---
schema_version: "secwatch.filing_event.v1"
accession: "0001805833-24-000044"
form_type: "8-K"
ticker: "SST"
cik: "0001805833"
company_name: "System1, Inc."
filed_at: "2024-03-18T23:59:59+00:00"
generated_at: "2026-06-04T15:33:38.496384+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# System1 Q4 revenue $96.1M beats guidance; sells subscription unit for $240M cash

## Summary
- Q4 revenue $96.1M (+9% QoQ); adjusted EBITDA $10M (+24% QoQ); both above high-end of guidance.
- FY2023 revenue $402M, GAAP net loss $111.3M, adjusted EBITDA $29.2M.
- Sold subscription business for $240M cash; retired 29.1M Class A shares. Repurchased $63.7M term debt at $40.9M.
- Q1 2024 guidance: revenue $82-84M, adjusted EBITDA $(2)M to $(1)M (negative).

## SEC filing metadata
- accession: 0001805833-24-000044
- form_type: 8-K
- ticker: SST
- cik: 0001805833
- company_name: System1, Inc.
- filed_at: 2024-03-18T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- 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/1805833/000180583324000044/0001805833-24-000044-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1805833/000180583324000044/sst-20240318.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001805833-24-000044
- JSON: https://secwatch.observer/filing/0001805833-24-000044.json
- Plain text: https://secwatch.observer/filing/0001805833-24-000044.txt

## Key facts
- Earnings Releases
  System1, Inc. reported the quarter and year ended December 31, 2023 results: revenue $96.1 million, net income $25 million.
  - Period: the quarter and year ended December 31, 2023
  - Revenue: $96.1 million
  - Net income: $25 million
  - Result: reported results
  source text: Full Year 2023 Financial Results All Key Financial Results Above the High-End of Guidance Range Fourth Quarter Financial Highlights: • Revenue Increased 9% Over Prior Quarter to $96.1 million • Gross Profit Increased 1% Over Prior Quarter to $25 million • Adjusted Gross Profit Increased 1% Over Prior Quarter to $37.5 million • GAAP Net Loss Decreased 2% Over Prior
  evidence_url: https://www.sec.gov/Archives/edgar/data/1805833/000180583324000044/0001805833-24-000044-index.htm

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