SST · System1, Inc.
Substantial doubt about the company's ability to continue as a going concern.
“As a result, management has concluded that substantial doubt exists about our ability to continue as a going concern.”View the 10-Q filed May 12, 2026
Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.
Chart any reported metric, KPI or segment over time — the full statement history lives here
| Line Item | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|---|
| $228.85M | $266.13M | $343.93M | $401.97M | $773.94M | $688.39M | — | |
| $133.52M | $165.73M | $242.6M | $240.86M | — | — | — | |
| $95.33M | $100.4M | $101.32M | $161.12M | — | — | — | |
| — | 37.72% | 29.46% | 40.08% | — | — | — | |
| $69.9M | $69.69M | $76.41M | $54.31M | $63.48M | $35.81M | — | |
| $65.79M | $74.53M | $74.66M | $74.66M | $117.4M | $8.64M | — | |
| — | — | $80.11M | $78.4M | $118.65M | $13.89M | — | |
| — | — | — | — | — | $13.33M | $806.03K | |
| -$99.95M | -$62.04M | -$88.6M | -$85.99M | -$508.25M | $50.83M | -$806.03K | |
| — | -23.31% | -25.76% | -21.39% | -65.67% | 7.38% | — | |
| — | — | -$8.49M | -$7.59M | -$389.6M | $64.72M | — | |
| $27.1M | $27.56M | $31.56M | $48.75M | $32.05M | $16.87M | — | |
| -$21.54M | -$22.03M | -$9.07M | -$45.64M | -$35.8M | -$16.87M | — | |
| -$121.49M | -$84.07M | -$97.67M | -$131.63M | -$544.06M | $33.96M | — | |
| -$2.56M | -$2.88M | -$370K | -$20.37M | -$101.98M | $965K | — | |
| -$92.45M | -$65.35M | -$74.67M | -$227.22M | -$336.4M | $33M | -$29.91M | |
| — | -24.55% | -21.71% | -56.53% | -43.47% | 4.79% | — | |
| -$22.4M | -$15.85M | -$22.63M | — | -$105.68M | $0 | — | |
| -$96.32M | -$65.06M | -$74.94M | -$227.19M | -$337.04M | $33.77M | — | |
| USD/shares | — | -$8.32 | -$10.74 | -$24.80 | -$37.70 | — | — |
| USD/shares | — | -$8.32 | -$10.74 | -$24.80 | -$37.70 | — | — |
| shares | — | 7.85M | 6.96M | 9.15M | 8.93M | — | 1.23M |
| shares | — | 7.85M | 6.96M | 9.15M | 8.93M | — | 1.23M |
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2021–FY2025: $511.03M in buybacks.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against the industry, and each ratio recomputed as of past filing dates.
Valuation
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 |