System1, Inc.
Financial highlights
| Metric | FY December 31, 2025 | FY December 31, 2024 | FY December 31, 2023 | FY December 31, 2022 |
|---|---|---|---|---|
| Revenue | $266.1M | $343.9M | $402.0M | $612.2M |
| Operating income | -$62.0M | -$88.6M | -$86.0M | -$457.7M |
| Cost of revenue | $165.7M | $183.9M | $240.9M | — |
| Cash from operations | -$4.1M | -$5.3M | -$24.7M | $3.3M |
| Capital expenditure | $46,000 | $31,000 | $2.4M | $3.5M |
| Free cash flow | -$4.2M | -$5.3M | -$27.1M | -$229,000 |
| Share repurchases | $557,000 | $0 | $0 | $510.5M |
| Impairments | $0 | $0 | $0 | $372.7M |
| Total assets | $405.0M | $459.1M | $605.5M | $1.2B |
| Total liabilities | $387.6M | $374.1M | $436.2M | $689.8M |
| Total debt | $260.1M | $280.1M | $365.0M | $435.0M |
Shares outstanding 9.9M · Free float 53.4%
Annual filing data through FY ended December 31, 2025; float as of June 27, 2026.