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Side-by-side financial comparison of First Foundation Inc. (FFWM) 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 $48.4M, roughly 1.1× First Foundation Inc.). System1, Inc. runs the higher net margin — -26.0% vs -97.9%, a 71.9% gap on every dollar of revenue. On growth, First Foundation Inc. posted the faster year-over-year revenue change (421.7% vs -31.3%). Over the past eight quarters, First Foundation Inc.'s revenue compounded faster (-2.7% CAGR vs -21.8%).
John B. Lacson Colleges Foundation (Bacolod), Inc. is a private maritime college in Bacolod, Negros Occidental, Philippines.
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.
FFWM vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $48.4M | $51.9M |
| Net Profit | $-8.0M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | -97.5% | -33.6% |
| Net Margin | -97.9% | -26.0% |
| Revenue YoY | 421.7% | -31.3% |
| Net Profit YoY | 43.0% | 4.8% |
| EPS (diluted) | $-0.09 | $-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 | $48.4M | $51.9M | ||
| Q3 25 | $63.6M | $61.6M | ||
| Q2 25 | $51.4M | $78.1M | ||
| Q1 25 | $71.4M | $74.5M | ||
| Q4 24 | $9.3M | $75.6M | ||
| Q3 24 | $9.2M | $88.8M | ||
| Q2 24 | $57.5M | $94.6M | ||
| Q1 24 | $51.1M | $84.9M |
| Q4 25 | $-8.0M | $-13.5M | ||
| Q3 25 | $-146.3M | $-18.5M | ||
| Q2 25 | $-7.7M | $-17.5M | ||
| Q1 25 | $6.9M | $-15.9M | ||
| Q4 24 | $-14.1M | $-14.2M | ||
| Q3 24 | $-82.2M | $-23.6M | ||
| Q2 24 | $3.1M | $-26.4M | ||
| Q1 24 | $793.0K | $-10.5M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 36.9% | ||
| Q2 25 | — | 35.7% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 42.1% | ||
| Q3 24 | — | 28.0% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | 21.9% |
| Q4 25 | -97.5% | -33.6% | ||
| Q3 25 | -92.7% | -25.3% | ||
| Q2 25 | -21.1% | -20.4% | ||
| Q1 25 | 8.8% | -17.6% | ||
| Q4 24 | -247.7% | -15.7% | ||
| Q3 24 | -1276.7% | -24.6% | ||
| Q2 24 | 4.6% | -30.8% | ||
| Q1 24 | -0.2% | -30.4% |
| Q4 25 | -97.9% | -26.0% | ||
| Q3 25 | -230.1% | -30.1% | ||
| Q2 25 | -15.0% | -22.4% | ||
| Q1 25 | 9.7% | -21.3% | ||
| Q4 24 | -152.2% | -18.7% | ||
| Q3 24 | -896.9% | -26.6% | ||
| Q2 24 | 5.4% | -27.9% | ||
| Q1 24 | 1.6% | -12.4% |
| Q4 25 | $-0.09 | $-3.58 | ||
| Q3 25 | $-1.78 | $-2.30 | ||
| Q2 25 | $-0.09 | $-2.23 | ||
| Q1 25 | $0.08 | $-0.21 | ||
| Q4 24 | $-0.24 | $-3.41 | ||
| Q3 24 | $-1.23 | $-3.37 | ||
| Q2 24 | $0.05 | $-3.80 | ||
| Q1 24 | $0.01 | $-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 | $1.6B | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $912.6M | $30.5M |
| Total Assets | $11.9B | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | $86.9M | ||
| Q3 25 | $1.7B | $54.6M | ||
| Q2 25 | $1.1B | $63.6M | ||
| Q1 25 | $1.0B | $43.9M | ||
| Q4 24 | $1.0B | $63.6M | ||
| Q3 24 | $1.1B | $69.1M | ||
| Q2 24 | $1.4B | $75.7M | ||
| Q1 24 | $1.6B | $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 | $912.6M | $30.5M | ||
| Q3 25 | $917.9M | $42.7M | ||
| Q2 25 | $1.1B | $58.2M | ||
| Q1 25 | $1.1B | $67.2M | ||
| Q4 24 | $1.1B | $80.3M | ||
| Q3 24 | $1.1B | $90.3M | ||
| Q2 24 | $933.2M | $109.4M | ||
| Q1 24 | $928.7M | $131.7M |
| Q4 25 | $11.9B | $405.0M | ||
| Q3 25 | $11.9B | $385.2M | ||
| Q2 25 | $11.6B | $429.2M | ||
| Q1 25 | $12.6B | $419.2M | ||
| Q4 24 | $12.6B | $459.1M | ||
| Q3 24 | $13.4B | $479.3M | ||
| Q2 24 | $13.7B | $511.3M | ||
| Q1 24 | $13.6B | $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 | $-31.9M | $-10.6M |
| Free Cash FlowOCF − Capex | $-35.2M | — |
| FCF MarginFCF / Revenue | -72.8% | — |
| Capex IntensityCapex / Revenue | 6.9% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-45.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-31.9M | $-10.6M | ||
| Q3 25 | $9.2M | $-2.1M | ||
| Q2 25 | $-16.3M | $24.5M | ||
| Q1 25 | $-552.0K | $-15.9M | ||
| Q4 24 | $-8.7M | $772.0K | ||
| Q3 24 | $14.2M | $-5.0K | ||
| Q2 24 | $-9.1M | $10.0M | ||
| Q1 24 | $7.2M | $-16.0M |
| Q4 25 | $-35.2M | — | ||
| Q3 25 | $8.6M | — | ||
| Q2 25 | $-16.7M | — | ||
| Q1 25 | $-2.5M | $-16.0M | ||
| Q4 24 | $-11.4M | — | ||
| Q3 24 | $13.4M | $-36.0K | ||
| Q2 24 | $-9.4M | — | ||
| Q1 24 | $5.9M | — |
| Q4 25 | -72.8% | — | ||
| Q3 25 | 13.5% | — | ||
| Q2 25 | -32.4% | — | ||
| Q1 25 | -3.5% | -21.5% | ||
| Q4 24 | -123.5% | — | ||
| Q3 24 | 146.2% | -0.0% | ||
| Q2 24 | -16.3% | — | ||
| Q1 24 | 11.6% | — |
| Q4 25 | 6.9% | 0.0% | ||
| Q3 25 | 1.0% | 0.0% | ||
| Q2 25 | 0.8% | 0.0% | ||
| Q1 25 | 2.8% | 0.1% | ||
| Q4 24 | 29.4% | 0.0% | ||
| Q3 24 | 9.0% | 0.0% | ||
| Q2 24 | 0.4% | 0.0% | ||
| Q1 24 | 2.5% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.08× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -2.96× | — | ||
| Q1 24 | 9.09× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
