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Side-by-side financial comparison of System1, Inc. (SST) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $51.9M, roughly 1.8× System1, Inc.). Vericel Corp runs the higher net margin — 25.0% vs -26.0%, a 51.0% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -31.3%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
SST vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $92.9M |
| Net Profit | $-13.5M | $23.2M |
| Gross Margin | 41.0% | 78.7% |
| Operating Margin | -33.6% | 24.1% |
| Net Margin | -26.0% | 25.0% |
| Revenue YoY | -31.3% | 23.3% |
| Net Profit YoY | 4.8% | 17.3% |
| EPS (diluted) | $-3.58 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $61.6M | $67.5M | ||
| Q2 25 | $78.1M | $63.2M | ||
| Q1 25 | $74.5M | $52.6M | ||
| Q4 24 | $75.6M | $75.4M | ||
| Q3 24 | $88.8M | $57.9M | ||
| Q2 24 | $94.6M | $52.7M | ||
| Q1 24 | $84.9M | $51.3M |
| Q4 25 | $-13.5M | $23.2M | ||
| Q3 25 | $-18.5M | $5.1M | ||
| Q2 25 | $-17.5M | $-553.0K | ||
| Q1 25 | $-15.9M | $-11.2M | ||
| Q4 24 | $-14.2M | $19.8M | ||
| Q3 24 | $-23.6M | $-901.0K | ||
| Q2 24 | $-26.4M | $-4.7M | ||
| Q1 24 | $-10.5M | $-3.9M |
| Q4 25 | 41.0% | 78.7% | ||
| Q3 25 | 36.9% | 73.5% | ||
| Q2 25 | 35.7% | 73.7% | ||
| Q1 25 | 38.2% | 69.0% | ||
| Q4 24 | 42.1% | 77.6% | ||
| Q3 24 | 28.0% | 71.9% | ||
| Q2 24 | 27.6% | 69.5% | ||
| Q1 24 | 21.9% | 68.9% |
| Q4 25 | -33.6% | 24.1% | ||
| Q3 25 | -25.3% | 5.1% | ||
| Q2 25 | -20.4% | -3.2% | ||
| Q1 25 | -17.6% | -24.3% | ||
| Q4 24 | -15.7% | 24.5% | ||
| Q3 24 | -24.6% | -4.3% | ||
| Q2 24 | -30.8% | -11.5% | ||
| Q1 24 | -30.4% | -10.7% |
| Q4 25 | -26.0% | 25.0% | ||
| Q3 25 | -30.1% | 7.5% | ||
| Q2 25 | -22.4% | -0.9% | ||
| Q1 25 | -21.3% | -21.4% | ||
| Q4 24 | -18.7% | 26.3% | ||
| Q3 24 | -26.6% | -1.6% | ||
| Q2 24 | -27.9% | -8.9% | ||
| Q1 24 | -12.4% | -7.5% |
| Q4 25 | $-3.58 | $0.46 | ||
| Q3 25 | $-2.30 | $0.10 | ||
| Q2 25 | $-2.23 | $-0.01 | ||
| Q1 25 | $-0.21 | $-0.23 | ||
| Q4 24 | $-3.41 | $0.40 | ||
| Q3 24 | $-3.37 | $-0.02 | ||
| Q2 24 | $-3.80 | $-0.10 | ||
| Q1 24 | $-0.16 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | $305.1M | — |
| Stockholders' EquityBook value | $30.5M | $354.6M |
| Total Assets | $405.0M | $488.0M |
| Debt / EquityLower = less leverage | 10.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | $137.5M | ||
| Q3 25 | $54.6M | $135.4M | ||
| Q2 25 | $63.6M | $116.9M | ||
| Q1 25 | $43.9M | $112.9M | ||
| Q4 24 | $63.6M | $116.2M | ||
| Q3 24 | $69.1M | $101.7M | ||
| Q2 24 | $75.7M | $102.5M | ||
| Q1 24 | $69.9M | $110.6M |
| 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 | $354.6M | ||
| Q3 25 | $42.7M | $321.9M | ||
| Q2 25 | $58.2M | $306.8M | ||
| Q1 25 | $67.2M | $295.5M | ||
| Q4 24 | $80.3M | $292.0M | ||
| Q3 24 | $90.3M | $257.5M | ||
| Q2 24 | $109.4M | $243.0M | ||
| Q1 24 | $131.7M | $233.9M |
| Q4 25 | $405.0M | $488.0M | ||
| Q3 25 | $385.2M | $453.3M | ||
| Q2 25 | $429.2M | $435.6M | ||
| Q1 25 | $419.2M | $424.6M | ||
| Q4 24 | $459.1M | $432.7M | ||
| Q3 24 | $479.3M | $390.4M | ||
| Q2 24 | $511.3M | $376.8M | ||
| Q1 24 | $521.1M | $356.7M |
| 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 | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | 0.0% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.6M | $15.0M | ||
| Q3 25 | $-2.1M | $22.1M | ||
| Q2 25 | $24.5M | $8.2M | ||
| Q1 25 | $-15.9M | $6.6M | ||
| Q4 24 | $772.0K | $22.2M | ||
| Q3 24 | $-5.0K | $10.2M | ||
| Q2 24 | $10.0M | $18.5M | ||
| Q1 24 | $-16.0M | $7.2M |
| Q4 25 | — | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | $-16.0M | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | $-36.0K | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | -21.5% | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | -0.0% | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | -13.3% |
| Q4 25 | 0.0% | 2.4% | ||
| Q3 25 | 0.0% | 3.9% | ||
| Q2 25 | 0.0% | 12.9% | ||
| Q1 25 | 0.1% | 27.0% | ||
| Q4 24 | 0.0% | 18.3% | ||
| Q3 24 | 0.0% | 33.5% | ||
| Q2 24 | 0.0% | 31.8% | ||
| Q1 24 | 0.0% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SST
Segment breakdown not available.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
