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Side-by-side financial comparison of Lulu's Fashion Lounge Holdings, Inc. (LVLU) and System1, Inc. (SST). Click either name above to swap in a different company.
Lulu's Fashion Lounge Holdings, Inc. is the larger business by last-quarter revenue ($66.1M vs $51.9M, roughly 1.3× System1, Inc.). System1, Inc. runs the higher net margin — -26.0% vs -48.2%, a 22.2% gap on every dollar of revenue. On growth, Lulu's Fashion Lounge Holdings, Inc. posted the faster year-over-year revenue change (-11.8% vs -31.3%). Over the past eight quarters, Lulu's Fashion Lounge Holdings, Inc.'s revenue compounded faster (-14.7% CAGR vs -21.8%).
Lulu's Fashion Lounge Holdings, Inc. is a direct-to-consumer women's fashion retailer offering affordable, trendy apparel, footwear, and accessories. It primarily serves Gen Z and millennial consumers across North America, operating mainly via its e-commerce platform, with limited pop-up physical locations to boost customer engagement.
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.
LVLU vs SST — Head-to-Head
Income Statement — Q4 FY2024 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.1M | $51.9M |
| Net Profit | $-31.9M | $-13.5M |
| Gross Margin | 37.9% | 41.0% |
| Operating Margin | -52.8% | -33.6% |
| Net Margin | -48.2% | -26.0% |
| Revenue YoY | -11.8% | -31.3% |
| Net Profit YoY | -340.9% | 4.8% |
| EPS (diluted) | $-13.46 | $-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 | — | $51.9M | ||
| Q3 25 | — | $61.6M | ||
| Q2 25 | — | $78.1M | ||
| Q1 25 | — | $74.5M | ||
| Q4 24 | $66.1M | $75.6M | ||
| Q3 24 | $80.5M | $88.8M | ||
| Q2 24 | $92.0M | $94.6M | ||
| Q1 24 | $77.3M | $84.9M |
| Q4 25 | — | $-13.5M | ||
| Q3 25 | — | $-18.5M | ||
| Q2 25 | — | $-17.5M | ||
| Q1 25 | — | $-15.9M | ||
| Q4 24 | $-31.9M | $-14.2M | ||
| Q3 24 | $-6.9M | $-23.6M | ||
| Q2 24 | $-10.8M | $-26.4M | ||
| Q1 24 | $-5.7M | $-10.5M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 36.9% | ||
| Q2 25 | — | 35.7% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | 37.9% | 42.1% | ||
| Q3 24 | 38.1% | 28.0% | ||
| Q2 24 | 45.5% | 27.6% | ||
| Q1 24 | 42.3% | 21.9% |
| Q4 25 | — | -33.6% | ||
| Q3 25 | — | -25.3% | ||
| Q2 25 | — | -20.4% | ||
| Q1 25 | — | -17.6% | ||
| Q4 24 | -52.8% | -15.7% | ||
| Q3 24 | -8.5% | -24.6% | ||
| Q2 24 | -4.9% | -30.8% | ||
| Q1 24 | -8.0% | -30.4% |
| Q4 25 | — | -26.0% | ||
| Q3 25 | — | -30.1% | ||
| Q2 25 | — | -22.4% | ||
| Q1 25 | — | -21.3% | ||
| Q4 24 | -48.2% | -18.7% | ||
| Q3 24 | -8.5% | -26.6% | ||
| Q2 24 | -11.7% | -27.9% | ||
| Q1 24 | -7.4% | -12.4% |
| Q4 25 | — | $-3.58 | ||
| Q3 25 | — | $-2.30 | ||
| Q2 25 | — | $-2.23 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | $-13.46 | $-3.41 | ||
| Q3 24 | $-2.47 | $-3.37 | ||
| Q2 24 | $-3.92 | $-3.80 | ||
| Q1 24 | $-0.15 | $-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 | $4.5M | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $13.4M | $30.5M |
| Total Assets | $108.2M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $86.9M | ||
| Q3 25 | — | $54.6M | ||
| Q2 25 | — | $63.6M | ||
| Q1 25 | — | $43.9M | ||
| Q4 24 | $4.5M | $63.6M | ||
| Q3 24 | $6.3M | $69.1M | ||
| Q2 24 | $1.8M | $75.7M | ||
| Q1 24 | $5.5M | $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 | — | $30.5M | ||
| Q3 25 | — | $42.7M | ||
| Q2 25 | — | $58.2M | ||
| Q1 25 | — | $67.2M | ||
| Q4 24 | $13.4M | $80.3M | ||
| Q3 24 | $43.8M | $90.3M | ||
| Q2 24 | $48.7M | $109.4M | ||
| Q1 24 | $57.7M | $131.7M |
| Q4 25 | — | $405.0M | ||
| Q3 25 | — | $385.2M | ||
| Q2 25 | — | $429.2M | ||
| Q1 25 | — | $419.2M | ||
| Q4 24 | $108.2M | $459.1M | ||
| Q3 24 | $153.5M | $479.3M | ||
| Q2 24 | $145.3M | $511.3M | ||
| Q1 24 | $160.6M | $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 | $-2.5M | $-10.6M |
| Free Cash FlowOCF − Capex | $-2.6M | — |
| FCF MarginFCF / Revenue | -3.9% | — |
| Capex IntensityCapex / Revenue | 0.0% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-10.6M | ||
| Q3 25 | — | $-2.1M | ||
| Q2 25 | — | $24.5M | ||
| Q1 25 | — | $-15.9M | ||
| Q4 24 | $-2.5M | $772.0K | ||
| Q3 24 | $-5.5M | $-5.0K | ||
| Q2 24 | $3.7M | $10.0M | ||
| Q1 24 | $6.9M | $-16.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-16.0M | ||
| Q4 24 | $-2.6M | — | ||
| Q3 24 | $-5.9M | $-36.0K | ||
| Q2 24 | $3.4M | — | ||
| Q1 24 | $6.4M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.5% | ||
| Q4 24 | -3.9% | — | ||
| Q3 24 | -7.3% | -0.0% | ||
| Q2 24 | 3.7% | — | ||
| Q1 24 | 8.3% | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | 0.0% | 0.0% | ||
| Q3 24 | 0.5% | 0.0% | ||
| Q2 24 | 0.4% | 0.0% | ||
| Q1 24 | 0.7% | 0.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LVLU
| Single Reportable Segment | $63.0M | 95% |
| Other | $2.4M | 4% |
| Stored Value Cards | $750.0K | 1% |
SST
Segment breakdown not available.
