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10-K

Annual Report

System1, Inc. SST SSTPW

0001805833-26-000014

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Filed
Mar 11, 2026 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 FY 2025 · Dec 31, 2025 7.85M sh
Shares Diluted restated FY 2025 · Dec 31, 2024 6.96M sh
Stock Repurchased FY 2025 · Dec 31, 2025 $557K
Stock Repurchased FY 2025 · Dec 31, 2024 $0
Capex FY 2025 · Dec 31, 2025 $46K
Capex FY 2025 · Dec 31, 2024 $31K
Operating Cash Flow FY 2025 · Dec 31, 2025 −$4.15M
Operating Cash Flow FY 2025 · Dec 31, 2024 −$5.26M
Long Term Debt FY 2025 · Dec 31, 2025 $228.4M
Long Term Debt FY 2025 · Dec 31, 2024 $255.12M
Short Term Debt FY 2025 · Dec 31, 2025 $76.72M
Short Term Debt FY 2025 · Dec 31, 2024 $16.41M
Cash And Equivalents FY 2025 · Dec 31, 2025 $86.89M
Cash And Equivalents FY 2025 · Dec 31, 2024 $63.61M
Stockholders Equity FY 2025 · Dec 31, 2025 $30.47M
Stockholders Equity FY 2025 · Dec 31, 2024 $80.26M
Current Liabilities FY 2025 · Dec 31, 2025 $146.44M
Current Liabilities FY 2025 · Dec 31, 2024 $105.1M
Total Liabilities FY 2025 · Dec 31, 2025 $387.55M
Total Liabilities FY 2025 · Dec 31, 2024 $374.13M
Current Assets FY 2025 · Dec 31, 2025 $149.48M
Current Assets FY 2025 · Dec 31, 2024 $134.48M
Total Assets FY 2025 · Dec 31, 2025 $404.97M
Total Assets FY 2025 · Dec 31, 2024 $459.13M
Eps Diluted FY 2025 · Dec 31, 2025 −$8.32
Eps Diluted restated FY 2025 · Dec 31, 2024 −$10.74
Eps Basic FY 2025 · Dec 31, 2025 −$8.32
Eps Basic restated FY 2025 · Dec 31, 2024 −$10.74
Sga Expense FY 2025 · Dec 31, 2025 $69.69M
Sga Expense restated FY 2025 · Dec 31, 2024 $76.41M
Net Income FY 2025 · Dec 31, 2025 −$65.35M
Net Income FY 2025 · Dec 31, 2024 −$74.67M
Operating Income FY 2025 · Dec 31, 2025 −$62.04M
Operating Income FY 2025 · Dec 31, 2024 −$88.6M
Cost Of Revenue FY 2025 · Dec 31, 2025 $165.73M
Cost Of Revenue FY 2025 · Dec 31, 2024 $242.6M
Revenue FY 2025 · Dec 31, 2025 $266.13M
Revenue FY 2025 · Dec 31, 2024 $343.93M