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Side-by-side financial comparison of Finwise Bancorp (FINW) 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 $42.7M, roughly 1.2× Finwise Bancorp). Finwise Bancorp runs the higher net margin — 6.4% vs -26.0%, a 32.4% gap on every dollar of revenue. Over the past eight quarters, Finwise Bancorp's revenue compounded faster (47.0% CAGR vs -21.8%).
Finwise Bancorp is a U.S.-based financial holding company that operates primarily through its community banking subsidiary. It offers a full suite of retail and commercial financial services, including deposit accounts, personal loans, mortgage products, small business financing, and wealth management solutions, serving local retail consumers and small to medium-sized business clients across its regional operating markets.
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.
FINW vs SST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $42.7M | $51.9M |
| Net Profit | $2.7M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | — | -33.6% |
| Net Margin | 6.4% | -26.0% |
| Revenue YoY | — | -31.3% |
| Net Profit YoY | — | 4.8% |
| EPS (diluted) | $0.20 | $-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.
| Q1 26 | $42.7M | — | ||
| Q4 25 | $46.9M | $51.9M | ||
| Q3 25 | $36.7M | $61.6M | ||
| Q2 25 | $25.1M | $78.1M | ||
| Q1 25 | $22.1M | $74.5M | ||
| Q4 24 | $21.1M | $75.6M | ||
| Q3 24 | $20.8M | $88.8M | ||
| Q2 24 | $19.8M | $94.6M |
| Q1 26 | $2.7M | — | ||
| Q4 25 | $3.9M | $-13.5M | ||
| Q3 25 | $4.9M | $-18.5M | ||
| Q2 25 | $4.1M | $-17.5M | ||
| Q1 25 | $3.2M | $-15.9M | ||
| Q4 24 | $2.8M | $-14.2M | ||
| Q3 24 | $3.5M | $-23.6M | ||
| Q2 24 | $3.2M | $-26.4M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 11.7% | -33.6% | ||
| Q3 25 | 17.5% | -25.3% | ||
| Q2 25 | 21.7% | -20.4% | ||
| Q1 25 | 20.1% | -17.6% | ||
| Q4 24 | 17.5% | -15.7% | ||
| Q3 24 | 22.2% | -24.6% | ||
| Q2 24 | 21.1% | -30.8% |
| Q1 26 | 6.4% | — | ||
| Q4 25 | 8.4% | -26.0% | ||
| Q3 25 | 13.3% | -30.1% | ||
| Q2 25 | 16.3% | -22.4% | ||
| Q1 25 | 14.4% | -21.3% | ||
| Q4 24 | 13.2% | -18.7% | ||
| Q3 24 | 16.6% | -26.6% | ||
| Q2 24 | 16.1% | -27.9% |
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.27 | $-3.58 | ||
| Q3 25 | $0.34 | $-2.30 | ||
| Q2 25 | $0.29 | $-2.23 | ||
| Q1 25 | $0.23 | $-0.21 | ||
| Q4 24 | $0.19 | $-3.41 | ||
| Q3 24 | $0.25 | $-3.37 | ||
| Q2 24 | $0.24 | $-3.80 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $196.6M | $30.5M |
| Total Assets | $899.4M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $163.4M | $86.9M | ||
| Q3 25 | $105.6M | $54.6M | ||
| Q2 25 | $90.1M | $63.6M | ||
| Q1 25 | $120.3M | $43.9M | ||
| Q4 24 | $109.2M | $63.6M | ||
| Q3 24 | $85.8M | $69.1M | ||
| Q2 24 | $89.0M | $75.7M |
| Q1 26 | — | — | ||
| 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 26 | $196.6M | — | ||
| Q4 25 | $193.2M | $30.5M | ||
| Q3 25 | $187.8M | $42.7M | ||
| Q2 25 | $182.0M | $58.2M | ||
| Q1 25 | $177.4M | $67.2M | ||
| Q4 24 | $173.7M | $80.3M | ||
| Q3 24 | $170.4M | $90.3M | ||
| Q2 24 | $165.8M | $109.4M |
| Q1 26 | $899.4M | — | ||
| Q4 25 | $977.1M | $405.0M | ||
| Q3 25 | $899.9M | $385.2M | ||
| Q2 25 | $842.5M | $429.2M | ||
| Q1 25 | $804.1M | $419.2M | ||
| Q4 24 | $746.0M | $459.1M | ||
| Q3 24 | $683.0M | $479.3M | ||
| Q2 24 | $617.8M | $511.3M |
| Q1 26 | — | — | ||
| 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× |
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 | — | $-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.
| Q1 26 | — | — | ||
| Q4 25 | $-28.4M | $-10.6M | ||
| Q3 25 | $3.5M | $-2.1M | ||
| Q2 25 | $-18.3M | $24.5M | ||
| Q1 25 | $-21.6M | $-15.9M | ||
| Q4 24 | $-15.0M | $772.0K | ||
| Q3 24 | $-9.8M | $-5.0K | ||
| Q2 24 | $-7.6M | $10.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-28.6M | — | ||
| Q3 25 | $3.4M | — | ||
| Q2 25 | $-19.8M | — | ||
| Q1 25 | $-23.3M | $-16.0M | ||
| Q4 24 | $-16.1M | — | ||
| Q3 24 | $-13.4M | $-36.0K | ||
| Q2 24 | $-7.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | -61.1% | — | ||
| Q3 25 | 9.4% | — | ||
| Q2 25 | -79.0% | — | ||
| Q1 25 | -105.3% | -21.5% | ||
| Q4 24 | -76.0% | — | ||
| Q3 24 | -64.3% | -0.0% | ||
| Q2 24 | -38.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 0.0% | ||
| Q3 25 | 0.1% | 0.0% | ||
| Q2 25 | 5.8% | 0.0% | ||
| Q1 25 | 7.4% | 0.1% | ||
| Q4 24 | 5.1% | 0.0% | ||
| Q3 24 | 17.2% | 0.0% | ||
| Q2 24 | 0.3% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | -7.26× | — | ||
| Q3 25 | 0.71× | — | ||
| Q2 25 | -4.48× | — | ||
| Q1 25 | -6.78× | — | ||
| Q4 24 | -5.37× | — | ||
| Q3 24 | -2.84× | — | ||
| Q2 24 | -2.39× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FINW
| Net Interest Income | $28.1M | 66% |
| Noninterest Income | $14.6M | 34% |
SST
Segment breakdown not available.
