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NYSE · SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. · SMALL CAP

System1, Inc. SST

4 fiscal years on record · USD · FY2025 reported · SEC filings only
$266.1M
▼ 22.6% YoY
$-65.3M
$-4.2M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

System1, Inc. operates several flagship brands across multiple consumer verticals, including shopping, travel and search, and a customer acquisition and marketing platform powered by artificial intelligence and machine learning. As of December 31, 2025, it had approximately 250 full-time employees in three countries. In 2025, it processed approximately 11 billion total sessions. Its primary operations are in the United States, and it also has operations in Canada and the Netherlands. Its Products businesses, which include CouponFollow, Startpage and MapQuest along with its acquisition marketing platform, are held by subsidiary S1 Media, while its Marketing businesses are held by subsidiary S1 Holdco. It owns and operates approximately 40 websites, including search engines such as Startpage.com and info.com, and digital media publishing websites and internet utilities such as CouponFollow, MapQuest, HowStuffWorks and ActiveBeat. It also monetizes user traffic on behalf of Network Partners, which direct their acquired traffic through its platform in exchange for a share of the advertising revenue generated through the platform.

Written from the business description in System1, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 11 March 2026. Every sentence was checked against that document before publication.

Growth

USD 266.1M
Revenue, FY2025 · full 4-year series below
Revenue $M Net income $M
FY2025 · Revenue 266.1 · Net income -65.3
250.0M500.0M-100.0M-200.0M
20212025
Compound annual growth
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−31 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -23.3% · Net -30.5%
-20%-40%-60%
202120232025
ROE
FY2025 · ROE -118.0%
-50%-100%
202120232025
Three returns, three denominators.

Each USD of equity lost 118 cents this year.

Cash & shareholders

USD 557,000.00
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -4.2
25.0M50.0M-10.0M-20.0M
202120232025
Net buybacks $ Dividends $
FY2025 · Dividends · · Net buybacks 557000.0
200000400000
2021202320242025

USD 557,000.00 in buybacks went back to shareholders in a year without profit.

Total assetsUSD 405.0M
EquityUSD 30.5M
CashUSD 86.9M
Gross debtUSD 258.4M
Net debtUSD 171.5M
Current ratio1.02×

Net debt stands at 563% of equity.

The 4-year record

4 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
SST, 4-year financial record
Metric 2025202420232021
Revenue $B0.30.30.40.7
Operating income $B−0.1−0.1−0.10.1
EBITDA $B−0.1−0.1−0.10.1
Income tax $B−0.0−0.0−0.00.0
Net income $B−0.1−0.1−0.20.0
Free cash flow $B−0.0−0.0−0.00.1
EPS, diluted $−8.32−10.74−2.48◌
Dividend / sh $◌◌◌◌
Payout % — not applicable: no dividend————
ROE %−118.0−69.3−86.2—

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

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Provenance

Company facts, as filed

How we verify · 0 failures in 18 reconciliationsAUDITED

Reconciled in 4 of the 4 fiscal years we could check. 28 checks were skipped: the balance sheet is not tagged before 2021. 16 checks were skipped: the share count is not tagged before 2023. 14 checks were skipped: revenue is not tagged before 2021.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityServices-Computer Programming, Data Processing, Etc.
Listed onNYSE
Incorporated innot stated in the filings
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2020

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