System1, Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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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.
Jun 30, 2026 · Filed Aug 5, 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 Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Six Months Ended June 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash Flows from Operating Activities | ||
| Net loss | $(72,923) | $(41,398) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 18,951 | 41,043 |
| Stock-based compensation | 2,619 | 7,193 |
| Impairment of long-lived assets | 37,733 | — |
| Amortization of debt issuance costs | 1,677 | 1,816 |
| Noncash lease expense | 789 | 971 |
| Deferred tax benefits | (440) | (984) |
| Share-based compensation liabilities | — | 1,646 |
| Other, net | 17 | 122 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 16,310 | (7,302) |
| Prepaid expenses and other current assets | (3,522) | (2,234) |
| Accounts payable | (6,876) | 18,048 |
| Accrued expenses and other current liabilities | (22,780) | (9,860) |
| Other non-current liabilities | 276 | (518) |
| Net cash (used in) provided by operating activities | (28,169) | 8,543 |
| Cash Flows from Investing Activities | ||
| Capitalized software development costs | (3,540) | (2,786) |
| Other, net | — | (321) |
| Net cash used in investing activities | (3,540) | (3,107) |
| Cash Flows from Financing Activities | ||
| Repayment of term loan | (15,000) | (10,000) |
| Proceeds from private placement of Class A common stock | — | 2,250 |
| Other, net | (237) | (344) |
| Net cash used in financing activities | (15,237) | (8,094) |
| Effect of exchange rate changes in cash, cash equivalent and restricted cash | (200) | (21) |
| Net decrease in cash, cash equivalents and restricted cash | (47,146) | (2,679) |
| Cash, cash equivalents and restricted cash, beginning of the period | 88,509 | 67,948 |
| Cash, cash equivalents and restricted cash, end of the period | $41,363 | $65,269 |
| Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets: | ||
| Cash and cash equivalents | $40,484 | $63,648 |
| Restricted cash | 879 | 1,621 |
| Total cash, cash equivalents and restricted cash | $41,363 | $65,269 |
| Supplemental cash flow information: | ||
| Cash (refunds) paid for income taxes, net | $(91) | $56 |
| Cash paid for interest | $12,584 | $10,828 |
| Stock-based compensation included in capitalized software development costs | $321 | $365 |
| Right-of-use assets obtained in exchange for operating lease obligations | $— | $1,700 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.