System1, Inc.SSTEarnings & Financial Report
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
SST Q3 2025 Key Financial Metrics
Revenue
$61.6M
Gross Profit
$22.7M
Operating Profit
$-15.6M
Net Profit
$-18.5M
Gross Margin
36.9%
Operating Margin
-25.3%
Net Margin
-30.1%
YoY Growth
-30.7%
EPS
$-2.30
Financial Flow
System1, Inc. Q3 2025 Financial Summary
System1, Inc. reported revenue of $61.6M for Q3 2025, with a net profit of $-18.5M (-30.1% margin). Cost of goods sold was $38.8M, operating expenses totaled $38.3M.
Key Financial Metrics
| Total Revenue | $61.6M |
|---|---|
| Net Profit | $-18.5M |
| Gross Margin | 36.9% |
| Operating Margin | -25.3% |
| Report Period | Q3 2025 |
System1, Inc. Annual Revenue by Year
System1, Inc. annual revenue history includes year-by-year totals (for example, 2024 revenue was $343.9M).
| Year | Annual Revenue |
|---|---|
| 2024 | $343.9M |
| 2023 | $402.0M |
| 2022 | $773.9M |
Income Statement
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $-939000 | $84.9M | $94.6M | $88.8M | $75.6M | $74.5M | $78.1M | $61.6M |
| YoY Growth | -100.5% | -49.4% | -35.8% | 1.2% | 8150.6% | -12.3% | -17.4% | -30.7% |
Balance Sheet
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $605.5M | $521.1M | $511.3M | $479.3M | $459.1M | $419.2M | $429.2M | $385.2M |
| Liabilities | $436.2M | $360.7M | $382.1M | $376.5M | $374.1M | $351.5M | $375.8M | $350.9M |
| Equity | $135.3M | $131.7M | $109.4M | $90.3M | $80.3M | $67.2M | $58.2M | $42.7M |
Cash Flow
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $-18.8M | $-16.0M | $10.0M | $-5000 | $772000 | $-15.9M | $24.5M | $-2.1M |
