---
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"
generated_at: "2026-06-14T06:45:35.566164+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# System1 reports Q4/FY 2022 results; net loss $51M (Q4) and $442M (FY); restates prior 2022 quarters

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001805833-23-000082
- JSON: https://secwatch.observer/filing/0001805833-23-000082.json
- Plain text: https://secwatch.observer/filing/0001805833-23-000082.txt

## Key facts
- Earnings Releases
  System1, Inc. reported Fourth Quarter 2022 results: revenue $187 million, net income Net loss of $51 million.
  - Period: Fourth Quarter 2022
  - Revenue: $187 million
  - Net income: Net loss of $51 million
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000082/0001805833-23-000082-index.htm
- Earnings Releases
  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.
  - Period: FY 2022
  - 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
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000082/0001805833-23-000082-index.htm

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