{"schema_version":"secwatch.filing_event.v1","accession":"0001805833-23-000143","form_type":"8-K","ticker":"SST","cik":"0001805833","company_name":"System1, Inc.","filed_at":"2023-08-09T23:59:59+00:00","discovered_at":"2026-05-14T18:03:35.329018+00:00","generated_at":"2026-06-11T23:04:00.886290+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"System1 Q2 revenue $147M, down 33% YoY; net loss $44M; H2 guidance issued","bullets":["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)."],"urls":{"canonical":"https://secwatch.observer/filing/0001805833-23-000143","json":"https://secwatch.observer/filing/0001805833-23-000143.json","markdown":"https://secwatch.observer/filing/0001805833-23-000143.md","text":"https://secwatch.observer/filing/0001805833-23-000143.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1805833/000180583323000143/0001805833-23-000143-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1805833/000180583323000143/sst-20230809.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-11T23:04:00.886290+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":"0f6090212ba0b2b0b75f127e372e64483d55db50","claim":"System1, Inc. reported quarter ended June 30, 2023 results: revenue $147 million, net income $44 million.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1805833/000180583323000143/0001805833-23-000143-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"quarter ended June 30, 2023"},{"label":"Revenue","value":"$147 million"},{"label":"Net income","value":"$44 million"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"6055175332f53a1e84881a272a19bcc52100b3ce","claim":"System1, Inc. reported second half of 2023 results: revenue $289 million to $297 million. Guidance initiated.","evidence_excerpt":"Company Provides Second Half 2023 Guidance of: $289 Million to $297 Million of Revenue and $35 Million to $40 Million of Adjusted EBITDA","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1805833/000180583323000143/0001805833-23-000143-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"second half of 2023"},{"label":"Revenue","value":"$289 million to $297 million"},{"label":"Guidance","value":"initiated"},{"label":"Result","value":"guidance update"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}