System1, Inc. (SST) Income Statement
SST 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSST revenue and net income
Where SST's revenue goes
2025Each bar shows an amount and its share of revenue. SST kept −24.6% of revenue as net income.
SST profit margins
SST growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −22.6% | −26.3% | −11.0% | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SST quarterly EPS vs estimates
System1 beat the analyst EPS estimate in 5 of the last 7 quarters. Next report: November 4, 2026 (estimate $-1.30).
SST income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $266.1M | $343.9M | $402.0M | $664.9M | $688.4M | $476.0M | $407.5M | $265.5M |
| Cost of revenue | $288.3M | $385.2M | $433.7M | $720.0M | $601.7M | $341.0M | $275.8M | $171.0M |
| Gross profit | −$22.2M | −$41.3M | −$31.7M | −$55.1M | $86.6M | $135.0M | $131.7M | $94.5M |
| Research & development | — | $3.0M | $3.0M | $822,000 | $4.9M | — | — | — |
| Sales, general & admin | $162.4M | $160.9M | $160.8M | $305.3M | $102.6M | $78.5M | $68.3M | $66.5M |
| Total operating expenses | $39.9M | $47.3M | $54.3M | $66.5M | $35.8M | $806,028 | $79.6M | $71.8M |
| Operating income | −$62.0M | −$88.6M | −$86.0M | −$121.6M | $50.8M | −$806,028 | $52.1M | $22.7M |
| Interest income | $27.6M | $31.6M | $48.7M | $33.1M | $3.2M | $24.4M | $26.0M | $19.0M |
| Interest expense | $27.6M | $31.6M | $48.7M | $32.7M | $16.9M | $24.4M | $26.0M | $19.0M |
| Income before taxes | −$84.1M | −$97.7M | −$131.6M | −$530.7M | $34.0M | −$29.9M | $25.0M | $3.7M |
| Income taxes | −$2.9M | −$370,000 | −$20.4M | −$109.3M | $965,000 | $1.9M | $702,000 | $24.6M |
| Net income | −$65.3M | −$74.7M | −$223.0M | −$367.5M | $33.0M | −$29.9M | $8.8M | −$21.0M |
| EBITDA | $20.8M | −$8.5M | $19.2M | −$51.1M | $64.7M | −$806,028 | $62.2M | $25.5M |
| EPS (diluted) | −$8.36 | −$9.84 | −$16.54 | −$10.40 | $0.30 | −$4.59 | — | — |
| Gross margin | −8.3% | −12.0% | −7.9% | −8.3% | 12.6% | 28.4% | 32.3% | 35.6% |
| Operating margin | −23.3% | −25.8% | −21.4% | −18.3% | 7.4% | −0.2% | 12.8% | 8.5% |
| Net margin | −24.6% | −21.7% | −55.5% | −55.3% | 4.8% | −6.3% | 2.2% | −7.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Cost of revenue | $5.9M | $41.9M | $58.2M | $67.6M | $76.5M | $71.1M | $77.0M | $100.5M | $109.7M | $98.0M | $102.3M | $96.9M |
| Gross profit | $24.3M | −$4.6M | −$6.3M | −$6.1M | $1.6M | $3.4M | −$1.4M | −$11.6M | −$15.1M | −$13.1M | −$6.2M | −$9.0M |
| Research & development | — | — | — | — | $1.8M | — | — | — | $1.1M | $934,000 | $869,000 | $716,000 |
| Sales, general & admin | $31.7M | $37.6M | $38.8M | $38.3M | $43.8M | $41.6M | $36.4M | $39.3M | $47.9M | $37.2M | $36.3M | $38.5M |
| Total operating expenses | $32.6M | $9.6M | $11.2M | $9.5M | $17.5M | $16.6M | $10.5M | $10.2M | $14.0M | $12.7M | $12.3M | $11.8M |
| Operating income | −$8.3M | −$14.2M | −$17.4M | −$15.6M | −$15.9M | −$13.1M | −$11.9M | −$21.8M | −$29.1M | −$25.8M | −$18.5M | −$20.9M |
| Interest income | — | — | $6.3M | $7.1M | $7.1M | $7.1M | $7.8M | $8.0M | — | — | — | — |
| Interest expense | $7.1M | $6.6M | $6.3M | $7.1M | $7.1M | $7.1M | $7.8M | $8.0M | $7.9M | $8.0M | $12.0M | $13.1M |
| Income before taxes | −$15.4M | −$57.7M | −$18.2M | −$22.5M | −$23.1M | −$20.2M | −$18.8M | −$30.1M | −$35.0M | −$13.8M | −$33.6M | −$27.0M |
| Income taxes | −$75,000 | −$75,000 | −$398,000 | −$543,000 | −$1.5M | −$387,000 | −$729,000 | $585,000 | −$178,000 | −$48,000 | −$9.7M | −$1.1M |
| Net income | −$12.6M | −$47.1M | −$13.5M | −$18.5M | −$17.5M | −$15.9M | −$14.2M | −$23.6M | −$26.4M | −$10.5M | −$22.4M | −$131.5M |
| EBITDA | $10.7M | −$2.1M | $3.6M | $5.2M | $4.7M | $7.4M | $8.3M | −$1.7M | −$9.1M | −$6.0M | $1.2M | $7.1M |
| EPS (diluted) | −$1.54 | −$5.82 | −$1.93 | −$2.30 | −$2.23 | −$1.90 | −$0.23 | −$2.43 | −$3.06 | −$4.12 | −$0.21 | −$14.00 |
| Gross margin | 80.4% | −12.5% | −12.1% | −9.8% | 2.1% | 4.6% | −1.9% | −13.1% | −16.0% | −15.4% | −6.4% | −10.3% |
| Operating margin | −27.5% | −38.2% | −33.6% | −25.3% | −20.4% | −17.6% | −15.7% | −24.6% | −30.8% | −30.4% | −19.2% | −23.7% |
| Net margin | −41.7% | −126.4% | −26.0% | −30.1% | −22.4% | −21.3% | −18.7% | −26.6% | −27.9% | −12.4% | −23.3% | −149.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SST's financial statements (latest annual report filed March 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SST financial results
In fiscal year 2025 (ended December 31, 2025), System1 reported revenue of $266.1 million, down 22.6% from the year before. It had a net loss of $65.3 million, a net profit margin of −24.6%. Diluted earnings per share came to −$8.36. Over five years revenue grew at an average rate of −11.0% a year.
See the SST stock overview for the latest quote and news, or the SST chart for price history and technical indicators.
SST income statement FAQ
What is System1's annual revenue?
System1 reported total revenue of $266.1 million for fiscal year 2025, which ended on December 31, 2025. That was down 22.6% from $343.9 million the previous year.
Is System1 profitable?
No. System1 reported a net loss of $65.3 million in fiscal 2025, a net profit margin of −24.6%; its operating margin was −23.3%.
What is System1's gross margin?
System1's gross margin was −8.3% in fiscal 2025: for every $100 of revenue, System1 kept $-8 after the direct cost of its products and services.
How fast is System1 growing?
Revenue grew −11.0% a year on average over the last five fiscal years, from $476.0 million to $266.1 million.
What are System1's earnings per share?
System1 earned $-8.36 per diluted share in fiscal 2025, compared with $-9.84 a year earlier.
When will System1 report its next earnings?
System1 is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does System1's fiscal year end?
System1's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 11, 2026.