---
schema_version: "secwatch.filing_event.v1"
accession: "0001805833-25-000009"
form_type: "8-K"
ticker: "SST"
cik: "0001805833"
company_name: "System1, Inc."
filed_at: "2025-08-07T23:59:59+00:00"
generated_at: "2026-05-17T18:06:06.570285+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001805833-25-000009
- form_type: 8-K
- ticker: SST
- cik: 0001805833
- company_name: System1, Inc.
- filed_at: 2025-08-07T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1805833/000180583325000009/0001805833-25-000009-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1805833/000180583325000009/sst-20250807.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001805833-25-000009
- JSON: https://secwatch.observer/filing/0001805833-25-000009.json
- Plain text: https://secwatch.observer/filing/0001805833-25-000009.txt

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