System1 beats Q1 guidance with $84.9M revenue, net loss $14M; Q2 outlook $88-90M

System1, Inc.

2024-Q1 EPS reported -$0.16 revenue$84,917,000

Revenue $84.9M (above high-end guidance), down $11.2M sequentially; gross profit $18.6M (-25% QoQ).
GAAP net loss $14M, improved 46% sequentially; adjusted EBITDA $0.4M, down $9.6M sequentially.
Completed $63.7M debt repurchase at $40.9M in Jan 2024; total debt repaid $155M since Nov 2023.
Q2 2024 guidance: revenue $88-90M, adjusted EBITDA $5-7M; expects interest expense $7.0-7.5M.
RAMP platform now automates >90% of owned & operated customer acquisition ad decisions.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

System1, Inc. reported for its quarter ended March 31, 2024 results: revenue $84.9 Million, net income $14 Million.

Period: for its quarter ended March 31, 2024
Revenue: $84.9 Million
Net income: $14 Million
Result: reported results

Exact text from the filing

System1 Announces First Quarter 2024 Financial Results All Key Financial Results Above the High-End of Guidance Range • Revenue Decreased $11.2 Million Over Prior Quarter to $84.9 Million • Gross Profit Decreased 25% Over Prior Quarter to $18.6 Million • Adjusted Gross Profit Decreased 17% Over Prior Quarter to $31.2 Million • GAAP Net Loss Decreased 46% Over Prior Quarter to $14 Million

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Source: SEC EDGAR

accession 0001805833-24-000075

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