System1, Inc. income statement SSTPW

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, System1, Inc. reported revenue of $266.1 million, down 22.6% from the year before. It recorded a net loss of $65.3 million. The operating loss came to $62.0 million, an operating margin of -23.3%. Diluted earnings per share were -$8.32. Over the twelve months ended Jun 30, 2026, revenue was $180.9 million and the net loss was $91.7 million. Across the 4 fiscal years shown, revenue shrank from $612.2 million in fiscal 2022 to $266.1 million in fiscal 2025, about 24.2% a year.

USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.

Line	FY 2026 Jun 30, 2026	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	FY 2020 Dec 31, 2020
Revenue	181 -42.9%	266 -22.6%	344 -14.4%	402 -34.3%	612	—	—
Cost of revenue	89	166 -9.9%	184	—	—	—	—
Gross profit	92	100 -37.3%	160	—	—	—	—
Selling, general and administrative	67 -3.5%	70 -8.8%	76 +40.7%	54 +6.8%	51	—	—
Operating income	-92 -47.2%	-62 +30.0%	-89 -3.0%	-86 +81.2%	-458 -1000.4%	51 +6406.4%	-1
Other non-operating income (expense)	-21 +26.9%	-22 -142.9%	-9 +80.1%	-46 -29.1%	-35 -109.6%	-17	—
Pretax income	-114 -23.5%	-84 +13.9%	-98 +25.8%	-132 +73.3%	-493	—	—
Income tax	-1 +47.5%	-3 -677.0%	-0 +98.2%	-20 +81.3%	-109	—	0
Net income	-92 -28.9%	-65 +12.5%	-75 +67.1%	-227 +31.2%	-330 -1101.3%	33 +210.3%	-30
Basic EPS	-11.32 -16.8%	-8.32 +22.5%	-10.74 -333.1%	-2.48 +33.0%	-3.70	—	—
Diluted EPS	-11.32 -16.8%	-8.32 +22.5%	-10.74 -333.1%	-2.48 +33.0%	-3.70	—	—
Weighted average shares, basic	8 +10.4%	8 +12.9%	7 -92.4%	91 +2.4%	89	—	—
Weighted average shares, diluted	8 +10.4%	8 +12.9%	7 -92.4%	91 +2.4%	89	—	—
Other measures
Depreciation and amortization	—	1 -33.3%	1 +12.5%	1 +60.0%	0	—	—
EBITDA	—	-61 +29.9%	-88 -2.9%	-85 +81.4%	-457	—	—
Interest coverage	-3.41x	-2.25x	-2.81x	—	—	—	—
Margins
Gross margin	50.68%	37.72%	46.54%	—	—	—	—
Operating margin	-51.03%	-23.31%	-25.76%	-21.39%	-74.76%	—	—
Pretax margin	-62.90%	-31.59%	-28.40%	-32.75%	-80.53%	—	—
Profit margin	-50.66%	-24.55%	-21.71%	-56.53%	-53.97%	—	—
EBITDA margin	—	-23.09%	-25.50%	-21.19%	-74.68%	—	—

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. The first column is the trailing twelve months through the latest quarter. More on our methodology.

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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)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.