System1 Q1 revenue down 12% to $74.5M, adjusted EBITDA surges 2754%, no Q2 guidance

System1, Inc.

2025-Q1 EPS reported -$0.21 revenue$74,513,000

Revenue $74.5M (-12% YoY); GAAP net loss $19.9M (+44% YoY).
Adjusted EBITDA $12.1M (+2754% YoY); all key metrics at or above high-end of guidance.
GAAP gross profit $28.4M (+53% YoY); adjusted gross profit $41.5M (+33% YoY).
No Q2 guidance due to advertising partner marketplace uncertainty and tariff policy volatility.
CouponFollow organic sessions up 162% YoY; MapQuest naming generator had 280K users, 820K names.

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