secwatch.observer — SEC 8-K summary
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Issuer:     System1, Inc. (SST)
CIK:        0001805833
Form:       8-K
Filed at:   2023-12-04T23:59:59+00:00
Accession:  0001805833-23-000182
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1805833/000180583323000182/0001805833-23-000182-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1805833/000180583323000182/sst-20231204.htm
  HTML page:      https://secwatch.observer/filing/0001805833-23-000182

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