---
schema_version: "secwatch.filing_event.v1"
accession: "0001805833-23-000022"
form_type: "8-K"
ticker: "SST"
cik: "0001805833"
company_name: "System1, Inc."
filed_at: "2023-03-17T23:59:59+00:00"
generated_at: "2026-06-17T23:41:40.389414+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# System1 restates Q1-Q3 2022 results, delays Q4/FY2022 earnings; errors up to $20M net income impact

## Summary
- Errors in accounting for business combination intangible valuations, equity awards, and CouponFollow acquisition lead to material misstatements.
- Impact to net income (loss) of up to $15M-$20M in affected quarters.
- Q1, Q2, Q3 2022 financial statements should no longer be relied upon; amendments to be filed.
- Additional material weaknesses in internal control identified; controls not effective as of Dec 31, 2022.
- Q4/FY2022 earnings release postponed; no material changes expected to previously reported revenue or cash expenses.

## SEC filing metadata
- accession: 0001805833-23-000022
- form_type: 8-K
- ticker: SST
- cik: 0001805833
- company_name: System1, Inc.
- filed_at: 2023-03-17T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000022/0001805833-23-000022-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000022/sst-20230315.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001805833-23-000022
- JSON: https://secwatch.observer/filing/0001805833-23-000022.json
- Plain text: https://secwatch.observer/filing/0001805833-23-000022.txt

## Key facts
- Auditor Changes
  System1, Inc. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: As a result, management of the Company and the Audit Committee determined that the previously issued condensed consolidated quarterly financial statements included in the Q1 2022 Form 10-Q, Q2 2022 Form 10-Q and Q3 2022 Form 10-Q, were materially misstated and accordingly each require restatement and should no longer be relied upon.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000022/0001805833-23-000022-index.htm

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