System1 Q1 2025 revenue $74.5M, Adj EBITDA $12.1M; O&O spread improves to 92%

System1, Inc.

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

Revenue $74.5M, down 12% YoY from $84.9M; net loss from continuing ops $19.9M vs $13.8M.
Adjusted EBITDA $12.1M, a significant improvement from $0.4M in Q1 2024.
Owned & Operated revenue $57.9M; sessions up 6% to 1.28B; CPS fell to $0.02 from $0.04.
O&O direct adjusted gross profit spread rose to 92% from 48% YoY, driven by lower ad spend per session.
Partner network revenue $16.6M, up 4% YoY; network sessions 1.71B (+11% YoY).

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