System1 Q4 2023 revenue $96.1M, -31% YoY; adjusted EBITDA $10.0M

System1, Inc.

Revenue $96.1M vs $140.1M in Q4 2022; net loss from continuing ops $25.4M vs $29.8M loss.
Adjusted EBITDA $10.0M vs $14.4M a year ago; O&O revenue $79.4M (-38% YoY).
Full-year 2023 revenue $402.0M (-40% YoY); net loss from continuing ops $111.3M (2022: $421.4M incl. $372.7M impairment).
Discontinued ops loss $11.1M in Q4; pro forma adjusted for planned disposition of Total Security Limited.

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