SST · System1, Inc. · Financials
Substantial doubt about the company's ability to continue as a going concern.
“Management determined, as a result of this evaluation, that our current cash and cash equivalents and net working capital position raise substantial doubt about our ability to continue as a going concern for the twelve month period following the date of this filing. Management has initiated cost-reduction programs consisting of reduction in force and reducing activities for businesses, which immediately reduced our cash burn rate. Management cannot conclude as of the date of this filing that its plans are probable of mitigating the conditions and events that raise substantial doubt. As a result, management has concluded that substantial doubt exists about our ability to continue as a going concern.”View the 10-Q filed Aug 5, 2026
Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
Chart any reported metric, KPI or segment over time — the full statement history lives here
| Line Item | TTM | FY2025 | FY2024 | FY2023 | FY2021 |
|---|---|---|---|---|---|
| $180.94M | $266.13M | $343.93M | $401.97M | $688.39M | |
| $89.23M | $165.73M | $242.6M | $240.86M | — | |
| $91.7M | $100.4M | $101.32M | $161.12M | — | |
| — | 37.72% | 29.46% | 40.08% | — | |
| $66.93M | $69.69M | $76.41M | $54.31M | $35.81M | |
| $65.79M | $74.53M | $74.66M | $74.66M | $8.64M | |
| — | — | $80.11M | $78.4M | $13.89M | |
| — | — | — | — | $13.33M | |
| -$92.34M | -$62.04M | -$88.6M | -$85.99M | $50.83M | |
| — | -23.31% | -25.76% | -21.39% | 7.38% | |
| — | — | -$8.49M | -$7.59M | $64.72M | |
| $27.1M | $27.56M | $31.56M | $48.75M | $16.87M | |
| -$21.47M | -$22.03M | -$9.07M | -$45.64M | -$16.87M | |
| -$113.81M | -$84.07M | -$97.67M | -$131.63M | $33.96M | |
| -$1.09M | -$2.88M | -$370K | -$20.37M | $965K | |
| -$87.69M | -$65.35M | -$74.67M | -$227.22M | $33M | |
| — | -24.55% | -21.71% | -56.53% | 4.79% | |
| -$21.05M | -$15.85M | -$22.63M | — | $0 | |
| -$91.86M | -$65.06M | -$74.94M | -$227.19M | $33.77M | |
| USD/shares | -$11.31 | -$8.32 | -$10.74 | -$24.80 | — |
| USD/shares | -$11.31 | -$8.32 | -$10.74 | -$24.80 | — |
| shares | — | 7.85M | 6.96M | 9.15M | — |
| shares | — | 7.85M | 6.96M | 9.15M | — |
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2021–FY2025: $557K in buybacks.
Debt Profile
Annual debt figures are established from 10-K filings and updated by subsequent 10-Q and 8-K disclosures. Instrument balances are not summed into a company total unless the filing itself reports that total.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
Peer medians compare against the 14 similar-size Specialty Business Services companies (of 44 listed).
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
| Component | FY2025 | FY2024 | FY2023 | FY2021 |
|---|---|---|---|---|
| Marketing Segment | $172,889,000 | $263,388,000 | — | — |
| Products Segment | $93,240,000 | $80,537,000 | — | — |
| Owned and Operated Advertising | — | — | $328,934,000 | $652,884,000 |
| Partner Network | — | — | $73,037,000 | $35,505,000 |
| Subscription | — | — | — | $0 |
By Geography (USD)
| Component | FY2025 | FY2024 | FY2023 | FY2021 |
|---|---|---|---|---|
| United States | $262,959,000 | $333,069,000 | $385,847,000 | $652,622,000 |
| Non Us | $3,170,000 | $10,856,000 | $16,124,000 | $35,224,000 |
| United Kingdom | — | — | — | $543,000 |