6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $266M | -$65M | 37.7% | -23.3% | -$4M | $305M | $87M |
| 2024 | $344M | -$75M | 29.5% | -25.8% | -$5M | $272M | $64M |
| 2023 | $402M | -$227M | 0.0% | -21.4% | -$27M | $350M | $135M |
| 2022 | $612M | -$330M | 0.0% | -74.8% | -$229000 | $415M | $9M |
| 2021 | $688M | $33M | 0.0% | 7.4% | $61M | — | $48M |
| 2020 | — | -$30M | — | — | — | — | $843643 |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $37M | -$47M | 62.8% | -137.1% | -$26M | $298M | $52M |
| Dec '25 | $52M | -$13M | 41.0% | -33.6% | -$11M | $305M | $87M |
| Sep '25 | $62M | -$19M | 36.9% | -25.3% | -$2M | $259M | $55M |
| Jun '25 | $78M | -$17M | 35.7% | -20.4% | $24M | $263M | $64M |
| Mar '25 | $75M | -$16M | 38.2% | -17.6% | -$16M | $267M | $44M |
| Dec '24 | $76M | -$14M | 42.1% | -15.7% | $772000 | $272M | $64M |
| Sep '24 | $89M | -$24M | 28.0% | -24.6% | -$36000 | $276M | $69M |
| Jun '24 | $95M | -$26M | 27.6% | -30.8% | $10M | $280M | $76M |
| Mar '24 | $85M | -$11M | 21.9% | -30.4% | -$16M | $285M | $70M |
| Dec '23 | $96M | -$28M | 0.0% | -19.8% | -$19M | $350M | $135M |
| Sep '23 | $88M | -$131M | 0.0% | -23.7% | -$8M | $403M | $5M |
| Jun '23 | $97M | -$34M | 0.0% | -22.5% | $6M | $407M | $15M |
| Mar '23 | $121M | -$34M | 0.0% | -20.0% | -$7M | $411M | $8M |
| Dec '22 | $140M | -$27M | 0.0% | -38.8% | $4M | $415M | $9M |
| Sep '22 | $157M | -$242M | 0.0% | -226.4% | $7M | $419M | $17M |
| Jun '22 | $220M | -$26M | 0.0% | -14.2% | $22M | $424M | $37M |
| Mar '22 | $166M | -$36M | 0.0% | -23.8% | -$32M | — | $42M |
| Dec '21 | $200M | $3M | 0.0% | 3.8% | $21M | — | $48M |
| Sep '21 | $171M | $11M | 0.0% | 9.3% | $12M | — | $36M |
| Jun '21 | $170M | $12M | 0.0% | 9.6% | $17M | — | $35M |
How the market has priced SST against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, System1, Inc.'s revenue has declined 21.1% per year. These are computed facts, not advice.
As of FY2025, System1, Inc. reported $305M of total debt against $87M of cash; operating income covered interest expense -2.3×.
In FY2025, gross margin was 37.7%, operating margin -23.3%, and net margin -24.6%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.