System1 Q4 revenue down 21% but adjusted EBITDA up 79% YoY to $17.9M; FY2024 net loss narrows 13%

System1, Inc.

Q4 revenue $75.6M (-21% YoY), gross profit $31.8M (+28%), adjusted EBITDA $17.9M (+79%).
FY2024 revenue $343.9M (-14%), net loss $97.3M (-13%), adjusted EBITDA $38.6M (+32%).
Q1 2025 guidance: revenue $69-71M, adjusted EBITDA $9-11M, adjusted gross profit $38-40M.
RAMP campaign launches up 500%+ YoY; CouponFollow organic sessions up 129% YoY.
Google advertising arrangements renewed through 2027.

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