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Side-by-side financial comparison of System1, Inc. (SST) and Twist Bioscience Corp (TWST). Click either name above to swap in a different company.
Twist Bioscience Corp is the larger business by last-quarter revenue ($103.7M vs $51.9M, roughly 2.0× System1, Inc.). System1, Inc. runs the higher net margin — -26.0% vs -29.4%, a 3.5% gap on every dollar of revenue. On growth, Twist Bioscience Corp posted the faster year-over-year revenue change (16.9% vs -31.3%).
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.
Twist Bioscience is a public biotechnology company based in South San Francisco that manufactures synthetic DNA and DNA products for customers in a wide range of industries. Twist was founded in 2013 by Emily Leproust, Bill Banyai, and Bill Peck.
SST vs TWST — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $103.7M |
| Net Profit | $-13.5M | $-30.5M |
| Gross Margin | 41.0% | 52.0% |
| Operating Margin | -33.6% | -31.7% |
| Net Margin | -26.0% | -29.4% |
| Revenue YoY | -31.3% | 16.9% |
| Net Profit YoY | 4.8% | 3.4% |
| EPS (diluted) | $-3.58 | $-0.50 |
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 | $103.7M | ||
| Q3 25 | $61.6M | — | ||
| Q2 25 | $78.1M | — | ||
| Q1 25 | $74.5M | — | ||
| Q4 24 | $75.6M | — | ||
| Q3 24 | $88.8M | — | ||
| Q2 24 | $94.6M | — | ||
| Q1 24 | $84.9M | — |
| Q4 25 | $-13.5M | $-30.5M | ||
| Q3 25 | $-18.5M | — | ||
| Q2 25 | $-17.5M | — | ||
| Q1 25 | $-15.9M | — | ||
| Q4 24 | $-14.2M | — | ||
| Q3 24 | $-23.6M | — | ||
| Q2 24 | $-26.4M | — | ||
| Q1 24 | $-10.5M | — |
| Q4 25 | 41.0% | 52.0% | ||
| 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 | -33.6% | -31.7% | ||
| Q3 25 | -25.3% | — | ||
| Q2 25 | -20.4% | — | ||
| Q1 25 | -17.6% | — | ||
| Q4 24 | -15.7% | — | ||
| Q3 24 | -24.6% | — | ||
| Q2 24 | -30.8% | — | ||
| Q1 24 | -30.4% | — |
| Q4 25 | -26.0% | -29.4% | ||
| Q3 25 | -30.1% | — | ||
| Q2 25 | -22.4% | — | ||
| Q1 25 | -21.3% | — | ||
| Q4 24 | -18.7% | — | ||
| Q3 24 | -26.6% | — | ||
| Q2 24 | -27.9% | — | ||
| Q1 24 | -12.4% | — |
| Q4 25 | $-3.58 | $-0.50 | ||
| Q3 25 | $-2.30 | — | ||
| Q2 25 | $-2.23 | — | ||
| Q1 25 | $-0.21 | — | ||
| Q4 24 | $-3.41 | — | ||
| Q3 24 | $-3.37 | — | ||
| Q2 24 | $-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 | $86.9M | $197.9M |
| Total DebtLower is stronger | $305.1M | — |
| Stockholders' EquityBook value | $30.5M | $456.1M |
| Total Assets | $405.0M | $638.1M |
| Debt / EquityLower = less leverage | 10.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | $197.9M | ||
| Q3 25 | $54.6M | — | ||
| Q2 25 | $63.6M | — | ||
| Q1 25 | $43.9M | — | ||
| Q4 24 | $63.6M | — | ||
| Q3 24 | $69.1M | — | ||
| Q2 24 | $75.7M | — | ||
| Q1 24 | $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 | $456.1M | ||
| Q3 25 | $42.7M | — | ||
| Q2 25 | $58.2M | — | ||
| Q1 25 | $67.2M | — | ||
| Q4 24 | $80.3M | — | ||
| Q3 24 | $90.3M | — | ||
| Q2 24 | $109.4M | — | ||
| Q1 24 | $131.7M | — |
| Q4 25 | $405.0M | $638.1M | ||
| Q3 25 | $385.2M | — | ||
| Q2 25 | $429.2M | — | ||
| Q1 25 | $419.2M | — | ||
| Q4 24 | $459.1M | — | ||
| Q3 24 | $479.3M | — | ||
| Q2 24 | $511.3M | — | ||
| Q1 24 | $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 | $-10.6M | $-24.8M |
| Free Cash FlowOCF − Capex | — | $-34.8M |
| FCF MarginFCF / Revenue | — | -33.5% |
| Capex IntensityCapex / Revenue | 0.0% | 9.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.6M | $-24.8M | ||
| Q3 25 | $-2.1M | — | ||
| Q2 25 | $24.5M | — | ||
| Q1 25 | $-15.9M | — | ||
| Q4 24 | $772.0K | — | ||
| Q3 24 | $-5.0K | — | ||
| Q2 24 | $10.0M | — | ||
| Q1 24 | $-16.0M | — |
| Q4 25 | — | $-34.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-16.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-36.0K | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -33.5% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -21.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.0% | 9.6% | ||
| 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
SST
Segment breakdown not available.
TWST
| Industrial Chemicals | $37.2M | 36% |
| Diagnostics | $35.3M | 34% |
| Food Or Agriculture | $12.8M | 12% |
| Academic Research | $12.2M | 12% |
| Health Care | $6.1M | 6% |
