SST · System1, Inc.
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
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Metrics snapshot
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Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q2 FY26 earnings call · Aug 5, 2026TL;DR. System1 reported a sharp revenue decline driven by an intentional wind-down of owned-and-operated marketing and a Google monetization shock that cut partner network daily net revenue more than 30%, but it cut total debt to $150 million via a July debt exchange and launched new agentic AI products including MapQuest and Dogpile MCP servers and the IntentStream audience data platform. Management withdrew Q3 and full-year guidance citing continued Google volatility.
- + Closed debt exchange reduced total outstanding debt to $150 million from $302.6 million, strengthening the capital structure.
- − Startpage usage growth was more than offset by Google showing fewer ads and paying less per query, limiting revenue translation from user gains.
- − Management withdrew Q3 and full-year guidance, citing continued Google monetization volatility.
- − Active-partner revenue per partner declined 25% in Q2 due to monetization volatility, and marketing segment profit fell 51% year-over-year.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | $1.9M | Q2 2026 | — |
| Adjusted Gross Profit non-GAAP | $25.5M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Gross profit 24.3M
+1.2M Add: amortization included in cost of revenue
= Adjusted Gross Profit 25.5M
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| AMP | 59 | the three months ended June 30, 2026 filing | — |
| Marketing segment adjusted gross profit non-GAAP | $9.53M | the three months ended June 30, 2026 filing | — |
| Products RPS | $0.03 | the three months ended June 30, 2026 filing | — |
| Products segment adjusted gross profit non-GAAP | $17.55M | the three months ended June 30, 2026 filing | — |
| Products sessions | 686.9M | the three months ended June 30, 2026 filing | — |
| Revenue per AMP | $0.16M | the three months ended June 30, 2026 filing | — |
| Segment adjusted gross profit non-GAAP | $27.08M | Three Months Ended June 30, 2026 filing | — |
| Total adjusted gross profit non-GAAP | $27.08M | the three months ended June 30, 2026 filing | -36.0% |
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Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Specialty Business Services — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
SST
this stock
System1, Inc.
|
$21.40M | -46.4% | -22.6% | — | 3.1% |
|
CTAS
Cintas Corp
|
$86.18B | +15.4% | +6.4% | 42.8 | 3.2% |
|
RELX
Relx PLC
|
$68.17B | -2.5% | — | — | 0.4% |
|
TRI
Thomson Reuters Corp /Can/
|
$48.23B | -14.5% | — | — | 3.0% |
|
CPRT
Copart Inc
|
$25.78B | -28.9% | +24.7% | 18.0 | 3.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| SST | -2.8% | -39.5% | -42.8% | -19.9% | -46.4% |
| SPY | -1.2% | -0.6% | +8.1% | +0.8% | +12.8% |
| vs SPY | -1.6% | -38.9% | -50.9% | -20.7% | -59.2% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.