---
schema_version: "secwatch.filing_event.v1"
accession: "0001805833-23-000182"
form_type: "8-K"
ticker: "SST"
cik: "0001805833"
company_name: "System1, Inc."
filed_at: "2023-12-04T23:59:59+00:00"
generated_at: "2026-06-07T18:50:31.631965+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001805833-23-000182
- form_type: 8-K
- ticker: SST
- cik: 0001805833
- company_name: System1, Inc.
- filed_at: 2023-12-04T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000182/0001805833-23-000182-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000182/sst-20231204.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001805833-23-000182
- JSON: https://secwatch.observer/filing/0001805833-23-000182.json
- Plain text: https://secwatch.observer/filing/0001805833-23-000182.txt

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