System1 financials
$2.70−0.37%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Quarter | Q2 '26 Jun 30 | Q1 '26 Mar 31 | Q4 '25 Dec 31 | Q3 '25 Sep 30 | Q2 '25 Jun 30 | Q1 '25 Mar 31 | Q4 '24 Dec 31 | Q3 '24 Sep 30 | Q2 '24 Jun 30 | Q1 '24 Mar 31 | Q4 '23 Dec 31 | Q3 '23 Sep 30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.2M | $37.2M | $51.9M | $61.6M | $78.1M | $74.5M | $75.6M | $88.8M | $94.6M | $84.9M | $96.1M | $87.8M |
| Gross profit | $24.3M | $23.4M | $21.3M | $22.7M | $27.9M | $28.4M | $31.8M | $24.8M | $26.1M | $18.6M | $37.6M | $37.2M |
| Gross margin | 80.4% | 62.8% | 41.0% | 36.9% | 35.7% | 38.2% | 42.1% | 28.0% | 27.6% | 21.9% | 39.1% | 42.4% |
| Operating income | -$8.3M | -$51.0M | -$17.4M | -$15.6M | -$15.9M | -$13.1M | -$11.9M | -$21.8M | -$29.1M | -$25.8M | -$19.1M | -$20.9M |
| Net income | -$12.6M | -$47.1M | -$13.5M | -$18.5M | -$17.5M | -$15.9M | -$14.2M | -$23.6M | -$26.4M | -$10.5M | -$27.6M | -$131.5M |
| Net margin | −41.7% | −126.4% | −26.0% | −30.1% | −22.4% | −21.3% | −18.7% | −26.6% | −27.9% | −12.4% | −28.7% | −149.7% |
| Diluted EPS | $-1.54 | $-5.82 | $-1.66 | $-2.30 | $-2.23 | $-2.14 | $-0.72 | $-3.37 | $-3.80 | $-1.60 | $-3.25 | $-13.90 |
| EBITDA | -$558.0K | -$2.1M | $3.6M | $5.2M | $4.7M | $7.4M | $8.3M | -$1.7M | -$9.1M | -$6.0M | $765.0K | $7.1M |
| Operating cash flow | -$2.0M | -$26.1M | -$10.6M | -$2.1M | $24.5M | -$15.9M | $772.0K | -$5.0K | $10.0M | -$16.0M | -$18.8M | -$7.3M |
| Free cash flow | -$2.0M | -$26.1M | -$12.3M | -$4.0M | $24.4M | -$16.0M | -$521.0K | -$1.7M | $8.4M | -$17.6M | -$19.9M | -$9.1M |
| Diluted shares | 8.2M | 8.1M | 8.1M | 8.1M | 7.8M | 7.4M | 19.6M | 7.0M | 6.9M | 6.8M | 8.5M | 9.4M |
Balance sheet
| Period end | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $40.5M | $51.5M | $86.9M | $54.6M | $63.6M | $43.9M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Total debt | $291.8M | $298.5M | $305.1M | $259.2M | $263.3M | $267.4M |
| Total assets | $291.4M | $320.3M | $405.0M | $385.2M | $429.2M | $419.2M |
| Total liabilities | $344.4M | $359.3M | $387.6M | $350.9M | $375.8M | $351.5M |
| Shareholders' equity | -$53.0M | -$39.0M | $17.4M | $34.3M | $53.4M | $67.7M |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology