secwatch.observer — SEC 8-K summary
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Issuer:     System1, Inc. (SST)
CIK:        0001805833
Form:       8-K
Filed at:   2023-08-09T23:59:59+00:00
Accession:  0001805833-23-000143
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1805833/000180583323000143/0001805833-23-000143-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1805833/000180583323000143/sst-20230809.htm
  HTML page:      https://secwatch.observer/filing/0001805833-23-000143

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