System1 Q2 2025 revenue $78.1M (-17% YoY); net loss narrows to $21.5M; adj. EBITDA $11.7M

System1, Inc.

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

Q2 2025 GAAP revenue $78.1M vs $94.6M in Q2 2024; operating loss improved to $(15.9M) from $(29.1M).
Net loss from continuing ops $(21.5M) vs $(34.8M) a year ago; adjusted EBITDA $11.7M vs $9.9M.
Marketing Platform revenue $134.6M, TAC $114.9M, return on TAC 117% (flat YoY).
Products revenue $23.9M, sessions 522M, RPS $0.05 vs $0.04 prior year.
Supplemental financial data and investor deck posted on company website; no guidance provided.

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