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Side-by-side financial comparison of Expensify, Inc. (EXFY) and System1, Inc. (SST). Click either name above to swap in a different company.
System1, Inc. is the larger business by last-quarter revenue ($51.9M vs $35.2M, roughly 1.5× Expensify, Inc.). On growth, Expensify, Inc. posted the faster year-over-year revenue change (-4.9% vs -31.3%). Over the past eight quarters, Expensify, Inc.'s revenue compounded faster (2.4% CAGR vs -21.8%).
Expensify, Inc. is a software company that develops an expense management system for personal and business use. Expensify also offers a business credit card called the Expensify Card.
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.
EXFY vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $51.9M |
| Net Profit | — | $-13.5M |
| Gross Margin | 49.2% | 41.0% |
| Operating Margin | -11.2% | -33.6% |
| Net Margin | — | -26.0% |
| Revenue YoY | -4.9% | -31.3% |
| Net Profit YoY | — | 4.8% |
| EPS (diluted) | $-0.07 | $-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 | $35.2M | $51.9M | ||
| Q3 25 | $35.1M | $61.6M | ||
| Q2 25 | $35.8M | $78.1M | ||
| Q1 25 | $36.1M | $74.5M | ||
| Q4 24 | $37.0M | $75.6M | ||
| Q3 24 | $35.4M | $88.8M | ||
| Q2 24 | $33.3M | $94.6M | ||
| Q1 24 | $33.5M | $84.9M |
| Q4 25 | — | $-13.5M | ||
| Q3 25 | $-2.3M | $-18.5M | ||
| Q2 25 | $-8.8M | $-17.5M | ||
| Q1 25 | $-3.2M | $-15.9M | ||
| Q4 24 | — | $-14.2M | ||
| Q3 24 | $-2.2M | $-23.6M | ||
| Q2 24 | $-2.8M | $-26.4M | ||
| Q1 24 | $-3.8M | $-10.5M |
| Q4 25 | 49.2% | 41.0% | ||
| Q3 25 | 49.6% | 36.9% | ||
| Q2 25 | 51.9% | 35.7% | ||
| Q1 25 | 50.6% | 38.2% | ||
| Q4 24 | 51.0% | 42.1% | ||
| Q3 24 | 51.6% | 28.0% | ||
| Q2 24 | 56.9% | 27.6% | ||
| Q1 24 | 56.5% | 21.9% |
| Q4 25 | -11.2% | -33.6% | ||
| Q3 25 | -6.4% | -25.3% | ||
| Q2 25 | -28.9% | -20.4% | ||
| Q1 25 | -4.1% | -17.6% | ||
| Q4 24 | 1.3% | -15.7% | ||
| Q3 24 | 0.8% | -24.6% | ||
| Q2 24 | 0.7% | -30.8% | ||
| Q1 24 | -5.3% | -30.4% |
| Q4 25 | — | -26.0% | ||
| Q3 25 | -6.6% | -30.1% | ||
| Q2 25 | -24.6% | -22.4% | ||
| Q1 25 | -8.8% | -21.3% | ||
| Q4 24 | — | -18.7% | ||
| Q3 24 | -6.2% | -26.6% | ||
| Q2 24 | -8.3% | -27.9% | ||
| Q1 24 | -11.3% | -12.4% |
| Q4 25 | $-0.07 | $-3.58 | ||
| Q3 25 | $-0.03 | $-2.30 | ||
| Q2 25 | $-0.10 | $-2.23 | ||
| Q1 25 | $-0.03 | $-0.21 | ||
| Q4 24 | $-0.03 | $-3.41 | ||
| Q3 24 | $-0.02 | $-3.37 | ||
| Q2 24 | $-0.03 | $-3.80 | ||
| Q1 24 | $-0.04 | $-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 | $63.1M | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $132.7M | $30.5M |
| Total Assets | $186.0M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.1M | $86.9M | ||
| Q3 25 | $61.5M | $54.6M | ||
| Q2 25 | $60.5M | $63.6M | ||
| Q1 25 | $59.6M | $43.9M | ||
| Q4 24 | $48.8M | $63.6M | ||
| Q3 24 | $39.2M | $69.1M | ||
| Q2 24 | $53.2M | $75.7M | ||
| Q1 24 | $49.3M | $69.9M |
| Q4 25 | — | $305.1M | ||
| Q3 25 | — | $259.2M | ||
| Q2 25 | — | $263.3M | ||
| Q1 25 | — | $267.4M | ||
| Q4 24 | — | $255.1M | ||
| Q3 24 | — | $259.2M | ||
| Q2 24 | — | $263.3M | ||
| Q1 24 | — | $268.6M |
| Q4 25 | $132.7M | $30.5M | ||
| Q3 25 | $135.7M | $42.7M | ||
| Q2 25 | $131.8M | $58.2M | ||
| Q1 25 | $134.7M | $67.2M | ||
| Q4 24 | $128.2M | $80.3M | ||
| Q3 24 | $119.9M | $90.3M | ||
| Q2 24 | $114.0M | $109.4M | ||
| Q1 24 | $106.5M | $131.7M |
| Q4 25 | $186.0M | $405.0M | ||
| Q3 25 | $186.8M | $385.2M | ||
| Q2 25 | $187.1M | $429.2M | ||
| Q1 25 | $189.2M | $419.2M | ||
| Q4 24 | $173.7M | $459.1M | ||
| Q3 24 | $176.2M | $479.3M | ||
| Q2 24 | $192.9M | $511.3M | ||
| Q1 24 | $184.8M | $521.1M |
| Q4 25 | — | 10.01× | ||
| Q3 25 | — | 6.07× | ||
| Q2 25 | — | 4.53× | ||
| Q1 25 | — | 3.98× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | — | 2.87× | ||
| Q2 24 | — | 2.41× | ||
| Q1 24 | — | 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 | $2.2M | $-10.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.2M | $-10.6M | ||
| Q3 25 | $4.2M | $-2.1M | ||
| Q2 25 | $8.9M | $24.5M | ||
| Q1 25 | $4.8M | $-15.9M | ||
| Q4 24 | $7.4M | $772.0K | ||
| Q3 24 | $3.7M | $-5.0K | ||
| Q2 24 | $9.3M | $10.0M | ||
| Q1 24 | $3.5M | $-16.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-16.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-36.0K | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | 0.0% | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | 0.0% | 0.0% | ||
| Q3 24 | 0.0% | 0.0% | ||
| Q2 24 | 0.0% | 0.0% | ||
| Q1 24 | 0.0% | 0.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
