SST · System1, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $266.13M | $343.93M | $401.97M | $688.39M | - | - |
| Cost of Revenue | $242.60M | $183.86M | - | - | - | - |
| Gross Profit | $23.53M | $160.07M | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | $69.69M | $47.35M | $54.31M | $35.81M | - | - |
| Total Operating Expenses | $328.17M | $432.53M | $487.96M | $637.56M | $13.33M | $806.0K |
| D&A | $600.0K | $80.11M | $78.40M | $13.88M | - | - |
| Operating Income | ($62.04M) | ($88.60M) | ($85.99M) | ($508.25M) | ($13.33M) | ($806.0K) |
| Interest Expense | $27.56M | $31.56M | $48.74M | $16.87M | - | - |
| Income Tax | ($2.88M) | ($370.0K) | ($20.37M) | $965.0K | $0 | - |
| Net Income | ($65.34M) | ($74.67M) | ($227.22M) | ($336.40M) | $21.03M | ($806.0K) |
| EPS - Basic | ($8.32) | ($10.70) | ($24.80) | ($37.70) | - | - |
| EPS - Diluted | ($8.32) | ($10.70) | ($24.80) | ($37.70) | - | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $86.89M | $63.61M | $135.34M | $24.61M | $53.1K | $843.6K |
| Accounts Receivable | $57.29M | $62.92M | $56.09M | $80.93M | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $22.02M | $10.40M | $9.50M | $12.07M | - | - |
| Current Assets | $149.48M | $134.48M | $202.00M | $126.51M | $120.2K | $1.05M |
| Total Assets | $404.97M | $459.13M | $605.47M | $1.16B | $517.62M | $518.55M |
| Current Liabilities | $146.44M | $105.09M | $86.42M | $210.28M | $13.01M | - |
| Long-term Debt | $228.40M | $271.52M | $349.50M | $415.00M | - | - |
| Total Liabilities | $387.55M | $374.13M | $436.15M | $687.67M | $60.43M | $18.73M |
| Stockholders' Equity | $30.47M | $80.26M | $135.28M | $383.98M | ($60.31M) | $0 |
| Retained Earnings | ($847.68M) | ($782.34M) | ($707.66M) | ($445.30M) | ($60.31M) | ($806.0K) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($4.15M) | ($5.25M) | ($24.74M) | $3.32M | ($1.24M) | ($402.8K) |
| Investing Cash Flow | ($6.72M) | ($6.25M) | $203.18M | ($6.54M) | - | ($517.50M) |
| Financing Cash Flow | $31.30M | ($63.96M) | ($74.07M) | ($27.73M) | $450.0K | $518.75M |
| CapEx | $46.0K | $31.0K | $2.35M | $49.0K | - | - |
| Free Cash Flow | ($4.19M) | ($5.29M) | ($27.09M) | $3.27M | - | - |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 8.8% | 46.5% | - | - | - | - |
| Operating margin | -23.3% | -25.8% | -21.4% | -73.8% | - | - |
| EBITDA margin | -23.1% | -2.5% | -1.9% | -71.8% | - | - |
| Net margin | -24.6% | -21.7% | -56.5% | -48.9% | - | - |
| Free cash flow margin | -1.6% | -1.5% | -6.7% | 0.5% | - | - |
| FCF / Net income | 0.06 | 0.07 | 0.12 | -0.01 | - | - |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 26.2% | 13.8% | 13.5% | 5.2% | - | - |
| Effective tax rate | - | - | - | - | 0.0% | - |
| Return on assets | -16.1% | -16.3% | -37.5% | -29.0% | 4.1% | -0.2% |
| Return on equity | -214.5% | -93.0% | -168.0% | -87.6% | -34.9% | - |
| Return on invested capital | -18.9% | -19.9% | -14.0% | -50.3% | - | - |
| Liquidity | ||||||
| Current ratio | 1.02 | 1.28 | 2.34 | 0.60 | 0.01 | - |
| Quick ratio | 1.02 | 1.28 | 2.34 | 0.60 | 0.01 | - |
| Cash ratio | 0.59 | 0.61 | 1.57 | 0.12 | 0.00 | - |
| Leverage | ||||||
| Debt / Equity | 7.50 | 3.38 | 2.58 | 1.08 | - | - |
| Debt / Assets | 0.56 | 0.59 | 0.58 | 0.36 | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -2.3x | -2.8x | -1.8x | -30.1x | - | - |
| Equity multiplier | 13.29 | 5.72 | 4.48 | 3.02 | -8.58 | - |
| Liabilities / Assets | 0.96 | 0.81 | 0.72 | 0.59 | 0.12 | 0.04 |
| Efficiency | ||||||
| Asset turnover | 0.66 | 0.75 | 0.66 | 0.59 | - | - |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 79d | 67d | 51d | 43d | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 33d | 21d | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 1.0x | 7.8x | 15.0x | 10.9x | - | - |
| P / S | 0.1x | 1.8x | 5.1x | 6.1x | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | -22.6% | -14.4% | -41.6% | - | - | - |
| Revenue CAGR (3y) | -27.2% | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - |
| Gross profit growth (YoY) | -85.3% | - | - | - | - | - |
| Operating income growth (YoY) | 30.0% | -3.0% | 83.1% | -3713.6% | -1553.5% | - |
| Net income growth (YoY) | 12.5% | 67.1% | 32.5% | - | - | - |
| EPS growth (YoY) | 22.2% | 56.9% | 34.2% | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 20.7% | 80.5% | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -62.0% | -40.7% | -64.8% | - | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$266.13M totalMarketing Segment$172.89M · 65.0%
Products Segment$93.24M · 35.0%
Geographic
$266.13M totalUS$262.96M · 98.8%
Non Us$3.17M · 1.2%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-1.55
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Services-Computer Programming, Data Processing, Etc.
Comparing System1 against the 5 most active filers in the same SIC group.