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Side-by-side financial comparison of Clarus Corp (CLAR) and System1, Inc. (SST). Click either name above to swap in a different company.
Clarus Corp is the larger business by last-quarter revenue ($65.4M vs $51.9M, roughly 1.3× System1, Inc.). System1, Inc. runs the higher net margin — -26.0% vs -47.8%, a 21.8% gap on every dollar of revenue. On growth, Clarus Corp posted the faster year-over-year revenue change (-8.4% vs -31.3%). Over the past eight quarters, Clarus Corp's revenue compounded faster (-2.9% CAGR vs -21.8%).
Clarus Corp is a global designer, manufacturer, and distributor of high-performance outdoor recreation, climbing, camping, and lifestyle products. It manages a portfolio of leading consumer brands, serving outdoor enthusiasts, professional athletes, and retail partners across North America, Europe, and the Asia-Pacific region, with a focus on innovative, durable gear for active lifestyles.
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.
CLAR vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $65.4M | $51.9M |
| Net Profit | $-31.3M | $-13.5M |
| Gross Margin | 27.7% | 41.0% |
| Operating Margin | -59.6% | -33.6% |
| Net Margin | -47.8% | -26.0% |
| Revenue YoY | -8.4% | -31.3% |
| Net Profit YoY | 52.3% | 4.8% |
| EPS (diluted) | $-0.81 | $-3.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $65.4M | $51.9M | ||
| Q3 25 | $69.3M | $61.6M | ||
| Q2 25 | $55.2M | $78.1M | ||
| Q1 25 | $60.4M | $74.5M | ||
| Q4 24 | $71.4M | $75.6M | ||
| Q3 24 | $67.1M | $88.8M | ||
| Q2 24 | $56.5M | $94.6M | ||
| Q1 24 | $69.3M | $84.9M |
| Q4 25 | $-31.3M | $-13.5M | ||
| Q3 25 | $-1.6M | $-18.5M | ||
| Q2 25 | $-8.4M | $-17.5M | ||
| Q1 25 | $-5.2M | $-15.9M | ||
| Q4 24 | $-65.5M | $-14.2M | ||
| Q3 24 | $-3.2M | $-23.6M | ||
| Q2 24 | $-5.5M | $-26.4M | ||
| Q1 24 | $21.9M | $-10.5M |
| Q4 25 | 27.7% | 41.0% | ||
| Q3 25 | 35.1% | 36.9% | ||
| Q2 25 | 35.6% | 35.7% | ||
| Q1 25 | 34.4% | 38.2% | ||
| Q4 24 | 33.4% | 42.1% | ||
| Q3 24 | 35.0% | 28.0% | ||
| Q2 24 | 36.1% | 27.6% | ||
| Q1 24 | 35.9% | 21.9% |
| Q4 25 | -59.6% | -33.6% | ||
| Q3 25 | -4.4% | -25.3% | ||
| Q2 25 | -19.7% | -20.4% | ||
| Q1 25 | -11.2% | -17.6% | ||
| Q4 24 | -70.2% | -15.7% | ||
| Q3 24 | -8.0% | -24.6% | ||
| Q2 24 | -14.4% | -30.8% | ||
| Q1 24 | -9.8% | -30.4% |
| Q4 25 | -47.8% | -26.0% | ||
| Q3 25 | -2.3% | -30.1% | ||
| Q2 25 | -15.3% | -22.4% | ||
| Q1 25 | -8.7% | -21.3% | ||
| Q4 24 | -91.8% | -18.7% | ||
| Q3 24 | -4.7% | -26.6% | ||
| Q2 24 | -9.7% | -27.9% | ||
| Q1 24 | 31.6% | -12.4% |
| Q4 25 | $-0.81 | $-3.58 | ||
| Q3 25 | $-0.04 | $-2.30 | ||
| Q2 25 | $-0.22 | $-2.23 | ||
| Q1 25 | $-0.14 | $-0.21 | ||
| Q4 24 | $-1.72 | $-3.41 | ||
| Q3 24 | $-0.08 | $-3.37 | ||
| Q2 24 | $-0.14 | $-3.80 | ||
| Q1 24 | $0.57 | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.7M | $86.9M |
| Total DebtLower is stronger | $0 | $305.1M |
| Stockholders' EquityBook value | $196.4M | $30.5M |
| Total Assets | $249.0M | $405.0M |
| Debt / EquityLower = less leverage | 0.00× | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.7M | $86.9M | ||
| Q3 25 | $29.5M | $54.6M | ||
| Q2 25 | $28.5M | $63.6M | ||
| Q1 25 | $41.3M | $43.9M | ||
| Q4 24 | $45.4M | $63.6M | ||
| Q3 24 | $36.4M | $69.1M | ||
| Q2 24 | $46.2M | $75.7M | ||
| Q1 24 | $47.5M | $69.9M |
| Q4 25 | $0 | $305.1M | ||
| Q3 25 | $2.0M | $259.2M | ||
| Q2 25 | $1.9M | $263.3M | ||
| Q1 25 | $1.9M | $267.4M | ||
| Q4 24 | $1.9M | $255.1M | ||
| Q3 24 | — | $259.2M | ||
| Q2 24 | — | $263.3M | ||
| Q1 24 | $37.0K | $268.6M |
| Q4 25 | $196.4M | $30.5M | ||
| Q3 25 | $225.8M | $42.7M | ||
| Q2 25 | $225.1M | $58.2M | ||
| Q1 25 | $229.3M | $67.2M | ||
| Q4 24 | $233.1M | $80.3M | ||
| Q3 24 | $308.5M | $90.3M | ||
| Q2 24 | $307.3M | $109.4M | ||
| Q1 24 | $310.4M | $131.7M |
| Q4 25 | $249.0M | $405.0M | ||
| Q3 25 | $283.1M | $385.2M | ||
| Q2 25 | $286.5M | $429.2M | ||
| Q1 25 | $292.8M | $419.2M | ||
| Q4 24 | $294.1M | $459.1M | ||
| Q3 24 | $375.3M | $479.3M | ||
| Q2 24 | $369.4M | $511.3M | ||
| Q1 24 | $377.0M | $521.1M |
| Q4 25 | 0.00× | 10.01× | ||
| Q3 25 | 0.01× | 6.07× | ||
| Q2 25 | 0.01× | 4.53× | ||
| Q1 25 | 0.01× | 3.98× | ||
| Q4 24 | 0.01× | 3.18× | ||
| Q3 24 | — | 2.87× | ||
| Q2 24 | — | 2.41× | ||
| Q1 24 | 0.00× | 2.04× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $12.5M | $-10.6M |
| Free Cash FlowOCF − Capex | $11.6M | — |
| FCF MarginFCF / Revenue | 17.7% | — |
| Capex IntensityCapex / Revenue | 1.4% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-9.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.5M | $-10.6M | ||
| Q3 25 | $-5.7M | $-2.1M | ||
| Q2 25 | $-9.4M | $24.5M | ||
| Q1 25 | $-2.1M | $-15.9M | ||
| Q4 24 | $16.6M | $772.0K | ||
| Q3 24 | $-8.3M | $-5.0K | ||
| Q2 24 | $834.0K | $10.0M | ||
| Q1 24 | $-16.4M | $-16.0M |
| Q4 25 | $11.6M | — | ||
| Q3 25 | $-7.0M | — | ||
| Q2 25 | $-11.3M | — | ||
| Q1 25 | $-3.3M | $-16.0M | ||
| Q4 24 | $14.4M | — | ||
| Q3 24 | $-9.4M | $-36.0K | ||
| Q2 24 | $-744.0K | — | ||
| Q1 24 | $-18.3M | — |
| Q4 25 | 17.7% | — | ||
| Q3 25 | -10.0% | — | ||
| Q2 25 | -20.4% | — | ||
| Q1 25 | -5.4% | -21.5% | ||
| Q4 24 | 20.1% | — | ||
| Q3 24 | -14.0% | -0.0% | ||
| Q2 24 | -1.3% | — | ||
| Q1 24 | -26.3% | — |
| Q4 25 | 1.4% | 0.0% | ||
| Q3 25 | 1.8% | 0.0% | ||
| Q2 25 | 3.4% | 0.0% | ||
| Q1 25 | 2.0% | 0.1% | ||
| Q4 24 | 3.1% | 0.0% | ||
| Q3 24 | 1.6% | 0.0% | ||
| Q2 24 | 2.8% | 0.0% | ||
| Q1 24 | 2.7% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.75× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLAR
| Other | $37.1M | 57% |
| Outdoor Segment | $25.3M | 39% |
| Adventure Segment | $3.0M | 5% |
SST
Segment breakdown not available.
