System1 reports Q3 2023 revenue of $87.8M, operating loss of $20.8M; Adjusted EBITDA $8.1M

System1, Inc.

Revenue $87.8M vs $156.9M in Q3 2022; O&O ad revenue $66.2M vs $143.6M, down 54%.
Operating loss of $20.8M; net loss from continuing ops $26.1M; net loss $131.4M incl. discontinued ops.
Adjusted EBITDA $8.1M vs $15.8M in Q3 2022; YTD Adjusted EBITDA $19.4M.
O&O spread improved to 56% from 35% YoY; O&O sessions 922M; CPS $0.05, RPS $0.07.
Partner Network revenue $21.6M; network sessions 859M; network RPS $0.03.

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