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Side-by-side financial comparison of Seaport Entertainment Group Inc. (SEG) 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 $29.5M, roughly 1.8× Seaport Entertainment Group Inc.). System1, Inc. runs the higher net margin — -26.0% vs -125.0%, a 99.1% gap on every dollar of revenue.
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.
SEG vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $29.5M | $51.9M |
| Net Profit | $-36.9M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | -120.5% | -33.6% |
| Net Margin | -125.0% | -26.0% |
| Revenue YoY | — | -31.3% |
| Net Profit YoY | — | 4.8% |
| EPS (diluted) | $-2.90 | $-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 | $29.5M | $51.9M | ||
| Q3 25 | $45.0M | $61.6M | ||
| Q2 25 | $39.8M | $78.1M | ||
| Q1 25 | $16.1M | $74.5M | ||
| Q4 24 | — | $75.6M | ||
| Q3 24 | $39.4M | $88.8M | ||
| Q2 24 | $33.7M | $94.6M | ||
| Q1 24 | — | $84.9M |
| Q4 25 | $-36.9M | $-13.5M | ||
| Q3 25 | $-33.2M | $-18.5M | ||
| Q2 25 | $-14.8M | $-17.5M | ||
| Q1 25 | $-31.9M | $-15.9M | ||
| Q4 24 | — | $-14.2M | ||
| Q3 24 | $-32.5M | $-23.6M | ||
| Q2 24 | $-35.0M | $-26.4M | ||
| Q1 24 | — | $-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 | -120.5% | -33.6% | ||
| Q3 25 | -75.2% | -25.3% | ||
| Q2 25 | -40.2% | -20.4% | ||
| Q1 25 | -203.5% | -17.6% | ||
| Q4 24 | — | -15.7% | ||
| Q3 24 | -51.0% | -24.6% | ||
| Q2 24 | -75.3% | -30.8% | ||
| Q1 24 | — | -30.4% |
| Q4 25 | -125.0% | -26.0% | ||
| Q3 25 | -73.7% | -30.1% | ||
| Q2 25 | -37.1% | -22.4% | ||
| Q1 25 | -198.4% | -21.3% | ||
| Q4 24 | — | -18.7% | ||
| Q3 24 | -82.5% | -26.6% | ||
| Q2 24 | -103.9% | -27.9% | ||
| Q1 24 | — | -12.4% |
| Q4 25 | $-2.90 | $-3.58 | ||
| Q3 25 | $-2.61 | $-2.30 | ||
| Q2 25 | $-1.16 | $-2.23 | ||
| Q1 25 | $-2.51 | $-0.21 | ||
| Q4 24 | — | $-3.41 | ||
| Q3 24 | $-5.89 | $-3.37 | ||
| Q2 24 | $-6.34 | $-3.80 | ||
| Q1 24 | — | $-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 | $77.8M | $86.9M |
| Total DebtLower is stronger | $38.3M | $305.1M |
| Stockholders' EquityBook value | $456.5M | $30.5M |
| Total Assets | $650.1M | $405.0M |
| Debt / EquityLower = less leverage | 0.08× | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $77.8M | $86.9M | ||
| Q3 25 | $106.2M | $54.6M | ||
| Q2 25 | $123.3M | $63.6M | ||
| Q1 25 | $129.9M | $43.9M | ||
| Q4 24 | — | $63.6M | ||
| Q3 24 | $23.7M | $69.1M | ||
| Q2 24 | $3.3M | $75.7M | ||
| Q1 24 | — | $69.9M |
| Q4 25 | $38.3M | $305.1M | ||
| Q3 25 | $39.3M | $259.2M | ||
| Q2 25 | $100.6M | $263.3M | ||
| Q1 25 | $101.6M | $267.4M | ||
| Q4 24 | — | $255.1M | ||
| Q3 24 | $103.3M | $259.2M | ||
| Q2 24 | $157.1M | $263.3M | ||
| Q1 24 | — | $268.6M |
| Q4 25 | $456.5M | $30.5M | ||
| Q3 25 | $485.8M | $42.7M | ||
| Q2 25 | $517.9M | $58.2M | ||
| Q1 25 | $531.2M | $67.2M | ||
| Q4 24 | — | $80.3M | ||
| Q3 24 | $433.8M | $90.3M | ||
| Q2 24 | $380.7M | $109.4M | ||
| Q1 24 | — | $131.7M |
| Q4 25 | $650.1M | $405.0M | ||
| Q3 25 | $699.1M | $385.2M | ||
| Q2 25 | $717.2M | $429.2M | ||
| Q1 25 | $718.4M | $419.2M | ||
| Q4 24 | — | $459.1M | ||
| Q3 24 | $622.8M | $479.3M | ||
| Q2 24 | $610.1M | $511.3M | ||
| Q1 24 | — | $521.1M |
| Q4 25 | 0.08× | 10.01× | ||
| Q3 25 | 0.08× | 6.07× | ||
| Q2 25 | 0.19× | 4.53× | ||
| Q1 25 | 0.19× | 3.98× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | 0.24× | 2.87× | ||
| Q2 24 | 0.41× | 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 | $-23.1M | $-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 | $-23.1M | $-10.6M | ||
| Q3 25 | $-5.3M | $-2.1M | ||
| Q2 25 | $-754.0K | $24.5M | ||
| Q1 25 | $-20.5M | $-15.9M | ||
| Q4 24 | — | $772.0K | ||
| Q3 24 | $-8.8M | $-5.0K | ||
| Q2 24 | — | $10.0M | ||
| Q1 24 | — | $-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% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SEG
| Sponsorships Events And Entertainment | $12.5M | 43% |
| Hospitality | $12.2M | 41% |
| Rental | $4.1M | 14% |
| Other | $631.0K | 2% |
SST
Segment breakdown not available.
