System1, Inc.

For the period ended Mar 31, 2025. Filed May 6, 2025.

About this filing

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.

Mar 31, 2025 · Filed May 6, 2025

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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Contents

Condensed Consolidated Balance Sheets

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except par value)

	March 31, 2025	December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$43,913	$63,607
Restricted cash, current	1,243	3,970
Accounts receivable, net	61,760	62,916
Prepaid expenses and other current assets	7,266	3,984
Total current assets	114,182	134,477
Restricted cash, non-current	—	371
Property and equipment, net	1,921	2,104
Internal-use software development costs, net	14,203	14,436
Intangible assets, net	203,965	222,341
Goodwill	82,407	82,407
Operating lease right-of-use assets	2,157	2,644
Other non-current assets	319	349
Total assets	$419,154	$459,129
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$7,641	$10,401
Accrued expenses and other current liabilities	61,549	76,200
Operating lease liabilities, current	1,522	2,089
Current debt, net	18,970	16,405
Total current liabilities	89,682	105,095
Operating lease liabilities, non-current	1,327	1,365
Non-current debt, net	248,464	255,118
Warrant liability	334	302
Deferred tax liability	5,611	6,199
Other non-current liabilities	6,077	6,054
Total liabilities	351,495	374,133
Commitments and contingencies (Note 7)
Stockholders' equity:
Class A common stock $0.0001 par value; 500,000 shares authorized, 74,855 and 73,653 Class A shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	7	7
Class C common stock $0.0001 par value; 25,000 shares authorized, 18,704 and 18,704 Class C shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	2	2
Additional paid-in capital	865,832	863,033
Accumulated deficit	(798,218)	(782,335)
Accumulated other comprehensive loss	(432)	(443)
Total stockholders' equity attributable to System1, Inc.	67,191	80,264
Non-controlling interest	468	4,732
Total stockholders' equity	67,659	84,996
Total liabilities and stockholders' equity	$419,154	$459,129

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.