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Side-by-side financial comparison of System1, Inc. (SST) and Vitesse Energy, Inc. (VTS). Click either name above to swap in a different company.
Vitesse Energy, Inc. is the larger business by last-quarter revenue ($58.6M vs $51.9M, roughly 1.1× System1, Inc.). Vitesse Energy, Inc. runs the higher net margin — -1.3% vs -26.0%, a 24.7% gap on every dollar of revenue. On growth, Vitesse Energy, Inc. posted the faster year-over-year revenue change (4.8% vs -31.3%). Over the past eight quarters, Vitesse Energy, Inc.'s revenue compounded faster (-2.1% 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.
Vitesse Energy, Inc. is a U.S.-headquartered independent energy company focused on exploration, development, and production of oil and natural gas assets. It operates primarily in high-potential onshore basins including North Dakota's Williston Basin, serving domestic and global upstream energy market demand.
SST vs VTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $58.6M |
| Net Profit | $-13.5M | $-739.0K |
| Gross Margin | 41.0% | — |
| Operating Margin | -33.6% | -12.0% |
| Net Margin | -26.0% | -1.3% |
| Revenue YoY | -31.3% | 4.8% |
| Net Profit YoY | 4.8% | 85.6% |
| EPS (diluted) | $-3.58 | $-0.01 |
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 | $58.6M | ||
| Q3 25 | $61.6M | $67.4M | ||
| Q2 25 | $78.1M | $81.8M | ||
| Q1 25 | $74.5M | $66.2M | ||
| Q4 24 | $75.6M | $55.9M | ||
| Q3 24 | $88.8M | $58.3M | ||
| Q2 24 | $94.6M | $66.6M | ||
| Q1 24 | $84.9M | $61.2M |
| Q4 25 | $-13.5M | $-739.0K | ||
| Q3 25 | $-18.5M | $-1.3M | ||
| Q2 25 | $-17.5M | $24.7M | ||
| Q1 25 | $-15.9M | $2.7M | ||
| Q4 24 | $-14.2M | $-5.1M | ||
| Q3 24 | $-23.6M | $17.4M | ||
| Q2 24 | $-26.4M | $10.9M | ||
| Q1 24 | $-10.5M | $-2.2M |
| 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 | -33.6% | -12.0% | ||
| Q3 25 | -25.3% | 0.2% | ||
| Q2 25 | -20.4% | 22.8% | ||
| Q1 25 | -17.6% | 8.1% | ||
| Q4 24 | -15.7% | 3.7% | ||
| Q3 24 | -24.6% | 15.4% | ||
| Q2 24 | -30.8% | 25.2% | ||
| Q1 24 | -30.4% | 21.4% |
| Q4 25 | -26.0% | -1.3% | ||
| Q3 25 | -30.1% | -1.9% | ||
| Q2 25 | -22.4% | 30.2% | ||
| Q1 25 | -21.3% | 4.0% | ||
| Q4 24 | -18.7% | -9.2% | ||
| Q3 24 | -26.6% | 29.9% | ||
| Q2 24 | -27.9% | 16.4% | ||
| Q1 24 | -12.4% | -3.6% |
| Q4 25 | $-3.58 | $-0.01 | ||
| Q3 25 | $-2.30 | $-0.03 | ||
| Q2 25 | $-2.23 | $0.60 | ||
| Q1 25 | $-0.21 | $0.08 | ||
| Q4 24 | $-3.41 | $-0.15 | ||
| Q3 24 | $-3.37 | $0.53 | ||
| Q2 24 | $-3.80 | $0.33 | ||
| Q1 24 | $-0.16 | $-0.07 |
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 | — |
| Total DebtLower is stronger | $305.1M | — |
| Stockholders' EquityBook value | $30.5M | $629.3M |
| Total Assets | $405.0M | $893.4M |
| Debt / EquityLower = less leverage | 10.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | — | ||
| Q3 25 | $54.6M | — | ||
| Q2 25 | $63.6M | — | ||
| Q1 25 | $43.9M | $4.5M | ||
| Q4 24 | $63.6M | $3.0M | ||
| 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 | $629.3M | ||
| Q3 25 | $42.7M | $650.3M | ||
| Q2 25 | $58.2M | $671.9M | ||
| Q1 25 | $67.2M | $667.7M | ||
| Q4 24 | $80.3M | $500.3M | ||
| Q3 24 | $90.3M | $520.4M | ||
| Q2 24 | $109.4M | $518.5M | ||
| Q1 24 | $131.7M | $522.7M |
| Q4 25 | $405.0M | $893.4M | ||
| Q3 25 | $385.2M | $932.9M | ||
| Q2 25 | $429.2M | $951.5M | ||
| Q1 25 | $419.2M | $975.2M | ||
| Q4 24 | $459.1M | $810.9M | ||
| Q3 24 | $479.3M | $791.2M | ||
| Q2 24 | $511.3M | $778.4M | ||
| Q1 24 | $521.1M | $749.7M |
| 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 | $37.4M |
| 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 | $37.4M | ||
| Q3 25 | $-2.1M | $49.4M | ||
| Q2 25 | $24.5M | $66.0M | ||
| Q1 25 | $-15.9M | $17.5M | ||
| Q4 24 | $772.0K | $34.7M | ||
| Q3 24 | $-5.0K | $45.7M | ||
| Q2 24 | $10.0M | $35.2M | ||
| Q1 24 | $-16.0M | $39.4M |
| 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 | — | 2.68× | ||
| Q1 25 | — | 6.56× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.62× | ||
| Q2 24 | — | 3.22× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SST
Segment breakdown not available.
VTS
| Oil Reserves | $54.5M | 93% |
| Natural Gas Reserves | $4.2M | 7% |
