SST

MKT CAP:$39M

System1, Inc.

Market Cap

$39M

Industrials·Specialty Business Services·🇺🇸 United States·NYSE

Industrials·Specialty·🇺🇸·NYSE

Stock Price

$2.62-$1.67 (-38.90%)

Apr 22, 2026

Company Details

System1, Inc. develops technology and data science to operate responsive acquisition marketing platform. The company also operates a real-time coupon code search engine and directory that offers coupon destinations for online shoppers. It s...

CEO

Michael L. Blend

IPO Date

Aug 7, 2020

Website

www.system1.com

Key Metrics TTM

Revenue

$489M

-28.9% YoY

Net Income

-$104M

EPS (Diluted)

-$3.37

Free Cash Flow

$61M

Revenue / Share

$62.58

Gross Margin

24.6%

Operating Margin

-20.0%

Net Margin

-21.2%

FCF Margin

12.4%

P/S

0.1x

P/E

—

Earnings Reports

Q3 2025

May 7, 2026

PENDING

Q2 2025

Aug 7, 2025

$78M-17.4%EPS -$2.23

Q2 2024

Aug 8, 2024

$95M-2.4%EPS -$0.38

Q2 2023

Aug 9, 2023

$97M-55.9%EPS -$0.38

Q2 2022

Jun 6, 2023

$220M+29.6%EPS -$0.38

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$0	$0	-$31.9K
Q3 20	$0	-$173.2K	-$173.2K
Q1 21	$148M	$37M	$11M
Q2 21	$170M	$43M	$16M
Q3 21	$171M	$43M	$16M
Q4 21	$200M	$26M	$8M
Q2 22	$220M	$67M	-$31M
Q2 23	$97M	$40M	-$22M
Q2 24	$95M	-$15M	-$29M
Q2 25	$78M	$28M	-$16M

Valuation

Quarter	P/S	P/E
Q2 20	—	—
Q3 20	—	—
Q1 21	—	—
Q2 21	0.1x	2.1x
Q3 21	0.1x	1.3x
Q4 21	0.1x	1.2x
Q2 22	0.1x	76.0x
Q2 23	0.1x	—
Q2 24	0.1x	—
Q2 25	0.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	-$31.9K	-$31.9K
Q1 21	$10M	$9M
Q2 21	$17M	$17M
Q3 21	$12M	$10M
Q4 21	$21M	$21M
Q2 22	$23M	$22M
Q2 23	$7M	$6M
Q2 24	$10M	$8M
Q2 25	$24M	$24M

Capital Expenditures

Quarter	CapEx
Q2 20	$0
Q1 21	$1M
Q2 21	$0
Q3 21	$2M
Q4 21	$49.0K
Q2 22	$883.0K
Q2 23	$867.0K
Q2 24	$2M
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	—	+487382.0%
Q4 21	—	+110936.9%
Q2 22	+49.0%	+83.7%
Q2 23	-42.9%	-22.5%
Q2 24	-44.8%	-20.4%
Q2 25	-60.9%	-51.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$0	—
Q1 21	$146.0K	0.1%
Q2 21	$78.0K	0.0%
Q3 21	$110.0K	0.1%
Q4 21	$79.0K	0.0%
Q2 22	$0	0.0%
Q2 23	$4M	4.4%
Q2 24	$3M	3.6%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A
Q1 21	—	$22M
Q2 21	—	$24M
Q3 21	—	$23M
Q4 21	$1M	—
Q2 22	—	$66M
Q2 23	—	$42M
Q2 24	$1M	$48M
Q2 25	—	$44M

Revenue Segments

Quarter	Owned and Operated	Partner Network	Subscription	Marketing Segment	Products Segment
Q2 22	$164M	$13M	$43M	—	—
Q2 25	—	—	—	$54M	$24M

Revenue by Geography

Quarter	Non-US	United States
Q2 23	$4M	$93M
Q2 24	$3M	$91M
Q2 25	$3M	$75M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$42M	$0	$42M
Q2 22	$37M	$0	$37M
Q3 22	$32M	$0	$32M
Q4 22	$9M	$0	$9M
Q1 23	$8M	$0	$8M
Q2 23	$9M	$0	$9M
Q3 23	$5M	$0	$5M
Q4 23	$135M	$0	$135M
Q1 24	$70M	$0	$70M
Q2 24	$76M	$0	$76M
Q3 24	$69M	$0	$69M
Q4 24	$64M	$0	$64M
Q1 25	$44M	$0	$44M
Q2 25	$64M	$0	$64M
Q3 25	$55M	$0	$55M
Q4 25	$87M	$0	$87M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	85M	—	—
Q3 20	85M	0.0%	—
Q1 21	89M	+4.4%	—
Q2 21	89M	0.0%	—
Q3 21	89M	0.0%	+4.4%
Q4 21	82M	-8.5%	-4.4%
Q2 22	90M	+9.8%	+0.5%
Q2 23	93M	+4.2%	+4.7%
Q2 24	69M	-25.7%	-22.3%
Q2 25	8M	-88.7%	-90.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	—	—
Q3 20	—	—
Q1 21	$74M	2
Q2 21	$85M	2
Q3 21	$86M	2
Q4 21	$100M	2
Q2 22	$110M	2
Q2 23	$193.8K	500
Q2 24	$315.3K	300
Q2 25	$260.4K	300

Revenue / Employee