{"schema_version":"secwatch.filing_event.v1","accession":"0001805833-23-000082","form_type":"8-K","ticker":"SST","cik":"0001805833","company_name":"System1, Inc.","filed_at":"2023-06-06T23:59:59+00:00","discovered_at":"2026-05-14T18:03:40.690371+00:00","generated_at":"2026-06-14T06:45:35.566164+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"System1 reports Q4/FY 2022 results; net loss $51M (Q4) and $442M (FY); restates prior 2022 quarters","bullets":["Q4 revenue $187M (-7% YoY); adjusted EBITDA $26M (+18% YoY) in-line with guidance.","GAAP net loss $51M in Q4 (incl $26M goodwill impairment); FY net loss $442M (incl $366M impairment).","Filed restated 10-Qs for Q1-Q3 2022 correcting business combination accounting and intangible valuations.","Ended 2022 with 2.4M paying subscribers; renewed Google ad agreement through March 2025.","FY adjusted EBITDA $118M (successor period) vs $88M prior year; adjusted gross profit $235M vs $167M."],"urls":{"canonical":"https://secwatch.observer/filing/0001805833-23-000082","json":"https://secwatch.observer/filing/0001805833-23-000082.json","markdown":"https://secwatch.observer/filing/0001805833-23-000082.md","text":"https://secwatch.observer/filing/0001805833-23-000082.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1805833/000180583323000082/0001805833-23-000082-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1805833/000180583323000082/sst-20230606.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-14T06:45:35.566164+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":[{"claim_id":"1d93aa610410ebfcb26fd76e8ed6b91c3466c224","claim":"System1, Inc. reported Fourth Quarter 2022 results: revenue $187 million, net income Net loss of $51 million.","evidence_excerpt":"Fourth Quarter 2022 Financial Highlights • Revenue decreased 7% year-over-year to $187 million compared to $200 million in the prior year. • Gross profit increased 6% year-over-year to $47 million. • Adjusted Gross Profit increased 31% year-over-year to $59 million compared to $45 million in the prior year. • Net loss of $51 million, compared to $3 million of net income in the prior year.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1805833/000180583323000082/0001805833-23-000082-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"Fourth Quarter 2022"},{"label":"Revenue","value":"$187 million"},{"label":"Net income","value":"Net loss of $51 million"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"ebf8028d83b89fe432f1d2ac7a09890b92863b29","claim":"System1, Inc. reported FY 2022 results: revenue Revenue in the predecessor period was $53 million and revenue in the successor period was $774 million, net income Net loss in the predecessor period was $37 million and net loss in the successor period was $442 million.","evidence_excerpt":"FY 2022 Financial Highlights Exhibit 99.1 • Revenue in the predecessor period was $53 million and revenue in the successor period was $774 million, compared to $688 million in the prior year. Gross profit in the predecessor period was $6 million and gross profit in the successor period was $189 million, compared to $163 million in the prior year. • Adjusted Gross Profit in the predecessor period was $11 million and adjusted Gross Profit in the successor period was $235 million, compared to $167 million in the prior year. • Net loss in the predecessor period was $37 million and net loss in the successor period was $442 million, compared to net income of $33 million in the prior year.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1805833/000180583323000082/0001805833-23-000082-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"FY 2022"},{"label":"Revenue","value":"Revenue in the predecessor period was $53 million and revenue in the successor period was $774 million"},{"label":"Net income","value":"Net loss in the predecessor period was $37 million and net loss in the successor period was $442 million"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}