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.
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Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except for per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | $61,561 | $88,832 | $214,189 | $268,330 |
| Operating expenses: | ||||
| Cost of revenue | 38,819 | 63,999 | 135,108 | 198,824 |
| Salaries and benefits | 21,354 | 29,177 | 72,639 | 87,597 |
| Selling, general, and administrative | 16,953 | 17,472 | 51,038 | 58,607 |
| Total operating expenses | 77,126 | 110,648 | 258,785 | 345,028 |
| Operating loss | (15,565) | (21,816) | (44,596) | (76,698) |
| Other expense (income): | ||||
| Interest expense, net | 7,052 | 7,957 | 21,253 | 23,798 |
| Gain on extinguishment of debt | — | — | — | (20,109) |
| Change in fair value of warrant liabilities | (71) | 281 | 29 | (1,471) |
| Total other expense, net | 6,981 | 8,238 | 21,282 | 2,218 |
| Loss before income tax | (22,546) | (30,054) | (65,878) | (78,916) |
| Income tax (benefit) expense | (543) | 585 | (2,477) | 359 |
| Net loss | (22,003) | (30,639) | (63,401) | (79,275) |
| Less: Net loss attributable to non-controlling interest | (3,487) | (7,037) | (11,539) | (18,763) |
| Net loss attributable to System1, Inc. | $(18,516) | $(23,602) | $(51,862) | $(60,512) |
| Basic and diluted net loss per share: | $(2.30) | $(3.37) | $(6.67) | $(8.76) |
| Weighted average number of shares outstanding - basic and diluted | 8,054 | 7,005 | 7,773 | 6,907 |
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