System1 Q2 revenue $147M, down 33% YoY; net loss $44M; H2 guidance issued

System1, Inc.

2023-Q2 EPS reported -$0.74 revenue$315,092,000

Revenue $147M (-33% YoY); gross profit $41M (-26%); GAAP net loss $44M vs $34M loss prior year.
Adjusted EBITDA $15M (-57% YoY). H2 2023 guidance: revenue $289M-$297M, adj. EBITDA $35M-$40M.
Subscribers hit 2.8M (+20% YoY, +200k QoQ). Termination of a Network Advertising partner caused $3.3M charge.
RAMP platform maintained $0.03 per session spread for fourth consecutive quarter; added ~200K subscribers QoQ.
H2 interest expense est. $21M-$23M; D&A $57M-$60M; non-recurring items $10M-$12M (acquisition bonus, restructuring).

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

System1, Inc. reported quarter ended June 30, 2023 results: revenue $147 million, net income $44 million.

Period: quarter ended June 30, 2023
Revenue: $147 million
Net income: $44 million
Result: reported results

Exact text from the filing

System1 Announces Second Quarter 2023 Financial Results • Revenue Decreased 33% Year-Over-Year to $147 Million • Gross Profit Decreased 26% Year-Over-Year to $41 Million • Adjusted Gross Profit Decreased 21% Year-Over-Year to $53 Million • GAAP Net Loss of $44 Million • Adjusted EBITDA of $15 Million • Company Provides Second Half 2023 Guidance of: $289 Million to $297 Million of Revenue and $35 Million to $40 Million of Adjusted EBITDA

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

System1, Inc. reported second half of 2023 results: revenue $289 million to $297 million. Guidance initiated.

Period: second half of 2023
Revenue: $289 million to $297 million
Guidance: initiated
Result: guidance update

Exact text from the filing

Company Provides Second Half 2023 Guidance of: $289 Million to $297 Million of Revenue and $35 Million to $40 Million of Adjusted EBITDA

View on SEC.gov

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System1, Inc. filing history →

Source: SEC EDGAR

accession 0001805833-23-000143

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