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.
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
System1, Inc. Q3 FY2025 Financial Summary
System1, Inc. reported revenue of $61.6M (down 30.7% YoY) for Q3 FY2025, with a net profit of $-18.5M (up 21.5% YoY) (-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 FY2025 |
Revenue Breakdown
System1, Inc. Q3 FY2025 revenue of $61.6M breaks down across 2 segments, led by Marketing Segment at $39.1M (63.5% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Marketing Segment | $39.1M | 63.5% |
| Products Segment | $22.5M | 36.5% |
System1, Inc. Revenue by Segment — Quarterly Trend
System1, Inc. revenue by segment across the last 4 reported quarters, showing how each business line (such as Marketing Segment and Products Segment) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Marketing Segment | — | $39.1M | $54.1M | — |
| Products Segment | — | $22.5M | $24.0M | — |
System1, Inc. Annual Revenue by Year
System1, Inc. annual revenue history includes year-by-year totals (for example, 2025 revenue was $266.1M).
| Year | Annual Revenue |
|---|---|
| 2025 | $266.1M |
| 2024 | $343.9M |
| 2023 | $402.0M |
| 2022 | $612.2M |
System1, Inc. Quarterly Revenue & Net Profit History
System1, Inc. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $51.9M | -31.3% | $-13.5M | -26.0% |
| Q3 FY2025 | $61.6M | -30.7% | $-18.5M | -30.1% |
| Q2 FY2025 | $78.1M | -17.4% | $-17.5M | -22.4% |
| Q1 FY2025 | $74.5M | -12.3% | $-15.9M | -21.3% |
| Q4 FY2024 | $75.6M | -21.4% | $-14.2M | -18.7% |
| Q3 FY2024 | $88.8M | +1.2% | $-23.6M | -26.6% |
| Q2 FY2024 | $94.6M | -2.4% | $-26.4M | -27.9% |
| Q1 FY2024 | $84.9M | -29.9% | $-10.5M | -12.4% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $84.9M | $94.6M | $88.8M | $75.6M | $74.5M | $78.1M | $61.6M | $51.9M |
| YoY Growth | -29.9% | -2.4% | 1.2% | -21.4% | -12.3% | -17.4% | -30.7% | -31.3% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $521.1M | $511.3M | $479.3M | $459.1M | $419.2M | $429.2M | $385.2M | $405.0M |
| Liabilities | $360.7M | $382.1M | $376.5M | $374.1M | $351.5M | $375.8M | $350.9M | $387.6M |
| Equity | $131.7M | $109.4M | $90.3M | $80.3M | $67.2M | $58.2M | $42.7M | $30.5M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $-16.0M | $10.0M | $-5000 | $772000 | $-15.9M | $24.5M | $-2.1M | $-10.6M |