---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-011713"
form_type: "8-K"
ticker: "SST"
cik: "0001805833"
company_name: "System1, Inc."
filed_at: "2025-03-10T23:59:59+00:00"
generated_at: "2026-05-25T01:55:24.437572+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# System1 Q4 2024 revenue down 21% YoY to $75.6M; adjusted EBITDA improves to $17.9M

## Summary
- Revenue $75.6M, down 21% YoY from $96.1M; net loss from continuing ops $18.0M vs $25.4M loss a year ago.
- Adjusted EBITDA $17.9M vs $10.0M in Q4 2023, driven by sharp reduction in advertising spend to $32.7M (down 38%).
- O&O revenue $64.7M (-19% YoY); O&O sessions rose 79% to 1.9B but RPS fell to $0.03 from $0.07.
- Partner Network revenue $10.9M (-35% YoY); total company operating loss narrowed to $11.9M from $19.1M.

## SEC filing metadata
- accession: 0001628280-25-011713
- form_type: 8-K
- ticker: SST
- cik: 0001805833
- company_name: System1, Inc.
- filed_at: 2025-03-10T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1805833/000162828025011713/0001628280-25-011713-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1805833/000162828025011713/sst-20250310.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-011713
- JSON: https://secwatch.observer/filing/0001628280-25-011713.json
- Plain text: https://secwatch.observer/filing/0001628280-25-011713.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.