System1, Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout 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.
Sep 30, 2025 · Filed Nov 5, 2025
SST$1.73+0.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except par value)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $54,589 | $63,607 |
| Restricted cash, current | 1,243 | 3,970 |
| Accounts receivable, net | 54,356 | 62,916 |
| Prepaid expenses and other current assets | 6,430 | 3,984 |
| Total current assets | 116,618 | 134,477 |
| Restricted cash, non-current | 378 | 371 |
| Property and equipment, net | 1,655 | 2,104 |
| Internal-use software development costs, net | 14,170 | 14,436 |
| Intangible assets, net | 166,714 | 222,341 |
| Goodwill | 82,407 | 82,407 |
| Operating lease right-of-use assets | 2,923 | 2,644 |
| Other non-current assets | 295 | 349 |
| Total assets | $385,160 | $459,129 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $23,065 | $10,401 |
| Accrued expenses and other current liabilities | 54,255 | 76,200 |
| Operating lease liabilities, current | 677 | 2,089 |
| Current debt, net | 24,127 | 16,405 |
| Total current liabilities | 102,124 | 105,095 |
| Operating lease liabilities, non-current | 2,783 | 1,365 |
| Non-current debt, net | 235,109 | 255,118 |
| Deferred tax liability | 4,662 | 6,199 |
| Other non-current liabilities | 6,222 | 6,356 |
| Total liabilities | 350,900 | 374,133 |
| Commitments and contingencies (Note 7) | ||
| Stockholders' equity: | ||
| Class A common stock $0.0001 par value; 500,000 shares authorized, 8,100 and 7,365 Class A shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 1 | 1 |
| Class C common stock $0.0001 par value; 25,000 shares authorized, 1,869 and 1,870 Class C shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | — | — |
| Additional paid-in capital | 877,108 | 863,041 |
| Accumulated deficit | (834,196) | (782,335) |
| Accumulated other comprehensive loss | (230) | (443) |
| Total stockholders' equity attributable to System1, Inc. | 42,683 | 80,264 |
| Non-controlling interest | (8,423) | 4,732 |
| Total stockholders' equity | 34,260 | 84,996 |
| Total liabilities and stockholders' equity | $385,160 | $459,129 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.