FY2025 · ended Dec 31, 2025 · Revenue $266.13M, -22.6% YoY · Filed Mar 11, 2026
System1, Inc. (SST) files with the SEC under industry code 7370, Services-Computer Programming, Data Processing, Etc. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $266.1 million and a net loss of $65.3 million. Free cash flow was -$4.2 million. As of Jun 30, 2026 it held $40.5 million in cash and investments and $300.6 million in total debt.
Revenue (TTM)
$180.94M
-42.9% vs year-ago TTM
Net income (TTM)
$-91.67M
-28.9% vs year-ago TTM
Operating cash flow (TTM)
$-40.86M
-538.9% vs year-ago TTM
Free cash flow
$-4.19M
+20.7% vs prior year
EPS (TTM)
$-11.32
-16.8% vs year-ago TTM
Dividend per share
None
Shares outstanding
81.70M
Net cash
$-260.16M
as of Jun 30, 2026
Operating margin
-51.0%
FY 2026
Company profile
- Industry
- Services-Computer Programming, Data Processing, Etc. (SIC 7370)
- Listed as
- SST (NYSE), SSTPW (OTC)
- Fiscal year ends
- December 31
- Headquarters
- Marina Del Rey, CA
- SEC filer status
- Non-accelerated filer, Smaller reporting company
- SEC CIK
- 1805833
- Former names
- Trebia Acquisition Corp. (until Jan 26, 2022)
Other Services-Computer Programming, Data Processing, Etc. companies
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- Bending Spoons S.p.A. BSP
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- Baidu, Inc. BIDU
- Flutter Entertainment plc FLUT
All 94 Services-Computer Programming, Data Processing, Etc. companies
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $266.1M | $343.9M | $402.0M | $612.2M | — |
| Operating income | -$62.0M | -$88.6M | -$86.0M | -$457.7M | $50.8M |
| Net income | -$65.3M | -$74.7M | -$227.2M | -$330.4M | $33.0M |
| Diluted EPS | -$8.32 | -$10.74 | -$2.48 | -$3.70 | — |
| Operating cash flow | -$4.1M | -$5.3M | -$24.7M | $3.3M | $60.7M |
| Free cash flow | -$4.2M | -$5.3M | -$27.1M | -$229,000 | — |
| Total assets | $405.0M | $459.1M | $605.5M | $1.2B | $256.9M |
| Total liabilities | $387.6M | $374.1M | $436.2M | $689.8M | $285.3M |
| Stockholders' equity | $30.5M | $80.3M | $135.3M | $392.0M | -$28.4M |
| Cash and investments | $86.9M | $63.6M | $135.3M | $8.9M | $47.9M |
| Total debt | $314.7M | $275.0M | $355.4M | $422.5M | — |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 8-K |
Current report
Officer or director change
|
Oct 30, 2026 | Oct 30, 2026 |
| 8-K |
Current report
Regulation FD disclosure
|
Aug 5, 2026 | Aug 5, 2026 |
| 10-Q | Quarterly report | Aug 5, 2026 | Jun 30, 2026 |
| 8-K |
Current report
Results of operations
|
Aug 5, 2026 | Aug 5, 2026 |
| 8-K |
Current report
Change to shareholder rights, Officer or director change, Bylaw or fiscal year change, Shareholder vote results, Other events
|
Jul 24, 2026 | Jul 22, 2026 |
| 8-K |
Current report
Material agreement, New debt, Unregistered share sale, Regulation FD disclosure
|
Jun 1, 2026 | May 29, 2026 |
All 615 System1, Inc. SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.