System1 Q1 revenue $84.9M, down 30% YoY; adjusted EBITDA $0.4M

System1, Inc.

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

Revenue of $84.9M vs $121.1M in Q1 2023, driven by O&O revenue decline to $69.0M.
Operating loss $25.8M; net loss from continuing ops $13.8M after $19.7M loss on debt extinguishment; adj. EBITDA $0.4M.
O&O spread improved to 48% from 39%; sessions 1.2B, CPS $0.04, RPS $0.06.
Partner Network revenue $15.9M vs $15.1M; network sessions 1.0B.

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