---
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"
generated_at: "2026-05-22T13:29:30.160153+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-022742
- JSON: https://secwatch.observer/filing/0001628280-25-022742.json
- Plain text: https://secwatch.observer/filing/0001628280-25-022742.txt

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