System1 Q2 revenue $94.6M, adjusted EBITDA $9.9M both above guidance; Q3 guide $86-88M revenue

System1, Inc.

2024-Q2 EPS reported -$0.54 revenue$179,498,000

Revenue of $94.6M, up $9.7M QoQ; gross profit $26.1M (+40% QoQ); adjusted gross profit $38.8M (+24% QoQ).
GAAP net loss widened to $34.8M (+152% QoQ); adjusted EBITDA improved to $9.9M (+$9.5M QoQ).
Q3 2024 guidance: revenue $86M-$88M, adj EBITDA $8M-$10M, reflecting sequential moderation.
Renewed Google monetization relationship; CouponFollow organic visitors +36% YoY; Startpage Private Browser launched.

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