---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-022669"
form_type: "8-K"
ticker: "SST"
cik: "0001805833"
company_name: "System1, Inc."
filed_at: "2025-05-06T23:59:59+00:00"
generated_at: "2026-05-22T13:28:25.636561+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-25-022669
- form_type: 8-K
- ticker: SST
- cik: 0001805833
- company_name: System1, Inc.
- filed_at: 2025-05-06T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1805833/000162828025022669/0001628280-25-022669-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1805833/000162828025022669/sst-20250506.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-022669
- JSON: https://secwatch.observer/filing/0001628280-25-022669.json
- Plain text: https://secwatch.observer/filing/0001628280-25-022669.txt

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