{"schema_version":"secwatch.filing_event.v1","accession":"0001805833-24-000075","form_type":"8-K","ticker":"SST","cik":"0001805833","company_name":"System1, Inc.","filed_at":"2024-05-09T23:59:59+00:00","discovered_at":"2026-05-14T18:03:20.218757+00:00","generated_at":"2026-06-02T06:43:57.269087+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"positive","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"System1 beats Q1 guidance with $84.9M revenue, net loss $14M; Q2 outlook $88-90M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001805833-24-000075","json":"https://secwatch.observer/filing/0001805833-24-000075.json","markdown":"https://secwatch.observer/filing/0001805833-24-000075.md","text":"https://secwatch.observer/filing/0001805833-24-000075.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1805833/000180583324000075/0001805833-24-000075-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1805833/000180583324000075/sst-20240509.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-02T06:43:57.269087+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"9daab5f0098fa07e61b16c7a5ad3ee97af8fbec4","claim":"System1, Inc. reported for its quarter ended March 31, 2024 results: revenue $84.9 Million, net income $14 Million.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1805833/000180583324000075/0001805833-24-000075-index.htm","confidence":1.0,"family_label":"Earnings Releases","details":[{"label":"Period","value":"for its quarter ended March 31, 2024"},{"label":"Revenue","value":"$84.9 Million"},{"label":"Net income","value":"$14 Million"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}