secwatch.observer — SEC 8-K summary
======================================

Issuer:     System1, Inc. (SST)
CIK:        0001805833
Form:       8-K
Filed at:   2025-05-06T23:59:59+00:00
Accession:  0001628280-25-022669
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1805833/000162828025022669/0001628280-25-022669-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1805833/000162828025022669/sst-20250506.htm
  HTML page:      https://secwatch.observer/filing/0001628280-25-022669

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer