System1 Q2 2025: Revenue down 17% to $78.1M, adj. EBITDA up 18% to $11.7M

System1, Inc.

2025-Q2 EPS reported -$4.37 revenue$152,628,000

GAAP net loss improved 38% YoY to $21.5M; adjusted EBITDA rose 18% to $11.7M.
Products segment revenue grew 34% YoY to $24.0M; adjusted gross profit up 32%.
Startpage daily active users up >25% YoY; CouponFollow organic sessions up 44%.
No Q3 guidance provided due to uncertainty in a key ad partner marketplace and tariff volatility.
Adjusted gross profit increased 6% YoY to $41.0M; GAAP gross profit up 7% to $27.9M.

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