System1 : Q1 26 Supplemental Financial Information

Published: 2026-05-12 17:19:19 ET SST

Published on 05/12/2026 at 05:19 pm EDT

System1, Inc.

Unaudited Statements of Operations

(in thousands)

QTD

31-Mar-26

31-Dec-25

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

31-Mar-24

YTD

31-Dec-25

30-Sep-25

30-Jun-25

31-Dec-24

30-Sep-24

30-Jun-24

Deprecation and amortization expense in Cost of revenues and Selling, general, and administrative:

Cost of Revenues - D&A

4,909

13,557

13,343

13,091

13,050

12,884

12,828

12,709

12,620

SG&A - D&A

7,237

7,473

7,446

7,475

7,427

7,348

7,300

7,234

7,183

Total Depreciation & Amortization

12,146

21,030

20,789

20,566

20,477

20,232

20,128

19,943

19,804

53,041

39,484

26,141

51,041

38,157

25,329

29,821

22,348

14,902

29,065

21,717

14,418

82,862

61,832

41,042

80,107

59,875

39,747

Revenue

37,234

51,940

61,561

78,116

74,513

75,594

88,832

94,581

84,917

Operating cost and expenses:

Cost of revenues

13,860

30,626

38,818

50,213

46,077

43,777

63,999

68,507

66,319

Salaries, commissions, and benefits

20,800

20,108

21,354

26,297

24,988

25,915

29,177

33,937

24,483

Selling, general, and administrative

16,789

18,651

16,953

17,510

16,574

17,806

17,472

21,223

19,911

Impairment of goodwill

36,822

Total operating costs and expenses

88,271

69,385

77,125

94,020

87,639

87,498

110,648

123,667

110,712

Operating income

(51,037)

(17,445)

(15,565)

(15,904)

(13,127)

(11,903)

(21,816)

(29,086)

(25,795)

Loss (gain) on fair value of warrants

(304)

(71)

(915)

281

(1,501)

(251)

Loss on extinguishment of related-party debt

(433)

(19,676)

Realized tax benefit

(5,253)

Interest expense

6,628

6,304

7,052

7,116

7,085

7,764

7,957

7,871

7,970

Income (loss) from continuing operations before income tax

(57,666)

(18,191)

(22,547)

(23,087)

(20,244)

(18,752)

(30,054)

(35,023)

(13,839)

Income tax expense

(75)

(398)

(543)

(1,547)

(387)

(729)

585

(178)

(48)

Net income (loss) from continuing operations

(57,591)

(17,793)

(22,004)

(21,540)

(19,857)

(18,023)

(30,639)

(34,845)

(13,791)

Net Income (Loss) Attributable to Noncontrolling Interest

(10,524)

(4,309)

(3,487)

(4,079)

(3,973)

(3,862)

(7,037)

(8,472)

(3,254)

Net income

(47,067)

(13,484)

(18,517)

(17,461)

(15,884)

(14,161)

(23,602)

(26,373)

(10,537)

266,129

214,189

152,628

343,925

268,330

179,498

165,734

135,108

96,290

242,602

198,825

134,826

92,747

72,639

51,285

113,512

87,597

58,420

69,688

51,038

34,085

76,411

58,606

41,134

328,169

258,785

181,659

432,525

345,028

234,379

(62,040)

(44,596)

(29,031)

(88,601)

(76,698)

(54,881)

(275)

100

(2,386)

(1,471)

(1,752)

(20,109)

(5,253)

27,557

21,253

14,201

31,562

23,799

15,841

(84,069)

(65,878)

(43,331)

(97,668)

(78,916)

(48,862)

(2,875)

(2,477)

(1,934)

(370)

359

(226)

(81,193)

(63,400)

(41,397)

(97,298)

(79,275)

(48,636)

(15,848)

(11,539)

(8,052)

(22,625)

(18,763)

(11,726)

(65,345)

(51,861)

(33,345)

(74,673)

(60,512)

(36,910)

System1, Inc

Non-GAAP Financials

(in thousands)

QTD

31-Mar-26

31-Dec-25

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

31-Mar-24

YTD

31-Dec-25

30-Sep-25

30-Jun-25

31-Dec-24

30-Sep-24

30-Jun-24

(1) Non-cash adjustments related to foreign exchange and asset disposals

(2) Comprised of distributions to equity holders and non-cash stock-based compensation

Net income (loss) from continuing operations

$ (57,591)

$ (17,793)

$ (22,004)

$ (21,540)

$ (19,857)

$ (18,023)

$ (30,639)

$ (34,845)

$ (13,791)

Income tax expense

(75)

(398)

(543)

(1,547)

(387)

(729)

585

(178)

(48)

Interest expense

6,628

6,304

7,052

7,116

7,085

7,764

7,957

7,871

7,970

Depreciation & amortization

12,146

21,030

20,789

20,566

20,477

20,232

20,128

19,943

19,804

Impairment of goodwill

36,822

Other income/expense (1)

(196)

(209)

246

(39)

(111)

127

(36)

(97)

Stock-based compensation and distributions to Members (2)

1,264

1,286

2,833

4,542

2,651

4,567

3,783

3,442

3,971

Revaluation of non-cash warrant liability

(304)

(71)

(915)

281

(1,501)

(251)

Loss on Extinguishment of related-party debt

(433)

(19,676)

Realized tax receivable agreement

(5,253)

Costs related to acquisitions/business combinations

225

1,384

955

715

1,034

3,028

7,441

11,854

2,244

Other costs, including restructuring and legal settlements

3,492

1,828

1,079

1,557

1,091

2,067

683

3,810

297

Adjusted EBITDA

$ 2,716

$ 8,170

$ 9,882

$ 11,722

$ 12,085

$ 17,880

$ 10,346

$ 9,927

$ 423

$ (81,193)

$ (63,401)

$ (41,397)

$ (97,298)

$ (79,275)

$ (48,636)

(2,875)

(2,477)

(1,934)

(370)

359

(226)

27,557

21,253

14,201

31,562

23,799

15,841

82,862

61,832

41,042

80,107

59,875

39,747

(2)

207

(117)

(6)

(133)

11,312

10,025

7,193

15,763

11,197

7,413

(275)

100

(2,386)

(1,471)

(1,752)

(20,109)

(5,253)

4,087

2,704

1,749

24,567

21,539

14,098

5,554

3,727

2,648

6,857

4,790

4,107

$ 41,859

$ 33,689

$ 23,807

$ 38,577

$ 20,697

$ 10,350

Products

Revenue

$ 18,843

$ 24,508

$ 22,496

$ 23,973

$ 22,263

$ 27,074

$ 20,749

$ 17,927

$ 14,787

$ 16,916

Sessions (3)

653,681

590,316

584,651

522,452

475,741

520,015

473,428

464,929

435,850

405,872

RPS (4)

$0.03

$0.04

$0.05

$0.04

$0.03

$0.04

$ 93,241

$ 68,732

$ 46,236

$ 80,536

$ 53,462

$ 32,713

2,173,160

1,582,844

998,193

1,894,221

1,374,206

900,779

$0.04

$0.05

$0.04

(1) Active Marketing Partners are partners who monetize user traffic on our platform and generate at least $5,000 in revenue per quarter. Averages are used for YTD metrics

(2) Revenue per Active Marketing Partner is Revenue from Marketing Partners divided by Active Marketing Partners.

(3) Sessions are the total number of monetizable user visits to Products websites

(4) RPS is Revenue divided by Sessions

Non-Financial Metrcis

(In thousands except ratios)

QTD

31-Mar-26

31-Dec-25

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

31-Mar-24

31-Dec-23

Marketing

Marketing Revenue

$ 18,391

$ 27,432

$ 39,064

$ 54,143

$ 52,250

$ 48,520

$ 68,083

$ 76,654

$ 70,131

$ 79,204

Owned & Operated Marketing Revenue

$ 6,836

$ 17,167

$ 25,730

$ 36,314

$ 35,658

$ 37,631

$ 50,049

$ 59,470

$ 54,243

$ 62,506

Partner Marketing Revenue

$ 11,555

$ 10,265

$ 13,334

$ 17,828

$ 16,592

$ 10,889

$ 18,035

$ 17,184

$ 15,888

$ 16,698

Active Marketing Partners (1)

108

133

149

179

165

164

146

149

Revenue per Active Marketing Partner (2)

$ 206

$ 147

$ 123

$ 134

$ 111

$ 61

$ 109

$ 105

$ 109

$ 112

YTD

31-Dec-25

30-Sep-25

30-Jun-25

31-Dec-24

30-Sep-24

30-Jun-24

$ 172,889

$ 145,457

$ 106,392

$ 263,388

$ 214,868

$ 146,785

$ 114,869

$ 97,702

$ 71,972

$ 201,393

$ 163,762

$ 113,713

$ 58,019

$ 47,754

$ 34,420

$ 61,995

$ 51,106

$ 33,072

125

144

156

164

157

$ 466

$ 333

$ 221

$ 378

$ 326

$ 211

Disclaimer

System1 Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 21:18 UTC.