# System1, Inc.: financial statements, quarterly

SST · NYSE · CIK 1805833 · [Technology](/sectors/technology.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/sst.md) · [Financials](/companies/sst/financials.md) · [Filings](/companies/sst/filings.md) · [Insiders](/companies/sst/insiders.md)

Standardized line items from XBRL company facts. Each value links to its filing; d marks a value derived from year-to-date figures. Other view: [annual](/companies/sst/financials.md?period=annual).

## Income statement

| Line item | Unit | Q3 FY2023 (2023-09-30) | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [87.8](/filings/0001628280-24-046309.md) | [96.1 d](/filings/0001628280-25-011690.md) | [84.9](/filings/0001628280-25-022712.md) | [94.6](/filings/0001805833-25-000008.md) | [88.8](/filings/0001805833-25-000015.md) | [75.6 d](/filings/0001805833-26-000014.md) | [74.5](/filings/0001805833-26-000026.md) | [78.1](/filings/0001805833-26-000050.md) | [61.6](/filings/0001805833-25-000015.md) | [51.9 d](/filings/0001805833-26-000014.md) | [37.2](/filings/0001805833-26-000026.md) | [30.2](/filings/0001805833-26-000050.md) |
| Cost of revenue | $m | not reported | not reported | [66.3](/filings/0001628280-25-022712.md) | [68.5](/filings/0001805833-25-000008.md) | [64.0](/filings/0001805833-25-000015.md) | [43.8 d](/filings/0001805833-26-000014.md) | [46.1](/filings/0001805833-26-000026.md) | [50.2](/filings/0001805833-26-000050.md) | [38.8](/filings/0001805833-25-000015.md) | [30.6 d](/filings/0001805833-26-000014.md) | [13.9](/filings/0001805833-26-000026.md) | [5.9](/filings/0001805833-26-000050.md) |
| Selling, general and administrative | $m | [11.8](/filings/0001628280-24-046309.md) | [12.3 d](/filings/0001628280-25-011690.md) | [19.9](/filings/0001628280-25-022712.md) | [21.2](/filings/0001805833-25-000008.md) | [17.5](/filings/0001805833-25-000015.md) | [17.8 d](/filings/0001805833-26-000014.md) | [16.6](/filings/0001805833-26-000026.md) | [17.5](/filings/0001805833-26-000050.md) | [17.0](/filings/0001805833-25-000015.md) | [18.7 d](/filings/0001805833-26-000014.md) | [16.8](/filings/0001805833-26-000026.md) | [14.5](/filings/0001805833-26-000050.md) |
| Operating income | $m | [(20.9)](/filings/0001628280-24-046309.md) | [(19.1) d](/filings/0001628280-25-011690.md) | [(25.8)](/filings/0001628280-25-022712.md) | [(29.1)](/filings/0001805833-25-000008.md) | [(21.8)](/filings/0001805833-25-000015.md) | [(11.9) d](/filings/0001805833-26-000014.md) | [(13.1)](/filings/0001805833-26-000026.md) | [(15.9)](/filings/0001805833-26-000050.md) | [(15.6)](/filings/0001805833-25-000015.md) | [(17.4) d](/filings/0001805833-26-000014.md) | [(51.0)](/filings/0001805833-26-000026.md) | [(8.3)](/filings/0001805833-26-000050.md) |
| Interest expense | $m | [13.1](/filings/0001805833-23-000174.md) | [12.0 d](/filings/0001805833-24-000041.md) | [8.0](/filings/0001805833-24-000079.md) | [7.9](/filings/0001805833-25-000008.md) | [8.0](/filings/0001805833-25-000015.md) | [7.8 d](/filings/0001805833-26-000014.md) | [7.1](/filings/0001805833-26-000026.md) | [7.1](/filings/0001805833-26-000050.md) | [7.1](/filings/0001805833-25-000015.md) | [6.3 d](/filings/0001805833-26-000014.md) | [6.6](/filings/0001805833-26-000026.md) | [7.1](/filings/0001805833-26-000050.md) |
| Income tax | $m | [(1.1)](/filings/0001628280-24-046309.md) | [(8.8) d](/filings/0001628280-25-011690.md) | [(0.0)](/filings/0001628280-25-022712.md) | [(0.2)](/filings/0001805833-25-000008.md) | [0.6](/filings/0001805833-25-000015.md) | [(0.7) d](/filings/0001805833-26-000014.md) | [(0.4)](/filings/0001805833-26-000026.md) | [(1.5)](/filings/0001805833-26-000050.md) | [(0.5)](/filings/0001805833-25-000015.md) | [(0.4) d](/filings/0001805833-26-000014.md) | [(0.1)](/filings/0001805833-26-000026.md) | [(0.1)](/filings/0001805833-26-000050.md) |
| Net income | $m | [(131)](/filings/0001628280-24-046309.md) | [(27.6) d](/filings/0001628280-25-011690.md) | [(10.5)](/filings/0001628280-25-022712.md) | [(26.4)](/filings/0001805833-25-000008.md) | [(23.6)](/filings/0001805833-25-000015.md) | [(14.2) d](/filings/0001805833-26-000014.md) | [(15.9)](/filings/0001805833-26-000026.md) | [(17.5)](/filings/0001805833-26-000050.md) | [(18.5)](/filings/0001805833-25-000015.md) | [(13.5) d](/filings/0001805833-26-000014.md) | [(47.1)](/filings/0001805833-26-000026.md) | [(12.6)](/filings/0001805833-26-000050.md) |
| Diluted EPS | $ per share | [(1.39)](/filings/0001628280-24-046309.md) | not reported | [(0.16)](/filings/0001628280-25-022712.md) | [(3.80)](/filings/0001805833-25-000008.md) | [(3.37)](/filings/0001805833-25-000015.md) | not reported | [(2.14)](/filings/0001805833-26-000026.md) | [(2.23)](/filings/0001805833-26-000050.md) | [(2.30)](/filings/0001805833-25-000015.md) | not reported | [(5.82)](/filings/0001805833-26-000026.md) | [(1.54)](/filings/0001805833-26-000050.md) |
| Basic EPS | $ per share | [(1.39)](/filings/0001628280-24-046309.md) | not reported | [(0.16)](/filings/0001628280-25-022712.md) | [(3.80)](/filings/0001805833-25-000008.md) | [(3.37)](/filings/0001805833-25-000015.md) | not reported | [(2.14)](/filings/0001805833-26-000026.md) | [(2.23)](/filings/0001805833-26-000050.md) | [(2.30)](/filings/0001805833-25-000015.md) | not reported | [(5.82)](/filings/0001805833-26-000026.md) | [(1.54)](/filings/0001805833-26-000050.md) |

- Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
- Cost of revenue: us-gaap:CostOfRevenue
- Selling, general and administrative: us-gaap:SellingGeneralAndAdministrativeExpense
- Operating income: us-gaap:OperatingIncomeLoss
- Interest expense: us-gaap:InterestExpense, us-gaap:InterestExpenseNonoperating
- Income tax: us-gaap:IncomeTaxExpenseBenefit
- Net income: us-gaap:NetIncomeLoss
- Diluted EPS: us-gaap:EarningsPerShareDiluted
- Basic EPS: us-gaap:EarningsPerShareBasic

## Balance sheet

| Line item | Unit | Q3 FY2023 (2023-09-30) | FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | $m | [4.9](/filings/0001628280-24-046309.md) | [135](/filings/0001628280-25-011690.md) | [69.9](/filings/0001628280-25-022712.md) | [75.7](/filings/0001805833-25-000008.md) | [69.1](/filings/0001805833-25-000015.md) | [63.6](/filings/0001805833-26-000014.md) | [43.9](/filings/0001805833-26-000026.md) | [63.6](/filings/0001805833-26-000050.md) | [54.6](/filings/0001805833-25-000015.md) | [86.9](/filings/0001805833-26-000050.md) | [51.5](/filings/0001805833-26-000026.md) | [40.5](/filings/0001805833-26-000050.md) |
| Current assets | $m | [90.5](/filings/0001805833-23-000174.md) | [202](/filings/0001628280-25-011690.md) | [140](/filings/0001805833-24-000079.md) | [149](/filings/0001628280-24-036195.md) | [135](/filings/0001628280-24-046309.md) | [134](/filings/0001805833-26-000014.md) | [114](/filings/0001628280-25-022712.md) | [141](/filings/0001805833-25-000008.md) | [117](/filings/0001805833-25-000015.md) | [149](/filings/0001805833-26-000050.md) | [112](/filings/0001805833-26-000026.md) | [89.5](/filings/0001805833-26-000050.md) |
| Total assets | $m | [928](/filings/0001805833-23-000174.md) | [605](/filings/0001628280-25-011690.md) | [521](/filings/0001805833-24-000079.md) | [511](/filings/0001628280-24-036195.md) | [479](/filings/0001628280-24-046309.md) | [459](/filings/0001805833-26-000014.md) | [419](/filings/0001628280-25-022712.md) | [429](/filings/0001805833-25-000008.md) | [385](/filings/0001805833-25-000015.md) | [405](/filings/0001805833-26-000050.md) | [320](/filings/0001805833-26-000026.md) | [291](/filings/0001805833-26-000050.md) |
| Current liabilities | $m | [238](/filings/0001805833-23-000174.md) | [86.4](/filings/0001628280-25-011690.md) | [78.0](/filings/0001805833-24-000079.md) | [102](/filings/0001628280-24-036195.md) | [99.2](/filings/0001628280-24-046309.md) | [105](/filings/0001805833-26-000014.md) | [89.7](/filings/0001628280-25-022712.md) | [120](/filings/0001805833-25-000008.md) | [102](/filings/0001805833-25-000015.md) | [146](/filings/0001805833-26-000050.md) | [126](/filings/0001805833-26-000026.md) | [117](/filings/0001805833-26-000050.md) |
| Total liabilities | $m | [687](/filings/0001805833-23-000174.md) | [436](/filings/0001628280-25-011690.md) | [361](/filings/0001805833-24-000079.md) | [382](/filings/0001628280-24-036195.md) | [376](/filings/0001628280-24-046309.md) | [374](/filings/0001805833-26-000014.md) | [351](/filings/0001628280-25-022712.md) | [376](/filings/0001805833-25-000008.md) | [351](/filings/0001805833-25-000015.md) | [388](/filings/0001805833-26-000050.md) | [359](/filings/0001805833-26-000026.md) | [344](/filings/0001805833-26-000050.md) |
| Long-term debt | $m | [403](/filings/0001805833-23-000174.md) | [350](/filings/0001628280-25-011690.md) | [285](/filings/0001805833-24-000079.md) | [280](/filings/0001628280-24-036195.md) | [276](/filings/0001628280-24-046309.md) | [255](/filings/0001805833-26-000014.md) | [248](/filings/0001628280-25-022712.md) | [242](/filings/0001805833-25-000008.md) | [235](/filings/0001805833-25-000015.md) | [228](/filings/0001805833-26-000050.md) | [222](/filings/0001805833-26-000026.md) | [215](/filings/0001805833-26-000050.md) |
| Current portion of debt | $m | [15.2](/filings/0001805833-23-000174.md) | [20.0](/filings/0001805833-24-000041.md) | [16.2](/filings/0001805833-24-000079.md) | [16.3](/filings/0001628280-24-036195.md) | [16.3](/filings/0001628280-24-046309.md) | [20.0](/filings/0001628280-25-011690.md) | [19.0](/filings/0001628280-25-022712.md) | [21.5](/filings/0001805833-25-000008.md) | [24.1](/filings/0001805833-25-000015.md) | [30.0](/filings/0001805833-26-000014.md) | [76.8](/filings/0001805833-26-000026.md) | [76.9](/filings/0001805833-26-000050.md) |
| Shareholders' equity | $m | [203](/filings/0001805833-23-000174.md) | [135](/filings/0001628280-25-011690.md) | [132](/filings/0001805833-24-000079.md) | [109](/filings/0001628280-24-036195.md) | [90.3](/filings/0001628280-24-046309.md) | [80.3](/filings/0001805833-26-000014.md) | [67.2](/filings/0001628280-25-022712.md) | [58.2](/filings/0001805833-25-000008.md) | [42.7](/filings/0001805833-25-000015.md) | [30.5](/filings/0001805833-26-000050.md) | [(15.4)](/filings/0001805833-26-000026.md) | [(26.7)](/filings/0001805833-26-000050.md) |

- Cash and equivalents: us-gaap:CashAndCashEquivalentsAtCarryingValue
- Current assets: us-gaap:AssetsCurrent
- Total assets: us-gaap:Assets
- Current liabilities: us-gaap:LiabilitiesCurrent
- Total liabilities: us-gaap:Liabilities
- Long-term debt: us-gaap:LongTermDebt, us-gaap:LongTermDebtNoncurrent
- Current portion of debt: us-gaap:DebtCurrent, us-gaap:LongTermDebtCurrent
- Shareholders' equity: us-gaap:StockholdersEquity

## Cash flow

| Line item | Unit | Q3 FY2023 (2023-09-30) | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Operating cash flow | $m | [(7.3) d](/filings/0001628280-24-046309.md) | [(18.8) d](/filings/0001628280-25-011690.md) | [(16.0)](/filings/0001628280-25-022712.md) | [10.0 d](/filings/0001805833-25-000008.md) | [(0.0) d](/filings/0001805833-25-000015.md) | [0.8 d](/filings/0001805833-26-000014.md) | [(15.9)](/filings/0001805833-26-000026.md) | [24.5 d](/filings/0001805833-26-000050.md) | [(2.1) d](/filings/0001805833-25-000015.md) | [(10.6) d](/filings/0001805833-26-000014.md) | [(26.1)](/filings/0001805833-26-000026.md) | [(2.0) d](/filings/0001805833-26-000050.md) |
| Capital expenditure | $m | [0.4 d](/filings/0001628280-24-046309.md) | [0.3 d](/filings/0001628280-25-011690.md) | [0.0](/filings/0001628280-25-022712.md) | [0.0 d](/filings/0001805833-25-000008.md) | [0.0 d](/filings/0001805833-25-000015.md) | [0.0 d](/filings/0001805833-26-000014.md) | [0.0](/filings/0001805833-26-000026.md) | [0.0 d](/filings/0001805833-25-000008.md) | [0.0 d](/filings/0001805833-25-000015.md) | [0.0 d](/filings/0001805833-26-000014.md) | [0.0](/filings/0001805833-26-000026.md) | not reported |
| Share repurchases | $m | [0.0 d](/filings/0001805833-23-000174.md) | [0.0 d](/filings/0001805833-24-000041.md) | not reported | not reported | not reported | not reported | [0.0](/filings/0001805833-26-000026.md) | not reported | not reported | not reported | [0.2](/filings/0001805833-26-000026.md) | not reported |

- Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities
- Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
- Share repurchases: us-gaap:PaymentsForRepurchaseOfCommonStock

## Shares

| Line item | Unit | Q3 FY2023 (2022-09-30) | Q1 FY2023 (2023-03-31) | Q2 FY2023 (2023-06-30) | Q3 FY2023 (2023-09-30) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Diluted shares (weighted) | millions of shares | [91.0](/filings/0001805833-23-000174.md) | [92.8](/filings/0001805833-24-000079.md) | [93.8](/filings/0001628280-24-036195.md) | [94.4](/filings/0001628280-24-046309.md) | [67.8](/filings/0001628280-25-022712.md) | [6.9](/filings/0001805833-25-000008.md) | [7.0](/filings/0001805833-25-000015.md) | [7.4](/filings/0001805833-26-000026.md) | [7.8](/filings/0001805833-26-000050.md) | [8.1](/filings/0001805833-25-000015.md) | [8.1](/filings/0001805833-26-000026.md) | [8.2](/filings/0001805833-26-000050.md) |

- Diluted shares (weighted): us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding

Shares outstanding: 91,455,846 at 2022-11-04, from the cover of the [10-Q filed 2022-11-14](/filings/0001805833-22-000066.md) (dei:EntityCommonStockSharesOutstanding).

Source: SEC EDGAR, XBRL company facts. Last ingested by Listed: Oct 24, 2026, 15:48 ET. No prices; not investment advice.