---
schema_version: "secwatch.filing_event.v1"
accession: "0001805833-24-000081"
form_type: "8-K"
ticker: "SST"
cik: "0001805833"
company_name: "System1, Inc."
filed_at: "2024-05-09T23:59:59+00:00"
generated_at: "2026-06-02T06:44:44.768667+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001805833-24-000081
- form_type: 8-K
- ticker: SST
- cik: 0001805833
- company_name: System1, Inc.
- filed_at: 2024-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1805833/000180583324000081/0001805833-24-000081-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1805833/000180583324000081/sst-20240509.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001805833-24-000081
- JSON: https://secwatch.observer/filing/0001805833-24-000081.json
- Plain text: https://secwatch.observer/filing/0001805833-24-000081.txt

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