---
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"
generated_at: "2026-06-11T23:04:00.886290+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001805833-23-000143
- JSON: https://secwatch.observer/filing/0001805833-23-000143.json
- Plain text: https://secwatch.observer/filing/0001805833-23-000143.txt

## Key facts
- Earnings Releases
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000143/0001805833-23-000143-index.htm
- Earnings Releases
  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
  source text: Company Provides Second Half 2023 Guidance of: $289 Million to $297 Million of Revenue and $35 Million to $40 Million of Adjusted EBITDA
  evidence_url: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000143/0001805833-23-000143-index.htm

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