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10-Q

Quarterly Report

System1, Inc. SST SSTPW

0001805833-25-000015

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Filed
Nov 5, 2025 12:00 AM ET
Period of report
Restated figures. One or more values in this filing restate previously reported amounts.

On SEC.gov

Financials in this filing

Metric Period Value
Shares Diluted Q3 2025 · Sep 30, 2025 8.05M sh
Shares Diluted Q3 2025 · Sep 30, 2025 7.77M sh
Shares Diluted restated Q3 2025 · Sep 30, 2024 7.01M sh
Shares Diluted restated Q3 2025 · Sep 30, 2024 6.91M sh
Capex Q3 2025 · Sep 30, 2025 $46K
Capex Q3 2025 · Sep 30, 2024 $31K
Operating Cash Flow Q3 2025 · Sep 30, 2025 $6.49M
Operating Cash Flow Q3 2025 · Sep 30, 2024 −$6.03M
Long Term Debt Q3 2025 · Sep 30, 2025 $235.11M
Long Term Debt Q3 2025 · Dec 31, 2024 $255.12M
Short Term Debt Q3 2025 · Sep 30, 2025 $24.13M
Short Term Debt Q3 2025 · Dec 31, 2024 $16.41M
Cash And Equivalents Q3 2025 · Sep 30, 2025 $54.59M
Cash And Equivalents Q3 2025 · Dec 31, 2024 $63.61M
Cash And Equivalents Q3 2025 · Sep 30, 2024 $69.09M
Stockholders Equity Q3 2025 · Sep 30, 2025 $42.68M
Stockholders Equity Q3 2025 · Dec 31, 2024 $80.26M
Current Liabilities Q3 2025 · Sep 30, 2025 $102.12M
Current Liabilities Q3 2025 · Dec 31, 2024 $105.1M
Total Liabilities Q3 2025 · Sep 30, 2025 $350.9M
Total Liabilities Q3 2025 · Dec 31, 2024 $374.13M
Current Assets Q3 2025 · Sep 30, 2025 $116.62M
Current Assets Q3 2025 · Dec 31, 2024 $134.48M
Total Assets Q3 2025 · Sep 30, 2025 $385.16M
Total Assets Q3 2025 · Dec 31, 2024 $459.13M
Eps Diluted Q3 2025 · Sep 30, 2025 −$2.30
Eps Diluted Q3 2025 · Sep 30, 2025 −$6.67
Eps Diluted restated Q3 2025 · Sep 30, 2024 −$3.37
Eps Diluted restated Q3 2025 · Sep 30, 2024 −$8.76
Eps Basic Q3 2025 · Sep 30, 2025 −$2.30
Eps Basic Q3 2025 · Sep 30, 2025 −$6.67
Eps Basic restated Q3 2025 · Sep 30, 2024 −$3.37
Eps Basic restated Q3 2025 · Sep 30, 2024 −$8.76
Sga Expense Q3 2025 · Sep 30, 2025 $16.95M
Sga Expense Q3 2025 · Sep 30, 2025 $51.04M
Sga Expense restated Q3 2025 · Sep 30, 2024 $17.47M
Sga Expense restated Q3 2025 · Sep 30, 2024 $58.61M
Net Income Q3 2025 · Sep 30, 2025 −$18.52M
Net Income Q3 2025 · Sep 30, 2025 −$51.86M
Net Income Q3 2025 · Sep 30, 2024 −$23.6M
Net Income Q3 2025 · Sep 30, 2024 −$60.51M
Operating Income Q3 2025 · Sep 30, 2025 −$15.57M
Operating Income Q3 2025 · Sep 30, 2025 −$44.6M
Operating Income Q3 2025 · Sep 30, 2024 −$21.82M
Operating Income Q3 2025 · Sep 30, 2024 −$76.7M
Cost Of Revenue Q3 2025 · Sep 30, 2025 $38.82M
Cost Of Revenue Q3 2025 · Sep 30, 2025 $135.11M
Cost Of Revenue Q3 2025 · Sep 30, 2024 $64M
Cost Of Revenue Q3 2025 · Sep 30, 2024 $198.82M
Revenue Q3 2025 · Sep 30, 2025 $61.56M
Revenue Q3 2025 · Sep 30, 2025 $214.19M
Revenue Q3 2025 · Sep 30, 2024 $88.83M
Revenue Q3 2025 · Sep 30, 2024 $268.33M