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Side-by-side financial comparison of System1, Inc. (SST) and TSS, Inc. (TSSI). Click either name above to swap in a different company.
TSS, Inc. is the larger business by last-quarter revenue ($60.9M vs $51.9M, roughly 1.2× System1, Inc.). TSS, Inc. runs the higher net margin — 20.0% vs -26.0%, a 45.9% gap on every dollar of revenue. On growth, TSS, Inc. posted the faster year-over-year revenue change (21.8% vs -31.3%). Over the past eight quarters, TSS, Inc.'s revenue compounded faster (95.8% 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.
SST vs TSSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $60.9M |
| Net Profit | $-13.5M | $12.2M |
| Gross Margin | 41.0% | 17.6% |
| Operating Margin | -33.6% | 1.5% |
| Net Margin | -26.0% | 20.0% |
| Revenue YoY | -31.3% | 21.8% |
| Net Profit YoY | 4.8% | 535.7% |
| EPS (diluted) | $-3.58 | $0.44 |
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 | $60.9M | ||
| Q3 25 | $61.6M | $41.9M | ||
| Q2 25 | $78.1M | $44.0M | ||
| Q1 25 | $74.5M | $99.0M | ||
| Q4 24 | $75.6M | $50.0M | ||
| Q3 24 | $88.8M | $70.1M | ||
| Q2 24 | $94.6M | $12.2M | ||
| Q1 24 | $84.9M | $15.9M |
| Q4 25 | $-13.5M | $12.2M | ||
| Q3 25 | $-18.5M | $-1.5M | ||
| Q2 25 | $-17.5M | $1.5M | ||
| Q1 25 | $-15.9M | $3.0M | ||
| Q4 24 | $-14.2M | $1.9M | ||
| Q3 24 | $-23.6M | $2.6M | ||
| Q2 24 | $-26.4M | $1.4M | ||
| Q1 24 | $-10.5M | $15.0K |
| Q4 25 | 41.0% | 17.6% | ||
| Q3 25 | 36.9% | 11.1% | ||
| Q2 25 | 35.7% | 17.8% | ||
| Q1 25 | 38.2% | 9.3% | ||
| Q4 24 | 42.1% | 14.4% | ||
| Q3 24 | 28.0% | 11.3% | ||
| Q2 24 | 27.6% | 37.3% | ||
| Q1 24 | 21.9% | 17.1% |
| Q4 25 | -33.6% | 1.5% | ||
| Q3 25 | -25.3% | -2.2% | ||
| Q2 25 | -20.4% | 5.1% | ||
| Q1 25 | -17.6% | 4.2% | ||
| Q4 24 | -15.7% | 0.0% | ||
| Q3 24 | -24.6% | 5.4% | ||
| Q2 24 | -30.8% | 14.0% | ||
| Q1 24 | -30.4% | 1.6% |
| Q4 25 | -26.0% | 20.0% | ||
| Q3 25 | -30.1% | -3.6% | ||
| Q2 25 | -22.4% | 3.4% | ||
| Q1 25 | -21.3% | 3.0% | ||
| Q4 24 | -18.7% | 3.8% | ||
| Q3 24 | -26.6% | 3.8% | ||
| Q2 24 | -27.9% | 11.5% | ||
| Q1 24 | -12.4% | 0.1% |
| Q4 25 | $-3.58 | $0.44 | ||
| Q3 25 | $-2.30 | $-0.06 | ||
| Q2 25 | $-2.23 | $0.06 | ||
| Q1 25 | $-0.21 | $0.12 | ||
| Q4 24 | $-3.41 | $0.08 | ||
| Q3 24 | $-3.37 | $0.10 | ||
| Q2 24 | $-3.80 | $0.06 | ||
| Q1 24 | $-0.16 | $0.00 |
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 | $85.5M |
| Total DebtLower is stronger | $305.1M | — |
| Stockholders' EquityBook value | $30.5M | $76.6M |
| Total Assets | $405.0M | $184.9M |
| Debt / EquityLower = less leverage | 10.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | $85.5M | ||
| Q3 25 | $54.6M | $70.7M | ||
| Q2 25 | $63.6M | — | ||
| Q1 25 | $43.9M | — | ||
| Q4 24 | $63.6M | $23.2M | ||
| Q3 24 | $69.1M | $46.4M | ||
| Q2 24 | $75.7M | $8.3M | ||
| Q1 24 | $69.9M | $14.4M |
| 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 | $76.6M | ||
| Q3 25 | $42.7M | $63.4M | ||
| Q2 25 | $58.2M | $9.5M | ||
| Q1 25 | $67.2M | $9.4M | ||
| Q4 24 | $80.3M | $7.1M | ||
| Q3 24 | $90.3M | $7.7M | ||
| Q2 24 | $109.4M | $5.2M | ||
| Q1 24 | $131.7M | $3.7M |
| Q4 25 | $405.0M | $184.9M | ||
| Q3 25 | $385.2M | $165.4M | ||
| Q2 25 | $429.2M | $139.5M | ||
| Q1 25 | $419.2M | $113.5M | ||
| Q4 24 | $459.1M | $96.6M | ||
| Q3 24 | $479.3M | $67.3M | ||
| Q2 24 | $511.3M | $28.9M | ||
| Q1 24 | $521.1M | $26.8M |
| 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 | $16.3M |
| Free Cash FlowOCF − Capex | — | $15.8M |
| FCF MarginFCF / Revenue | — | 25.9% |
| Capex IntensityCapex / Revenue | 0.0% | 0.9% |
| Cash ConversionOCF / Net Profit | — | 1.34× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.6M | $16.3M | ||
| Q3 25 | $-2.1M | $-18.4M | ||
| Q2 25 | $24.5M | $16.3M | ||
| Q1 25 | $-15.9M | $20.6M | ||
| Q4 24 | $772.0K | $-21.6M | ||
| Q3 24 | $-5.0K | $38.6M | ||
| Q2 24 | $10.0M | $-4.3M | ||
| Q1 24 | $-16.0M | $2.6M |
| Q4 25 | — | $15.8M | ||
| Q3 25 | — | $-24.9M | ||
| Q2 25 | — | $5.4M | ||
| Q1 25 | $-16.0M | $5.8M | ||
| Q4 24 | — | $-28.4M | ||
| Q3 24 | $-36.0K | $38.6M | ||
| Q2 24 | — | $-6.0M | ||
| Q1 24 | — | $2.6M |
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | -59.3% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | -21.5% | 5.8% | ||
| Q4 24 | — | -56.7% | ||
| Q3 24 | -0.0% | 55.1% | ||
| Q2 24 | — | -49.4% | ||
| Q1 24 | — | 16.4% |
| Q4 25 | 0.0% | 0.9% | ||
| Q3 25 | 0.0% | 15.3% | ||
| Q2 25 | 0.0% | 24.8% | ||
| Q1 25 | 0.1% | 15.0% | ||
| Q4 24 | 0.0% | 13.4% | ||
| Q3 24 | 0.0% | 0.1% | ||
| Q2 24 | 0.0% | 13.8% | ||
| Q1 24 | 0.0% | 0.2% |
| Q4 25 | — | 1.34× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 11.02× | ||
| Q1 25 | — | 6.93× | ||
| Q4 24 | — | -11.32× | ||
| Q3 24 | — | 14.60× | ||
| Q2 24 | — | -3.09× | ||
| Q1 24 | — | 176.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SST
Segment breakdown not available.
TSSI
| Procurement Revenues Segment | $43.2M | 71% |
| System Integration Services Segment | $14.2M | 23% |
| Facilities Segment | $3.5M | 6% |
