System1, Inc.

For the period ended Jun 30, 2025. Filed Aug 7, 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.

Jun 30, 2025 · Filed Aug 7, 2025

SST$1.73+0.6%Stored close · as of Nov 9, 2026

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Contents

Condensed Consolidated Statements of Operations

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except for per share amounts)

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Revenue	$78,115	$94,581	$152,628	$179,498
Operating expenses:
Cost of revenue	50,212	68,507	96,289	134,825
Salaries and benefits	26,297	33,937	51,285	58,420
Selling, general, and administrative	17,511	21,223	34,085	41,135
Total operating expenses	94,020	123,667	181,659	234,380
Operating loss	(15,905)	(29,086)	(29,031)	(54,882)
Other expense (income):
Interest expense, net	7,116	7,871	14,201	15,841
Gain on extinguishment of debt	—	(433)	—	(20,109)
Change in fair value of warrant liabilities	68	(1,501)	100	(1,752)
Total other expense (income), net	7,184	5,937	14,301	(6,020)
Loss before income tax	(23,089)	(35,023)	(43,332)	(48,862)
Income tax benefit	(1,547)	(178)	(1,934)	(226)
Net loss	(21,542)	(34,845)	(41,398)	(48,636)
Less: Net loss attributable to non-controlling interest	(4,079)	(8,472)	(8,052)	(11,726)
Net loss attributable to System1, Inc.	$(17,463)	$(26,373)	$(33,346)	$(36,910)
Basic and diluted net loss per share:	$(2.23)	$(3.80)	$(4.37)	$(5.38)
Weighted average number of shares outstanding - basic and diluted	7,820	6,938	7,631	6,858

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.