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Side-by-side financial comparison of Primis Financial Corp. (FRST) 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 $45.6M, roughly 1.1× Primis Financial Corp.). Primis Financial Corp. runs the higher net margin — 16.0% vs -26.0%, a 42.0% gap on every dollar of revenue. Over the past eight quarters, Primis Financial Corp.'s revenue compounded faster (13.0% CAGR vs -21.8%).
Primis Financial Corp is a U.S.-based financial holding company operating full-service banking subsidiaries. It provides a comprehensive range of financial solutions including personal and commercial deposit products, diverse loan facilities, mortgage services, and wealth management support, primarily serving retail and corporate customers across the U.S. mid-Atlantic region.
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.
FRST vs SST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $45.6M | $51.9M |
| Net Profit | $7.3M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | — | -33.6% |
| Net Margin | 16.0% | -26.0% |
| Revenue YoY | — | -31.3% |
| Net Profit YoY | 200.0% | 4.8% |
| EPS (diluted) | $0.30 | $-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 | $45.6M | — | ||
| Q4 25 | $80.9M | $51.9M | ||
| Q3 25 | $41.0M | $61.6M | ||
| Q2 25 | $43.2M | $78.1M | ||
| Q1 25 | $58.7M | $74.5M | ||
| Q4 24 | $38.8M | $75.6M | ||
| Q3 24 | $37.3M | $88.8M | ||
| Q2 24 | $35.7M | $94.6M |
| Q1 26 | $7.3M | — | ||
| Q4 25 | $29.5M | $-13.5M | ||
| Q3 25 | $6.8M | $-18.5M | ||
| Q2 25 | $2.4M | $-17.5M | ||
| Q1 25 | $22.6M | $-15.9M | ||
| Q4 24 | $-26.2M | $-14.2M | ||
| Q3 24 | $1.2M | $-23.6M | ||
| Q2 24 | $3.4M | $-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 | 44.8% | -33.6% | ||
| Q3 25 | 21.3% | -25.3% | ||
| Q2 25 | 6.9% | -20.4% | ||
| Q1 25 | 41.9% | -17.6% | ||
| Q4 24 | -123.0% | -15.7% | ||
| Q3 24 | -3.1% | -24.6% | ||
| Q2 24 | 7.8% | -30.8% |
| Q1 26 | 16.0% | — | ||
| Q4 25 | 36.5% | -26.0% | ||
| Q3 25 | 16.7% | -30.1% | ||
| Q2 25 | 5.6% | -22.4% | ||
| Q1 25 | 38.6% | -21.3% | ||
| Q4 24 | -100.3% | -18.7% | ||
| Q3 24 | 3.3% | -26.6% | ||
| Q2 24 | 9.6% | -27.9% |
| Q1 26 | $0.30 | — | ||
| Q4 25 | $1.19 | $-3.58 | ||
| Q3 25 | $0.28 | $-2.30 | ||
| Q2 25 | $0.10 | $-2.23 | ||
| Q1 25 | $0.92 | $-0.21 | ||
| Q4 24 | $-0.95 | $-3.41 | ||
| Q3 24 | $0.05 | $-3.37 | ||
| Q2 24 | $0.14 | $-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 | $159.9M | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $427.2M | $30.5M |
| Total Assets | $4.3B | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $159.9M | — | ||
| Q4 25 | $143.6M | $86.9M | ||
| Q3 25 | $63.9M | $54.6M | ||
| Q2 25 | $94.1M | $63.6M | ||
| Q1 25 | $57.0M | $43.9M | ||
| Q4 24 | $64.5M | $63.6M | ||
| Q3 24 | $77.3M | $69.1M | ||
| Q2 24 | $66.6M | $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 | $427.2M | — | ||
| Q4 25 | $422.9M | $30.5M | ||
| Q3 25 | $382.2M | $42.7M | ||
| Q2 25 | $376.4M | $58.2M | ||
| Q1 25 | $375.6M | $67.2M | ||
| Q4 24 | $351.8M | $80.3M | ||
| Q3 24 | $381.0M | $90.3M | ||
| Q2 24 | $376.0M | $109.4M |
| Q1 26 | $4.3B | — | ||
| Q4 25 | $4.0B | $405.0M | ||
| Q3 25 | $4.0B | $385.2M | ||
| Q2 25 | $3.9B | $429.2M | ||
| Q1 25 | $3.7B | $419.2M | ||
| Q4 24 | $3.7B | $459.1M | ||
| Q3 24 | $4.0B | $479.3M | ||
| Q2 24 | $4.0B | $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 | $10.8M | $-10.6M | ||
| Q3 25 | $-11.4M | $-2.1M | ||
| Q2 25 | $-41.0M | $24.5M | ||
| Q1 25 | $34.4M | $-15.9M | ||
| Q4 24 | $19.5M | $772.0K | ||
| Q3 24 | $6.1M | $-5.0K | ||
| Q2 24 | $52.3M | $10.0M |
| Q1 26 | — | — | ||
| Q4 25 | $9.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-16.0M | ||
| Q4 24 | $18.3M | — | ||
| Q3 24 | — | $-36.0K | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 11.2% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.5% | ||
| Q4 24 | 47.3% | — | ||
| Q3 24 | — | -0.0% | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | 3.1% | 0.0% | ||
| Q3 24 | 0.0% | 0.0% | ||
| Q2 24 | 0.0% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 0.36× | — | ||
| Q3 25 | -1.67× | — | ||
| Q2 25 | -16.82× | — | ||
| Q1 25 | 1.52× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.93× | — | ||
| Q2 24 | 15.21× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FRST
| Net Interest Income | $32.1M | 70% |
| Noninterest Income | $13.6M | 30% |
SST
Segment breakdown not available.
