secwatch.observer — SEC 8-K summary
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Issuer:     System1, Inc. (SST)
CIK:        0001805833
Form:       8-K
Filed at:   2023-06-06T23:59:59+00:00
Accession:  0001805833-23-000082
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1805833/000180583323000082/0001805833-23-000082-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1805833/000180583323000082/sst-20230606.htm
  HTML page:      https://secwatch.observer/filing/0001805833-23-000082

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer