System1 financials
$2.70−0.37%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 |
|---|---|---|---|---|
| Revenue | $266.1M | $343.9M | $402.0M | $664.9M |
| Gross profit | $100.4M | $101.3M | $153.2M | $184.6M |
| Gross margin | 37.7% | 29.5% | 38.1% | 27.8% |
| Operating income | -$62.0M | -$88.6M | -$86.0M | -$494.3M |
| Net income | -$65.3M | -$74.7M | -$227.2M | -$330.4M |
| Net margin | −24.6% | −21.7% | −56.5% | −49.7% |
| Diluted EPS | $-8.32 | $-10.74 | $-24.80 | $-37.00 |
| EBITDA | $20.8M | -$8.5M | $19.2M | -$2.9M |
| Operating cash flow | -$4.1M | -$5.3M | -$24.7M | $3.3M |
| Free cash flow | -$10.6M | -$11.5M | -$32.7M | -$6.6M |
| Diluted shares | 7.9M | 7.0M | 9.1M | 8.9M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|
| Cash & equivalents | $86.9M | $63.6M | $135.3M | $8.9M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 |
| Total debt | $305.1M | $271.5M | $349.5M | $414.5M |
| Total assets | $405.0M | $459.1M | $605.5M | $1.16B |
| Total liabilities | $387.6M | $374.1M | $436.2M | $689.8M |
| Shareholders' equity | $17.4M | $85.0M | $169.3M | $470.7M |
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