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Side-by-side financial comparison of System1, Inc. (SST) and STEM, INC. (STEM). Click either name above to swap in a different company.
System1, Inc. is the larger business by last-quarter revenue ($51.9M vs $47.1M, roughly 1.1× STEM, INC.). System1, Inc. runs the higher net margin — -26.0% vs -33.9%, a 7.9% gap on every dollar of revenue. On growth, STEM, INC. posted the faster year-over-year revenue change (-15.6% vs -31.3%). Over the past eight quarters, STEM, INC.'s revenue compounded faster (36.1% CAGR vs -21.8%).
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.
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
SST vs STEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $47.1M |
| Net Profit | $-13.5M | $-16.0M |
| Gross Margin | 41.0% | 48.9% |
| Operating Margin | -33.6% | -17.7% |
| Net Margin | -26.0% | -33.9% |
| Revenue YoY | -31.3% | -15.6% |
| Net Profit YoY | 4.8% | 68.8% |
| EPS (diluted) | $-3.58 | $-4.40 |
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 | $47.1M | ||
| Q3 25 | $61.6M | $38.2M | ||
| Q2 25 | $78.1M | $38.4M | ||
| Q1 25 | $74.5M | $32.5M | ||
| Q4 24 | $75.6M | $55.8M | ||
| Q3 24 | $88.8M | $29.3M | ||
| Q2 24 | $94.6M | $34.0M | ||
| Q1 24 | $84.9M | $25.5M |
| Q4 25 | $-13.5M | $-16.0M | ||
| Q3 25 | $-18.5M | $-23.8M | ||
| Q2 25 | $-17.5M | $202.5M | ||
| Q1 25 | $-15.9M | $-25.0M | ||
| Q4 24 | $-14.2M | $-51.1M | ||
| Q3 24 | $-23.6M | $-148.3M | ||
| Q2 24 | $-26.4M | $-582.3M | ||
| Q1 24 | $-10.5M | $-72.3M |
| Q4 25 | 41.0% | 48.9% | ||
| Q3 25 | 36.9% | 35.5% | ||
| Q2 25 | 35.7% | 33.4% | ||
| Q1 25 | 38.2% | 32.4% | ||
| Q4 24 | 42.1% | -4.4% | ||
| Q3 24 | 28.0% | 21.2% | ||
| Q2 24 | 27.6% | 27.6% | ||
| Q1 24 | 21.9% | -95.0% |
| Q4 25 | -33.6% | -17.7% | ||
| Q3 25 | -25.3% | -33.6% | ||
| Q2 25 | -20.4% | -34.8% | ||
| Q1 25 | -17.6% | -65.0% | ||
| Q4 24 | -15.7% | -84.4% | ||
| Q3 24 | -24.6% | -493.2% | ||
| Q2 24 | -30.8% | -1705.5% | ||
| Q1 24 | -30.4% | -267.0% |
| Q4 25 | -26.0% | -33.9% | ||
| Q3 25 | -30.1% | -62.2% | ||
| Q2 25 | -22.4% | 527.8% | ||
| Q1 25 | -21.3% | -76.9% | ||
| Q4 24 | -18.7% | -91.6% | ||
| Q3 24 | -26.6% | -506.3% | ||
| Q2 24 | -27.9% | -1712.6% | ||
| Q1 24 | -12.4% | -283.9% |
| Q4 25 | $-3.58 | $-4.40 | ||
| Q3 25 | $-2.30 | $-2.84 | ||
| Q2 25 | $-2.23 | $-1.79 | ||
| Q1 25 | $-0.21 | $-0.15 | ||
| Q4 24 | $-3.41 | $-15.29 | ||
| Q3 24 | $-3.37 | $-18.24 | ||
| Q2 24 | $-3.80 | $-71.81 | ||
| Q1 24 | $-0.16 | $-0.46 |
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 | $48.9M |
| Total DebtLower is stronger | $305.1M | — |
| Stockholders' EquityBook value | $30.5M | $-249.4M |
| Total Assets | $405.0M | $308.9M |
| Debt / EquityLower = less leverage | 10.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | $48.9M | ||
| Q3 25 | $54.6M | $43.1M | ||
| Q2 25 | $63.6M | $40.8M | ||
| Q1 25 | $43.9M | $58.6M | ||
| Q4 24 | $63.6M | $56.3M | ||
| Q3 24 | $69.1M | $75.4M | ||
| Q2 24 | $75.7M | $89.6M | ||
| Q1 24 | $69.9M | $112.8M |
| 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 | $-249.4M | ||
| Q3 25 | $42.7M | $-235.7M | ||
| Q2 25 | $58.2M | $-214.1M | ||
| Q1 25 | $67.2M | $-417.5M | ||
| Q4 24 | $80.3M | $-398.4M | ||
| Q3 24 | $90.3M | $-344.1M | ||
| Q2 24 | $109.4M | $-203.2M | ||
| Q1 24 | $131.7M | $371.6M |
| Q4 25 | $405.0M | $308.9M | ||
| Q3 25 | $385.2M | $362.6M | ||
| Q2 25 | $429.2M | $379.2M | ||
| Q1 25 | $419.2M | $405.1M | ||
| Q4 24 | $459.1M | $437.4M | ||
| Q3 24 | $479.3M | $537.8M | ||
| Q2 24 | $511.3M | $691.5M | ||
| Q1 24 | $521.1M | $1.3B |
| 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 | $-10.6M | $8.2M |
| 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 | $-10.6M | $8.2M | ||
| Q3 25 | $-2.1M | $11.4M | ||
| Q2 25 | $24.5M | $-21.3M | ||
| Q1 25 | $-15.9M | $8.5M | ||
| Q4 24 | $772.0K | $-14.7M | ||
| Q3 24 | $-5.0K | $-9.4M | ||
| Q2 24 | $10.0M | $-11.9M | ||
| Q1 24 | $-16.0M | $-621.0K |
| 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% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.11× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
