NYSE : SST
System1, Inc. — Financial statements
Industrials · Specialty Business Services · United States
Last price 1.7 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 17.83M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
System1, Inc. (SST) reported revenue of 180.94M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 180.94M | 266.13M | 343.93M | 401.97M | 664.94M | 688.39M |
| Cost of Revenue | 168.61M | 258.48M | 356.11M | 355.25M | 649.57M | 587.86M |
| Gross Profit | 12.33M | 7.65M | -12.19M | 46.72M | 15.37M | 100.53M |
| Selling, General & Admin | 66.93M | 69.69M | 76.41M | 54.31M | 66.50M | 35.81M |
| Operating Expenses | 66.93M | 69.69M | 76.41M | 132.71M | 136.97M | 49.70M |
| Operating Income | -54.60M | -62.04M | -88.60M | -85.99M | -121.60M | 50.83M |
| Interest Expense | -27.10M | -27.56M | -31.56M | -48.74M | -32.66M | -16.87M |
| Other Non Operating Income (Expenses) | 375.00K | 275.00K | 2.39M | 5.11M | -3.75M | |
| EBT Excluding Unusual Items | -81.33M | -89.32M | -117.78M | -129.62M | -158.00M | 33.96M |
| Impairment of Goodwill | -372.73M | |||||
| Other Unusual Items | 5.25M | 5.25M | 20.11M | -2.00M | ||
| Pretax Income | -113.81M | -84.07M | -97.67M | -131.63M | -530.73M | 33.96M |
| Income Tax Expense | -1.09M | -2.88M | -370.00K | -20.37M | -109.31M | 965.00K |
| Earnings From Continuing Operations | -112.72M | -81.19M | -97.30M | -111.26M | -421.42M | 33.00M |
| Earnings From Discontinued Operations | -141.49M | -45.87M | ||||
| Net Income to Company | -112.72M | -81.19M | -97.30M | -252.75M | -467.29M | 33.00M |
| Minority Interest in Earnings | 21.05M | 15.85M | 22.62M | 25.53M | 99.84M | |
| Net Income | -91.67M | -65.34M | -74.67M | -227.22M | -367.45M | 33.00M |
| Net Income to Common | -91.67M | -65.34M | -74.67M | -227.22M | -367.45M | 33.00M |
| Shares Outstanding (Basic) | 8.10M | 7.85M | 6.96M | 9.15M | 8.44M | 2.05M |
| Shares Outstanding (Diluted) | 8.10M | 7.85M | 6.96M | 9.15M | 8.44M | 2.05M |
| EPS (Basic) | -11.31 | -8.32 | -10.74 | -24.85 | -43.53 | 16.11 |
| EPS (Diluted) | -11.31 | -8.32 | -10.74 | -24.85 | -43.53 | 16.11 |
| Free Cash Flow | -40.91M | -4.19M | -5.29M | -27.09M | -10.83M | 60.66M |
| Free Cash Flow Per Share | -5.05 | -0.53 | -0.76 | -2.96 | -1.28 | 29.61 |
| Gross Margin | 6.81% | 2.87% | -3.54% | 11.62% | 2.31% | 14.60% |
| Operating Margin | -30.18% | -23.31% | -25.76% | -21.39% | -18.29% | 7.38% |
| Profit Margin | -50.66% | -24.55% | -21.71% | -56.53% | -55.26% | 4.79% |
| Free Cash Flow Margin | -22.61% | -1.58% | -1.54% | -6.74% | -1.63% | 8.81% |
| EBITDA | -2.59M | 13.13M | -13.09M | -10.49M | -51.95M | 59.78M |
| EBITDA Margin | -1.43% | 4.93% | -3.81% | -2.61% | -7.81% | 8.68% |
| D&A For EBITDA | 52.01M | 75.17M | 75.51M | 75.50M | 69.65M | 8.95M |
| EBIT | -54.60M | -62.04M | -88.60M | -85.99M | -121.60M | 50.83M |
| EBIT Margin | -30.18% | -23.31% | -25.76% | -21.39% | -18.29% | 7.38% |
| Effective Tax Rate | 2.84% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 40.48M | 86.89M | 63.61M | 135.34M | 8.90M | 47.90M |
| Cash & Short-Term Investments | 40.48M | 86.89M | 63.61M | 135.34M | 8.90M | 47.90M |
| Receivables | 40.98M | 57.29M | 62.92M | 56.09M | 80.43M | 90.20M |
| Prepaid Expenses | 7.56M | 4.06M | 3.98M | 4.35M | 11.17M | 7.69M |
| Restricted Cash | 500.00K | 1.24M | 3.97M | 3.81M | 5.72M | |
| Other Current Assets | 2.40M | 20.29M | ||||
| Total Current Assets | 89.52M | 149.48M | 134.48M | 202.00M | 126.51M | 145.79M |
| Property, Plant & Equipment | 9.67M | 10.68M | 4.75M | 7.82M | 9.65M | 830.00K |
| Goodwill | 82.41M | 82.41M | 82.41M | 82.41M | 82.41M | 44.82M |
| Other Intangible Assets | 109.10M | 161.76M | 236.78M | 308.43M | 378.61M | 61.58M |
| Other Long-Term Assets | 666.00K | 642.00K | 720.00K | 4.82M | 563.29M | 3.89M |
| Total Assets | 291.37M | 404.97M | 459.13M | 605.47M | 1.16B | 256.91M |
| Accounts Payable | 15.14M | 22.02M | 10.40M | 9.50M | 6.71M | 72.85M |
| Accrued Expenses | 6.64M | 21.82M | 43.15M | 33.49M | 51.67M | 27.61M |
| Current Portion of Long-Term Debt | 76.92M | 76.72M | 16.41M | 15.27M | 15.02M | 170.45M |
| Current Portion of Leases | 1.54M | 1.43M | 2.09M | 2.33M | 2.15M | |
| Current Income Taxes Payable | 1.09M | 361.00K | ||||
| Current Unearned Revenue | 13.48M | 20.86M | 27.66M | 16.36M | 18.47M | 1.97M |
| Other Current Liabilities | 3.24M | 3.59M | 5.39M | 9.46M | 115.96M | 3.31M |
| Total Current Liabilities | 116.96M | 146.44M | 105.09M | 86.42M | 211.07M | 276.55M |
| Long-Term Debt | 214.88M | 228.40M | 255.12M | 334.23M | 399.50M | |
| Long-Term Leases | 7.31M | 8.18M | 1.36M | 3.58M | 5.88M | |
| Long-Term Deferred Tax Liabilities | 3.57M | 4.01M | 6.20M | 8.31M | 29.40M | 7.79M |
| Other Long-Term Liabilities | 1.65M | 520.00K | 6.36M | 3.62M | 43.94M | 969.00K |
| Total Liabilities | 344.38M | 387.55M | 374.13M | 436.15M | 689.78M | 285.31M |
| Common Stock | 1.00K | 1.00K | 1.00K | 9.00K | 11.00K | |
| Additional Paid-In Capital | 881.75M | 878.86M | 863.04M | 843.11M | 831.57M | |
| Retained Earnings | -907.35M | -847.68M | -782.34M | -707.66M | -439.30M | -28.83M |
| Treasury Stock | -759.00K | -557.00K | ||||
| Comprehensive Income & Other | -325.00K | -157.00K | -443.00K | -181.00K | -260.00K | 428.00K |
| Total Common Equity | -26.67M | 30.47M | 80.26M | 135.28M | 392.02M | -28.40M |
| Minority Interest | -26.33M | -13.05M | 4.73M | 34.04M | 78.65M | |
| Shareholders' Equity | -53.00M | 17.42M | 85.00M | 169.31M | 470.67M | -28.40M |
| Total Liabilities & Equity | 291.37M | 404.97M | 459.13M | 605.47M | 1.16B | 256.91M |
| Total Debt | 300.64M | 314.73M | 274.98M | 355.42M | 422.55M | 170.45M |
| Net Cash (Debt) | -260.16M | -227.84M | -211.37M | -220.07M | -413.64M | -122.56M |
| Net Cash Per Share | -32.11 | -29.01 | -30.39 | -24.06 | -49.01 | -59.82 |
| Filing Date Shares Outstanding | 8.71M | 8.08M | 7.45M | 6.84M | 9.34M | 8.51M |
| Total Common Shares Outstanding | 8.22M | 8.09M | 7.37M | 6.59M | 9.17M | 18.11M |
| Working Capital | -27.44M | 3.04M | 29.38M | 115.59M | -84.57M | -130.77M |
| Book Value Per Share | -3.25 | 3.77 | 10.90 | 20.54 | 42.76 | -1.57 |
| Tangible Book Value | -218.18M | -213.70M | -238.92M | -255.56M | -69.00M | -134.80M |
| Tangible Book Value Per Share | -26.56 | -26.42 | -32.44 | -38.81 | -7.53 | -7.44 |
| Machinery | 1.74M | 1.67M | 1.74M | 1.12M | 890.00K | |
| Leasehold Improvements | 2.48M | 2.39M | 2.51M | 2.47M | 976.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -91.67M | -65.34M | -74.67M | -227.22M | -478.38M | 33.00M |
| Depreciation & Amortization | 52.01M | 75.17M | 75.51M | 75.50M | 69.65M | 8.95M |
| Other Amortization | 12.21M | 11.29M | 8.51M | 9.40M | 5.66M | 7.20M |
| Loss (Gain) From Sale of Assets | 3.28M | |||||
| Asset Writedown & Restructuring Costs | 37.73M | 115.48M | 372.73M | |||
| Stock-Based Compensation | 8.52M | 14.74M | 33.71M | 53.09M | 132.03M | 413.00K |
| Provision & Write-off of Bad Debts | 700.00K | 700.00K | ||||
| Other Operating Activities | -26.68M | -21.73M | -45.39M | -80.08M | -112.81M | 6.07M |
| Change in Accounts Receivable | 28.54M | 4.93M | -6.80M | 20.86M | 15.72M | -19.06M |
| Change in Accounts Payable | -12.92M | 12.01M | 903.00K | -6.80M | -65.48M | 20.76M |
| Change in Unearned Revenue | 15.27M | 9.32M | 82.00K | |||
| Change in Other Net Operating Assets | -49.32M | -35.90M | 2.98M | -34.49M | -4.89M | 3.30M |
| Operating Cash Flow | -40.86M | -4.15M | -5.25M | -24.74M | -7.29M | 60.70M |
| Capital Expenditures | -46.00K | -46.00K | -31.00K | -2.35M | -3.55M | -49.00K |
| Cash Acquisitions | -444.07M | |||||
| Divestitures | 211.14M | |||||
| Sale (Purchase) of Intangibles | -7.43M | -6.68M | -6.22M | -5.61M | -6.83M | -6.49M |
| Other Investing Activities | 321.00K | |||||
| Investing Cash Flow | -7.16M | -6.72M | -6.25M | 203.18M | -454.45M | -6.54M |
| Short-Term Debt Issued | 11.28M | |||||
| Long-Term Debt Issued | 50.00M | 64.00M | 450.00M | |||
| Total Debt Issued | 50.00M | 50.00M | 75.28M | 450.00M | ||
| Short-Term Debt Repaid | -2.70M | -1.50M | ||||
| Long-Term Debt Repaid | -20.00M | -61.79M | -141.56M | -187.49M | -11.64M | |
| Total Debt Repaid | -25.00M | -20.00M | -61.79M | -144.25M | -187.49M | -13.14M |
| Net Debt Issued (Repaid) | 25.00M | 30.00M | -61.79M | -68.98M | 262.51M | -13.14M |
| Issuance of Common Stock | 2.25M | 5.03M | 227.00K | |||
| Repurchase of Common Stock | -913.00K | -913.00K | -2.15M | -3.06M | -513.68M | |
| Common Dividends Paid | -14.58M | |||||
| Other Financing Activities | 75.00K | -32.00K | -27.00K | -2.03M | 218.41M | -7.10M |
| Financing Cash Flow | 24.16M | 31.30M | -63.96M | -74.07M | -27.73M | -34.59M |
| Foreign Exchange Rate Adjustments | -53.00K | 126.00K | -31.00K | 10.00K | -76.00K | 41.00K |
| Net Cash Flow | -23.91M | 20.56M | -75.50M | 104.38M | -489.54M | 19.63M |
| Free Cash Flow | -40.91M | -4.19M | -5.29M | -27.09M | -10.83M | 60.66M |
| Free Cash Flow Margin | -22.61% | -1.58% | -1.54% | -6.74% | -1.63% | 8.81% |
| Free Cash Flow Per Share | -5.05 | -0.53 | -0.76 | -2.96 | -1.28 | 29.61 |
| Levered Free Cash Flow | -12.85M | 28.45M | 49.95M | -28.33M | 115.83M | 42.47M |
| Unlevered Free Cash Flow | 634.50K | 42.07M | 65.77M | -4.29M | 131.41M | 50.75M |
| Cash Interest Paid | 27.37M | 25.62M | 30.68M | 42.88M | 26.93M | 14.74M |
| Cash Income Tax Paid | 104.00K | -43.00K | -809.00K | 7.10M | 8.54M | 2.75M |
| Change in Working Capital | -33.69M | -18.97M | -2.92M | -5.16M | -45.33M | 5.08M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 17.83M | 31.86M | 63.52M | 209.59M | 428.93M | 644.29M |
| Enterprise Value | 277.99M | 231.55M | 286.68M | 652.19M | 1.00B | 779.86M |
| Last Close Price | 1.70 | 3.92 | 8.98 | 22.20 | 46.90 | 99.60 |
| PE Ratio | 19.53 | |||||
| Forward PE | 89.60 | 89.60 | 89.60 | 8.85 | 71.14 | |
| PS Ratio | 0.10 | 0.12 | 0.18 | 0.52 | 0.65 | 0.94 |
| PB Ratio | 1.83 | 0.75 | 1.24 | 0.91 | -22.68 | |
| P/FCF Ratio | 10.62 | |||||
| P/OCF Ratio | 10.61 | |||||
| EV/Sales Ratio | 1.54 | 0.87 | 0.83 | 1.62 | 1.50 | 1.13 |
| EV/EBITDA Ratio | 17.64 | 13.04 | ||||
| EV/EBIT Ratio | 15.34 | |||||
| EV/FCF Ratio | 12.86 | |||||
| Debt / Equity Ratio | -5.67 | 18.07 | 3.23 | 2.10 | 0.90 | -6.00 |
| Debt / EBITDA Ratio | 20.11 | 2.85 | ||||
| Debt / FCF Ratio | 2.81 | |||||
| Net Debt / Equity Ratio | -4.91 | 13.08 | 2.49 | 1.30 | 0.88 | -4.32 |
| Net Debt / EBITDA Ratio | -100.37 | 17.36 | -16.15 | -20.98 | -7.96 | 2.05 |
| Net Debt / FCF Ratio | -6.36 | -54.34 | -39.99 | -8.12 | -38.19 | 2.02 |
| Asset Turnover | 0.50 | 0.62 | 0.65 | 0.46 | 0.94 | 2.90 |
| Quick Ratio | 0.70 | 0.98 | 1.20 | 2.21 | 0.42 | 0.50 |
| Current Ratio | 0.77 | 1.02 | 1.28 | 2.34 | 0.60 | 0.53 |
| Return on Equity (ROE) | -51,235.45% | -158.56% | -76.52% | -34.77% | -190.57% | |
| Return on Assets (ROA) | -9.47% | -8.97% | -10.40% | -6.09% | -10.72% | 13.36% |
| Return on Invested Capital (ROIC) | -29.60% | -22.91% | -25.84% | -13.50% | -28.12% | 83.34% |
| Return on Capital Employed (ROCE) | -31.30% | -24.00% | -25.00% | -16.60% | -12.80% | -258.80% |
| Earnings Yield | -665.52% | -205.08% | -117.57% | -108.41% | -85.67% | 5.12% |
| FCF Yield | -229.41% | -13.16% | -8.32% | -12.93% | -2.53% | 9.41% |
| Payout Ratio | 44.18% | |||||
| Buyback Yield / Dilution | -10.36% | -12.93% | 23.95% | -8.35% | -311.99% |