{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-25-022742","form_type":"8-K","ticker":"SST","cik":"0001805833","company_name":"System1, Inc.","filed_at":"2025-05-06T23:59:59+00:00","discovered_at":"2026-05-14T18:02:49.799455+00:00","generated_at":"2026-05-22T13:29:30.160153+00:00","sec_items":["7.01","9.01"],"event_type":"earnings","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"System1 Q1 2025 revenue $74.5M, Adj EBITDA $12.1M; O&O spread improves to 92%","bullets":["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)."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-25-022742","json":"https://secwatch.observer/filing/0001628280-25-022742.json","markdown":"https://secwatch.observer/filing/0001628280-25-022742.md","text":"https://secwatch.observer/filing/0001628280-25-022742.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1805833/000162828025022742/0001628280-25-022742-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1805833/000162828025022742/sst-20250506.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-22T13:29:30.160153+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}