expense (income), net | 5,937 | 14,352 | (6,020) | 24,345 |
| Loss before income tax | (35,023) | (36,177) | (48,862) | (70,399) |
| Income tax benefit | (178) | (6,670) | (226) | (10,499) |
| Net loss from continuing operations | (34,845) | (29,507) | (48,636) | (59,900) |
| Net loss from discontinued operations, net of tax | — | (13,484) | — | (26,017) |
| Net loss | (34,845) | (42,991) | (48,636) | (85,917) |
| Less: Net loss from continuing operations attributable to non-controlling interest | (8,472) | (6,165) | (11,726) | (12,922) |
| Less: Net loss from discontinued operations attributable to non-controlling interest | — | (2,525) | — | (4,892) |
| Net loss attributable to System1, Inc. | $(26,373) | $(34,301) | $(36,910) | $(68,103) |
| Amounts attributable to System1, Inc.: | ||||
| Net loss from continuing operations | $(26,373) | $(23,342) | $(36,910) | $(46,978) |
| Net loss from discontinued operations | — | (10,959) | — | (21,125) |
| Net loss attributable to System1, Inc. | $(26,373) | $(34,301) | $(36,910) | $(68,103) |
| Basic and diluted net loss per share: | ||||
| Continuing operations | $(0.38) | $(0.25) | $(0.54) | $(0.50) |
| Discontinued operations | — | (0.12) | — | (0.23) |
| Basic and diluted net loss per share | $(0.38) | $(0.37) | $(0.54) | $(0.73) |
| Weighted average number of shares outstanding - basic and diluted | 69,383 | 93,799 | 68,582 | 93,288 |
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