System1, Inc.
For the period ended Mar 31, 2026. Filed May 12, 2026.
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.
Mar 31, 2026 · Filed May 12, 2026
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 Operations
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except for per share amounts)
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Revenue | $37,234 | $74,513 |
| Operating expenses: | ||
| Cost of revenue | 13,860 | 46,077 |
| Salaries and benefits | 20,800 | 24,988 |
| Selling, general, and administrative | 16,789 | 16,574 |
| Impairment of long-lived assets | 36,822 | — |
| Total operating expenses | 88,271 | 87,639 |
| Operating loss | (51,037) | (13,126) |
| Other expense: | ||
| Interest expense, net | 6,629 | 7,085 |
| Change in fair value of warrant liabilities | — | 32 |
| Total other expense, net | 6,629 | 7,117 |
| Loss before income tax | (57,666) | (20,243) |
| Income tax benefit | (75) | (387) |
| Net loss | (57,591) | (19,856) |
| Less: Net loss attributable to non-controlling interest | (10,524) | (3,973) |
| Net loss attributable to System1, Inc. | $(47,067) | $(15,883) |
| Basic and diluted net loss per share: | $(5.82) | $(2.14) |
| Weighted average number of shares outstanding - basic and diluted | 8,090 | 7,439 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.