System1, Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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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.
Sep 30, 2025 · Filed Nov 5, 2025
SST$1.730.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash Flows from Operating Activities | ||
| Net loss | $(63,401) | $(79,275) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 61,832 | 59,877 |
| Stock-based compensation | 10,025 | 11,194 |
| Amortization of debt issuance costs | 2,714 | 2,966 |
| Noncash lease expense | 1,429 | 1,407 |
| Change in fair value of warrant liabilities | 29 | (1,471) |
| Deferred tax benefits | (1,477) | (1,581) |
| Gain on extinguishment of debt | — | (20,109) |
| Share-based compensation liabilities | 2,523 | 15,765 |
| Other, net | 32 | (27) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 8,560 | (1,487) |
| Prepaid expenses and other current assets | (2,377) | 2,437 |
| Accounts payable | 13,056 | (75) |
| Accrued expenses and other current liabilities | (25,908) | 5,580 |
| Other non-current liabilities | (546) | (1,228) |
| Net cash provided by (used in) operating activities | 6,491 | (6,027) |
| Cash Flows from Investing Activities | ||
| Purchases of property and equipment | (46) | (31) |
| Purchases of intangible asset | (275) | — |
| Capitalized software development costs | (4,775) | (4,931) |
| Net cash used in investing activities | (5,096) | (4,962) |
| Cash Flows from Financing Activities | ||
| Repayment of term loan | (15,000) | (56,786) |
| Taxes paid related to net settlement of stock awards | (324) | (2,137) |
| Distributions to members, net of contributions | (33) | (27) |
| Proceeds from private placement of Class A common stock | 2,250 | — |
| Net cash used in financing activities | (13,107) | (58,950) |
| Effect of exchange rate changes in cash, cash equivalents and restricted cash | (26) | 81 |
| Net decrease in cash, cash equivalents and restricted cash | (11,738) | (69,858) |
| Cash and cash equivalents and restricted cash, beginning of the period | 67,948 | 143,450 |
| Cash and cash equivalents and restricted cash, end of the period | $56,210 | $73,592 |
| Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets: | ||
| Cash and cash equivalents | $54,589 | $69,092 |
| Restricted cash | 1,621 | 4,500 |
| Total cash, cash equivalents and restricted cash | $56,210 | $73,592 |
| Supplemental cash flow information: | ||
| Stock-based compensation included in capitalized software development costs | $484 | $1,113 |
| Settlement of incentive plan through issuance of common stock | $— | $1,707 |
| Right-of-use assets obtained in exchange for operating lease obligations | $1,700 | $— |
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