secwatch.observer — SEC 8-K summary
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Issuer:     System1, Inc. (SST)
CIK:        0001805833
Form:       8-K
Filed at:   2024-05-09T23:59:59+00:00
Accession:  0001805833-24-000081
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1805833/000180583324000081/0001805833-24-000081-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1805833/000180583324000081/sst-20240509.htm
  HTML page:      https://secwatch.observer/filing/0001805833-24-000081

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer